Segue Resources Ltd (ASX:SEG) will commence a 3,800 metre aircore drilling program in mid-July at its 100% owned Plumridge Gold Project in the Fraser Range, Western Australia.
Drilling will focus on the Harris Lake Shear Zone (HLSZ), where historical exploration yielded 4 metres at 32 g/t gold, 13 metres at 6.7 g/t gold and 4.5 metres at 10.2 g/t gold.
Steven Michael, managing director, commented: “Historical exploration at the Plumridge Gold Project has demonstrated the potential of the HLSZ to contain high-grade gold mineralisation.
“The planned aircore drilling programme will test an area of significant disruption in both the magnetic and gravity profiles, within a broad regional structure cross-cutting the HLSZ.”
Plumridge Gold Project
Segue acquired the Plumridge Gold Project in late 2013 as part of the its broader Fraser Range tenement package acquisition.
Historical exploration was predominantly focused on a 12 kilometre semi-continuous zone of gold endowment at the northern end of the HLSZ, which contains the Corvette, Stingray, Mustang and Camaro gold prospects.
Of the 165,000 metres of historical drilling (19,200 holes) at the Plumridge Gold Project, less than 5% has been conducted on the southern extent of the HLSZ.
Segue has reprocessed historic magnetic data and incorporated it with recently acquired gravity survey data to gain a better understanding of the southern extent of the HLSZ.
Analysis
Drilling at the Plumridge Gold Project leverages Segue to exploration success in an area with a known gold anomaly.
Segue have been able to reprocess historical magnetic data and cross reference it with recently acquired gravity survey data to develop an exploration strategy different to that used by previous explorers.
The challenge for previous explorers has been to identify areas of structural complexity which may provide a trap site for accumulation and concentration of gold-bearing fluids.
The aircore holes have been designed to penetrate the overlying Paterson Formation, which may have reduced the effectiveness of previous auger drilling in the southern tenement.
Gold exploration will add to Segue’s current commodity exposure of lithium and nickel-copper.
Lithium portfolio expansion
Segue entered the lithium sector recently by acquiring the Gascoyne Lithium exploration tenements and entering the Mortimer Hills Lithium joint venture with Zeus Resources Ltd (ASX:ZEU).
Segue most recently applied for an additional 707 square kilometres of ground taking the total holding to over 1,100 square kilometres across six tenements.
This makes Segue the largest explorer in the Gascoyne region of Western Australia.
Rock chip sampling shows that source rocks within the Gascoyne project compare to world class North Pilbara lithium deposits such as Wodinga.
The tenements are highly prospective for tantalum‐lithium minerals and are adjacent to exploration licence applications held by Lithium Australia NL (ASX:LIT) and Venus Metals Corporation Ltd (ASX:VMC).
Segue intends to continue fieldwork in order to locate pegmatites for drill testing in early Q3 2016.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.