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Segue Resources identifies gold nuggets shedding from outcropping conglomerates at Pilbara project

Gold-uranium anomalies identified within the Mallina Basin sediments and conglomerates.
Segue Resources identifies gold nuggets shedding from outcropping conglomerates at Pilbara project
Segue shares are sharply higher in morning trade

Segue Resources Ltd's (ASX:SEG) shares have jumped over 45% to $0.105 in the first 40 minutes of trade with 15 million changing hands.

Driving the positive re-rating were details the company identified gold nuggets shedding from outcropping conglomerates of the Witwatersrand Basin equivalent Mallina Basin.

A short prospecting trip by Segue on exploration licence E47/3476, known as the Pilbara Gold Project in the Pilbara region of Western Australia, highlighted nine conglomerate or basement gold targets.

Segue also identified considerable evidence of previous prospector activity throughout the tenement.

Global investor interest in the Pilbara region has increased dramatically recently, driven by gold discoveries made by Novo Resources Corp (CVE:NVO), Artemis Resources Ltd (ASX:ARV) and De Grey Mining Ltd (ASX:DEG).

All three companies have drilled out significant conglomerate and orogenic gold mineralisation in the area.

A recent geological review at Segue’s Pilbara tenements confirmed rock formations known to host gold deposits.

Next exploration steps

Segue will undertake geological mapping and rock chipping of the areas around the gold nugget discoveries in December 2017.

Systematic prospecting and exploration on all of the projects tenements covering over 600 square kilometres will commence in the March quarter of 2018, once all approvals and access agreements are in place.

Exploration will include rock chipping, stream sediment and soil sampling over all nine gold target areas.

Option plan is in-the-money

Segue recently dispatched details to eligible shareholders of the 1 for 4 pro-rata non-renounceable options entitlement issue.

READ NOW: Segue opens options entitlement for Barlee and Pilbara gold

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Newswire
January 31 2019

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