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Last A$0.0020 AUD
Change Today 0.00 / 0.00%
Volume 1.7M
SEG On Other Exchanges
As of 1:10 AM 10/7/15 All times are local (Market data is delayed by at least 15 minutes).

segue resources ltd (SEG) Snapshot

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segue resources ltd (SEG) Details

Segue Resources Limited, a minerals exploration company, identifies, acquires, explores for, and develops mineral properties in Western Australia. It explores for nickel, gold, and copper deposits. The company holds 100% interests in the Plumridge nickel and gold projects with 14 tenements totaling 3,250 square kilometers located in the northern portion of the Fraser Range Province; and the Deralinya project with 5 tenements totaling 1,500 square kilometers located in the southern portion of the Fraser Range Province. In addition, it has a 100% interest in the Pardoo project, which is prospective for both nickel sulphide and buried magnetite, covering 300 square kilometers of exploration tenements located in the Pilbara region of Western Australia. Segue Resources Limited is based in Claremont, Australia.

segue resources ltd (SEG) Top Compensated Officers

Chief Executive Officer, Managing Director an...
Total Annual Compensation: A$337.5K
Company Secretary, Member of Remuneration Com...
Total Annual Compensation: A$68.0K
Compensation as of Fiscal Year 2015.

segue resources ltd (SEG) Key Developments

Segue Resources Limited and MMG Limited Enter into Plumridge Nickel Joint Venture

Segue Resources Limited announced that it has entered into a joint venture agreement with MMG Limited, over eight tenements at the company's Plumridge Nickel Project in the Fraser Range Province, Western Australia. The Plumridge Nickel Joint Venture (Joint Venture) allows MMG to earn up to a 70% interest by funding up to $14 million of exploration covering 2,250 km2 of exploration licences across the Fraser Range. Segue will retain a 100% interest in three exploration licences which include the Corvette gold prospect and Salt Creek Intrusive Complex. Under the Joint Venture, MMG can earn an initial 51% interest through the expenditure of $6.5 million before 31 December 2019 (Stage 1), including $1.5 million to be spent before 31 December 2016. Once MMG has met the Stage 1 requirements, MMG can elect to increase its interest by 19% (to 70%) through the additional expenditure of $7.5 million within two years. MMG must maintain all tenements in good standing during both Stage 1 and Stage 2. The Joint Venture agreement contains standard provisions, including contributions in proportion to equity holdings, dilution and pre-emptive rights. If either Segue or MMG's joint venture interest dilutes to less than 10% then that party's interest will convert to a 1.5% NSR royalty. Over the past two years, Segue has completed a series of transactions which have resulted in the Company owning a 100% in over 3,300 km2 of exploration tenements at the Plumridge Project in the Fraser Range Province of Western Australia. Segue has undertaken a significant amount of regional exploration, including a detailed aeromagnetic survey and more recently a project-wide gravity survey. The 100%-owned, contiguous tenement holding, coupled with high quality datasets and systematic exploration programme has allowed Segue to enter into the first exploration joint venture with a leading mining company in the Fraser Range. MMG will manage all exploration activities on the Joint Venture tenements and is required to spend a minimum of $1.5 million by 31 December 2016 and a further $5.0 million by 31 December 2019 to earn an initial 51% interest in the Joint Venture. If MMG elects to continue sole-funding beyond Stage 1, it can increase its interest to 70% through an additional $7.5 million of expenditure over two years. If this occurs, a total of $14 million would have been spent by MMG on the Plumridge Nickel Project, with Segue retaining a 30% interest. Segue will retain a 100% interest in three exploration licences to the west of the Plumridge Nickel Joint Venture tenements. These tenements contain the Harris Lake Shear Zone which hosts several known gold prospects (Plumridge Gold Project) and the Salt Creek Project. Segue is currently developing an exploration strategy for both the Salt Creek Project and Plumridge Gold Project. The Plumridge Gold Project lies approximately 60km southwest of the +5 million ounce Tropicana Gold Project. Gold mineralization at the Plumridge Gold Project was discovered in 2007 by previous tenement holders and includes the Corvette, Mustang, Stingray and Camaro prospects. Segue has completed a Portable Infra-red Mineral Analysis (PIMA) study on over 14,000 historical bedrock drill chips and undertaken a structural review incorporating the recent gravity survey data. The Plumridge Project also contains around 40 strike kilometres of the Salt Creek Complex, which is a series of discrete magnetic features potentially representing mafic/ultramafic intrusions prospective for magmatic nickel-copper sulphide mineralization. In late 2014, Independence Group NL entered into the Salt Creek JV with AngloGold Ashanti covering ~3,000km2 of tenements immediately to the north and south of Segue's Salt Creek Project.

Segue Resources Limited Enters into Joint Venture Agreement with Omni GeoX

Segue Resources Limited announced that it has entered into a joint venture agreement with Omni GeoX, over the company's Deralinya Project in the southern portion of the Fraser Range Province in Western Australia. Under the terms of the Joint Venture, Omni can earn a 30% interest in the Deralinya Project through the expenditure of $130,000 on exploration activities. Following completion of the earn-in, Segue and Omni will contribute to the Joint Venture in proportion to their interest, which will initially be 70%/30%, respectively. Segue expects Omni will complete its farm-in obligations during third quarter 2015.

Segue Resources Limited and Port Exploration Pty Ltd Enter into a Joint Venture

Segue Resources Limited announced that it has signed a binding term sheet to enter into a joint venture with Port Exploration Pty Ltd. over the company's Pardoo Project in the Pilbara Region of Western Australia. Segue and Port have agreed to enter into a Farmin and Joint Venture Agreement (Agreement) within 90 days and Port must become a subsidiary of an ASX-listed company or assign its interest to an ASX-listed company within six months. Port can acquire a 51% interest in the Pardoo Project by spending $250,000 on exploration within 12 months of signing the Agreement (Stage 1 Interest); Port can acquire an additional 29% interest in the Pardoo Project (increasing its interest to 80%) by spending a further $250,000 on exploration by no later than 12 months after earning the Stage 1 Interest (Stage 2 Interest) and upon Port earning the Stage 2 Interest, Segue has the right for a period of 18 months to sell its 20% Joint Venture interest to Port for shares in Port (or any listed head company of Port), subject to necessary shareholder, ASX and other regulatory approvals. The joint venture with Port Exploration will enable sufficient cash and technical resources to be spent at the Pardoo Project over the next two years, thereby allowing Segue to concentrate its exploration activities on the Plumridge Nickel Project.


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