(MENAFN- ProactiveInvestors)
() has signed a farm-in and joint venture agreement with Port Exploration Pty Ltd (Port) over its Pardoo Project in Western Australia’s Pilbara region.
This follows the binding term sheet reached in April 2015 for the project which is prospective for nickel copper and iron ore.
Under the agreement Port can acquire an initial 51% in the project by spending $250000 on exploration within 12 months of signing the Agreement.
It can acquire an additional 29% interest in Pardoo by spending a further $250000 on exploration by no later than 12 months after earning the Stage 1 Interest.
Upon Port earning the Stage 2 Interest Segue has the right for a period of 18 months to sell its 20% interest to Port for shares in Port.
Segue has received a non-refundable fee of $50000.
Port is also required to become a subsidiary of an ASX-listed company or assign its interest to an ASX-listed company within six months.
The farm-in allows Segue to focus on its flagship Plumridge Nickel Project.
Earlier this month it reached a joint venture with geological consultants Omni GeoX over the Deralinya Project in the southern portion of the highly prospective Fraser Range Province.
Omni can earn a 30% interest in the Deralinya Project by spending $130000 on exploration activities.
Plumridge Nickel Project Activity
Segue is raising up to $2.5 million to fund a drilling program at its Plumridge Nickel Project in the Fraser Range Province.
The company has identified 15 high priority exploration targets areas within two district-scale clusters.
Segue has submitted a Programme of Work (PoW) to the Department of Mines and Petroleum for an exploration program including aircore and reverse circulation drilling of each of the high priority exploration targets.
Subject to regulatory approval Segue plans on commencing drilling of the first 5-6 prioritised target areas after July 2015.
This followed a gravity survey covered the entire 3150 square kilometre Plumridge Nickel Project.
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