http://www.*.com.au/genera//img/companies/news/plumridge_nickel_map_1_358x266_541a43b6c13c1.jpg
Segue Resources will begin deeper drilling at the Plumridge Nickel Project in the Fraser Range of Western Australia Segue Resources (ASX:SEG) has received approval from the WA Department of Mines and Petroleum for a much anticipated diamond and reverse circulation drilling program at the E21 Target within its Plumridge project in the Fraser Range of Western Australia.
Recent aircore drilling of 48 holes for 2,162 metres at Plumridge intersected favourable geology with mafic/ultramafic rocks identified. Assay results are expected shortly.
The new program is designed to test four bedrock electromagnetic conductors (EM) which have been defined through both Moving Loop and Fixed Loop Electromagnetic surveys.
The four conductors are located around the northern edge of an interpreted intrusive complex which lies within tenement E39/1731.
Diamond and reverse circulation drilling has been approved to test four high priority EM conductors.
Drilling contracts have been awarded and rigs will be mobilised by the end of September.
The diamond drill rig is likely to be onsite by the first week of October and drilling is expected to take four weeks to complete.
In addition, the recently acquired detailed airborne magnetic data over E39/1731 is currently being integrated and reviewed by Newexco, and a moving Loop EM survey over E28 is nearing completion.
http://www.*.com.au/genera//img/companies/news/plumridge_nickel_map_1_358x266_541a43b6c13c1.jpg
Segue Resources will begin deeper drilling at the Plumridge Nickel Project in the Fraser Range of Western Australia Segue Resources (ASX:SEG) has received approval from the WA Department of Mines and Petroleum for a much anticipated diamond and reverse circulation drilling program at the E21 Target within its Plumridge project in the Fraser Range of Western Australia.
Recent aircore drilling of 48 holes for 2,162 metres at Plumridge intersected favourable geology with mafic/ultramafic rocks identified. Assay results are expected shortly.
The new program is designed to test four bedrock electromagnetic conductors (EM) which have been defined through both Moving Loop and Fixed Loop Electromagnetic surveys.
The four conductors are located around the northern edge of an interpreted intrusive complex which lies within tenement E39/1731.
Diamond and reverse circulation drilling has been approved to test four high priority EM conductors.
Drilling contracts have been awarded and rigs will be mobilised by the end of September.
The diamond drill rig is likely to be onsite by the first week of October and drilling is expected to take four weeks to complete.
In addition, the recently acquired detailed airborne magnetic data over E39/1731 is currently being integrated and reviewed by Newexco, and a moving Loop EM survey over E28 is nearing completion.
Nickel-copper targets
Segue’s highest priority drilling target, C1, will be drilled first to 300 metres with a diamond tail through the conductor plate, which has been modelled at 650 metres to its centre.
A down-hole EM survey will be undertaken to provide a diagnostic test of the bedrock conductor.
Conductors C2, C3 and C4 will be drilled to target depths of 250 metres to 300 metres. The hole planned at C2 will test two interpreted conductor plate orientations.
A 48 hole, 2,162 metre aircore drilling program has now been completed over seven targets Plumridge.
The objective of the drilling was to collect geological and lithogeochemical data to provide an initial test of the target zones that had been identified in airborne magnetic and MLEM data.
Over 700 samples have been sent to ALS Minerals in Perth for multi-element geochemical assaying, with results expected to be received within 10 days.
Aircore holes PAC006 and PAC045 successfully intersected coarse grained, doleritic–**broic, mafic intrusive rocks which have been interpreted to be the same suite of intrusive rocks that host Sirius Resources' (ASX:SIR) Nova-
Bollinger nickel deposits.
The intersection of mafic intrusive rocks confirms the effectiveness of the methodology developed between Segue, Newexco and OMNI GeoX, with identification of magnetic features akin to the “Nova Eye”.
First pass aircore drilling at the E21 Target intersected a variety of felsic and intermediate schist and gneiss to an average depth of 48 metres.
This package of rocks is interpreted to have been thrust over the E21 magnetic intrusion, which appears to be plunging to the northeast beneath the gneiss and schist that was intersected in drilling.
The E28 Target is located to the immediate south east of the E21 Target and is covering a newly identified prospective magnetic feature. The survey is currently 50% complete and scheduled for completion by the end of September.
Analysis
Segue controls 2,800km2 of tenements at the Plumridge Nickel Project, 120km north-east of the Nova-Bollinger nickel-copper discovery and deposit owned by Sirius Resources (ASX:SIR).
Segue is the third largest ASX-listed holder of tenements in the Fraser Range and controls over 10% of the Gravity High which represents the area of greatest nickel prospectivity.
Importantly, the Plumridge Nickel Project is prospective for massive nickel sulphide mineralisation, similar to the recently discovered Nova nickel-copper deposit by Sirius. Previously, it had really only been explored for gold.
With the aircore assay results still pending and the onset of RC and diamond drilling; it is the deeper drilling campaign that the market has been anticipating for some time.
The highest priority drilling target, C1, will be drilled first with an RC pre-collar to approximately 300 metres and then a diamond tail through the conductor plate, which has been modelled at 650 metres to the centre of the plate.
Which is starting to get right to the nub of the C1 target. The time is nigh. In a recent capital raising it attracted $1.1 million from specialist micro-cap investor Acorn Capital.
Segue has methodically planned a staged exploration program at Plumridge. So now, it is onto drilling. The share price should be ebullient as the campaign gets underway. "
SIR Price at posting:
$3.68 Sentiment: Hold Disclosure: Not Held
SEG Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
(20min delay)