19 September 2016
Market Announcements Platform ASX Limited
Exchange Centre, 20 Bridge Street
Sydney NSW 2000
SEGUE SECURES MAJOR NEW GOLD EXPLORATION PROJECT
ASX Code: SEG
Segue Resources Limited (Segue or the Company) is pleased to announce it has applied for two exploration licences at the Barlee Project covering 300km2 of highly prospective greenstone belts, 180km north of Southern Cross in the Eastern Goldfields of Western Australia (Figure 1). The Barlee Project is located in the Southern Cross Domain which has a gold endowment of +20Moz.
Figure 1: Barlee Project tenement map
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The Barlee Project covers 40 strike kilometres of the Evanston, South Elvire, Mount Elvire and Yerligee Greenstone Belts which straddle the Evanston and Yuinmery Shear Zones. Importantly, a large portion of the greenstone belts are outcropping and will be the target of an initial rock chip and multi-element soil sampling programme scheduled to commence in October 2016 (Figure 2).
Figure 2: Barlee Project detailed map showing initial target areas (yellow circles)
The greenstone belts have been held by iron ore companies for the past 8 years. The last significant gold exploration was conducted in the 1990s when several targets were identified and remain untested. However, most of the outcropping ground has not been covered by surface geochemistry.
Commenting on the Barlee Project, Segue's Managing Director, Mr Steven Michael, said:
Segue has secured a low cost entry into a major new gold project in a prolific gold region of Western Australia. Given the structural setting, straddling the intersection of two significant regional shears and abundant lithological and structural complexity, and limited first pass surface geochemistry, we are excited at this highly prospective greenfields project.
Segue will undertake an extensive rock chip and soil sampling programme in October 2016 at the Barlee Project. This programme will immediately follow completion of the stream and soil sampling programme currently underway at the Gascoyne Lithium Project. The lithium exploration work is expected to be completed by early October.
For further information visit www.segueresources.com or contact:
Segue Resources Limited Mr Steven Michael Managing Director
E: [email protected]
Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled by Mr Peter Langworthy who is a Member of the Australian Institute of Geoscientists. Mr Langworthy has more than five years' experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking t o qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves". Mr Langworthy consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.