MMG to earn interest in Segue project
PERTH (miningweekly.com) – Base metals miner MMG has signed a joint venture (JV) agreement with ASX-listed Segue Resources over the Plumridge nickel project, in the Fraser Range.
Under the terms of the agreement, MMG would earn an initial 51% interest in the project by spending A$6.5-million on exploration over the next four years. The company could then elect to increase its shareholding in Plumridge to 70% by spending a further A$7.5-million within two years.
Segue MD Steven Michael said on Friday that the JV with MMG was a significant milestone for the company in the exploration of the nickel deposit.
“The multimillion-dollar, multiyear JV with a leading diversified base metals company will provide the necessary resources, both financial and technical, to adequately explore the extensive tenement holding at the Plumridge nickel project.”
The Plumridge project comprises eight tenements and covers some 2 250 km2 of exploration licences across the Fraser Range. It contains several known gold prospects including the Salt Creek project.
The project lies some 60 km south-west of the five-million-ounce Tropicana gold project and Segue was currently developing an exploration strategy for both the Salt Creek and Plumridge gold projects.
Segue would retain full ownership of three exploration licences in the area, which include the Corvette gold prospect and the Salt Creek project.
Michael pointed out that MMG would manage all exploration activities across the JV tenements.
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