PERTH (miningweekly.com) – The share price of ASX-listed Segue Resources soared by more than 66% on Wednesday on news that the junior had acquired exploration tenements in the Fraser Range, in Western Australia.

The company announced it had entered into agreements with three unlisted companies to acquire 12 exploration licences, totalling more than 3 500 km² of land in the highly prospective Fraser Range region.

Segue would pay a total consideration of A$1.3-million for the tenement packages, with only A$200 000 to be paid in cash. The company would issue the vendors with 550-million shares, at A$0.002 a share.

The tenements contained the Plumridge nickel and gold project, in the northern portion, and the Deralinya gold, mineral sands and uranium project in the south.

Segue’s immediate focus would be on the Plumridge project.

“Through these three acquisitions, Segue has the opportunity to acquire a very large, contiguous tenement holding in the exciting Fraser Range province, which hosts the Nova-Bollinger nickel/copper deposit,” said MD Steven Michael.

He noted that the company’s review of the existing aeromagnetic data had identified several targets, which displayed a similar magnetic signature to that of the Nova Eye, and would form the basis of the exploration programme.

While the majority of the tenements are 100%-owned by the respective vendors, the four tenements covering the Plumridge project are subject to a farm-in with International Goldfields.

Under the farm-in agreement, Segue could earn a 60% interest in the Plumridge project by spending A$1-million by the end of January 2015.

The initial exploration programme at Plumridge would take around six months and would be funded from existing cash reserves. Segue said that it was planning a phased geophysics programme to evaluate all the Fraser Range tenements and to develop a manageable suite of nickel sulphide prospective drill targets.

Segue shares were trading at a high of A$0.009 on Wednesday, up from an opening price of A$0.005 a share.