PERTH (miningweekly.com) – Junior Segue Resources has consolidated its Plumridge tenements by signing a definitive agreement with fellow-listed International Goldfields to take full ownership of four tenements in the Fraser Range.
The four tenements were previously the subject of the Plumridge joint venture between the two companies, under which Segue was able to acquire a 60% interest in the tenements by spending $1-million by January next year.
Segue would now be able to acquire a 65% interest in the four tenements for A$100 000 in cash and the issue of 50-million Segue shares, or around 3.5% of the company’s issued capital.
The remaining 35% interest could be obtained by paying a further A$200 000 within three months and granting International Goldfields a 1% net smelter royalty.
MD Steven Michael said that the new acquisition agreement allowed Segue to reach its goal of full ownership faster and cheaper, by giving International Goldfields exposure to all of the company’s exploration tenements.
“Segue is now the second-largest ASX-listed tenement holder in the exciting Fraser Range province, with around 4 200 km2 of granted tenements and 740 km2 of exploration licence applications.”
Michael noted that the company also owned, or had the right to acquire full ownership of, 12 of the 14 tenements and all of the exploration licence applications.
Segue recently signed a joint venture agreement with Fraser Range Metals, under which Segue could earn up to an 80% shareholding in the Plumridge East project for A$100 000 in cash, and a further 100-million Segue shares on the completion of the transaction.
Fraser Range had also agreed to the sale of its interest in ten ongoing licence applications in the Fraser Range area, for an additional 25-million Segue shares.