Segue Resources Ltd’s (ASX:SEG) shares have been on the move, with the company responding to an ASX price and volume speeding ticket.
Segue shares hit $0.038 intra-day on Friday, a 31% gain on the closing price a day before.
The shares have been rising on the basis of Segue’s holdings in an area of Western Australia which is hotting up, and attracting investment.
Segue responded to the ASX by noting:
“On 24 August 2017 ASX-listed Artemis Resources Ltd (ASX:ARV) announced that the TSX Venture Exchange had approved Novo Resources Corp.’s (TSXV:NVO) farm-in and joint venture deal on certain gold rights on Artemis’ tenements in the Karratha region of Western Australia in consideration for 4 million NVO shares currently valued at approximately CAD$19 million.
“The company also notes recent announcements on 23 August 2017 by De Grey Mining Ltd (ASX:DEG) and DGO Gold Ltd (ASX:DGO) describing “Witswatersand” conglomerate hosted gold mineralisation potential which follows the recent discovery by the Novo/Artemis JV of gold nuggets at surface and subsequent confirmation of high grade gold hosted in underlying conglomerates.”
Segue has a 100% ownership of a significant tenement holding between Novo, De Grey and DGO Gold in the West Pilbara, south east of Karratha which were granted in November 2016.
Segue remains actively exploring
Moving to another Segue asset, the company recently commenced maiden reverse circulation drilling at the Reid Well lithium-caesium-tantalum prospect in Western Australia.
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Drilling also recently wrapped up at the Barlee Gold Project in Western Australia, providing Segue with significant news flow over coming months.