Segue Resources shows off its Pilbara gold nuggets
Pilbara gold hopeful Segue Resources has shown off several gold nuggets found on one of its exploration sites during a recent prospecting trip.
The prospecting program uncovered gold nuggets from outcropping conglomerates of the Mallina Basin in the Pilbara — an area said to be similar in age to South Africa’s Witwatersrand Basin.
The Witwatersrand Basin is a geological formation that houses the world’s biggest known gold reserves, producing 2 billion ounces or about half of gold ever mined.
Nine conglomerate or basement gold targets were uncovered on the site — of which seven conglomerate gold targets host uranium anomalies within Mallina Basin sediments and conglomerates.
Three of the uranium anomalies had coincident elevated gold in stream or gold in soil values, enhancing their prospects, Segue told investors.
The remaining four conglomerate gold targets have not had any previous exploration and remain high priority targets.
Segue’s tenements in the Mallina Basin border three prospects owned by market darling De Grey Mining. These prospects include Toweranna, the recently acquired Blue Moon and the Indee project.
Segue (ASX:SEG) will undertake geological mapping and rock-chipping of the areas around the gold nugget discoveries next month.
Segue is currently undertaking a review of its recently acquired tenements (E45/5042 and E45/5043) which were pegged over the Mallina Basin and the Tabba Tabba Shear adjacent to the Cooke’s Hill gold mine.
The stock climbed 7 per cent to 8.7c before cooling to 7.9c in Wednesday lunchtime trade.