DRILLING TO COMMENCE AT EMANG MANGANESE PROJECT
Highlights:
- Exploration contract awarded and site establishment team mobilised
- 65 hole drill programme to be completed by mid-November
- Maiden JORC resource estimate by end of November
Exploration and Drilling Contract Awarded
Segue Resources Limited (Segue or the Company) has awarded the exploration and drilling contract for the Phase 1 Drilling Programme at the Emang Manganese Project to Tenure Mineral Consultants (Pty) Ltd (TMC) of South Africa. TMC will be responsible for site establishment, development of infrastructure necessary for exploration drilling, geological modelling, preliminary metallurgical studies and resource statement generation.
TMC will mobilise its site establishment team immediately, with drilling to commence by the end of September. The drill programme will consist of approximately 65 percussion and diamond drill holes and is expected to be completed by the end of November. Samples will be sent to an independent assay laboratory for analysis and preliminary metallurgical testwork.
A maiden JORC-compliant resource estimate for the Emang Manganese Project is scheduled to be completed by the end of November.
Emang Manganese Project Farm-in Requirements
The completion of the exploration drilling and geological modelling of the Emang Manganese Project will satisfy Segue's Phase 1 farm-in requirement to spend ZAR14 million (A$1.87 million ) on an Initial Drilling Programme. In order to complete the acquisition of a 30% interest in the Emang Manganese Project, Segue will then be required to pay to the vendor ZAR7 million (A$0.93 million).
Should the Initial Drilling Programme yield a JORC resource in excess of 10 million tonnes at a grade of 35% manganese in the measured and indicated categories a final payment to the vendor of ZAR7 million (A$0.93 million) will be made.
Segue can increase its interest in the Emang Manganese Project by a further 20% to 51% by completing a Bankable Feasibility Study at a cost of ZAR21 million (A$2.80 million ).
About Tenure Mineral Consultants
TMC is a South African resource exploration company, specialising in managing the activities required to bring an ore body to account from any stage of the exploration or development processes. TMC has significant experience in exploration drilling, feasibility studies and project development from green fields through to the initial production phases. TMC can provide innovative solutions using the best technologies which are applicable to and appropriate for any given situation.
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