Firms secure nickel land
Two Perth-based exploration companies yesterday moved to bolster their land holdings in the emerging Fraser Range — WA’s newest nickel province.
The Steven Michael-run Segue Resources and the lesser-known Mining Projects Group both expanded their footprint in a region fast becoming Australia’s hottest exploration property.
Segue’s Plumridge nickel project area is set to grow more than 25 per cent to as much as 3620sqkm, depending on the outcome of 10 exploration licence applications after signing a deal with Fraser Range Metals Group.
Nicholas Ong sits on the board of Segue and Fraser Range Metals Group, with the companies also entering into a joint venture where Segue can earn up to an 80 per cent interest in two granted exploration licences totalling 641sqkm.
The deal includes $100,000 cash and 125 million Segue shares, representing about 9 per cent of the expanded share capital of Segue.
