During a short prospecting trip, Segue Resources (ASX: SEG) has discovered several gold nuggets within its E47/3476 exploration licence, close to De Grey Mining’s (ASX: DEG) numerous gold nugget discoveries in Western Australia’s Pilbara.
With gold explorers uncovering gold nuggets on an almost weekly basis in the region, Segue is the latest to join the ranks with its nugget discoveries ranging up to 10mm in size.
The Pilbara has been the site of a recent gold frenzy which has seen explorers and miners pegging up land in the area. This has been followed with multiple announcements of gold finds.
The mineralisation has been likened to the Witwatersrand deposit in South Africa, which is believed to host the world’s largest known gold reserves and produced 1.5 billion ounces of gold.
According to Segue, the gold found in the Witwatersrand basin frequently occurs with uranium particles. The company has used this information to develop conglomerate gold targets with uranium anomalies across its project area.
Pilbara hopeful De Grey Mining has uncovered conglomerate gold at numerous places within its landholding including its projects Indee, Blue Moon and Toweranna which surround Segue’s E47/3476 exploration licence.
Other nearby tenements include Artemis Resources (ASX: ARV) and Novo Resources (TSX: NVO) Purdy’s Reward which sparked the current gold rush.
Segue plans to undertake further exploration in December near areas where nuggets have been found. Initial exploration will include geological mapping and rock chip sampling.
During the first quarter of 2018, Segue will expand its prospecting to encompass nine primary targets across its 600 square kilometres of Pilbara gold project tenements.
Segue is currently exploring for lithium, nickel and gold throughout Western Australia. Late last month, the company announced a proposal to change its name to Arrow Minerals to better-reflect its focus and strategy.
On the back of today’s announcement, Segue’s share price had surged almost 40% to A$0.10 by late afternoon trade.