This is what's often referred to as a 'floatie' lick on guitar. It mimics what's known as the 'melodic style' on banjo. It's all about combining open strings and fretted notes on lower strings(but higher up the neck). You end up getting these really cool waterfall like sounds. This one is just a scale dance with a slightly bluesy flair at the end.
You can select this one in measure 3 of 'East Virginia Blues - Bluegrass.
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