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Nautilus Minerals Confirms High Grade Gold Mineralisation
Toronto Ontario, January 25, 2011 - Gold grades of up to 20.8 g/t and copper
grades of up to 37.7% have been confirmed in assay results from
seafloor drilling at the Nautilus Minerals Inc. (TSX & AIM: NUS)
Solwara 1 project in the Bismarck Sea in
Papua New Guinea.
The certified assay results relate to the series of holes drilled late
last year and confirm the preliminary analysis through hand held X-Ray
Fluorescence (XRF), which was reported in December 2010 (see link 1).
More recent drilling, carried out as part of the on-going exploration
campaign since January 6, has continued to identify high grade mineralisation. XRF analysis has revealed
intersects including 12.57 metres averaging
9.4% copper (hole SD197), and 9.28 metres
averaging 12.2% copper (hole SD192). (Note XRF results are subject to
confirmation).
Nautilus' CEO, Steve Rogers, said the drilling results continued to
show the high grade nature of the Solwara 1
deposit.
"Laboratory assay results such as these demonstrate the remarkable
combination of high copper grades and gold mineralisation
in this deposit. We are now drill testing additional SMS zones, both on
the recently granted mining lease at Solwara
1, and on highly prospective surrounding discoveries," he said.
Table 1 provides the laboratory assay results from analysis of drilling
carried out late last year. Preliminary XRF analysis of these intervals
was previously released by Nautilus on December 16, 2010 (see link 1).
Table One - Mineralised intersect report
from selected holes drilled at Solwara 1
(based on laboratory assay results).
|
Hole ID
|
Interval
From
(m)
|
Interval
To (m)
|
Interval
Length
(m)
|
Recovery
for Interval
|
Copper
(%)
|
Zinc
(%)
|
Au
g/t
|
Ag
g/t
|
|
SD166
|
1.84
|
2.94
|
1.10
|
100%
|
21.2
|
0.3
|
16.7
|
37.4
|
|
including
|
1.84
|
1.99
|
0.15
|
100%
|
37.7
|
BDL
|
12.9
|
26.0
|
|
1.99
|
2.57
|
0.58
|
100%
|
17.0
|
0.4
|
20.8
|
38.0
|
|
SD167
|
2.02
|
21.22
|
19.20
|
13%
|
8.6
|
0.7
|
4.3
|
30.5
|
|
SD169
|
2.08
|
13.57
|
11.49
|
49%
|
5.0
|
0.1
|
2.8
|
9.2
|
|
SD172
|
1.98
|
10.20
|
8.22
|
25%
|
12.6
|
0.1
|
9.2
|
24.3
|
Note:
Certified results for hole SD171 and all holes
after SD173 are pending.
BDL: Below Detection Limit
Since the drilling results announced on 6 January 2011 (see link 2), 10
additional holes have been drilled at 9 locations for a total of 163.7
meters.
Preliminary analysis of recovered drill core from the additional
drilling continues to demonstrate the presence of high grade mineralisation at all drill sites. Results are summarised in table two.
Table Two - Initial mineralised intersect
report from selected holes drilled at Solwara
1 (based on XRF analysis of pulp residues).
|
Hole ID
|
End
of
Hole
(m)
|
Interval From (m)
|
Interval To
(m)
|
Interval Length (m)
|
Recovery
for Interval
|
Copper
(%)
|
Zinc
(%)
|
Comment
|
Copper Mineralisation
Intersected
Below
Previously Modelled
Depth of
Massive
Sulphide (m)
Note 1
|
|
SD188
|
29.37
|
0.48
|
4.37
|
3.89
|
79%
|
17.0
|
0.2
|
Intervals separated by
significant zone of core loss. Hole ended in non-mineralised
footwall.
|
-2.2
|
|
6.31
|
7.85
|
1.54
|
26%
|
6.4
|
0.1
|
|
SD189
|
23.27
|
0.61
|
1.24
|
0.63
|
100%
|
28.5
|
0.1
|
Intervals separated by
significant zone of core loss. Hole ended in non-mineralised
footwall. Almost no recovery below 8.77m.
|
2.5
|
|
4.15
|
7.68
|
3.53
|
36%
|
13.1
|
0.1
|
|
SD190
|
14.94
|
3.09
|
7.75
|
4.66
|
29%
|
11.2
|
1.7
|
No core was recovered
below 7.75m. Mineralisation is open to
depth.
|
Note
2
|
|
SD191
|
SD191 was abandoned at
1.94m due to mechanical issues and redrilled
by SD192
|
|
SD192
|
15.53
|
1.00
|
10.28
|
9.28
|
57%
|
12.2
|
0.1
|
Hole ended in non-mineralised footwall.
|
2.0
|
|
SD193
|
7.00
|
2.07
|
3.00
|
0.93
|
100%
|
14.1
|
0.1
|
Hole ended in non-mineralised footwall.
|
-2.7
|
|
SD194
|
20.81
|
1.56
|
9.36
|
7.80
|
49%
|
12.9
|
1.0
|
Copper mineralisation
was recorded in the footwall to a depth of 14.1m. Hole ended in non-mineralised footwall.
|
-0.9
(Note 3)
|
|
SD195
|
5.02
|
0.09
|
4.04
|
3.95
|
78%
|
18.2
|
0.8
|
No core was recovered
below the reported interval. Mineralisation
is open to depth.
|
Note
4
|
|
SD196
|
26.12
|
1.45
|
4.57
|
3.12
|
42%
|
15.2
|
0.1
|
Hole ended in non-mineralised footwall.
|
-1.5
|
|
SD197
|
19.69
|
1.79
|
2.51
|
0.72
|
100%
|
15.1
|
1.4
|
Intervals separated by
zone of core loss and low-grade material. Hole ended in non-mineralised footwall.
|
3.7
|
|
4.00
|
16.57
|
12.57
|
61%
|
9.4
|
0.9
|
Note
1: Negative values indicate a base of mineralisation
closer to the surface than the previously modelled
Base of Massive Sulphide
Note 2: No core was recovered in the interval necessary to make an
assessment
Note 3: Does not include copper mineralisation
in footwall units separated by significant zones of core loss
Note 4: Hole was abandoned due to mechanical issues above the
previously modelled base of massive sulphide
REM Etive Drilling Program
Nautilus has been drilling since mid November on board the vessel Rem Etive, using the
ROVdrill3 drilling system (see link one and two). TSMarine
is providing the vessel, operating crew, Remotely Operated Vehicles
(ROVs) and drilling equipment required for the project. The ROVdrill3
drilling system is a wireline diamond drill
designed to recover up to 80 meters of 70mm diameter core.
A full listing of all intersections and core recovery can be seen in
Table 3 and Table 4.
Links
Link 1: http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=433715
Link 2: http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=436480
Figure 1: http://www.nautilusminerals.com/i/maps/DrillHoles21Jan2011.jpg
Table 3: Laboratory assays available to date for Au, Ag, Cu, Zn and Pb http://www.nautilusminerals.com/i/pdf/Table3PR25Jan2010..pdf
Table 4: Initial XRF results for all holes drilled to date http://www.nautilusminerals.com/i/pdf/Table4PR25Jan2010..pdf
Technical Information
Detailed information on the drilling program, selection of Reported
Intervals, drilling details, treatment of core loss, sampling procedures,XRF analysis and QAQC was reported
previously in the news release of December 16, 2011 (see link1).
Laboratory Analysis
Sample assaying was completed by laboratories of SGS Australia Pty Ltd.. SGS operates quality systems based on
international standards ISO/IEC17025:1999 "General requirements
for competence of calibration and testing laboratories", and
ISO9001:2008 "Quality Management Systems -- Requirements".
SGS's Australian Mineral Services are also accredited by Australia's
National Association of Testing Authorities (NATA).
Gold is determined by fire assay using a lead collection technique with
a 30g sample charge weight. Previous homogeneity studies carried out on
material from Solwara 1 indicate that this is
a suitable sub-sample size to avoid any "nugget effect" for
gold.
Copper, zinc and silver are analysed by
ICP-OES after a high-temperature aqua regia
digest. Samples returning values above the upper limit of this
technique are re-analysed by an AAS method.
Field duplicate pairs and a range of externally check samples (CRMs)
with certified values of gold and base metals are inserted within the
sample sequence by Nautilus before sample submittal. Analysis results
for these check samples indicate acceptable precision and accuracy for
the purpose of reporting exploration results.
Qualified Person
The exploration results reported in this announcement have been
compiled under the supervision of Nautilus' Resource Leader Thomas Sant. Mr Sant a Fellow of the Geological Society of London,
a UK Chartered Geologist and a registered European Geologist, has over
16 years experience in mineral exploration seeking hydrothermal
systems, and is a qualified person as defined by National Instrument
43-101. Mr. Sant has reviewed and approved
the technical disclosure contained in this news release.
About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor
for polymetallic seafloor massive sulphide deposits and is currently developing its
first project. The company's main focus is the Solwara
1 Project, which is located in the territorial waters of Papua New
Guinea in the western Pacific Ocean. Nautilus is listed on the TSX and
AIM stock exchanges, and has among its largest shareholders two of the
world's leading international resource companies Anglo American (11.1%)
and Teck Resources (6.8%), as well as Metalloinvest, one of the largest and fastest
growing mining and metallurgical holding companies in Russia, which
beneficially owns 21.0% of the company's issued shares through Gazmetall Holding (Cyprus) Limited.
For more information please refer www.nautilusminerals.com or
contact:
Investor Relations
Nautilus Minerals Inc. (Toronto)
Email: investor@nautilusminerals.com
Tel: +1 (416) 551 1100
Joe Dowling
Vice President Investor Relations and Communications
Tel: +61 (7) 3318 5544
Cell: +61 431 365 741
Email: jjd@nautilusminerals.com
Numis Securities Limited
Nominated adviser: John Harrison
Corporate broking: James Black
Tel: + 44(0) 20 7260 1000
Neither the TSX nor the London Stock Exchange accept responsibility
for the adequacy or accuracy of this press release.
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