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Nautilus Minerals Intersects More High Grade Copper
Toronto
Ontario, January 6, 2011 - Nautilus
Minerals Inc. (TSX & AIM: NUS). Recent ocean floor drilling at
Nautilus Minerals' Solwara 1 project in Papua
New Guinea has revealed a number of intercepts of copper mineralisation exceeding 20%, and confirmed
extensions of mineralisation at the deposit.
Results for 10 holes drilled during the second half of December 2010
demonstrate the presence of high grade copper at all sites.
The
results included:
- a 7.6 metre intercept averaging 12% copper
- identification
of the deepest copper-rich mineralisation
drilled to date, at 29 metres below the
seafloor
- interception
of copper-rich sulphides to a depth of
19.2 metres in Hole SD179, which is 15 metres below the previously modelled massive sulphide
level.
These
results, based on hand held X-ray fluorescence (XRF) analyses, are
outlined in table one below. (XRF results are subject to confirmation).
The program has involved a total of 23 holes drilled at 17 locations,
approximately 1600 metres below sea-level and
extending to a maximum depth of 52 metres
below the seafloor. Results for the first 13 holes were released on
December 16, 2010.
(http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=433715)
Nautilus' CEO, Steve Rogers, said the results again demonstrated the
richness of the Solwara 1 deposit.
"It is increasingly clear that the mineralisation
is more extensive than initially identified. In addition, the copper
grades we are finding in these seafloor deposits are significantly
higher than the grades that are typical in land-based projects,
underwriting the economics of this exciting new mining frontier,"
he said.
Nautilus continues to refine drilling techniques, lifting core
recoveries and productivity. Program expenditure may now exceed US$20
million, subject to continued improvement in drilling performance and
positive results.
"Our focus for the remainder of the program is to optimise drilling performance as we enhance
Nautilus' knowledge of Solwara 1 and other
Bismarck Sea massive sulphide systems,"
said Mr Rogers. "We are particularly
looking forward to drilling at the North Zone of Solwara
1, Solwara 5, Solwara
12 and other systems nearby," he said.
Table One - Selected mineralised
intersections from Solwara 1 (based on
XRF analysis of pulp residues).
|
Hole
ID
|
End
of
Hole
(m)
|
Interval
Length
(m)
|
Interval From
(m)
|
Interval To
(m)
|
Recovery
For
Interval
|
Copper
(%)
|
Zinc
(%)
|
Comment
|
Copper
Mineralisation
Intersected Below Previously
Modelled Depth of
Massive Sulphide
(m)
|
|
SD178
|
20.74
|
0.78
|
1.38
|
2.16
|
100%
|
11.7
|
1.0
|
Intervals separated by
significant zones of core loss. Hole ended in non-mineralised
footwall.
|
-2.08
*Note 1
|
|
|
|
0.44
|
4.76
|
5.20
|
100%
|
11.9
|
0.6
|
|
|
|
|
|
2.67
|
7.05
|
9.72
|
71%
|
13.8
|
3.6
|
|
|
|
SD179
|
22.76
|
1.91
|
2.08
|
3.99
|
86%
|
25.6
|
1.2
|
Intervals separated by
significant zones of core loss. Hole ended in non-mineralised
footwall.
|
14.97
|
|
|
|
0.35
|
6.11
|
6.46
|
100%
|
7.4
|
0.9
|
|
|
|
|
|
0.47
|
8.30
|
8.77
|
100%
|
31.0
|
0.0
|
|
|
|
|
|
5.07
|
10.58
|
15.65
|
59%
|
20.9
|
0.0
|
|
|
|
|
|
3.52
|
15.65
|
19.17
|
36%
|
5.5
|
0.0
|
|
|
|
SD180
|
45.24
|
7.63
|
0.72
|
8.35
|
51%
|
11.6
|
0.3
|
Intervals separated by
core loss. Hole ended in non-mineralised
footwall.
|
3.57
|
|
|
|
2.62
|
14.75
|
17.37
|
64%
|
8.5
|
0.1
|
|
|
|
SD182
|
19.48
|
3.10
|
1.28
|
4.38
|
71%
|
8.2
|
0.1
|
Interval end in core loss
above non-mineralised footwall.
|
-3.02
*Note 1
|
|
|
|
SD183
|
35.85
|
1.39
|
0.25
|
1.64
|
71%
|
10.0
|
2.1
|
Intervals separated by sulphate dominant rock. Hole ended in non-mineralised footwall.
|
0.23
|
|
|
|
2.09
|
7.74
|
9.83
|
100%
|
3.2
|
0.0
|
|
|
|
SD184
|
4.73
|
4.09
|
0.35
|
4.44
|
89%
|
13.1
|
1.3
|
Hole ended in
copper-bearing mineralisation.
|
*Note
2
|
|
SD186
|
51.62
|
12.65
|
0.45
|
13.10
|
97%
|
4.3
|
1.6
|
Intervals separated by
low-grade massive sulphide. Lower intercept
has boundaries at a high angle to the core axis may not represent a
true width. Hole ended in non-mineralised footwall.
|
9.64
|
|
|
|
4.36
|
24.64
|
29.00
|
60%
|
11.1
|
0.0
|
|
|
|
SD187
|
5.48
|
4.21
|
0.84
|
5.05
|
43%
|
11.7
|
2.3
|
Hole ended in copper-rich mineralisation (site redrilled
by SD188).
|
*Note
3
|
|
|
|
Note 1: Negative values
indicate a base of mineralisation closer to
the surface than the previously modelled
base of massive sulphide
|
|
Note 2: Hole abandoned.
Site redrilled by SD186
|
|
Note 3: Hole abandoned.
Site redrilled by SD188 (awaiting core
processing and XRF analysis)
|
Links
Figure 1: Drill hole locations. (http://www.nautilusminerals.com/i/pdf/DrillholesSolwara1Jan2011.pdf)
Table 2: Available XRF results for drill holes not covered by the
previous results news release of December 16, 2010. (http://www.nautilusminerals.com/i/pdf/intersectionsandcorerecovery.pdf)
Technical Information
Detailed information on the drilling program, selection of Reported
Intervals, drilling details, treatment of core loss, sampling procedures
and XRF analysis was reported previously in the news release of
December 16, 2010. (http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=433715)
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 at Solwara 1, 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 accepts responsibility
for the adequacy or accuracy of this press release.
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