Number 2007-26
Vancouver B.C., July 10, 2007 -
Nautilus Minerals Inc. (TSXV & AIM: NUS) (the "Company" or "Nautilus") has successfully completed 29 holes of a 90-hole program with 38% of holes terminating in copper sulphide mineralization, with the longest mineralized sulphide intercept being 18.2 metres. Nautilus also reports high grade assay results for its recently discovered Solwara 8 Prospect.
David Heydon, Nautilus CEO, commented: "The results of the drilling at our Solwara 1 Project in the territorial waters of Papua New Guinea, demonstrate that we have a strong mineral system persisting at depth. This is in addition to the system of high grade massive sulphide spires that are often 10 metres high above the system currently being drilled."
Heydon elaborated: "We are actively promoting the development of new tools for this new industry. In less than a year we have, with Remote Operated Vehicle (ROV) builder Perry Slingsby Systems and operator Canyon Offshore, taken the ROV Drill from the drawing board to operational status. These new remote controlled drills operating in water depths up to 1,800m are providing good core recovery, allowing us to define the mineralised system at Solwara 1, and provide quality samples for resource evaluation, metallurgical and geotechnical studies."
Heydon added: "We are also impressed by the results from Solwara 8 where the 12 surface samples taken from Solwara 8 averaged 16.9 g/t gold, 6.1% copper, 32.5% zinc, and 328 g/t silver, with individual samples returning up to 34% copper and 50.7% zinc." "This confirms that we have yet another high grade gold-copper-zinc system, supporting the hit rate during the target testing phase of this year's program of four systems discovered in four weeks."
Solwara 1 Program
Since drilling commenced on June 14, 2007 at Solwara 1, 29 holes have been completed for a total of 305.8m with an average massive sulphide core recovery of 72%. Selected intercepts are outlined in Table 1 and all drill holes are listed in Table 3. Assay results are expected in 4 to 6 weeks
The evaluation drilling of Solwara 1 is conducted on a nominal 50 metre grid with the aim of collecting quality samples preparation for a mineral resource statement and for metallurgical and mine planning purposes, specifically to undertake assaying and metallurgical and geotechnical test work. Between 70 to 90 holes are planned.
This drilling is mostly adjacent to the exposed high-grade sulphide outcrop zones defined by previous surface sampling and mapping (
http://www.nautilusminerals.com/i/maps/Figure2_DrillingProgress.jpg). The geology encountered in drilling to date has been relatively consistent comprising;
1. a locally developed, thin fine-grained sediment "drape" typically about 1m thick;
2. a chalcopyrite-rich massive-sulphide ore zone) in places at least 18m thick; and
3. a highly altered (clay-pyrite-anhydrite) footwall.
| Table 1 - Solwara 1 - 2007 ROV Drill Selected Intercepts |
| |
|
|
SULPHIDE INTERSECTION |
| Drillhole No |
TD (m) |
Core recovery - in Sulphide % |
From (m) |
To (m) |
Intersection width |
Cu% (hand held XRF) |
| |
|
|
|
|
|
|
| SD038 |
13.6 |
75 |
1.1 |
4.8 |
3.7 |
10.3 |
| SD052 |
16.7 |
45 |
0.3 |
8.1 |
7.8 |
11.1 |
| SD056 |
18.9 |
91 |
1.0 |
18.9 |
17.9 |
4.9 |
| SD064 |
19.5 |
85 |
0.0 |
18.2 |
18.2 |
7.0 |
The drill core diameter is 52mm (NQ Size). Onboard preliminary handheld XRF analyses indicate that the Solwara 1 massive sulphide is copper-bearing with average result for the massive sulphide intervals (Table 3). Measurements by hand held XRF are not assay results and do not measure gold or silver. Samples will be formally assayed by the ALS Group in Brisbane. Initial results are expected in 4 to 6 weeks.
High Grade Assays Confirmed at Solwara 8
Assay results confirm high-grade gold-copper-zinc mineralisation at the recently discovered the Solwara 8 Prospect. The Solwara 8 Prospect lies in a water depth of between 1,680m and 1,750m at longitude 151°40'26" E; latitude 3°43'47" S, approximately 750m WSW of Solwara 6 and approximately 47 km west of the Solwara 1 Prospect (
http://www.nautilusminerals.com/i/maps/Figure3_Sol4-8.jpg).
The Solwara 8 Prospect covers an area of approximately 280m by 60m and lies within a NNW trending structural zone approximately 1 km south of, and possibly linked with, the greater Solwara 4 system.
| Table 2 - Solwara 8 – Surface Sampling Results |
| |
Assay Results |
Preliminary Results |
| Samples |
Au |
Cu |
Zn |
Pb |
Ag |
XRF Cu |
XRF Zn |
XRF Pb |
| |
g/t |
% |
% |
% |
g/t |
% |
% |
% |
| 12 |
16.9 |
6.1 |
32.5 |
2.3 |
328 |
6.6 |
31.5 |
1.1 |
The laboratory assay results are on average 0.7% lower for copper and 0.2% higher for zinc than the preliminary hand held XRF results for Solwara 8 reported on June 14, 2007 and suggest that the XRF units can play an important preliminary guide, in advance of full laboratory results given the 4 - 6 week time lag of recovering samples and getting them off the ship, back to Australia and assayed.
Samples were recovered using a Triton 200 series ROV at water depths from 1,650m to 1,800m. (
http://www.nautilusminerals.com/s/PhotoGallery-Solwara8Discovery.asp).
Sample sizes ranged from 1.6 kg to 7.55 kg with a representative cross sectional slice from the end of the rock or chimney sample dispatched to ALS Laboratory Group in Brisbane, Australia for analysis. Ancillary information on sampling is included in the appendix and attached to this release. In addition, Table 3 provides full set of sample assay data.
Additional Listing
As a result of the exercise of certain options, the Company has made application for 150,000 common shares to be admitted to AIM. The shares are expected to be admitted to trading on July 17, 2007.
About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor for high grade gold-copper-zinc-silver seafloor massive sulphide deposits and is positioned to become a world leader in underwater mineral exploration.
The Company's main focus for 2007 is the Solwara 1 Project, located in the territorial waters of Papua New Guinea between the island chains of New Britain and New Ireland in the western Pacific Ocean.
Nautilus is listed on the TSX Venture Exchange and on AIM, and has among its largest shareholders four of the world's largest international resource companies, including Anglo American (6.4% holding), Teck Cominco (5.8%), Epion (16.8%) and Barrick Gold (3.7%).
For more information please refer www.nautilusminerals.com or contact:
Investor Relations
Nautilus Minerals Inc. ( Vancouver)
Email: investor@nautilusminerals.com
Tel: +1 (778) 785 7591
|
Australian Project Office
Email: info@nautilusminerals.com
Tel: + 61 7 3318 5555
|
Numis Securities Limited (NOMAD)
John Harrison / James Black
Tel: +44 (0) 20 7260 1000
|
Parkgreen Communications
Clare Irvine/Justine Howarth
Tel: +44 (0) 20 7851 7480
|
Qualified Person: The exploration results reported in this announcement have been compiled under the supervision of Anthony O'Sullivan, Chief Operating Officer of Nautilus. Mr.O'Sullivan is a member of the Australasian Institute of Mining and Metallurgy, has 20 years experience in mining and exploration geology, and is a qualified person as defined under National Instrument 43 - 101. He consents to his name being used in this release.
Neither the TSXV nor the London Stock Exchange accept responsibility for the adequacy or accuracy of this press release
APPENDIX - SOLWARA 1
Table 3 below shows a full list of massive sulphide drill intercepts completed on Solwara 1 Measurements by hand held XRF are not considered as assay results and do not measure gold or silver. Samples will be formally assayed by the ALS Group in Brisbane. Initial results are expected in 4 to 6 weeks.
| Table 3 - Solwara 1 - 2007 ROV Drill Intercepts |
| |
|
|
|
|
SULPHIDE INTERSECTION |
| Drillhole No |
Depth (m) |
Easting |
Northing |
Sulphide Core recovery % |
From (m) |
To (m) |
Sulphide width |
Cu% (hand held XRF) |
| |
|
|
|
|
|
|
|
|
| SD036 |
2.3 |
398849 |
9581099 |
89 |
0.4 |
2.3 |
1.9 |
7.6 |
| |
|
|
|
Hole ended in massive sulphide |
|
| SD037 |
3.0 |
398850 |
9581099 |
88 |
1.0 |
3.0 |
2.0 |
3.2 |
| |
|
|
|
Hole ended in massive sulphide |
|
| SD038 |
13.6 |
398858 |
9581051 |
75 |
1.1 |
4.8 |
3.7 |
10.3 |
| SD039 |
5.6 |
398861 |
9581012 |
68 |
2.0 |
5.6 |
3.6 |
8.8 |
| |
|
|
|
Hole ended in massive sulphide |
|
| SD040 |
2.8 |
398897 |
9581004 |
64 |
1.6 |
2.8 |
1.2 |
5.5 |
| |
|
|
|
Hole ended in massive sulphide |
|
| SD041 |
9.2 |
399003 |
9580992 |
49 |
1.3 |
9.2 |
7.9 |
3.4 |
| |
|
|
|
Hole ended in massive sulphide |
|
| SD042 |
8.9 |
399052 |
9580997 |
44 |
0.4 |
4.2 |
3.8 |
5.9 |
| SD043 |
7.8 |
399084 |
9580950 |
62 |
2.8 |
7.8 |
5.0 |
7.0 |
| |
|
|
|
Hole ended in massive sulphide |
|
| SD044 |
6.1 |
399244 |
9580960 |
Poor recovery – Altered volcanic rock |
|
| SD045 |
2.7 |
399200 |
9580932 |
Poor recovery – Altered volcanic rock |
|
| SD046 |
13.2 |
399151 |
9580935 |
96 |
0.4 |
4.4 |
4.0 |
3.8 |
| SD047 |
9.5 |
399106 |
9580926 |
80 |
0.3 |
6.0 |
5.8 |
7.5 |
| SD048 |
14.9 |
399102 |
9580980 |
Poor Recovery – Massive sulphide |
|
| SD049 |
17.2 |
399137 |
9580962 |
68 |
1.1 |
7.6 |
6.5 |
8.1 |
| SD050 |
10.1 |
399231 |
9580970 |
Poor recovery – Volcanic rock |
|
| SD051 |
13.3 |
399138 |
9580959 |
Poor recovery – Altered volcanic, disseminated sulphide |
|
| SD052 |
16.7 |
399292 |
9581026 |
45 |
0.3 |
8.1 |
7.8 |
11.1 |
| SD053 |
15.3 |
399352 |
9581070 |
39 |
1.8 |
6.1 |
4.4 |
6.4 |
| SD054 |
17.2 |
399341 |
9581047 |
77 |
1.2 |
5.9 |
4.7 |
4.0 |
| SD055 |
6.8 |
399401 |
9581152 |
Altered volcanic breccia, disseminated sulphide |
|
| SD056 |
18.9 |
399397 |
9581223 |
91 |
1.0 |
18.9 |
17.9 |
4.9 |
| SD057 |
3.1 |
399386 |
9581239 |
Poor recovery – ended in massive sulphide |
|
| SD058 |
12.0 |
399386 |
9581239 |
Poor recovery – ended in massive sulphide |
|
| SD059 |
7.2 |
399404 |
9581234 |
76 |
1.0 |
7.2 |
6.1 |
7.6 |
| |
|
|
|
Hole ended in massive sulphide |
|
| SD060 |
18.1 |
399343 |
9581219 |
51 |
0.0 |
3.3 |
3.3 |
2.7 |
| SD061 |
4.7 |
399444 |
9581180 |
75 |
0.0 |
4.7 |
4.7 |
7.2 |
| |
|
|
|
Hole ended in massive sulphide |
|
| SD062 |
14.3 |
399443 |
9581179 |
73 |
0.0 |
8.8 |
8.8 |
3.3 |
| SD063 |
11.9 |
399446 |
9581291 |
55 |
4.1 |
8.0 |
3.9 |
6.6 |
| SD064 |
19.5 |
399486 |
9581276 |
85 |
0.0 |
18.2 |
18.2 |
7.0 |
| Total |
305.8 |
|
|
|
|
|
|
|
Results of Indicative Analyses from Hand Held XRF Unit
Nautilus is using a hand-held Niton XLT 592 X-ray florescence (XRF) instrument on the Wave Mercury to obtain indications of the grade of materials recovered from the sea floor. This system provides indicative information on grade tenor of samples for copper, zinc and lead mineralization but does not measure for many elements including gold and silver. It is unable to provide gold and silver assays.
The instrument used for this application does not provide the accuracy required to report assays. These analyses are the mean of ten point measurements on unprepared wet surfaces of each of the samples reported. XRF readings are taken at 10cm intervals along the drill core to provide indicative grade data for mineralized intervals. The instrument is not calibrated using certified standards and the samples have not been crushed and prepared to minimise matrix effects which may affect the accuracy of the analysis. However, comparison of results to date with assay data for surface samples indicate the XRF tool is a reliable method for providing indicative results of the tenor of mineralization and providing data for "real time" decisions in the field.
APPENDIX - ASSAY SAMPLES FOR SOLWARA 8
Table 4 lists the results of the Solwara 8 sampling, including a comparison between laboratory assay results and preliminary XRF analyses.
Laboratory Analysis:
All analysis was carried out by ALS Laboratory Group in Brisbane, Australia. ALS operate quality systems based on international standards ISO/IEC17025:1999 "General requirements for the competence of calibration and testing laboratories" and ISO9001:2000 "Quality Management Systems - Requirements".
Sample Custodianship:
All sampling, sample handling and analysis was completed under the supervision of Nautilus personnel. Sampling was carried out aboard the Wave Mercury whilst at sea. All sub-samples were placed into numbered plastic vacuum sealed bags. The bagged samples were then subsequently placed into boxes. The boxes were sealed with security tape and signed by the supervising geologist on site at the time.
Quality Assurance:
External certified geochemical reference materials were prepared by Geostats Pty Ltd, of Perth, Western Australia and independently tested, and field duplicate samples were interspersed at regular intervals between the 12 samples submitted for analysis.
These reference materials comprised "standards", with known and statistically tested concentrations of the major base and precious metals. Standards were submitted approximately every tenth sample. Evaluation of these standards indicate that the quality of the analyses are within acceptable limits.
| Table 4 - Solwara 8 – Surface Sampling Results |
| |
|
|
Assay Results |
Preliminary Results |
| SAMPLE |
East |
North |
Au |
Cu |
Zn |
Pb |
Ag |
XRF Cu |
XRF Zn |
XRF Pb |
| |
|
|
g/t |
% |
% |
% |
g/t |
% |
% |
% |
| 58577 |
352775 |
9587558 |
15.5 |
13.2 |
25.4 |
1.0 |
274 |
10.7 |
25.6 |
1.0 |
| 58578 |
352798 |
9587548 |
19.6 |
0.7 |
50.7 |
2.4 |
417 |
0.8 |
43.8 |
0.8 |
| 58579 |
352794 |
9587540 |
24.9 |
0.6 |
29.1 |
7.8 |
702 |
0.9 |
26.7 |
2.0 |
| 58580 |
352766 |
9587538 |
13.4 |
0.5 |
42.1 |
3.7 |
653 |
0.7 |
33.5 |
0.6 |
| 58581 |
352801 |
9587559 |
50.1 |
0.9 |
34.5 |
1.9 |
242 |
1.2 |
37.1 |
2.2 |
| 58582 |
352806 |
9587576 |
23.9 |
0.7 |
34.0 |
0.7 |
208 |
0.8 |
37.3 |
0.8 |
| 58583 |
352790 |
9587576 |
5.3 |
9.9 |
26.4 |
0.9 |
286 |
12.6 |
26.2 |
0.7 |
| 58584 |
352808 |
9587581 |
14.0 |
4.0 |
46.3 |
2.2 |
245 |
2.8 |
50.4 |
1.3 |
| 58585 |
352795 |
9587581 |
0.8 |
0.6 |
29.2 |
4.7 |
343 |
0.8 |
33.4 |
2.7 |
| 58586 |
352760 |
9587559 |
9.5 |
6.0 |
31.4 |
0.8 |
264 |
7.8 |
28.1 |
0.6 |
| 58587 |
352668 |
9587670 |
1.0 |
2.2 |
36.2 |
1.1 |
156 |
3.5 |
33.9 |
0.4 |
| 58588 |
352676 |
9587684 |
24.6 |
34.0 |
4.6 |
0.1 |
142 |
37.2 |
2.4 |
0.1 |
| |
|
|
16.9 |
6.1 |
32.5 |
2.3 |
328 |
6.6 |
31.5 |
1.1 |