Nautilus Unveils a Second High Grade Copper Deposit in Bismarck
Sea
t
Toronto Ontario,
February 11, 2011 - Nautilus Minerals Inc. (TSX &
AIM: NUS) has identified a second potential development project in the
Bismarck Sea in Papua New Guinea, to follow its groundbreaking Solwara 1 project currently in the final stages of
planning.
A deepwater exploration drilling campaign carried out at the Solwara 12 prospect, just 25 kilometres
northwest of Solwara 1, discovered
intersections of mineralisation at all five
drill sites. The drilling involved six holes drilled approximately 1900
metres below sea-level and extending to a
maximum depth of 35 metres below the seafloor
(see Figures 1 and 2).
Preliminary results based on hand held X-Ray Fluorescence (XRF)
analysis of drill core included:
- a
7.33 metre intersect averaging 13.2%
copper and 6.1% zinc
- a
7.50 metre intersect averaging 9.3%
copper and 6.0% zinc
- a
5.29 metre intersect averaging 11.4%
copper and 1.4% zinc
(XRF
results are subject to confirmation by laboratory assay).
Nautilus' CEO Steve Rogers said the success of the initial drilling at Solwara 12 was a major step in the implementation
of the company's strategy of developing a pipeline of projects in the
Bismarck Sea.
"Previous grab-sampling has identified 16 Seafloor Massive Sulphide (SMS) systems in the Bismarck Sea. Through
the current drilling campaign, Nautilus has now brought the Solwara 12 prospect into the potential project
pipeline to follow Solwara 1. This is a key
step in the implementation of our business model which allows us to
aggregate resources at successive locations with minimal incremental
capital expenditure," he said.
Upon the completion of the initial drilling program at Solwara 12 earlier this month, the drilling vessel
REM Etive has moved to Solwara
5, after which it is scheduled to return to Solwara
1 to carry out additional exploration and geotechnical drilling. Before
demobilising, REM Etive
will travel back to Solwara 12 to conduct
follow-up drilling with the aim of establishing a resource. Solwara 12 remains open in all directions.
A summary of results from the drilling at Solwara
12 is included in Table 1 below. Full details are presented in Table 3
(see links section).
Table 1 - Selected mineralised
intersections for Solwara 12 (based on
XRF analysis of pulp residues).
Hole ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Recovery
(%)
|
Cu
(%)
|
Zn
(%)
|
Comment
|
SD_S12_001
|
1.47
|
3.04
|
1.57
|
66
|
5.4
|
4.2
|
Interval open at depth.
|
SD_S12_002
|
1.86
|
3.79
|
1.93
|
53
|
8.9
|
0.1
|
Interval contains significant core loss.
|
SD_S12_003
|
0.31
|
3.32
|
3.01
|
96
|
4.7
|
12.2
|
Intervals
separated by core loss with minor recovery.
|
5.32
|
6.42
|
1.10
|
55
|
12.2
|
7.5
|
8.09
|
8.62
|
0.53
|
100
|
4.7
|
0.6
|
SD_S12_004
|
0.81
|
6.10
|
5.29
|
59
|
11.4
|
1.4
|
Intervals
separated by low-grade and barren alteration. Final interval open at depth.
|
13.56
|
16.13
|
2.57
|
50
|
8.8
|
7.9
|
SD_S12_006
|
3.70
|
11.20
|
7.50
|
39
|
9.3
|
6.0
|
Intervals
contain significant core loss and are separated by low-grade and
barren alteration.
|
25.41
|
28.90
|
3.49
|
56
|
4.2
|
0.0
|
SD_S12_007
|
4.50
|
4.71
|
0.21
|
100
|
29.4
|
0.2
|
Intervals
separated by significant core loss.
|
5.97
|
6.37
|
0.40
|
100
|
12.7
|
26.2
|
8.03
|
15.36
|
7.33
|
67
|
13.2
|
6.1
|
Note - SD_S12_005 was drilled 3km to the Northeast, on an outlying
target, it did not encounter any mineralisation.
Assay Results for Solwara 1
In addition to the preliminary drilling results for Solwara
12, Nautilus has received certified assay
results for drilling carried out at Solwara 1
earlier this year.
The results, which follow on from laboratory assays completed by
laboratories of SGS Australia Pty Ltd released on January 25, 2011 (see
Link 1) continue to highlight significant mineralisation:
- a
7.85 metre intercept averaging 10.2%
copper and 3.4 g/t gold
- a
5.48 metre intercept averaging 14.9%
copper and 6.5 g/t gold
- a
7.63 metre intercept averaging 8.9%
copper and 5.3 g/t gold
- Individual
samples reported gold grades of up to 21.6 g/t and copper grades
up to 24.3%
A summary of the results for Solwara 1 are
outlined in Table 2 below. Full details are presented in Table 4 (see
links section).
Table 2 - Selected mineralised
intersections from Solwara 1 (based on
laboratory assay results from holes SD171 and SD174 to SD187)
Hole ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Recovery
(%)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
Zn
(%)
|
Comment
|
SD171
|
1.93
|
10.45
|
8.52
|
63
|
4.2
|
13.2
|
4.1
|
0.1
|
Interval is
open to depth.
|
SD174
|
0.80
|
3.57
|
2.77
|
32
|
4.8
|
23.6
|
12.2
|
0.2
|
Interval is
dominated by core loss.
|
SD175
|
2.44
|
4.53
|
2.09
|
100
|
6.8
|
26.4
|
5.9
|
0.1
|
< >
|
SD176
|
1.14
|
11.19
|
10.05
|
87
|
3.5
|
14.9
|
3.8
|
0.1
|
< >
|
11.21
|
18.24
|
7.03
|
80
|
1.5
|
1.7
|
0.6
|
0.0
|
Gold intersect
below copper zone. Open at depth.
|
SD177
|
1.06
|
8.55
|
7.49
|
67
|
2.9
|
13.0
|
4.6
|
0.4
|
Intervals
separated by core loss.
|
12.25
|
20.10
|
7.85
|
70
|
3.4
|
7.3
|
10.2
|
0.0
|
SD178
|
1.38
|
2.16
|
0.78
|
100
|
9.6
|
76.1
|
9.7
|
0.9
|
Intervals
separated by core loss.
|
4.76
|
5.20
|
0.44
|
100
|
4.1
|
8.0
|
9.5
|
0.6
|
7.05
|
9.72
|
2.67
|
71
|
4.3
|
26.8
|
11.5
|
3.3
|
SD179
|
2.08
|
3.99
|
1.91
|
85
|
11.0
|
64.0
|
19.8
|
1.1
|
Intervals
separated by core loss.
|
6.11
|
6.46
|
0.35
|
100
|
21.6
|
34.0
|
6.3
|
0.7
|
8.30
|
8.77
|
0.47
|
100
|
4.1
|
8.0
|
24.3
|
0.1
|
10.58
|
16.06
|
5.48
|
62
|
6.5
|
3.0
|
14.9
|
0.0
|
17.40
|
17.99
|
0.59
|
100
|
0.8
|
1.0
|
1.4
|
0.0
|
18.92
|
19.17
|
0.25
|
100
|
2.5
|
1.0
|
5.4
|
0.0
|
SD180
|
0.72
|
8.35
|
7.63
|
51
|
5.3
|
8.6
|
8.9
|
0.3
|
Interval separated by core loss and individual intervals
contain significant core loss.
|
14.75
|
16.25
|
1.50
|
51
|
1.9
|
1.0
|
10.0
|
0.0
|
SD182
|
1.28
|
4.38
|
3.10
|
71
|
4.3
|
43.4
|
6.9
|
0.1
|
< >
|
SD183
|
0.25
|
1.64
|
1.39
|
71
|
3.8
|
71.6
|
9.1
|
2.1
|
Intervals
separated by low-grade and barren alteration.
|
8.94
|
9.83
|
0.89
|
100
|
0.3
|
1.0
|
4.9
|
0.1
|
SD184
|
0.35
|
4.44
|
4.09
|
89
|
5.0
|
38.6
|
10.7
|
1.1
|
Interval is
open to depth.
|
SD185
|
0.50
|
1.13
|
0.63
|
100
|
5.5
|
7.0
|
7.5
|
0.5
|
Interval is
open to depth.
|
SD186
|
0.45
|
9.39
|
8.94
|
99
|
2.0
|
7.1
|
3.2
|
1.2
|
< >
|
9.39
|
23.75
|
14.36
|
84
|
1.5
|
1.6
|
0.7
|
0.5
|
Gold intersect
below copper zone.
|
24.64
|
29.00
|
4.36
|
60
|
1.9
|
1.0
|
7.9
|
0.0
|
High-angle
vein ~65deg to core axis - not true width.
|
SD187
|
0.84
|
5.05
|
4.21
|
43
|
4.5
|
20.5
|
9.2
|
2.0
|
Interval is
dominated by core loss; open at depth.
|
SD172 and SD173 were reported in press release dated January 25, 2011
(see Link 1).
REM Etive Drilling Program
Nautilus has been drilling since mid November on board the vessel REM Etive, using the ROVdrill3 drilling system (see
Link 2 and Link 3). TSMarine is providing the
vessel, operating crew, Remotely Operated Vehicles 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.
Further details of Solwara 12
The Solwara 12 prospect is located in EL1374,
25 km northwest of Solwara 1, and was
discovered by Nautilus Minerals during the Fugro
Solstice exploration program in 2009. Plume hunting surveys during
Phase A of the Fugro Solstice program
identified several water column anomalies over the DESMOS Caldera
target area. Follow-up ROV traversing across DESMOS Caldera during
Phase B of the program led to the discovery of Solwara
12 on the SE rim of the caldera. Solwara 12
includes an area of inactive sulphide chimney
structures approximately 180 x 170m across. Additional ROV-based
geophysical surveys indicated both an electromagnetic and a
self-potential anomaly within this zone.
Links:
Previous Press
Releases
Link 1: http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=439322
Link 2: http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=433715
Link 3: http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=436480
Link 4: http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=370349
Figures
Figure 1: http://www.nautilusminerals.com/i/pdf/LocationOfProspects11Feb2011..pdf
Figure 2: http://www.nautilusminerals.com/i/pdf/DrillHolesandXRFSol1211Feb2011.pdf
Figure 3: http://www.nautilusminerals.com/i/pdf/DrillHolesSol111Feb2011.pdf
Tables
Table 3 - Listing of all intersections and core recovery at Solwara 12 from hole SD_S12_001 to SD_S12_007: http://www.nautilusminerals.com/i/pdf/Table3PR11Feb2011.pdf
Table 4: Laboratory assays available to date for Solwara
1 for Au, Ag, Cu, Zn and Pb (not covered by
results in press release from January 25, 2011 (See link 1)): http://www.nautilusminerals.com/i/pdf/Table4PR11Feb2011.pdf
Technical Information
Detailed information on the drilling program, sampling procedures and
XRF analysis was reported previously in the news release of December
16, 2010 (see Link 2).
Selection of Reported Intervals in Drilling Trials
Intervals were selected for reporting based on handheld XRF analysis or
laboratory analysis of pulverised
quarter-core samples returned >3% Cu, >9% Zn or >3g/t Au. Some
lower-grade samples have been included within an interval if they did
not reduce the overall grade of the interval to less than 3% Cu, 9% Zn
or 3g/t Au. Intervals were broken where there was a length of core loss
judged sufficient to lose continuity within the interval. Core loss is
believed to be a grinding and loss of material similar to that which
has been recovered. Zones of core loss within an interval were assigned
the average grade of the recovered material either side of the core
loss. Zones of core loss external to recovered material were not included
in any calculated interval. All reported values within the interval are
length-weighted averages of individual samples.
Laboratory Analysis
Detailed information on the laboratory analysis was reported previously
in the news release of January 25, 2011 (see Link 1).
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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