Nautilus Confirms Recent SMS Discoveries in PapuaNautilus Confirms Recent SMS Discoveries in Papua New Guinea with Assays
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February 25, 2010
Nautilus Confirms Recent SMS Discoveries in Papua New Guinea with Assays
TORONTO, ONTARIO--(Marketwire - Feb. 25, 2010) - Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the "Company" or "Nautilus") is pleased to announce laboratory assay results for the previously announced discoveries from the MV Fugro Solstice cruise in the Bismarck Sea, Papua New Guinea. The assay results confirm high grade sulphide mineralisation at Solwara 14, 16 and 18. With Solwara 12 and 13, a total of five high grade SMS discoveries were made in 2009 and the mineralisation at Solwara 11 was extended. The 2009 work also generated many other targets and anomalies for follow-up in future exploration campaigns.
The discovery results, were previously released on January 14, 2010 (https://media3.marketwire.com/r/Five-High-Grade-Copper-Zinc-Sys) (reported from results obtained from handheld x-ray fluorescence ("XRF") data) collected on-board the exploration vessel.
Stephen Rogers, Nautilus' CEO, commented: "Work is ongoing to evaluate and rank the Bismarck systems in preparation for a proposed drilling campaign. The drilling campaign is being designed to increase our resource at Solwara 1 and elsewhere in the Bismarck Sea."
This link (https://www.nautilusminerals.com/i/misc/Figure1_DiscoveryLocationMap.pdf) shows the location of the SMS discoveries within the Bismarck Sea. Tables 1 to 4 provide the final assay results for Solwara 11i, 14, 16 and 18 respectively, which update the previously reported XRF results.
Table 1: Solwara 11i Final Assay Results of Sulphide Samples
---------------------------
Final assay result
---------------------------------------------------------------------------
Sam- Sam- East- North-
ple ple Weight Cu Zn Pb Au Ag ing ing Depth Lith-
No Type (g) % % % g/t g/t (2) (2) (2) ology
---------------------------------------------------------------------------
22622 CHIMNEY- 2150 0.677 52.000 0.366 2.18 133 520503 9650798 -1457 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22623 CHIMNEY- 3160 0.692 25.400 0.453 0.98 90 520476 9650740 -1458 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
Minimum 0.677 25.400 0.366 0.98 90
-----------------------------------
Maximum 0.692 52.000 0.453 2.18 133
-----------------------------------
Average 0.685 38.700 0.410 1.58 112
-----------------------------------
1. Results received from ALS Laboratory
2. Coordinates projected as UTM zone 55 south using a WGS 1984 datum
Table 2: Solwara 14 Final Assay Results of Sulphide Samples
---------------------------
Final assay result
---------------------------------------------------------------------------
Sam- Sam- East- North-
ple ple Weight Cu Zn Pb Au Ag ing ing Depth Lith-
No Type (g) % % % g/t g/t (2) (2) (2) ology
---------------------------------------------------------------------------
22583 CHIMNEY- 1000 0.462 11.450 0.029 3.19 57 177326 9633105 -2238 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22585 CHIMNEY- 2100 0.077 3.220 0.039 2.60 29 177328 9633098 -2237 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22586 CHIMNEY- 4620 7.010 8.690 0.015 1.33 64 177072 9633120 -2244 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22587 CHIMNEY- 2670 0.543 11.550 0.028 2.35 58 177390 9633178 -2243 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22588 CHIMNEY- 3065 0.947 9.260 0.023 2.55 53 177401 9633220 -2243 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22590 CHIMNEY- 3245 0.432 11.400 0.024 2.55 52 177359 9633168 -2246 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22591 CHIMNEY- 5097 0.714 30.200 0.026 5.67 132 177337 9633144 -2242 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22592 CHIMNEY- 3966 0.211 14.900 0.032 3.72 80 177331 9633122 -2238 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22594 CHIMNEY- 1102 1.300 31.200 0.021 1.33 96 177057 9633141 -2242 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22595 CHIMNEY- 4895 1.590 17.950 0.027 4.40 184 177063 9633142 -2240 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22597 CHIMNEY- 6175 4.920 10.300 0.015 1.10 48 177046 9633088 -2244 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22598 CHIMNEY- 2870 0.356 27.400 0.107 6.28 165 177015 9633059 -2247 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22599 CHIMNEY- 5038 0.226 40.100 0.080 3.77 169 176995 9633034 -2244 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22601 CHIMNEY- 5209 0.798 41.100 0.083 5.67 166 177082 9633170 -2248 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
Minimum 0.077 3.220 0.015 1.10 29
-----------------------------------
Maximum 7.010 41.100 0.107 6.28 184
-----------------------------------
Average 1.399 19.194 0.039 3.32 97
-----------------------------------
Table 3: Solwara 16 Final Assay Results of Sulphide Samples
---------------------------
Final assay result
---------------------------------------------------------------------------
Sam- Sam- East- North-
ple ple Weight Cu Zn Pb Au Ag ing ing Depth Lith-
No Type (g) % % % g/t g/t (2) (2) (2) ology
---------------------------------------------------------------------------
22602 CHIMNEY- 1420 1.200 22.700 0.012 1.13 38 830088 9619519 -2162 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22603 CHIMNEY- 894 9.400 5.630 0.019 1.22 73 830099 9619505 -2147 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22604 CHIMNEY- 3070 0.151 14.000 0.063 5.12 140 830124 9619542 -2149 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22605 CHIMNEY- 2319 0.297 19.050 0.035 4.38 172 830095 9619634 -2159 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22607 CHIMNEY- 1276 0.305 32.800 0.043 3.71 138 829893 9619433 -2163 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
22608 CHIMNEY- 1425 1.500 17.250 0.026 1.37 70 829946 9619369 -2160 Mass-
ROV ive
Sulp-
hide
---------------------------------------------------------------------------
Minimum 0.151 5.630 0.012 1.13 38
-----------------------------------
Maximum 9.400 32.800 0.063 5.12 172
-----------------------------------
Average 2.142 18.572 0.033 2.82 105
-----------------------------------
Table 4: Solwara 18 Final Assay Results of Sulphide Samples
---------------------------
Final assay result
---------------------------------------------------------------------------
Sam- Sam- East- North-
ple ple Weight Cu Zn Pb Au Ag ing ing Depth Lith-
No Type (g) % % % g/t g/t (2) (2) (2) ology
---------------------------------------------------------------------------
22618 CHIMNEY- 2980 0.108 25.000 1.365 0.19 134 526570 9660001 -1308 Semi-
ROV mass-
ive
Sulp-
hide
---------------------------------------------------------------------------
22619 CHIMNEY- 2995 0.499 14.100 1.050 0.18 85 526600 9659998 -1308 Semi-
ROV mass-
ive
Sulp-
hide
---------------------------------------------------------------------------
Minimum 0.108 14.100 1.050 0.18 85
-----------------------------------
Maximum 0.499 25.000 1.365 0.19 134
-----------------------------------
Average 0.304 19.550 1.208 0.19 110
-----------------------------------
Sampling Procedure
Grab samples were collected from the seafloor using a manipulator arm mounted on the remotely operated vehicle ("ROV"). Chimney samples averaging 37 kg (from 5 kg to 70 kg) were recovered and processed on board the ship. Sub-samples averaging 4.8 kg (from 1.6 kg to 7.3 kg) were taken from each of the sulphide samples using a pneumatic jack hammer, generally taking a cross section of the sample towards the base of the block. The remaining portions of each sample were retained for reference purposes.
Equipment Spread
The mapping work described herein was completed using a Fugro FV3000 series ROV. The ROV is equipped with sensors used to map the seafloor. These include: various video cameras and two magnetometers provided by Ocean Floor Geophysics Inc. In addition, high-resolution mapping sonars housed on the ROV were successfully used for the first time to identify real-time seafloor features ahead and to the sides of the ROV beyond the range of the video camera systems used previously.
For seafloor sampling purposes, the ROV is equipped with two manipulator arms and a custom-built sample tray, or "geobox", for storing up to 10 hand-sized grab samples or scoop samples. Larger samples are stowed and recovered using a custom built array of salvage bins.
Laboratory Assaying
All laboratory analyses were carried out by ALS Laboratory Group in Brisbane and Townsville, Australia. ALS operates 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 MV Fugro Solstice while at sea. All sub-samples were placed into numbered plastic bags. The bagged samples were then subsequently placed into sealed plastic containers with security tags, and transported to ALS laboratories in Townsville, Australia, via courier.
Quality Assurance
Low-grade blank material, field-duplicates and externally certified geochemical reference materials with known concentrations of gold, copper, zinc, lead and silver were included for analysis with each batch of samples as per a documented quality assurance/quality control procedure. Analysis of these reference materials indicates that the quality of sample preparation and analyses are within acceptable limits for the reporting exploration results.
Qualified Person
The exploration results reported in this announcement have been compiled under the supervision of Michael Johnston, Vice President Strategic Development of Nautilus Minerals. Mr Johnston is a member of the Australasian Institute of Mining and Metallurgy, has over 25 years experience in mining and exploration geology, and is a qualified person as defined by National Instrument 43-101. He consents to his name being used in this 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%), Teck Resources (6.8%) and Metalloinvest, one of the largest and fastest growing mining and metallurgical holding companies in Russia, beneficially owns 21.0% of its shares through Gazmetall Holding (Cyprus) Limited.
Neither the TSX nor the London Stock Exchange accept responsibility for the adequacy or accuracy of this press release.
CONTACT INFORMATION:
Nautilus Minerals Inc. (Toronto)
Investor Relations
+1 (416) 551 1100
investor@nautilusminerals.com
or
Australian Project Office
+61 (7) 3318 5555
www.nautilusminerals.com
or
Numis Securities Limited
John Harrison
Nominated adviser
+ 44(0) 20 7260 1000
or
Numis Securities Limited
James Black
Corporate broking
+ 44(0) 20 7260 1000
INDUSTRY: Manufacturing and Production - Mining