Nautilus Discovers Additional, High-Grade, Copper-Zinc Systems, Solwara 9
September 11 2008 - 10:23AM
Marketwired Canada
Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the "Company" or "Nautilus")
announces the discovery of two new, high-grade, Seafloor Massive Sulphide
("SMS") systems - Solwara 9a and Solwara 9b, within 1.5 km of Solwara 1,
indicated by hand-held X-ray florescence ("XRF") results.
Stephen Rogers, Nautilus' CEO, commented: "The discovery of Solwara 9 is
strategically important and builds our project portfolio. In the Nautilus model
our mining vessel moves from one deposit to the next without the need for
additional development capital. The proximity of Solwara 9 to Solwara 1 is
further evidence these SMS systems occur in clusters just as Volcanic Massive
Sulphide ("VMS") systems do on land. Our recent discoveries show we have
developed the process and technology to find and delineate SMS clusters."
Table 1 - Solwara 9a XRF(i) Analysis Results.
-------------------------------------------------------------
Sample No. Eastings(2) Northings(2) XRF(i) (average %(1))
Cu Zn Pb
-------------------------------------------------------------
20043 399491.87 9579221.34 0.5 29.9 2.3
-------------------------------------------------------------
20044 399492.42 9579205.8 13.1 1.1 0.2
-------------------------------------------------------------
20045 399487.58 9579170.31 10.2 2.9 0.1
-------------------------------------------------------------
20046 399486.63 9579164.61 7.6 4.7 0.3
-------------------------------------------------------------
20047 399497.07 9579093.08 0.4 12.5 0.6
-------------------------------------------------------------
20048 399501.29 9579091.54 1.8 14.8 0.7
-------------------------------------------------------------
20049 399538.09 9579048.8 0.6 15.6 1.5
-------------------------------------------------------------
20050 399462.41 9579152.96 3.4 11.3 0.6
-------------------------------------------------------------
Min 0.4 1.1 0.1
---------------------------------
Max 13.1 29.9 2.3
---------------------------------
Average 4.7 11.6 0.8
---------------------------------
1. Average of 10 analyses per sub-sample using hand-held XRF(i).
2. Coordinates projected as UTM zone 56 south using a WGS 1984 datum.
Table 2 - Solwara 9b XRF(i) Analysis Results.
-------------------------------------------------------------
Sample No. Eastings(2) Northings(2) XRF(i) (average %(1))
Cu Zn Pb
-------------------------------------------------------------
20030 399175.97 9579917.33 9.1 4.1 0.5
-------------------------------------------------------------
20031 399179.04 9579919.54 10.6 5.4 0.9
-------------------------------------------------------------
20032 399154.5 9579910.16 7.6 5.2 1.1
-------------------------------------------------------------
20033 399168.83 9579931.81 21.4 0.5 0.2
-------------------------------------------------------------
20034 399152.55 9579968.71 2.5 4.4 0.5
-------------------------------------------------------------
20035 399168.31 9579957.77 0.4 22.3 1.3
-------------------------------------------------------------
20036 399164.24 9580003.72 0.6 29.9 2.2
-------------------------------------------------------------
20037 399137.63 9579993.39 19.7 0.7 0.3
-------------------------------------------------------------
20042 399151.81 9580033.82 0.8 10.4 1.3
-------------------------------------------------------------
Min 0.4 0.5 0.2
---------------------------------
Max 21.4 29.9 2.2
---------------------------------
Average 8.1 9.2 0.9
---------------------------------
1. Average of 10 analyses per sub-sample using hand-held XRF(i).
2. Coordinates projected as UTM zone 56 south using a WGS 1984 datum.
Solwara 9 is located in the territorial waters of Papua New Guinea ("PNG")
within exploration licence ("EL") 1196, which is wholly owned by Nautilus.
EL1196 contains other known SMS occurrences at Solwara 5, South and North Su
along with the Solwara 1 deposit, the SMS system Nautilus plans to be the
world's first SMS resource project. Solwara 9 lies within 1-2 km of Solwara 1
(http://www.nautilusminerals.com/i/misc/PNG_Bismark_Solwara_9_Prospect.jpg).
Positive indications of mineralisation at Solwara 9 were observed during the
sub-sea geophysical program, conducted during the early part of the of the Nor
Sky 08 exploration campaign. Mapping and sampling using a T 200 Remotely Operate
Vehicle ("ROV") identified two exposed SMS systems. Initial results obtained
from Solwara 9 samples using a hand-held XRF instrument indicate grades of up to
21.4% copper and 29.9% zinc (see Tables 1 and 2). Processing of the geophysical
data is ongoing and is expected to highlight additional targets within the EL
area.
Sulphide mineralisation at Solwara 9a and 9b was mapped visually and confirmed
by grab sampling. The SMS systems outlined are approximately 220m and 180m long
respectively, by an across strike width averaging 40m
(http://www.nautilusminerals.com/i/misc/PNG_Bismark_Solwara_9-Locations_map.jpg).
The systems lie on the seafloor approximately 1,680m below sea level, on the
south-west flank the North Su knoll. The SMS outcrop is surrounded by
unconsolidated sediment and volcanic outcrops.
Using the ROV's five-function arm, eight grab samples were recovered from the
Solwara 9a SMS system and nine grab samples were recovered from the Solwara 9b
SMS systems. Individual samples weighed from 6 to approximately 300 kg. These
samples were divided using a small pneumatic jack-hammer and sub-sampled to
provide assay material of 6 to 10 kg per sample. An initial analysis of the
sub-samples was carried out using a Niton XLT592 hand-held XRF instrument(i)
that averaged ten point-readings from an unprepared, internal surface. Samples
were allowed to partially dry before taking readings although some surfaces
remained damp. All sub-samples are currently in transit to ALS laboratories in
Brisbane for formal base and precious metal analysis. Nautilus carries out an
internal QA/QC program that inserts certified reference material, secondary
reference material, field duplicates and blanks into each dispatch of samples.
(i) Note on results of indicative analyses from hand-held XRF, Niton XLT 592
instrument
A hand-held XRF instrument (Niton XLT 592) was used to obtain indications of the
grade of materials recovered from the seafloor. It does not provide the accuracy
required to report assays. 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, previous
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
mineralisation and providing data for "real time" decisions in the field.
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.
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.
About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor for gold
and copper seafloor massive sulphide deposits and subject to timely permitting
is positioning itself to become an emerging producer in 2010. 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
on AIM, and has among its largest shareholders two of the world's leading
international resource companies, Teck Cominco (7.2%) and Anglo American (5.7%).
Metalloinvest, one of the largest and fastest growing mining and metallurgical
holdings in Russia, beneficially owns 22.4% of its shares through Gazmetall
Holding (Cypress) Limited.
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