Nautilus Minerals Discovers Solwara 10, a New High-Grade Copper-Zinc ...

Tag : zinc
September 4, 2008 3:17 PM EDT

TORONTO, ONTARIO--(Marketwire - Sept. 4, 2008) - Nautilus MineralsInc. (TSX: NUS )(AIM: NUS ) (the "Company" or "Nautilus") announces the discovery of a newhigh-grade Seafloor Massive Sulphide ("SMS") system - Solwara 10.
Stephen Rogers Nautilus' CEO commented: "The discovery of theSolwara 10 SMS system reinforces the prospectivity of Nautilus'extensive tenements within PNG, demonstrating our ability topinpoint targets and make discoveries in a short time span. It isvery encouraging that we can report this success early in our 2008exploration program. It also bodes well for our other targets whichare being investigated over the coming months in Papua New Guinea("PNG") and Tonga."
Mapping along lines nominally 100m apart, using a T 200 RemotelyOperated Vehicle ("ROV"), has outlined an exposed SMS system, (seeTable 1), containing copper (up to 16.3%) and zinc (up to 41%) bymineralisation, as outlined using a hand-held X-Ray florescence(i)("XRF") instrument.
Solwara 10 is located on Manus Spreading Centre within a 100% ownedNautilus exploration license (EL1383), about 24km SW of Nautilus'Solwara 2 Prospect, in the territorial waters of PNG ( www.nautilusminerals.com/i/photos/PNG_Bismark_Solwara_10_Prospect.jpg ).
Sulphide mineralisation at Solwara 10 was mapped visually andconfirmed by grab sampling. The SMS system outlined isapproximately 680m long, by an across strike outcrop width of 30 to270m, averaging 110m ( www.nautilusminerals.com/i/photos/PNG_Bismark_Solwara_10-XRF.jpg ). It lies on the seafloor approximately 2,240m below sea level, onthe south flank of a small rise. The SMS outcrop is surrounded byunconsolidated sediment and volcanic outcrops.
Thirteen surface grab samples recovered from the prospect, averaged5.3% copper and 11.5% zinc when analysed using a hand-held XRFinstrument(i) (Niton XLT 592). Samples from Solwara 10 have beendispatched to ALS laboratories in Brisbane for base and preciousmetal analysis.
Table 1 - Solwara 10 indicative average of analyses using hand-heldXRF(i)
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Sample
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bdl equals below detection level
Coordinates projected as UTM zone 56 south using a WGS 1984 datum
The Solwara 10 discovery results from deliberate targeting of awater geochemical plume anomaly generated earlier in 2008 as partof the DEA Surveyor program.
Pieces of sulphide rubble averaging 17.4kg (from 0.5kg to 70kg)were collected from the seafloor using a manipulator arm mounted onthe ROV. Samples were either placed in a sample basket or box onthe front of the ROV, where they were then processed on board theship. Sample selection targeted material that was consideredrepresentative of the SMS system. Representative sub-samplesaveraging 6.38kg (from 0.5kg to 15kg), were taken from each ofthese larger samples using a small jack hammer. The remainingportions of each sample were retained for reference purposes.
(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 obtainindications of the grade of materials recovered from the seafloor.The instrument used for this application does not provide theaccuracy required to report assays. These analyses are the mean of10-20 point measurements on unprepared wet surfaces of each of thesamples reported. The samples were broken up with a small jackhammer to produce a fresh surface prior to XRF measurement. Theinstrument is not calibrated using certified standards and thesamples have not been crushed and prepared to minimise matrixeffects which may affect the accuracy of the analysis. However,previous comparison of results to date with assay data for surfacesamples indicate the XRF tool is a reliable method for providingindicative results of the tenor of mineralisation and providingdata for "real time" decisions in the field.
Measurements by hand-held XRF are not assay results and do notmeasure gold or silver. Samples will be formally assayed by the ALSGroup in Brisbane.
Qualified Person
The exploration results reported in this announcement have beencompiled under the supervision of Anthony O'Sullivan, ChiefOperating Officer of Nautilus. Mr. O'Sullivan is a member of theAustralasian Institute of Mining and Metallurgy, has 20 yearsexperience in mining and exploration geology, and is a qualifiedperson as defined under National Instrument 43-101. He consents tohis name being used in this release.
About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the oceanfloor for gold and copper seafloor massive sulphide deposits andsubject to timely permitting is positioning itself to become anemerging producer in 2010. The Company's main focus is the Solwara1 Project, which is located in the territorial waters of Papua NewGuinea in the western Pacific Ocean. Nautilus is listed on the TSXand on AIM, and has among its largest shareholders two of theworld's leading international resource companies, Teck Cominco(7.2%) and Anglo American (5.7%). Gazmetall Holdings (22.4%) iscontrolled by the founder of Metalloinvest one of the largest andfastest growing mining and metallurgical holdings in Russia.
For more information please refer www.nautilusminerals.com .
Neither the TSX nor the London Stock Exchange accept responsibilityfor the adequacy or accuracy of this press release.
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