Following a geological targeting program covering the southwest Pacific, Nautilus Minerals Inc. has lodged 18 prospecting licence applications within the exclusive economic zone of the Kingdom of Tonga, and a further two special prospecting licences within the exclusive economic zone of Fiji.
The applications cover a combined area of approximately 90,000 square kilometres.
David Heydon commented: “The Tongan and Fijian applications cover major crustal structures and have been the subject of study by marine scientific researchers over the past 15 years with a number of high-grade systems identified by these groups within the application areas (see tables 1 and 2 below). The applications further emphasize Nautilus’s strategic ‘first mover advantage,’ and offer our shareholders exciting exploration potential along with our prospective 186,000-square-kilometre Papua New Guinea tenement and tenement application package. We look forward to the grant of these licences during 2007, and the initiation of aggressive explorations programs using the knowledge gained from our work to date in PNG, and strategic technical alliances we have put in place with Teck Cominco and Anglo American.”
Approximately half of the licences are covered by the recent Teck Cominco deal announced in Stockwatch on Dec. 7, 2006, and therefore may be subject to joint venture with Teck Cominco.
With respect to the Tongan and Fijian applications, the National Instrument 43-101 report filed by the company on Jan. 5, 2007, references data published by M.D. Hannington, S. Petersen, P.M. Herzig and I.R. Jonasson in 2004 in the Geological Survey of Canada Open File Report 4598 under the title “A global database of seafloor hydrothermal systems including a digital database of geochemical analyses of seafloor polymetallic sulphides.” The data, which are tabulated in table No. 1, suggest high-grade mineralization might be present, making these regions highly prospective. The tables and the data presented therein should be read in conjunction with the more detailed information provided in the report.
SUMMARY OF GRAB AND DREDGE SAMPLES FROM THE NORTH FIJI TENEMENTS,
COMPILED FROM VARIOUS RESEARCH CRUISES. DATA FROM HANNINGTON ET
AL. (2004)
Number of Cu Zn Pb Au Ag
Location samples (%) (%) (%) (ppm) (ppm)
Pere Lachaise 30 17.85 5.85 0.03 4.05 216
SO99 Field 28 0.58 12.83 0.15 3.59 306
White Lady 16 7.99 4.69 0.04 (ii) (ii)
Yogi Mound(i) 27 0.60 15.13 (ii) 1.14 68.4
(i) Samples collected by scientific research groups and assayed by
Placer Dome in 2005.
(ii) Not assayed.
SUMMARY OF GRAB SAMPLES FROM THE LAU BASIN (TONGA) TENEMENTS, COMPILED
FROM VARIOUS RESEARCH CRUISES. DATA FROM HANNINGTON ET AL. (2004)
Number of Cu Zn Au Ag
Location samples (%) (%) (ppm) (ppm)
White Church 44 0.41 6.51 2.59 83.4
Northern Valu Fa Ridge Site 2 12 9.53 13.91 2.34 86.3
Northern Valu Fa Ridge site 3 7 4.42 24.34 1.91 88.6
Vai Lili 89 5.35 26.88 3.32 123.6
Hine Hina 26 1.63 10.96 1.43 405.2
King’s Triple Junction 78 5.59 28.20 (ii) 17.5
NOTE: It should be emphasized that the research sampling summarized above
is generally selective, and focused on scientific aspects of the
deposits, and is not necessarily therefore representative of the likely
deposit grade.
43-101 report filing
Nautilus has, in conjunction with this release, filed a National Instrument 43-101-compliant technical report prepared by SRK Consulting Engineers dated Dec. 21, 2006, entitled “Independent Technical Assessment of Sea Floor Massive Sulphide Exploration Tenements in Papau New Guinea, Fiji and Tonga” on SEDAR. The report details the relevant sampling, permitting, development and other issues relating to all of Nautilus’s tenements and tenement applications including the Tongan and Fijian applications referenced above.
