Neptune Minerals announces that it has signed a contract with Geo Subsea Pty Ltd to proceed with Neptune’s Kermadec 2007 New Zealand exploration program. Operations under the contract are planned to commence in March and conclude in late May 2007 with preliminary results expected to be released in June 2007.
Geo Subsea is part of the Geo ASA Group based in Bergen, Norway ( www.geoasa.no ). Geo ASA is a worldwide marine specialist with offshore survey, maintenance, construction and subsea engineering operations performed down to 4000m water depth. Geo Subsea will be providing a specialised deepwater geotechnical survey vessel, the SV Geosounder, with a dedicated Comanche Remotely Operated Vehicle (“ROV”) that is rated to 3000m water depth.
The program will comprise extensive, high resolution acoustic and geophysical mapping of multiple SMS targets within Neptune’s 3,800 km² Prospecting Licence 39-195. SMS mineralisation will be sampled by the ROV using recovery techniques that include collecting SMS material up to several hundred kilograms.
Marine biologists from New Zealand’s National Institute of Water and Atmospheric Research (NIWA) ( www.niwa.co.nz ) will monitor the sampling operations and provide an independent baseline enviromental impact assessment.
Neptune has three granted New Zealand prospecting licences totalling over 60,000 km². The prospecting licences are regulated and administered by the Crown Minerals Department ( www.crownminerals.govt.nz/minerals ) of the New Zealand Government. Last financial year Neptune’s expenditure in PL39-195 amounted to more than 70% of the total mineral prospecting expenditure undertaken by all companies in New Zealand.
Dr Simon McDonald, Neptune’s Chief Executive Officer, said:
“Neptune is very pleased to be working with an industry-leading contract partner in Geo Subsea. The Kermadec program will be important in refining the SMS mineralisation model and confirming Neptune’s belief in SMS as a high-grade source of future precious and base metals. The forthcoming Kermadec project will be a major step in adding significant value to the company.”
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