Key points
- The survey vessel SV Geosounder, operated by Norway’s Geo Subsea Pty Ltd, mobilised from Tauranga, New Zealand on 30 May 2007 with an ROV rated to 3,000m depth.
- The month-long program covers acoustic and geophysical mapping of multiple SMS targets within Neptune’s 3,800 km² Prospecting Licence 39-195, with preliminary results expected in July 2007.
- The ROV will collect bulk SMS sediment samples of up to several hundred kilograms each, monitored by NIWA marine biologists for an independent environmental baseline.
- Neptune holds three New Zealand prospecting licences totalling more than 60,000 km², regulated by the Crown Minerals Department, and CEO Dr Simon McDonald said Kermadec 07 aims to support future Mining Licence applications.
Neptune Minerals announces that is has commenced operations on its second New Zealand exploration program – Kermadec 2007. The specialised deepwater goetechnical survey vessel SV Geosounder , equipped with a Remotely Operated Vehicle (“ROV”) rated to 3,000m water depth, mobilised from New Zealand port Tauranga on 30th May 2007.
The vessel and ROV are owned and operated by Geo Subsea Pty Ltd, 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 deepwater subsea engineering operations.
The month-long 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 systematically sampled by the ROV using various recovery techniques and will include the collection of bulk samples of SMS sediment of up to several hundred kilograms per sample. Preliminary results are expected in July 2007.
Marine biologists from New Zealand’s National Institute of Water and Atmosperic Research (NIWA) ( www.niwa.co.nz ) will monitor the sampling operations and provide an independent baseline enviromental impact assessment.
Neptune has three New Zealand prospecting licences totalling more than 60,000 km². The licences are regulated and administered by the Crown Mineral’s Department ( www.crownminerals.qovt.nz/minerals ) of the New Zealand Government.
Neptune’s Chief Executive Officer, Dr Simon McDonald, said:
“Kermadec 07 is the second of two exploration programs that Neptune undertook to perform with funds raised at IPO in October 2005. Planning this program and obtaining a suitable vessel has taken longer than anticipated, due to ongoing bottlenecks in chartering suitable vessels. Completion of Kermadec 07 will be a significant milestone in defining the SMS mineralisation model and maturing Neptune’s New Zealand SMS acreage. One objective of Kermadec 07 is the assessment of SMS deposits to a level that will permit Mining Licence applications to be lodged. Kermadec 07 should be a major step in adding sinificant value to the Company.”
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