Key points
- Drilling returned 36 mineralized massive sulphide intercepts from 44 holes out of 107 holes drilled this year at Solwara 1.
- Hole SD052 intersected 7.8 metres grading 11.8 per cent copper and 15.1 grams per tonne gold, while SD065 returned 8.1 metres at 14.8 per cent copper and 8.4 grams per tonne gold.
- The new results are consistent with 146 surface samples at Solwara 1 that averaged 11.3 per cent copper and 15.2 grams per tonne gold.
- Eighteen of the 36 mineralized intercepts remain open at depth, and Nautilus has identified seven further mineralized systems within its Papua New Guinea exploration licences.
Nautilus Minerals Inc. has received high-grade copper (Cu) and gold (Au) assays over significant widths from this year’s drilling program at its Solwara 1 prospect located in the territorial waters of Papua New Guinea (PNG). Selected intercepts from the Solwara 1 drilling program are listed in Table 1.
SOLWARA DRILLING — SELECTED INTERCEPTS
Hole Hole
No. Massive sulphide intercepts depth From To
Interval Cu Au Pb Zn XRF(i)
(m) % g/t % % Cu % (m) (m) (m)
SD038 5.9 15.3 11.7 0.1 0.7 10.2 13.6 1.1 7.0
SD042 6.2 12.2 12.9 0.1 0.2 8.1 8.9 0.0 6.2
SD047 9.3 11.0 6.3 0.0 0.1 4.6 9.5 0.3 9.5
SD052 7.8 11.8 15.1 0.1 0.2 12.0 16.7 0.3 8.1
SD056 18.9 5.0 3.4 0.1 0.4 4.7 18.9 0.0 18.9
Hole ended in mineralization
SD063 6.9 10.1 7.4 0.1 0.1 6.9 11.9 0.8 7.7
SD064 13.7 8.5 8.4 0.1 0.5 9.6 19.5 0.4 14.1
SD065 8.1 14.8 8.4 0.0 0.1 13.5 9.6 0.2 8.3
SD072 6.5 13.4 9.4 0.0 0.0 12.2 15.1 1.7 8.2
(i)XRF Cu results are the results from hand XRF instrument reported
previously.
David Heydon, Nautilus’s chief executive officer, commented: “These results confirm that there is a significant high-grade copper and gold deposit at Solwara 1. Results to date have returned 36 mineralized intercepts from 44 holes with spectacular intercepts like hole SD 052 with 7.8 metres at 11.8 per cent Cu and 15.1 grams per tonne Au, and hole SD065 with 8.1 m at 14.8 per cent Cu and 8.4 g/t Au.
“These outstanding results demonstrate that the high grades returned from 146 surface samples at Solwara 1 averaging 11.3 per cent Cu and 15.2 g/t Au continue at depth with holes intersecting up to 19 m (open at depth) high-grade massive sulphide mineralization. Of the 36 sulphide intercepts reported today, 18 of them remain open at depth. The results also show remarkable consistency of the Cu and Au grades within the mineralized massive sulphide zones: It is rare to see an assay below 2 per cent Cu within the mineralized zones.
“It is particularly encouraging that the first prospect that we have evaluated, Solwara 1, has returned such encouraging grades over such thicknesses. There are a further seven systems that we have already identified in Nautilus’s exploration licences in PNG, four of which we discovered in four weeks target testing this year. We are currently planning the next program with the aim of extending this prospect inventory further.”
A total of 107 holes were drilled during the program this year over the Solwara 1 prospect. All samples have been dispatched for analysis.
A full listing of the mineralized intercepts for holes with assays received to date are listed in Table 2 and listing of assay results are available on the Nautilus website. Additionally examples of the drill core can be viewed at the company’s website.
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.
Laboratory analysis
Analysis was completed by ALS Laboratory Group in Brisbane, Australia. ALS operates quality systems based on international standards ISO/IEC17025:1999 “General requirements for the competence of calibration and testing laboratories” and ISO9001:2000 “Quality Management Systems — Requirements.”
Sampling
All cores were recovered using ROV drill submarine drilling techniques returning NQ (49 millimetres) diameter core. All holes are vertical and the deposit is essentially flat lying so intercept widths are considered to be true widths. All sampling, sample handling and analysis were completed under the supervision of Nautilus personnel. Sampling was carried out aboard the vessel whilst at sea. Drill core was split using a core saw, typically with 50 per cent of core submitted for assay and 50 per cent retained for reference or use in geotechnical or metallurgical testwork.
All subsamples were placed into numbered plastic vacuum-sealed bags. The bagged samples were subsequently placed into boxes. The boxes were sealed with uniquely numbered security tags and checked upon arrival to the laboratories. A full electronic chain of custody is maintained whilst the samples are under the care of ALS.
Quality assurance
External certified geochemical reference materials were prepared by Geostats Pty. Ltd., of Perth, Western Australia, with known and statistically tested concentrations of the major base and precious metals. Standards were submitted approximately every tenth sample.
Nautilus has been working closely with Golder and Associates which has been supervising the sampling and collection of geological data, and has been tasked with compiling the subsequent resource estimate and associated NI 43-101-compliant documentation. No significant issues have been noted by Golder in its work to date.
Data reduction
Following QA/QC (quality assurance/quality control) checks, all data have been reviewed and mineralized intervals defined taking into account natural geological boundaries and applying a nominal 2-per-cent Cu cut-off. Zones of lost cores and areas of potential voids were assigned the average grade of material above and below the area of no core recovery. Intercepts averages were calculated using length weighted averages for the sample assays within the intervals. Full assay results are available on the Nautilus website.
SOLWARA 1 DRILLING — MINERLIZED INTERVALS — HOLES SD36 TO SD 79
Hole Hole
No. Massive sulphide intercepts depth From To
Interval Cu Au Pb Zn XRF
(m) % g/t % % Cu % (m) (m) (m)
SD036 2.2 10.1 11.9 0.2 0.6 7.6 2.3 0.2 2.3
Hole ended in mineralization
SD037 3.0 7.9 10.5 0.1 0.6 2.2 3.0 0.0 3.0
Hole ended in mineralization
SD038 5.9 15.3 11.7 0.1 0.7 10.2 13.6 1.1 7.0
SD040 0.9 9.4 6.4 0.0 0.6 2.6 2.8 1.9 2.8
Hole ended in mineralization
SD041 5.3 5.9 3.1 0.1 0.4 3.2 9.2 3.9 9.2
Hole ended in mineralization
SD042 6.2 12.2 12.9 0.1 0.2 8.1 8.9 0.0 6.2
SD043 7.2 7.6 7.1 0.2 1.4 5.6 7.8 0.6 7.8
Hole ended in mineralization
SD044 Poor recovery — altered volcanic rock 6.1
SD045 Poor recovery — altered volcanic rock 2.7
SD046 6.3 5.4 7.0 0.3 1.8 1.6 13.2 0.3 6.5
Hole ended in mineralization
SD047 9.3 10.4 6.4 0.0 0.1 4.6 9.5 0.3 9.5
Hole ended in mineralization
SD048 5.7 7.5 3.6 0.0 0.0 0.9 14.9 1.9 7.7
SD049 6.5 6.9 3.2 0.0 0.1 7.1 17.2 1.1 7.6
SD050 0.8 6.3 3.9 0.2 0.6 1.7 10.1 0.0 0.8
SD051 3.4 5.5 7.4 0.0 0.0 8.9 13.3 1.7 5.2
SD052 7.8 11.8 15.1 0.1 0.2 12.0 16.7 0.3 8.1
SD053 5.0 9.2 9.4 0.1 0.6 5.3 15.3 1.2 6.1
SD054 2.2 10.7 3.1 0.2 1.4 8.0 17.2 1.2 3.4
SD055 0.8 4.8 8.3 0.2 0.5 4.8 6.8 0.9 1.7
SD056 18.9 5.0 3.4 0.1 0.4 4.7 18.9 0.0 18.9
Hole ended in mineralization
SD057 0.6 11.1 10.6 0.5 2.5 9.9 3.1 0.0 0.6
Hole ended in mineralization
SD058 Poor recovery — ended in massive sulphide 12.0
SD059 5.5 8.4 3.5 0.1 0.1 7.8 7.2 1.0 6.6
Hole ended in mineralization
SD060 3.3 7.6 3.2 0.1 0.2 2.7 18.1 0.0 3.3
SD061 4.0 10.5 9.3 0.2 0.4 9.3 4.7 0.4 4.4
Hole ended in mineralization
SD062 4.3 8.9 5.7 0.1 0.2 6.3 14.3 0.9 5.2
SD063 6.9 10.1 7.4 0.1 0.1 6.9 11.9 0.8 7.7
SD064 13.7 8.5 8.4 0.1 0.5 9.6 19.5 0.4 14.1
SD065 8.1 14.8 8.4 0.0 0.1 13.5 9.6 0.2 8.3
Hole ended in mineralization
SD066 Volcanic rock 5.1
SD067 No assay data available 4.8
SD068 5.4 7.0 5.5 0.1 0.2 6.2 9.6 3.5 8.8
Hole ended in mineralization
SD069 7.6 4.3 4.7 0.0 0.1 4.1 7.6 0.0 7.6
Hole ended in mineralization
SD070 0.9
Hole ended in mineralization
SD071 7.3 3.7 3.3 0.1 0.7 3.9 12.9 5.6 12.9
Hole ended in mineralization
SD072 6.5 13.4 9.4 0.0 0.0 12.2 15.1 1.7 8.2
SD073 3.6
SD074 2.7 10.7 7.8 0.1 0.5 6.7 8.4 0.3 3.0
SD075 12.6 6.6 3.8 0.1 0.5 9.5 14.1 0.0 12.6
SD076 6.6 3.7 2.7 0.0 0.1 3.7 9.7 2.5 9.1
Hole ended in mineralization
SD077 Weakly mineralized sulphide 13.9 1.0
SD078 0.3 15.3 14.9 0.3 1.5 11.0 12.2 1.4 1.7
SD079 6.7 4.9 4.1 0.1 1.2 5.9 7.0 0.3 7.0
Hole ended in mineralization
