Nautilus Minerals Inc. has received further high-grade copper and gold 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 1 DRILLING — SELECTED INTERCEPTS
Massive sulphide intercepts
XRF(i) Hole
Hole Interval Cu Au Pb Zn Cu depth From To
No. (m) % g/t % % % (m) (m) (m)
SD080 11.4 11.1 6.5 0.0 0.2 12.5 13.2 0.4 11.7
Hole ended in mineralization
SD099 5.1 8.9 10.3 0.1 0.1 8.6 13.9 5.2 10.3
Hole ended in mineralization
SD100 15.4 4.6 2.6 0.1 0.5 5.1 16.7 1.3 16.7
Hole ended in mineralization
SD106 7.9 3.8 2.3 0.1 0.3 3.5 10.4 0.7 8.6
Hole ended in mineralization
SD109 9.6 8.3 8.0 0.1 0.9 7.0 10.8 1.3 10.8
Hole ended in mineralization
(i) XRF Cu results are the results from the hand XRF instrument
reported previously.
David Heydon, Nautilus Minerals’ chief executive officer, commented: “These results confirm that there is a significant high-grade copper and gold deposit at Solwara 1. Results from this set of 36 holes continue to produce excellent mineralized intercepts like hole SD80 with 11.4 metres at 11.1 per cent Cu and 6.5 g/t Au, and hole SD109 with 9.6 metres at 8.3 per cent Cu and 8.0 grams per tonne Au.”
A total of 111 holes were drilled during the program this year over the Solwara 1 prospect including holes to obtain samples for metallurgical testwork. All samples have been dispatched for analysis and metallurgical testwork is under way.
A full listing of the mineralized intercepts for holes with assays received to date is listed in Table 2 and listing of assay results is available on the Nautilus website. Additionally examples of the drill core can be viewed at the company’s website.
Options granted
On Nov. 13, 2007, the company granted a total of 685,000 options to four new employees and the four non-executive directors at an exercise price of $4.67 per share to vest at 20 per cent every six months from the issue and expiring on Nov. 13, 2010. The options granted to non-executive directors are received in lieu of payment for their services as a director for the company.
Date of No. of Exercise Vesting Expiration
Name grant options price period date
Geoff Loudon Nov. 13, 150,000 C$4.67 20% every Nov. 13, 2010
2007 6 months
from date
of issue
Farhad Moshiri Nov. 13, 100,000 C$4.67 20% every Nov. 13, 2010
2007 6 months
from date
of issue
Russell Debney Nov. 13, 100,000 C$4.67 20% every Nov. 13, 2010
2007 6 months
from date
of issue
David De Witt Nov. 13, 100,000 C$4.67 20% every Nov. 13, 2010
2007 6 months
from date
of issue
Other employees Nov. 13, 235,000 C$4.67 20% every Nov. 13, 2010
2007 6 months
from date
of issue
——-
Total granted 685,000
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Drill intercepts
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 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. Intercept 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 — MINERALIZED INTERVALS — HOLES SD80 TO SD115
Massive sulphide intercepts
XRF(i) Hole
Hole Interval Cu Au Pb Zn Cu depth From To
No. % g/t % % %
SD080 11.37 11.1 6.5 0.0 0.2 12.5 13.17 0.35 11.72
Hole ended in mineralization
SD081 Fresh volcanics 4.56
SD082 Fresh volcanics 3.59
SD083 1.7 4.85 4.06 0.085 0.46 4.03 8.73 1.21 2.91
SD084 Fresh volcanics 4.43
SD085 0.63 3.76 3.48 0.22 1.09 3.22 8.7 1.69 2.32
SD086 Fresh volcanics 6.63
SD087 3.29 3.6 1.2 0.5 2.5 2.4 8.52 0.19 3.48
SD088 5.27 13.8 10.2 0.1 0.4 11.9 7.99 0.73 6
Hole ended in mineralization
SD089 2.56 8.6 8.0 0.1 0.6 7.0 7.86 3.53 6.09
Hole ended in mineralization
SD090 2.85 2.8 1.5 0.0 0.0 1.8 14.5 2.4 5.25
SD091 0.79 2.57 9.37 1.08 5.52 2.27 6.67 1.16 1.95
SD092 Fresh volcanics 5.37
SD093 3.77 13.7 5.0 0.0 0.1 10.2 14.43 1.48 5.25
SD094 1.43 3.2 2.2 0.5 1.3 3.1 7.39 2.37 3.8
SD095 Fresh volcanics 4.79
SD096 Fresh volcanics 11.48
SD097 1.23 2.1 2.2 0.1 0.3 1.1 3.95 1.54 2.77
Hole ended in mineralization
SD098 7.92 3.5 2.7 0.1 0.9 2.7 8.87 0.24 8.16
Hole ended in mineralization
SD099 5.05 8.9 10.3 0.1 0.1 8.6 13.86 5.21 10.26
Hole ended in mineralization
SD100 15.36 4.6 2.6 0.1 0.5 5.1 16.68 1.32 16.68
Hole ended in mineralization
SD101 Altered volcanics 1.72
SD102 Fresh volcanics 1.91
SD103 Fresh volcanics 2.16
SD104 0.62 5.67 4.06 0.3 1.46 3.93 1.29 0.67 1.29
Hole ended in mineralization
SD105 4.45 11.7 8.9 0.1 0.3 9.5 17 0.3 4.75
SD106 7.94 3.8 2.3 0.1 0.3 3.5 10.35 0.66 8.6
Hole ended in mineralization
SD107 Fresh volcanics 4.92
SD108 Poor recovery — sediments 2.26
SD109 9.55 8.3 8.0 0.1 0.9 7.0 10.83 1.28 10.83
Hole ended in mineralization
SD110 Fresh volcanics 4.87
SD111 Fresh volcanics 12.75
SD112 Metallurgical testwork — full core 16.4
SD113 1.94 1.7 2.8 0.4 0.8 1.2 9.21 1.7 3.64
SD114 Fresh volcanics 12.31
SD115 Fresh volcanics 4.75
Previously released results — holes SD036 to SD079
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 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
Hole ended in mineralization
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
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 mineralised 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 0.3 7.0
Hole ended in mineralization
