Key points
- Drilling at Solwara 12, 25 kilometres northwest of Solwara 1, used six holes drilled about 1,900 metres below sea level to a maximum depth of 35 metres below the seafloor.
- Preliminary XRF results included a 7.33-metre intersect averaging 13.2 per cent copper and 6.1 per cent zinc, and a 7.50-metre intersect averaging 9.3 per cent copper and 6.0 per cent zinc.
- CEO Steve Rogers said prior grab sampling had identified 16 seafloor massive sulphide systems in the Bismarck Sea, with Solwara 12 now added to the project pipeline after Solwara 1.
- Certified assay results for Solwara 1 included a 5.48-metre intercept averaging 14.9 per cent copper and 6.5 g/t gold, with individual samples up to 21.6 g/t gold and 24.3 per cent copper.
Nautilus Minerals Inc. has identified a second potential development project in the Bismarck Sea in Papua New Guinea, to follow its groundbreaking Solwara 1 project currently in the final stages of planning.
A deepwater exploration drilling campaign carried out at the Solwara 12 prospect, just 25 kilometres northwest of Solwara 1, discovered intersections of mineralization at all five drill sites. The drilling involved six holes drilled approximately 1,900 metres below sea level and extending to a maximum depth of 35 metres below the seafloor.
Preliminary results based on hand-held X-ray fluorescence (XRF) analysis of drill core included:
A 7.33-metre intersect averaging 13.2 per cent copper and 6.1 per cent zinc;A 7.50-metre intersect averaging 9.3 per cent copper and 6.0 per cent zinc;A 5.29-metre intersect averaging 11.4 per cent copper and 1.4 per cent zinc.
- A 7.33-metre intersect averaging 13.2 per cent copper and 6.1 per cent zinc;
- A 7.50-metre intersect averaging 9.3 per cent copper and 6.0 per cent zinc;
- A 5.29-metre intersect averaging 11.4 per cent copper and 1.4 per cent zinc.
(XRF results are subject to confirmation by laboratory assay.)
Nautilus’s chief executive officer Steve Rogers said the success of the initial drilling at Solwara 12 was a major step in the implementation of the company’s strategy of developing a pipeline of projects in the Bismarck Sea.
“Previous grab sampling has identified 16 seafloor massive sulphide (SMS) systems in the Bismarck Sea. Through the current drilling campaign, Nautilus has now brought the Solwara 12 prospect into the potential project pipeline to follow Solwara 1. This is a key step in the implementation of our business model which allows us to aggregate resources at successive locations with minimal incremental capital expenditure,” he said.
Upon the completion of the initial drilling program at Solwara 12 earlier this month, the drilling vessel REM Etive has moved to Solwara 5, after which it is scheduled to return to Solwara 1 to carry out additional exploration and geotechnical drilling. Before demobilizing, REM Etive will travel back to Solwara 12 to conduct follow-up drilling with the aim of establishing a resource. Solwara 12 remains open in all directions.
A summary of results from the drilling at Solwara 12 is included in the “Selected mineralized intersections for Solwara 12” table. Full details are presented in a table on the company’s website.
SELECTED MINERALIZED INTERSECTIONS FOR SOLWARA 12
(based on XRF analysis of pulp residues)
From To Length Recovery Cu Zn
Hole ID (m) (m) (m) (%) (%) (%)
SD-S12-001 1.47 3.04 1.57 66 5.4 4.2
SD-S12-002 1.86 3.79 1.93 53 8.9 0.1
SD-S12-003 0.31 3.32 3.01 96 4.7 12.2
5.32 6.42 1.10 55 12.2 7.5
8.09 8.62 0.53 100 4.7 0.6
SD-S12-004 0.81 6.10 5.29 59 11.4 1.4
13.56 16.13 2.57 50 8.8 7.9
SD-S12-006 3.70 11.20 7.50 39 9.3 6.0
25.41 28.90 3.49 56 4.2 0.0
SD-S12-007 4.50 4.71 0.21 100 29.4 0.2
5.97 6.37 0.40 100 12.7 26.2
8.03 15.36 7.33 67 13.2 6.1
Note — SD-S12-005 was drilled three km to the northeast,
on an outlying target, it did not encounter any mineralization.
Assay results for Solwara 1
In addition to the preliminary drilling results for Solwara 12, Nautilus has received certified assay results for drilling carried out at Solwara 1 earlier this year.
The results, which follow on from laboratory assays completed by laboratories of SGS Australia Pty. Ltd. released in Stockwatch on Jan. 25, 2011, continue to highlight significant mineralization:
A 7.85-metre intercept averaging 10.2 per cent copper and 3.4 g/t gold;
A 5.48-metre intercept averaging 14.9 per cent copper and 6.5 g/t gold;A 7.63-metre intercept averaging 8.9 per cent copper and 5.3 g/t gold;
Individual samples reported gold grades of up to 21.6 g/t and copper
grades up to 24.3 per cent.
- A 7.85-metre intercept averaging 10.2 per cent copper and 3.4 g/t gold;
- A 5.48-metre intercept averaging 14.9 per cent copper and 6.5 g/t gold;
- A 7.63-metre intercept averaging 8.9 per cent copper and 5.3 g/t gold;
- Individual samples reported gold grades of up to 21.6 g/t and copper
grades up to 24.3 per cent.
A summary of the results for Solwara 1 are outlined in the “Selected mineralized intersections from Solwara 1” table. Full details are presented in a table on the company’s website.
SELECTED MINERALIZED INTERSECTIONS FROM SOLWARA 1
(based on laboratory assay results from holes SD171
and SD174 to SD187)
Reco-
From To Length very Au Ag Cu Zn
Hole ID (m) (m) (m) (%) (g/t) (g/t) (%) (%)
SD171 1.93 10.45 8.52 63 4.2 13.2 4.1 0.1
SD174 0.80 3.57 2.77 32 4.8 23.6 12.2 0.2
SD175 2.44 4.53 2.09 100 6.8 26.4 5.9 0.1
SD176 1.14 11.19 10.05 87 3.5 14.9 3.8 0.1
11.21 18.24 7.03 80 1.5 1.7 0.6 0.0
SD177 1.06 8.55 7.49 67 2.9 13.0 4.6 0.4
12.25 20.10 7.85 70 3.4 7.3 10.2 0.0
SD178 1.38 2.16 0.78 100 9.6 76.1 9.7 0.9
4.76 5.20 0.44 100 4.1 8.0 9.5 0.6
7.05 9.72 2.67 71 4.3 26.8 11.5 3.3
SD179 2.08 3.99 1.91 85 11.0 64.0 19.8 1.1
6.11 6.46 0.35 100 21.6 34.0 6.3 0.7
8.30 8.77 0.47 100 4.1 8.0 24.3 0.1
10.58 16.06 5.48 62 6.5 3.0 14.9 0.0
17.40 17.99 0.59 100 0.8 1.0 1.4 0.0
18.92 19.17 0.25 100 2.5 1.0 5.4 0.0
SD180 0.72 8.35 7.63 51 5.3 8.6 8.9 0.3
14.75 16.25 1.50 51 1.9 1.0 10.0 0.0
SD182 1.28 4.38 3.10 71 4.3 43.4 6.9 0.1
SD183 0.25 1.64 1.39 71 3.8 71.6 9.1 2.1
8.94 9.83 0.89 100 0.3 1.0 4.9 0.1
SD184 0.35 4.44 4.09 89 5.0 38.6 10.7 1.1
SD185 0.50 1.13 0.63 100 5.5 7.0 7.5 0.5
SD186 0.45 9.39 8.94 99 2.0 7.1 3.2 1.2
9.39 23.75 14.36 84 1.5 1.6 0.7 0.5
24.64 29.00 4.36 60 1.9 1.0 7.9 0.0
SD187 0.84 5.05 4.21 43 4.5 20.5 9.2 2.0
SD172 and SD173 were reported in Stockwatch on Jan. 25, 2011.
REM Etive drilling program
Nautilus has been drilling since mid-November on board the vessel REM Etive, using the ROVdrill3 drilling system. TSMarine is providing the vessel, operating crew, remotely operated vehicles and drilling equipment required for the project. The ROVdrill3 drilling system is a wireline diamond drill designed to recover up to 80 metres of 70-millimetre diameter core.
Further details of Solwara 12
The Solwara 12 prospect is located in EL1374, 25 kilometres northwest of Solwara 1, and was discovered by Nautilus Minerals during the Fugro Solstice exploration program in 2009. Plume hunting surveys during phase A of the Fugro Solstice program identified several water column anomalies over the DESMOS Caldera target area. Follow-up ROV traversing across DESMOS Caldera during phase B of the program led to the discovery of Solwara 12 on the SE rim of the caldera. Solwara 12 includes an area of inactive sulphide chimney structures approximately 180 by 170 m across. Additional ROV-based geophysical surveys indicated both an electromagnetic and a self-potential anomaly within this zone.
Technical information
Detailed information on the drilling program, sampling procedures and XRF analysis was reported previously in Stockwatch on Dec. 16, 2010.
Selection of reported intervals in drilling trials
Intervals were selected for reporting based on hand-held XRF analysis or laboratory analysis of pulverized quarter-core samples returned greater than 3 per cent Cu, greater than 9 per cent Zn or greater than three grams per tonne (g/t) Au. Some lower grade samples have been included within an interval if they did not reduce the overall grade of the interval to less than 3 per cent Cu, 9 per cent Zn or three g/t Au. Intervals were broken where there was a length of core loss judged sufficient to lose continuity within the interval. Core loss is believed to be a grinding and loss of material similar to that which has been recovered. Zones of core loss within an interval were assigned the average grade of the recovered material either side of the core loss. Zones of core loss external to recovered material were not included in any calculated interval. All reported values within the interval are length-weighted averages of individual samples.
Laboratory analysis
Detailed information on the laboratory analysis was reported previously in the news release in Stockwatch on Jan. 25, 2011.
Qualified person
The exploration results reported in this announcement have been compiled under the supervision of Nautilus’s resource leader Thomas Sant. Mr. Sant a fellow of the Geological Society of London, a U.K. chartered geologist and a registered European geologist, has over 16 years experience in mineral exploration seeking hydrothermal systems, and is a qualified person as defined by National Instrument 43-101. Mr. Sant has reviewed and approved the technical disclosure contained in this news release.
