Key points
- Nautilus Minerals mapped six new SMS discoveries itself during a program completed from the MV Norsky in mid-December 2008.
- Teck discovered four new SMS systems as part of its contribution under its agreement with Nautilus.
- The 2008 work program also characterized six previously known SMS systems in Tonga.
- CEO Stephen Rogers said the 2008 testing covered a roughly 100-kilometre segment of a prospective spreading ridge, while Nautilus’s Tongan tenements contain more than 1,500 kilometres of prospective strike length.
Nautilus Minerals Inc. has released a summary of its exploration results in Tonga for 2008, Nautilus Minerals’ first commercial deepwater exploration program in the Kingdom of Tonga’s exclusive economic zone.
During 2008, the combined exploration programs have identified 10 new seafloor massive sulphide (SMS) systems in Tonga. Six of these SMS discoveries were mapped by Nautilus itself during the program completed from MV Norsky in mid-December, 2008. A further six previously known SMS systems were also characterized during this work program. These results were in addition to the four new systems discovered by Teck as part of its contribution under the agreement with Nautilus. The results attest both to the strong resource upside on the company’s tenements and the efficiency of the company’s target generation and target testing methods.
Stephen Rogers, chief executive officer of Nautilus, commented: “There are three key findings from the combined 2008 exploration programs. Firstly, the high rate at which Nautilus can find and test SMS systems has now been demonstrated both in Papua New Guinea (PNG) and Tonga. Secondly, most of the 2008 work program focused on the testing of targets within a relatively short (100 kilometres) segment of the prospective spreading ridge; yet Nautilus’s Tongan tenements contain in excess of 1,500 kilometres of prospective strike length. Whilst currently identified mineralizations are dominated by zinc, there are indications of significant precious metals, which would require further evaluation. We are aware also that SMS systems can be vertically zoned, with the higher temperature copper sulphides deeper in the system, so any indication of copper at the seafloor level is encouraging.”
