Key points
- Phase two ran from May 29 to June 25, 2009, across Nautilus’s granted tenements in the southern and central Lau basin, following phase one from April 23 to May 18, 2009.
- All 32 water column anomalies identified during the 2009 Tongan program show signatures analogous to hydrothermal vent systems.
- Camera tow and dredge sampling on four of the anomalies recovered sediment and volcanic rock samples.
- On June 30, 2009, Nautilus granted 5,351,000 stock options to directors and employees under its performance-based remuneration policy.
NAUTILUS COMPLETES PHASE 2 OF TONGAN EXPLORATION PROGRAM AND ISSUES OPTIONS
Nautilus Minerals Inc. has completed phase two of its 2009 target generation program in Tonga, on 100-per-cent-held Nautilus prospecting licences.
Preliminary interpretation of water column survey data from phase two of this target generation program has defined 20 new water column anomalies. This brings the total number of anomalies generated from phase one and two, in 2009, to 32. All water column anomalies defined during the Tongan 2009 exploration program have signatures considered analogous with hydrothermal vent systems. Limited camera tow and small dredge sampling on four of the anomalies recovered sediment and volcanics. Further testwork and sampling on all the anomalies are now required.
Stephen Rogers, Nautilus’s chief executive officer, commented: “We are extremely pleased with the results of our 2009 Tongan exploration program. In a matter of some 50 days of effective exploration, we have been able to define 32 new anomalies with signatures we consider analogous with hydrothermal vent systems. When combined with the results of our 2008 exploration programs, we now have an impressive inventory of targets in Tonga ready for follow-up work. The remainder of our 2009 exploration program will be focused in Papua New Guinea and the Solomon Islands.”
Nautilus’s 2009 Tongan exploration program was undertaken in collaboration with Australian National University (ANU) and the Commonwealth Scientific and Industrial Research Organisation (CSIRO), on board the Marine National Facility research vessel Southern Surveyor. Work is being completed under the supervision of ANU’s Prof. Richard Arculus, with input from CSIRO, ANU and Nautilus. The first phase of this program mobilized from Lautoka, Fiji, on April 23, 2009. It focused on Nautilus’s granted Tongan tenements in the northeast Lau basin and was completed in Nuku’alofa, on May 18, 2009 (see the May 27, 2009, and June 25, 2009, news releases in Stockwatch). Phase 2 was undertaken from May 29, 2009, to June 25, 2009, and focused on Nautilus’s granted Tongan tenements in the southern and central Lau basins. Some of the anomalies discovered in phase 2 were identified following interpretation of data from previous marine scientific research surveys.
Water column anomalies
A water column anomaly is defined herein as an elevated response of certain properties such as nephelometric turbidity units (NTU), Eh and pH, which are commonly associated with hydrothermal systems. One of the main sensors used during this program is a nephelometer, which measures the presence of suspended particles in the water column, using a reflecting light source. Particle density is a function of the light reflected into the detector from the particles in the water, and is generally measured in NTU.
Water column anomalies, such as those defined during phase 1 and 2 of the program, are considered the regional footprint of hydrothermal systems and SMS systems (see March, 2009, presentation on the company’s website). The results can be affected by ocean currents and other physical factors.
Dredge sampling
Dredge sampling involves deploying a small (less than one-metre diameter), metal-framed, steel net and one-tonne depressor weight from the vessel using a cable to drag the dredge across the target zone. The metal frame skips slowly along the seabed, intermittently collecting fist-sized samples as it goes.
Qualified person
The exploration results reported in this announcement have been compiled under the supervision of Michael Johnston, vice-president, strategic development, of Nautilus Minerals. Mr. Johnston is a member of the Australasian Institute of Mining and Metallurgy, has over 25 years experience in mining and exploration geology, and is a qualified person as defined by National Instrument 43-101. He consents to his name being used in this release.
Issue of options
On June 30, 2009, the company granted 5,351,000 options to directors and employees as part of the company’s performance-based remuneration policy. The options were granted under the company’s stock option plan which was approved by shareholders and is limited to 10 per cent of the company’s issued capital.
The details regarding the options granted are as follows:
DETAILS OF OPTIONS
No. of Exercise
Name options price Expiry date Vesting period
Geoffrey Loudon 150,000 $1.28 June 30, 2012 20% every six months
commencing Dec. 30, 2009
150,000 $1.45 June 30, 2013 20% every six months
commencing Dec. 30, 2010
Stephen Rogers 250,000 $1.28 June 30, 2012 20% every six months
commencing Dec. 30, 2009
250,000 $1.45 June 30, 2013 20% every six months
commencing Dec. 30, 2010
Russell Debney 100,000 $1.28 June 30, 2012 20% every six months
commencing Dec. 30, 2009
100,000 $1.45 June 30, 2013 20% every six months
commencing Dec. 30, 2010
David De Witt 100,000 $1.28 June 30, 2012 20% every six months
commencing Dec. 30, 2009
100,000 $1.45 June 30, 2013 20% every six months
commencing Dec. 30, 2010
John O’Reilly 100,000 $1.28 June 30, 2012 20% every six months
commencing Dec. 30, 2009
100,000 $1.45 June 30, 2013 20% every six months
commencing Dec. 30, 2010
Farhad Moshiri 100,000 $1.28 June 30, 2012 20% every six months
commencing Dec. 30, 2009
100,000 $1.45 June 30, 2013 20% every six months
commencing Dec. 30, 2010
Other employees 2,751,000 $1.28 June 30, 2012 20% every six months
commencing Dec. 30, 2009
1,000,000 $1.45 June 30, 2013 20% every six months
commencing Dec. 30, 2010
Total options
granted 5,351,000
