Key points
- Nautilus Minerals identified seven anomalies likely to have a hydrothermal source during the first two weeks of the MV Fugro Solstice campaign on its wholly owned exploration licences in the Bismarck Sea, Papua New Guinea.
- Four of the seven anomalies have sufficient attributes to be considered targets for seafloor massive sulphide testing by remotely operated vehicle, planned for October.
- The MV Fugro Solstice was mobilized from Singapore and arrived in Madang on Aug. 21, after which its exploration systems were commissioned over the following two weeks.
- Nautilus has engaged RK Equity Advisors LLC of New York as investor relations consultants to broaden its outreach to U.S. investors and analysts.
Nautilus Minerals Inc. has discovered seven highly prospective areas that were identified during the first two weeks of its MV Fugro Solstice exploration campaign on the company’s wholly owned exploration licences in the Bismarck Sea, Papua New Guinea (PNG). The areas were identified using enhanced target generation techniques and technology developed by the company’s exploration team over the last two years. The areas will be followed up later this year when a remotely operated vehicle (ROV) will be used to test for seafloor massive sulphide (SMS) systems and then to delineate and sample from these prospective locations.
Stephen Rogers, chief executive officer of Nautilus, commented: “Through innovation we are driving down our costs and improving our success rates in SMS exploration. Using improved, proprietary exploration techniques we are now recording one new prospective site every two or three days which we will follow up by ROV in October. We have chosen to announce target generation work because of Nautilus’ recent success in converting similar prospective areas to SMS prospects.”
In the first two weeks, the exploration team reported seven anomalies that are considered likely to have a hydrothermal source. Four of these have sufficient attributes to be considered targets for SMS testing by ROV.
The company’s enhanced techniques involve adapting the deep towed sensor package to enable turbidity, oxidation reduction potential, water sampling and multibeam back scatter responses through the water column to be recorded at significantly faster survey speeds than comparable equipment packages. These datasets enable rapid assessment of large exploration tenements in the search for SMS systems. Combined with a commercial laboratory approach to geochemical assaying of water samples these improved techniques enable a shortened target testing cycle with greater chance of success. The net result is improved target quality and reduction in targeting costs.
MV Fugro Solstice was successfully mobilized from Singapore and arrived in Madang on Aug. 21. The exploration systems on the vessel were successfully commissioned and for the last two weeks have been applied over exploration licences in the Bismarck Sea located in the territorial waters of PNG.
RK Equity appointment
Nautilus also announces that it has engaged RK Equity Advisors LLC (New York) as investor relations consultants to broaden the company’s outreach to investors and analysts in the United States.
Commenting on the appointment, Mr. Rogers said: “This appointment is made at an appropriate time to increase our profile with investors in U.S. markets. With the breadth and quality of its investor network, RK Equity will assist Nautilus to build its U.S. investor footprint.”
Howard Klein, managing partner of RK Equity, said: “The Nautilus vision and mission impressed us the first time we heard it. We look forward to introducing this opportunity to our network in the investment community and further expanding the awareness of this new frontier in the minerals resource sector.”
