Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) Recent ocean floor drilling at Nautilus Minerals' Solwara 1 project in Papua New Guinea has revealed a number of intercepts of copper mineralisation exceeding 20%, and confirmed extensions of mineralisation at the deposit.
Results for 10 holes drilled during the second half of December 2010 demonstrate the presence of high grade copper at all sites.
The results included:
- a 7.6 metre intercept averaging 12% copper
- identification of the deepest copper-rich mineralisation drilled to date, at 29 metres below the seafloor
- interception of copper-rich sulphides to a depth of 19.2 metres in Hole SD179, which is 15 metres below the previously modelled massive sulphide level.
The program has involved a total of 23 holes drilled at 17 locations, approximately 1600 metres below sea-level and extending to a maximum depth of 52 metres below the seafloor. Results for the first 13 holes were released on December 16, 2010.
Nautilus' CEO, Steve Rogers, said the results again demonstrated the richness of the Solwara 1 deposit.
"It is increasingly clear that the mineralisation is more extensive than initially identified. In addition, the copper grades we are finding in these seafloor deposits are significantly higher than the grades that are typical in land-based projects, underwriting the economics of this exciting new mining frontier," he said.
Nautilus continues to refine drilling techniques, lifting core recoveries and productivity. Program expenditure may now exceed US$20 million, subject to continued improvement in drilling performance and positive results.
"Our focus for the remainder of the program is to optimise drilling performance as we enhance Nautilus' knowledge of Solwara 1 and other Bismarck Sea massive sulphide systems," said Mr Rogers. "We are particularly looking forward to drilling at the North Zone of Solwara 1, Solwara 5, Solwara 12 and other systems nearby," he said.
Technical InformationDetailed information on the drilling program, selection of Reported Intervals, drilling details, treatment of core loss, sampling procedures and XRF analysis was reported previously in the news release of December 16, 2010.
Qualified PersonThe exploration results reported in this announcement have been compiled under the supervision of Nautilus' Resource Leader Thomas Sant. Mr Sant a Fellow of the Geological Society of London, a UK 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.
Source: Nautilus Minerals Inc.