Nautilus Minerals Completes Polymetallic Nodule Exploration Program
October 16, 2013 (Source: Marketwired) — Nautilus Minerals Inc. (TSX:NUS) (OTCQX:NUSMF) (the “Company” or “Nautilus”) announces that it has completed a successful polymetallic nodule exploration program to the Clarion Clipperton Zone (CCZ) of the Pacific Ocean. The work was carried out over a contract area in the CCZ solely owned by Nautilus’ 100% subsidiary Tonga Offshore Mining Limited (TOML).
The 54 day (Seattle to Seattle) program conducted aboard the RV Mt Mitchell vessel successfully utilised multibeam sonar to map the bathymetry and distribution of polymetallic nodules containing nickel, copper, cobalt and manganese, an important step for focusing future work to better defining the resource estimate* and to enable the commencement of engineering studies.
In addition, nodule samples were obtained using an epi-benthic sled, for preliminary metallurgical test work. The sample data is currently being sorted and catalogued before being sent for assay. Nautilus also undertook preliminary environmental observations at several sites in preparation for future studies.
Nautilus Minerals’ interim CEO and TOML Director, Mike Johnston, commented: “The completion of this successful exploration program represents a key step for us in advancing TOML’s CCZ project. The high quality, detailed multibeam data is being interpreted to enable us to focus our next sampling program for the purpose of upgrading the resource estimate. Preliminary engineering studies and metallurgical testwork will commence on the data shortly.”
* Nimmo (2013): 410 M tons @ 1.2% Ni, 1.1% Cu, 0.24% Co and 27% Mn over two thirds of the TOML tenement (Abundance cut-off 6 wet kg/m2). NI 43-101 Technical Report Clarion-Clipperton Zone Project, Pacific Ocean (the “CCZ Report”). See links section below to access the CCZ Report.
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Polymetallic nodules form by the precipitation of metals on the seafloor, as described in the CCZ Report (see links section). They contain nickel, copper, cobalt and manganese and occur within the Clarion Clipperton Zone of the north Pacific (Figure 1 – TOML Tenement map and Multibeam Survey area, over regional bathymetry map.), in water depths generally between 4,000 and 6,000 meters
Multibeam Survey Parameters:
- Contract Area – TOML Areas B, C, D, E and F (Plus two surveys under contract to another entity)
- Survey Area – ~64,000km2 (plus ~12,000 km2 contract work)
- Deliverables – bathymetry model and backscatter images
- Equipment – Kongsberg EM120 (12 kHz) Multibeam echosounder
- Contract Area – TOML Areas F, D and B
- Designed to observe and plane ~10cm off the surface of the seafloor
- Results: 14 samples, total of 2,090 wet kg
This news release has been reviewed and approved by Jonathan Lowe, Vice President Strategic Development and Exploration of Nautilus. Mr Lowe is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy, has over 15 years experience in mining and exploration geology, and is a qualified person as defined by National Instrument 43-101.
Neither the TSX nor the OTCQX accepts responsibility for the adequacy or accuracy of this press release.
Certain of the statements made in this news release may contain forward-looking statements within the meaning of the United States Securities Exchange Act of 1934 and forward-looking information within the meaning of applicable Canadian securities law (collectively “forward-looking information”). Forward-looking information includes references to future resource estimates and engineering studies and future exploration in the CCZ. We have made several assumptions about the forward-looking information contained herein. Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Forward-looking information by their nature involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, among others, the risk that future exploration will not occur or will not define an indicated resource. Should one or more of these risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information. Although we have attempted to identify factors that would cause actual results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actual results, performances, achievements or events to not be as anticipated, estimated or intended. Also, many of the factors are beyond our control. Accordingly you should not place undue reliance on forward-looking statements or information. Except as required by law, we do not expect to update forward-looking statements and information as conditions change and you are referred to the full discussion of the Company’s business and risk factors contained in its reports filed with the securities regulatory authorities in Canada on its profile page on SEDAR at www.sedar.com.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The company has also been granted its environmental permit for this site.
Nautilus also holds approximately 500,000 km2 of highly prospective exploration acreage in the western Pacific; in PNG, the Solomon Islands, Fiji, Vanuatu and Tonga, as well as in international waters in the eastern Pacific.
A Canadian registered company, Nautilus is listed on the TSX:NUS stock exchange and OTCQX:NUSMF. Its corporate office is in Brisbane, Australia. Its major shareholders include MB Holding Company LLC, an Oman based group with interests in mining, oil & gas, which holds a 28.00% interest, Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 20.75% holding and global mining group Anglo American, which holds a 5.95% interest.
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