Nautilus Minerals Inc.
AIM : NUS
TSX : NUS

Nautilus Minerals Inc.

January 06, 2011 09:47 ET

Nautilus Minerals Intersects More High Grade Copper

TORONTO, ONTARIO--(Marketwire - Jan. 6, 2011) - 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.

These results, based on hand held X-ray fluorescence (XRF) analyses, are outlined in table one below. (XRF results are subject to confirmation).

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.
(http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=433715)

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.

Table One - Selected mineralised intersections from Solwara 1 (based on XRF analysis of pulp residues).

         
Hole ID End of Hole(m) Interval Length(m) Interval From(m) Interval To (m) Recovery For Interval Copper (%) Zinc (%) Comment Copper Mineralisation Intersected Below Previously Modelled Depth of Massive Sulphide (m)
SD178 20.74 0.78 1.38 2.16 100% 11.7 1.0 Intervals separated by significant zones of core loss. Hole ended in non-mineralised footwall. -2.08 *Note 1
    0.44 4.76 5.20 100% 11.9 0.6  
    2.67 7.05 9.72 71% 13.8 3.6  
SD179 22.76 1.91 2.08 3.99 86% 25.6 1.2 Intervals separated by significant zones of core loss. Hole ended in non-mineralised footwall. 14.97
    0.35 6.11 6.46 100% 7.4 0.9  
    0.47 8.30 8.77 100% 31.0 0.0  
    5.07 10.58 15.65 59% 20.9 0.0  
    3.52 15.65 19.17 36% 5.5 0.0  
SD180 45.24 7.63 0.72 8.35 51% 11.6 0.3 Intervals separated by core loss. Hole ended in non-mineralised footwall. 3.57
    2.62 14.75 17.37 64% 8.5 0.1  
SD182 19.48 3.10 1.28 4.38 71% 8.2 0.1 Interval end in core loss above non-mineralised footwall. -3.02 *Note 1
SD183 35.85 1.39 0.25 1.64 71% 10.0 2.1 Intervals separated by sulphate dominant rock. Hole ended in non-mineralised footwall. 0.23
    2.09 7.74 9.83 100% 3.2 0.0  
SD184 4.73 4.09 0.35 4.44 89% 13.1 1.3 Hole ended in copper-bearing mineralisation. *Note 2
SD186 51.62 12.65 0.45 13.10 97% 4.3 1.6 Intervals separated by low-grade massive sulphide. Lower intercept has boundaries at a high angle to the core axis may not represent a true width. Hole ended in non-mineralised footwall. 9.64
    4.36 24.64 29.00 60% 11.1 0.0  
SD187 5.48 4.21 0.84 5.05 43% 11.7 2.3 Hole ended in copper-rich mineralisation (site redrilled by SD188). *Note 3
   
Note 1: Negative values indicate a base of mineralisation closer to the surface than the previously modelled base of massive sulphide
Note 2: Hole abandoned. Site redrilled by SD186
Note 3: Hole abandoned. Site redrilled by SD188 (awaiting core processing and XRF analysis)  

Links
Figure 1: Drill hole locations. (http://www.nautilusminerals.com/i/pdf/DrillholesSolwara1Jan2011.pdf)
Table 2: Available XRF results for drill holes not covered by the previous results news release of December 16, 2010. (http://www.nautilusminerals.com/i/pdf/intersectionsandcorerecovery.pdf)

Technical Information
Detailed 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. (http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=433715)

Qualified Person
The 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.

About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor for polymetallic seafloor massive sulphide deposits and is currently developing its first project at Solwara 1, in the territorial waters of Papua New Guinea in the western Pacific Ocean. Nautilus is listed on the TSX and AIM stock exchanges, and has among its largest shareholders two of the world's leading international resource companies Anglo American (11.1%) and Teck Resources (6.8%), as well as Metalloinvest, one of the largest and fastest growing mining and metallurgical holding companies in Russia, which beneficially owns 21.0% of the company's issued shares through Gazmetall Holding (Cyprus) Limited.

Neither the TSX nor the London Stock Exchange accepts responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Nautilus Minerals Inc. (Toronto)
    Investor Relations
    +1 (416) 551 1100
    investor@nautilusminerals.com
    www.nautilusminerals.com
    or
    Nautilus Minerals Inc.
    Joe Dowling
    Vice President Investor Relations and Communications
    +61 (7) 3318 5544 or Cell: +61 431 365 741
    jjd@nautilusminerals.com
    or
    Numis Securities Limited
    John Harrison
    Nominated Adviser
    + 44(0) 20 7260 1000
    or
    Numis Securities Limited
    James Black
    Corporate Broking
    + 44(0) 20 7260 1000