PAPUA NEW GUINEA Toronto-based NAUTILUS MINERALS has discovered a new, high-grade massive sulphide deposit, Solwara 10, on the seafloor about 24 km southwest of the company’s Solwara 2 prospect. Nautilus holds 100% of the exploration licence for the area.
Mineralization at Solwara 10 was mapped visually and confirmed by grab sampling using a remote operated underwater vehicle. Thirteen samples averaged 5.3% Cu and 11.5% Zn when analyzed with a hand-held x-ray fluorescence (XRF) instrument. The samples are on their way to ALS LABORATORIES in Brisbane, Australia, for complete assays.
Nautilus plans to have its Solwara 1 mining operation in production starting Q3 2010. Toward that end it has ordered a seafloor mining tool, riser and lifting system, and support vessel. It plans to produce a marketable 28% Cu concentrate using froth flotation.
Maps and XRF results for the new discovery are posted at www.NautilusMinerals.com.