PAPUA NEW GUINEA – Vancouver’s NAUTILUS MINERALS announced the first NI 43-101-compliant resource estimate of seafloor massive sulphides (SMS). GOLDER ASSOCIATES compiled the numbers for Nautilus’ Solwara 1 prospect.
The property contains an indicated resource of 870,000 tonnes at 6.8% Cu, 4.8 g/t Au, 23.0 g/t Ag and 0.4% Zn. The inferred resource is 1.3 million tonnes grading 7.5% Cu, 7.2 g/t Au, 37.0 g/t Ag and 0.8% Zn. The estimate was made with information from two years of core drilling (146 holes), 133 surface samples and mapping. A cutoff of 4.0% Cu was used.
Nautilus recently awarded a contract worth $67.5 million to SOUL MACHINE DYNAMICS of Newcastle upon Tyne, U.K. to build two seafloor mining tools. Mining operations are to be commissioned by Q3 2010.
The latest presentation covering the Solwara 1 project is available at www.NautilusMinerals.com.
TECK COMINCO, also of Vancouver, is rewarding Nautilus’ efforts by exercising 3.0 million share purchase warrants six months early. That puts another $15 million in the Nautilus treasury and brings Teck Cominco’s interest in the company up to 7.2%. Other important Nautilus shareholders include EPION HOLDINGS (22.4%) and ANGLO AMERICAN (5.7%).