News Release Number 2007-20
Vancouver B.C., June 20, 2007 -
Nautilus Minerals Inc. (TSXV: NUS, AIM:NUS & NUSR) (the "Company" or "Nautilus") is pleased to announce that new assay results confirm the high grade gold-copper-zinc mineralisation of its recent Solwara 5, 6 and 7 discoveries, located in the territorial waters of Papua New Guinea.
Laboratory testing of 24 samples across the three prospects returned an average grade of 17.5 g/t gold, 8.94% copper, 16.84% zinc and 298 g/t silver.
David Heydon, Nautilus CEO commented: "These results further validate the Solwara district's prospectivity and more specifically our highly successful May exploration programme which yielded four new prospects in four weeks prior to the survey ship returning to Solwara 1 for a major drilling program".
Heydon added: "Whilst the Company's focus is to bring to production its first mine at Solwara 1 with a name plate production being designed around 2 million tonnes per annum, these additional high grade prospects provide a potential pipeline of projects which would be necessary if the Company is to look at expanding production with the addition of a second mining ship or at extending the 'mine life' of a single ship operation."
| Table 1: Solwara 5,6,7 Prospects - 2007 Surface Sampling |
| Prospect |
No. Samples |
Gold g/t |
Copper % |
Zinc % |
Lead % |
Silver g/t |
| Solwara 5 |
13 |
17.37 |
6.72 |
7.78 |
1.48 |
273 |
| Solwara 6 |
4 |
18.10 |
14.24 |
18.66 |
0.83 |
217 |
| Solwara 7 |
7 |
17.15 |
5.87 |
24.08 |
1.67 |
404 |
| Total/Average |
24 |
17.54 |
8.94 |
16.84 |
1.33 |
298 |
Sampling was recovered using a Triton 200 series remote operated vehicle at water depths from 1650 metres to 1800 metres. (
http://www.nautilusminerals.com/s/PhotoGallery-Solwara8Discovery.asp).
A total of 24 samples were collected using the ROV manipulator arm to grab sulphide samples directly from the seafloor. (
http://www.nautilusminerals.com/i/photos/Solwara8D_P6.jpg)
Sample sizes ranged from 2kg to 200kg with a representative nominal sample of 2kg dispatched to ALS Laboratory Group in Brisbane , Australia for analysis.
David Heydon, Nautilus CEO added: "The assays in this particular case are on average 16% higher for copper and 9% higher for zinc than reported on May 15, 2007 and suggest the XRF units can play an important preliminary guide to keep the market informed of relative prospectivity, in advance of full laboratory results given the 1-2 months time lag of recovering samples and getting them off the ship, back to Australia and assayed."
A more detailed table, a reconciliation of the XRF to assay results, and commentary on sampling is included in the addendum/Table 2 attached to this release.
The Solwara 5 Prospect is located at latitude 3.775°S, longitude 152.079°E, approximately 2 km to the north west of the Solwara 1 Prospect (
Figures 1 and
2) in a water depth approximately 1650 m. Sulphide outcrops up to 2 m high have been mapped, using camera and sonar instruments deployed from a Remote Operated Vehicle ("ROV"), protruding from soft sediment over a strike length of 250 m and a width of 150 m.
The Solwara 6 Prospect is located at latitude 3.728°S, longitude 151.681°E, approximately 1 km to the east of the Solwara 4 Prospect (
Figures 1 and
3) in a water depth approximately 1750 m. Sulphide outcrops up to 7 m high have been mapped, using camera and sonar instruments deployed from an ROV, over a strike length of 180 m and a width of 50 to 100 m.
The Solwara 7 Prospect is located at latitude 3.717°S, longitude 151.673°E, approximately 700 m to the north of the Solwara 4 Prospect (
Figures 1 and
3) in a water depth approximately 1800 m. Sulphide outcrops up to 18 m high have been mapped, using camera and sonar instruments deployed from an ROV, over a strike length of 200 m and with a width of 50 to 100 m.
The Solwara 8 assays are expected within the next 4 weeks.
About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor for high grade gold-copper-zinc-silver seafloor massive sulphide deposits and is positioned to become a world leader in underwater mineral exploration.
The Company's main focus for 2007 is the Solwara 1 Project, located in the territorial waters of Papua New Guinea between the island chains of New Britain and New Ireland in the western Pacific Ocean.
Nautilus is listed on the TSX Venture Exchange and on AIM, and has among its largest shareholders four of the world's largest international resource companies, including Anglo American (6.4% holding), Teck Cominco (5.8%), Epion (16.8%) and Barrick Gold (3.7%).
For more information please refer www.nautilusminerals.com or contact:
Investor Relations
Nautilus Minerals Inc. (Vancouver)
Email: investor@nautilusminerals.com
Tel: +1 (778) 785 7591
President & CEO
Mr. David Heydon
Email: ceo@nautilusminerals.com
Tel: +1 (778) 785 7591
Numis Securities Limited (NOMAD)
John Harrison/James Black
Tel: +44 (0) 20 7260 1000
Parkgreen Communications
Clare Irvine/Justine Howarth
Tel: +44 (0) 20 7851 7480
Qualified Person: The exploration results reported in this announcement have been compiled under the supervision of Anthony O'Sullivan Chief Operating Officer of Nautilus. Mr O'Sullivan is a member of the Australasian Institute of Mining and Metallurgy, has 20 years experience in mining and exploration geology, and is a qualified person as defined under National Instrument 43 - 101. He consents to his name being used in this release.
Neither the TSXV nor the London Stock Exchange accept responsibility for the adequacy or accuracy of this press release
ADDENDUM
COMPARISON OF XRF UNIT AND ASSAY SAMPLES FOR SOLWARA 5, 6, and 7
Comparison with Hand Held XRF Results:
A hand-held Niton XLT 592 x-ray florescence (XRF) instrument was used aboard the Wave Mercury to obtain indications of the grade recovered from the sea floor.
Table 2 shows the comparison between the assay results returned from ALS Laboratory Group and the previously reported hand held XRF results. These results compare well for copper and zinc with the assay results returning values that are 16% higher for copper and 9% higher for zinc.
Laboratory Analysis:
All analysis was carried out by ALS Laboratory Group in Brisbane, Australia. ALS operate quality systems based on international standards ISO/IEC17025:1999 "General requirements for the competence of calibration and testing laboratories" and ISO9001:2000 "Quality Management Systems - Requirements".
Sample Custodianship:
All sampling, sample handling and analysis was completed under the supervision of Nautilus personnel. Sampling was carried out aboard the Wave Mercury whilst at sea. All sub-samples were placed into numbered plastic vacuum sealed bags. The bagged samples were then subsequently placed into boxes. The boxes were sealed with security tape and signed by the supervising geologist on site at the time.
Quality Assurance:
External certified geochemical reference materials were prepared by Geostats Pty Ltd, of Perth, Western Australia and independently tested, and field duplicate samples were interspersed at regular intervals between the 24 samples submitted for analysis.
These reference materials comprised "standards", with known and statistically tested concentrations of the major base and precious metals. Standards were submitted approximately every tenth sample. Evaluation of these standards indicate that the quality of the analyses are within acceptable limits.
| Table 2 - Solwara Project 2007 Sampling - Assay - Hand Held XRF Comparison |
| |
ASSAY |
|
XRF |
| Sample |
Easting* |
Northing* |
Cu
% |
Zn
% |
Pb
% |
AU
g/t |
Ag
g/t |
Cu
% |
Zn
% |
Pb
% |
| Solwara 5 |
| SUSU_07_CH_007 |
397793 |
9582631 |
24.7 |
0.46 |
0.1 |
27.7 |
99 |
20.8 |
0.5 |
0 |
| SUSU_07_CH_008 |
397787 |
9582608 |
15.2 |
6.57 |
0.51 |
17.4 |
172 |
13.9 |
1.7 |
0.1 |
| SUSU_07_CH_014 |
397766 |
9582573 |
0.18 |
17.1 |
2.17 |
3.96 |
433 |
0.4 |
15.9 |
1.5 |
| SUSU_07_CH_006 |
397850 |
9582644 |
0.09 |
8.14 |
2.33 |
0.05 |
189 |
0.4 |
11.1 |
1.2 |
| SUSU_07_CH_005 |
397787 |
9582647 |
16.8 |
3.74 |
0.22 |
48.8 |
218 |
13 |
4.5 |
0.1 |
| SUSU_07_CH_004 |
397773 |
9582685 |
13.6 |
13 |
0.88 |
32.8 |
360 |
12.7 |
8.3 |
0.4 |
| SUSU_07_CH_009 |
397764 |
9582568 |
0.14 |
9.91 |
9.16 |
2.39 |
977 |
0.4 |
11.6 |
4.7 |
| SUSU_07_CH_010 |
397698 |
9582583 |
0.1 |
15.35 |
1.06 |
19.05 |
233 |
0.7 |
16.4 |
0.4 |
| SUSU_07_CH_005 |
397787 |
9582647 |
15.9 |
1.98 |
0.17 |
50.2 |
171 |
14.8 |
0.7 |
0 |
| SUSU_07_CH_012 |
397745 |
9582617 |
0.08 |
5.43 |
0.89 |
0.08 |
157 |
0.4 |
13.8 |
0.6 |
| SUSU_07_CH_013 |
397701 |
9582577 |
0.44 |
12.95 |
0.81 |
22.7 |
309 |
0.8 |
9.4 |
0.3 |
| SUSU_07_CH_011 |
397728 |
9582633 |
0.08 |
3.17 |
0.43 |
0.69 |
104 |
0.4 |
6.9 |
0.2 |
| SUSU_07_RK_029 |
397807 |
9582637 |
0.11 |
3.37 |
0.53 |
0.01 |
129 |
0.4 |
7.1 |
0.9 |
| Solwara 5 Average |
6.72 |
7.78 |
1.48 |
17.37 |
273.1 |
6.08 |
8.30 |
0.8 |
| Solwara 6 |
| PUAL_07_CH_003 |
353381 |
9587806 |
26.6 |
5.68 |
0.28 |
20.3 |
143 |
18.4 |
6.6 |
0.4 |
| PUAL_07_CH_002 |
353394 |
9587817 |
0.15 |
34.3 |
1.14 |
12.8 |
226 |
0.6 |
31.6 |
0.7 |
| PUAL_07_CH_005 |
353382 |
9587812 |
30 |
3.47 |
0.22 |
27.3 |
157 |
28 |
3.2 |
0.3 |
| PUAL_07_CH_004 |
353395 |
9587813 |
0.19 |
31.2 |
1.65 |
12 |
345 |
0.5 |
32.3 |
1 |
| Solwara 6 Average |
14.24 |
18.66 |
0.82 |
18.10 |
217.7 |
11.88 |
18.43 |
0.6 |
| Solwara 7 |
| PUAL_07_CH_006 |
352614 |
9589012 |
12.9 |
12.1 |
0.32 |
11.55 |
162 |
5.7 |
6 |
2.6 |
| PUAL_07_CH_013 |
352557 |
9589105 |
4.9 |
25.5 |
0.71 |
39.3 |
464 |
4.2 |
13.4 |
0.2 |
| PUAL_07_CH_012 |
352567 |
9589117 |
0.08 |
25.2 |
6.16 |
0.12 |
541 |
0.4 |
29.3 |
3 |
| PUAL_07_CH_017 |
352622 |
9589013 |
1.28 |
43.1 |
1.3 |
37.6 |
823 |
2.9 |
25.2 |
0.3 |
| PUAL_07_CH_014 |
352559 |
9589118 |
3.13 |
23.7 |
0.68 |
18.7 |
272 |
4.2 |
21.5 |
0.4 |
| PUAL_07_CH_016 |
352607 |
9589026 |
18.5 |
8.39 |
0.41 |
7.96 |
116 |
13.6 |
9.3 |
0.2 |
| PUAL_07_CH_018 |
352634 |
9588992 |
0.28 |
30.6 |
2.1 |
4.84 |
451 |
0.5 |
29.4 |
1.6 |
| Solwara 7 Average |
5.87 |
24.08 |
1.67 |
17.15 |
404.1 |
4.50 |
19.16 |
1.19 |
*UTM Zone 56 (WGS 84)