 |
Exploration
 
| | 
NAUTILUS 2008 EXPLORATION PROGRAM The 2008 exploration program focused on expanding the Nautilus project pipeline with a six month program in Tonga and Papua New Guinea. In Tonga, the principal focus was the Valu Fa ridge, a 300km zone containing a number of known high-grade mineralised systems. In PNG, the focus was on the prospective brownfield terrain in the vicinity of known systems at Solwara 1 and 4. The 2008 operating vessel was MV Nor Sky. TONGAN EXPLORATION In 2008, Nautilus Minerals Tonga conducted the first deepwater commercial seafloor mineral resources exploration program in Tongan waters. Results from this exploration program in Tonga's exclusive economic zone were announced in February 2009. The work identified six new SMS systems (named Tahi Moana 1 through to Tahi Moana 6), which were mapped by Nautilus itself during MV Nor Sky program in mid December 2008. A further six previously known SMS systems were also characterised during this work program. Four new additional systems were discovered by Teck Resources under an exploration agreement with Nautilus. The combined programs were a great success and demonstrated the prospectivity of seafloor resources in Tonga. Summary of MV Norsky 2008 sampling program in Tonga - Average Assay Results for Massive Sulphide and Semi-Massive Sulphide Samples by Prospect
(2) Semi-massive and massive sulphide material only Note - Tahi Moana 3 -- no sulphide sample collected (Results current as of February 18, 2008) Nautilus Minerals' MV Nor Sky 2008 exploration program to Tonga was focused on rapid evaluation of SMS targets using a Remotely Operated Vehicle ("ROV"). Features indicative of SMS mineralisation were identified from real-time video observations and were confirmed by geological logging and analysis of recovered samples. For further information on our 2008 Tonga Results please read press release from February 18, 2009. SCOUT DRILLING CAMPAIGN The ROV drill that Nautilus used for the world's first NI 43-101 resource estimate was redeployed in 2008 in PNG for a scout drilling program of 31 holes. Drilling was undertaken from MV Nor Sky vessel using a Perry Slingsby built T200 Remote Operated Vehicle ("ROV") mounted drill rig. A new high-grade base and precious metal zone was discovered. It was shown to have significant base and precious metal grades. The full extent of this area has to be further defined. For all the results on the drilling completed please see press release dated May 13, 2009 2010 Resource Drilling Campaign Planned Nautilus is evaluating drill rigs to further evaluate the resource at Solwara 1, where 40% of the drill holes ended in mineralisation. The maximum depth drilled was 18 metres with most holes reaching approximately 10 metres. The alternate drill rig is expected to improve drilling speed, core recovery, and increase maximum drilling depth to at least 40 metres and it is intended to carry out further drilling in 2010. DISCOVERY OF SOLWARA 9 and 10 During the Nautilus Exploration campaign in PNG Nautilus identified two new prospects, Solwara 9 and 10. The assay results and techniques are discussed in September 4, 2008 and September 11, 2008 announcements. Highlights of the sample assays are shown below:
2Results current as of September 4, 2008 The combination of this Nautilus managed program with programs being managed by Teck ensured Nautilus' shareholders saw aggressive exploration being undertaken in 2008 over most of our 154,000 km2 of granted exploration titles. This program resulted in increasing our resource inventory and deepening our project pipeline. TECK RESOURCES EXPLORATION PROGRAM Teck Resources (Teck) conducted an exploration program on some of Nautilus' exploration tenements in PNG and Tonga in 2008. Phase 1 Teck completed the first phase of its $US12 million 2008 exploration program May 7, 2008 with the demobilisation of MV Sepura in Port Moresby. This phase involved a 28-day bathymetric mapping program within the territorial waters of PNG that was designed to define targets for Phase 2 geochemical surveying and ROV based sampling. Phase 2 Teck commenced Phase 2 on May 15, 2008 with the departure from Singapore of the vessel DEA Surveyor. This 150-day program involved geochemical surveying and sampling, and ROV based sampling in PNG and Tonga. Part of this program involved following up on targets defined by surveys completed by the MV Sepura in PNG in Phase 1. RESULTS FROM THE TECK PROGRAMS During the Teck exploration campaign in Tonga, they discovered 4 new high-grade SMS system on Nautilus' prospecting licences in the Exclusive Economic Zone of the Kingdom of Tonga. The results and techniques are discussed in the September 17, 2008 press release. Typical sample assays are shown below:
DISCOVERY OF SOLWARA 11 BY TECK IN PNG During the Teck exploration campaign in PNG, they discovered a new SMS system, Solwara 11. The system is located more than 300km away from the nearest known SMS system and it is a potential lead into a new mineralised district.The results and techniques are discussed in the December 12, 2008 press release. Average results of the samples taken from Solwara 11 are shown below:
| | |
