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| ||September 04, 2008|
Nautilus Minerals Discovers Solwara 10, a New High-Grade Copper - Zinc System
| ||Toronto Ontario, September 4, 2008 - Nautilus Minerals Inc. (TSX & AIM: NUS) (the "Company" or "Nautilus") announces the discovery of a new high-grade Seafloor Massive Sulphide ("SMS") system - Solwara 10.|
Stephen Rogers Nautilus' CEO commented: "The discovery of the Solwara 10 SMS system reinforces the prospectivity of Nautilus' extensive tenements within PNG, demonstrating our ability to pinpoint targets and make discoveries in a short time span. It is very encouraging that we can report this success early in our 2008 exploration program. It also bodes well for our other targets which are being investigated over the coming months in Papua New Guinea ("PNG") and Tonga."
Mapping along lines nominally 100m apart, using a T 200 Remotely Operated Vehicle ("ROV"), has outlined an exposed SMS system, (see Table 1), containing copper (up to 16.3%) and zinc (up to 41%) by mineralisation, as outlined using a hand-held X-Ray florescence* ("XRF") instrument.
Solwara 10 is located on Manus Spreading Centre within a 100% owned Nautilus exploration license (EL1383), about 24km SW of Nautilus' Solwara 2 Prospect, in the territorial waters of PNG (www.nautilusminerals.com/i/photos/PNG_Bismark_Solwara_10_Prospect.jpg).
Sulphide mineralisation at Solwara 10 was mapped visually and confirmed by grab sampling. The SMS system outlined is approximately 680m long, by an across strike outcrop width of 30 to 270m, averaging 110m (www.nautilusminerals.com/i/photos/PNG_Bismark_Solwara_10-XRF.jpg). It lies on the seafloor approximately 2,240m below sea level, on the south flank of a small rise. The SMS outcrop is surrounded by unconsolidated sediment and volcanic outcrops.
Thirteen surface grab samples recovered from the prospect, averaged 5.3% copper and 11.5% zinc when analysed using a hand-held XRF instrument* (Niton XLT 592). Samples from Solwara 10 have been dispatched to ALS laboratories in Brisbane for base and precious metal analysis.
Table 1 -- Solwara 10 indicative average of analyses using hand-held XRF*
bdl = below detection level
Coordinates projected as UTM zone 56 south using a WGS 1984 datum
The Solwara 10 discovery results from deliberate targeting of a water geochemical plume anomaly generated earlier in 2008 as part of the DEA Surveyor program.
Pieces of sulphide rubble averaging 17.4kg (from 0.5kg to 70kg) were collected from the seafloor using a manipulator arm mounted on the ROV. Samples were either placed in a sample basket or box on the front of the ROV, where they were then processed on board the ship. Sample selection targeted material that was considered representative of the SMS system. Representative sub-samples averaging 6.38kg (from 0.5kg to 15kg), were taken from each of these larger samples using a small jack hammer. The remaining portions of each sample were retained for reference purposes.
* Note on results of indicative analyses from hand-held XRF, Niton XLT 592 instrument
A hand-held XRF instrument (Niton XLT 592) was used to obtain indications of the grade of materials recovered from the seafloor. The instrument used for this application does not provide the accuracy required to report assays. These analyses are the mean of 10-20 point measurements on unprepared wet surfaces of each of the samples reported. The samples were broken up with a small jack hammer to produce a fresh surface prior to XRF measurement. The instrument is not calibrated using certified standards and the samples have not been crushed and prepared to minimise matrix effects which may affect the accuracy of the analysis. However, previous comparison of results to date with assay data for surface samples indicate the XRF tool is a reliable method for providing indicative results of the tenor of mineralisation and providing data for "real time" decisions in the field.
Measurements by hand-held XRF are not assay results and do not measure gold or silver. Samples will be formally assayed by the ALS Group in Brisbane.
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.
About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor for gold and copper seafloor massive sulphide deposits and subject to timely permitting is positioning itself to become an emerging producer in 2010. The Company's main focus is the Solwara 1 Project, which is located in the territorial waters of Papua New Guinea in the western Pacific Ocean. Nautilus is listed on the TSX and on AIM, and has among its largest shareholders two of the world's leading international resource companies, Teck Cominco (7.2%) and Anglo American (5.7%). Gazmetall Holdings (22.4%) is controlled by the founder of Metalloinvest one of the largest and fastest growing mining and metallurgical holdings in Russia.
For more information please refer www.nautilusminerals.com or contact:
Nautilus Minerals Inc. (Toronto)
Tel: +1 (416) 551 1100
Australian Project Office
Tel: +61 (7) 3318 5555
Numis Securities Limited
Nominated adviser: John Harrison
Corporate broking: James Black
Tel: + 44(0) 20 7260 1000
Neither the TSX nor the London Stock Exchange accept responsibility for the adequacy or accuracy of this press release.
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