RE: hmmmmmmmm18 May 2011 09:26
has completed
its 2010/11 seafloor drilling program, with the vessel, REM Etive, having demobilized in Singapore on May 16,
2011.
During the drilling program in the Bismarck Sea of Papua New Guinea, Nautilus completed a 99 hole diamond
drilling project, for a total of 1475 metres.
Drilling was focused within the area of the Mining Lease (ML154) recently granted to Nautilus, which contains
the Solwara 1 deposit and the Solwara 5 seafloor massive sulphide (SMS) discovery. A total of 71 holes was
drilled in ML154, for 1147 metres. The remainder of the drilling was conducted in Exploration Lease 1374, which
hosts Nautilus' Solwara 12 SMS discovery.
Nautilus' CEO, Steve Rogers, said the highlight of the campaign had been the identification of mineralization
at depth at Solwara 12 and the improved knowledge gained at Solwara 1.
"We have commenced data evaluation and analysis and it is expected that results will be reported before the end
of this year," he said.
Nautilus has commissioned Golder & Associates to generate an updated resource estimate.