Nautilus Granted New Exploration License; Includes New Targets
February 09 2018 - 6:00AM
Nautilus Minerals Inc. (TSX:NUS) (OTC:NUSMF) (the
"Company" or "Nautilus") is pleased to announce that the Government
of Papua New Guinea has granted a two year Exploration License to
Nautilus which will allow the Company to conduct exploration
activities on this area within the southeast Bismarck Sea.
The Exploration License EL2537 covers 2,558 km2,
including the same prospective geology that hosts Nautilus’ Solwara
1 deposit. The area was selected based on reconnaissance sampling
and survey completed in 2017. Nautilus gratefully acknowledges
assistance in this area by the PNG Geological Survey.
Mike Johnston, Nautilus’ CEO commented: “The
granting of this Exploration License is excellent news. Work done
in the area by the Company has identified numerous exploration
targets with similar geology to our Seafloor Massive Sulfide
deposits found at Solwara 1. The work completed last year
reconfirms the significant exploration potential for deep sea
minerals over expansive yet unexplored metallogenic provinces. Our
team has worked very hard to improve exploration efficiency;
covering larger areas at lower costs, and the results at hand show
that this approach is bearing fruit.”
Subject to receiving additional funding under
the Company's previously announced bridge loans and potential
credit facility transaction, Nautilus aims to test and progress
these targets as soon as practicable, in order to advance the
Company's plans of increasing its current resource portfolio to
support future seafloor mining operations. PNG is renowned for
hosting large mineral deposits and the same tectonics that drive
mineralization at the nearby Bougainville and Lihir deposits, is
also believed to drive seafloor mineralisation at Solwara 1 and 12,
placing this exploration license in a favorable location (see Links
section below for maps of the license and exploration targets).
Nautilus looks forward to sharing the results once exploration
commences.
All scientific and technical information
contained in this news release has been reviewed and approved by
Mike Johnston, who is a "qualified person" under National
Instrument 43-101 Standards of Disclosure for Mineral Projects, and
is President and CEO of Nautilus Minerals.
Links
http://www.nautilusminerals.com//irm/media/79/EL2537SuSuGeologyTargetsv2.jpg
http://www.nautilusminerals.com//irm/media/80/PNGTenementMap1802.jpg
For more information please refer to
www.nautilusminerals.com or contact:
Investor Relations
Nautilus Minerals Inc. (Toronto) Email:
investor@nautilusminerals.com Tel: +1 416 551 1100 |
The TSX does not accept responsibility
for the adequacy or accuracy of this press release.
Certain of the statements made in this news
release may contain forward-looking information within the meaning
of applicable securities laws, including statements with respect to
receiving additional funding to support the Company's planned
exploration activities; increasing the Company's current resource
portfolio; future mining operations; and the geological merits of
EL2537. We have made numerous assumptions about such statements;
including assumptions relating to the Company’s funding
requirements, progression of project funding, and completion and
operation of the Company's seafloor production system. Even though
our management believes the assumptions made and the expectations
represented by such statements are reasonable, there can be no
assurance that they will prove to be accurate.
Forward-looking information by its
nature involves known and unknown
risks, uncertainties and other factors
which may cause the actual results to be materially different from
any future results expressed or implied by such forward-looking
information. Please refer to our most recently filed Annual
Information Form in respect of material assumptions and risks
related to the prospects of extracting minerals from the seafloor
and other risks relating to the Company's business and plans for
development of the Solwara 1 Project. Risks related to continuing
the Company's operations, conducting exploration activities and
advancing the development of the Solwara 1 Project include the risk
that the Company will be unable to obtain at all or on acceptable
terms, and within the timeframes required, the remaining financings
necessary to fund completion of the build, testing and deployment
of the Company's seafloor production system, that the Company will
be unable to rectify or arrange for the rectification of the
default under the shipbuilding contract for the construction of the
Production Support Vehicle (as announced on 11 December 2017) and
that agreements with third party contractors for building slots
within certain timeframes are not secured as required. As the
Company has not completed an economic study in respect of the
Solwara 1 Project, there can be no assurance that the Company's
production plans will, if fully funded and implemented,
successfully demonstrate that seafloor resource production is
commercially viable. Risks relating to planned exploration
activities, if funded, include the risk that the actual results of
such activities will not be consistent with the Company's
expectations; risks relating to the geology, grade and continuity
of seafloor mineral deposits; the possibility of accidents, delays
in availability of equipment or breakdowns in equipment; labor
disputes; and other unanticipated difficulties with or
interruptions in such exploration activities. Except as required by
law, we do not expect to update forward-looking statements and
information as conditions change and you are referred to the full
discussion of the Company's business contained in the Company's
reports filed with the securities regulatory authorities in
Canada.
About Nautilus Minerals Inc. Nautilus is the
first company to explore the ocean floor for polymetallic seafloor
massive sulphide deposits. Nautilus was granted the first mining
lease for such deposits at the prospect known as Solwara 1, in the
territorial waters of Papua New Guinea, where it is aiming to
produce copper, gold and silver. The Company has also been granted
its environmental permit for this site. Nautilus also holds highly
prospective exploration acreage in the western Pacific (granted and
under application), as well as in international waters in the
Central Pacific. A Canadian registered company, Nautilus is listed
on the TSX:NUS stock exchange and is also a member of the Nasdaq
International Designation program. Its corporate office is in
Brisbane, Australia. Its major shareholders include MB Holding
Company LLC, an Oman based group with interests in mining, oil
& gas, which holds a 29.3% interest and Metalloinvest, the
largest iron ore producer in Europe and the CIS, which has a 18.5%
holding (each on a non-diluted basis, excluding loan shares
outstanding under the Company’s share loan plan).