Download the Nautilus Minerals press release
Toronto Ontario, February 09, 2018 – Nautilus Minerals Inc. (TSX:NUS, OTC:NUSMF Nasdaq Intl Designation) (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/EL2537SuSuGeology
Targetsv2.jpg - http://www.nautilusminerals.com//irm/media/80/PNGTenementMap180
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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
