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Business |
Nautilus expands seabed stakes to
Fiji, Tonga
By BAEAU TAI
DEEP-SEA exploration pioneer Nautilus
Minerals has added to its 186,000sqkm patch in the Bismark Sea of
Papua New Guinea another 90,000sqkm of seabed in Tonga and Fiji
covered by pending exploration applications.
Nautilus has lodged 18 prospecting licence applications within the
exclusive economic zone of Tonga, and a further two special
prospecting licences within the EEZ of Fiji.
This follows a geological targeting programme covering the
Southwest Pacific.
The applications covered a combined area of about 90,000sqkm.
Chief executive David Heydon said Tongan and Fijian applications
cover major crustal structures and have been the subject of study
by marine scientific researches over the past 15 years with a
number of high grade systems identified within the application
areas.
“The applications further emphasise Nautilus’ strategic first
mover advantage, and offer our shareholders exciting exploration
potential along with our prospective 186,000sqkm PNG tenement and
tenement application package,” he said.
“We look forward to the grant of these licences this year, and the
initiation of aggressive explorations programmes using the
knowledge gained from our work to date in PNG, and strategic
technical alliances we have put in place with Teck Cominco and
Anglo American.”
Approximately half of the licences are covered by the recent Teck
Cominco deal announced last month and therefore, may be subject to
joint venture with Teck Cominco.
With respect to the Tongan and Fijian applications, the national
instrument 43-101 report filed by the company last Jan 5 suggested
the presence of high grade mineralisation, making these regions
“highly prospective”.
 
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