Bass in PNG treatment plant deal with Nautilus

Business, Normal

BASS Metals has struck a deal that could result in its Hellyer treatment plant in Tasmania’s northwest processing base and precious metals mineralisation spewed from volcanic vents on to the seabed offshore from Papua New Guinea, Melbourne’s The Age newspaper reported on its online edition on Monday.
Bass said its non-binding toll treatment deal with Toronto-listed Nautilus Minerals aimed for Hellyer to process up to one million tonnes a year of mineralisation – scraped from the seabed by Nautilus – for five years.
A Nautilus subsidiary would pay Bass A$1 million (K2.5 million) for the first two years, A$750,000 (K1.89 million) in the third year and two payments of A$250,000 (K632,000) in years four and five.
Bass said work by Nautilus had delineated a seabed “mineral resource” at its Solwara 1 project that contained “‘high-grade copper and gold along with silver and zinc”.