Nautilus’ 2nd project site

Business, Main Stories

The National – Wednesday, February 16, 2011

THE Canadian mining company Nautilus Minerals has identified a second potential development project in the Bismarck Sea in Papua New Guinea.
Nautilus chief executive Steve Rogers said the success of the initial drilling at Solwara 12 means the company had taken a big step forward towards building a portfolio of projects in the Bismarck Sea, adding to its existing Solwara 1 deposit.
A statement from the company said a deepwater exploration drilling campaign carried out at the Solwara 12 prospect discovered intersections of mineralisation at all five drill sites.
The company said it will conduct further drilling at Solwara 12 to establish a resource.
The government awarded Nautilus the world’s first deep-sea mining lease last month to develop its copper-gold project by searching for mineral deposits in the seabed of the Bis-marck Sea.