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Papau New Guinea
Nautilus increases seafloor resources
A SUCCESSFUL exploration drilling campaign at Nautilus Minerals’ tenements
in the Bismarck Sea of Papua New Guinea has enabled the company
to increase the resource estimate at its Solwara 1 project, and to
declare a maiden inferred resource at the nearby Solwara 12 deposit. Total
indicated resources have increased by 18% to 1.03 million tonnes and
total inferred resources have risen 36% to 1.8 million tonnes.
At Solwara 1 contained copper in indicated resource has increased 25%
to about 74,000 tonnes and contained copper in inferred resource has
increased 28% to about 125,000 tonnes. Contained gold in indicated resource
has increased 23% to about 166,000 ounces and inferred gold
resource has increased 5% to about 317,000 ounces.
A maiden inferred resource has been declared at Solwara 12, 25km to
the northwest of Solwara 1, of 230,000 tonnes, grading 7.3% copper and
3.6 grams/tonne gold.
The increases in contained metal within the resource are a result of additional
tonnes and importantly, higher grades, due to successful resource
drilling which identified further high grade ore zones. The increase in tonnes
was also partly due to a reduction in the cut-off grade from 4% copper,
used in the prior 2008 resource statement, to a copper equivalent
cut-off grade of 2.6% in the 2011 resource, following refinements in the
project design.
Nautilus Minerals’ president and CEO Steve Rogers says the notable
increase in the resource base demonstrates the success of the exploration
campaign, extending the life of the Solwara 1 Project and delivering an
improved knowledge of the Bismarck Sea geology. “Importantly, the declaration
of a maiden resource at Solwara 12 begins the process of building
a pipeline of projects for Nautilus in the region, and confirms the
prospectivity of the Bismarck Sea, where we have identified another 16
prospects for further evaluation.
“Nautilus will attempt to build on this base in the coming year, through
on-going exploration activities in PNG and elsewhere in the western Pacific.
Nautilus will be undertaking important work including the use of multibeam
sonar and seismic exploration tools in the Bismarck Sea over the
coming months to assist in identifying targets for drilling, scheduled to be
conducted in the second half of next year.”
Nautilus continues to make steady progress in the development of the
pioneering seafloor copper/gold project and remains on track to begin
production in the final quarter of 2013. The company successfully raised
Can$98.1 million in a capital raising with funds to be used for the construction
of a seafloor resource production system, which initially will be
deployed at Solwara 1. As a result of the successful financing, the Board
of Nautilus formally sanctioned the Solwara 1 project.
Drilling of Nautilus Minerals’ seafloor prospects is carried out from exploration ships.
Partners extend Frieda River feasibility study
Drilling on Highlands Pacific’s Star Mountains project near Ok Tedi.
HIGHLANDS Pacific and Xstrata Copper have agreed to extend the
completion of the Frieda River Copper-Gold Project’s feasibility study
by 11 months in order to evaluate new power supply options. Xstrata
Copper was due to deliver the study by January 23 to maintain their
81.82% interest but as a result of potential power options becoming
available late in the study timeframe, both parties have agreed to extend
the delivery date to December 21, 2012.
As part of the extension, Highlands will be carried through from January
23 to lodgement of the special mining lease application with
Highlands’ share of expenditure repaid when the project is in production.
Xstrata will be taken to have earned a 72% interest in the project
on January 23, with the remaining 9.82% contingent on completion
of the feasibility study. At the end of the study and subject to the joint
venture partners agreeing, the project could proceed to the lodgement
of a special mining lease and environmental impact statement.
The Frieda copper-gold project is one of the Asia Pacific’s largest undeveloped
copper/gold resources. It is 175km northwest of the giant
Porgera gold mine and 75km north‐east of the Ok Tedi mine. The
pre‐feasibility study released in November 2010 indicated annual
throughput of 60 million tonnes for the first eight years for 246,000 tonnes
of copper and 379,000 ounces of gold each year. The multi decade
life mine will have an average annual throughput of 50 million tonnes.
Highlands Pacific’s managing director John Gooding says, “There
are some exciting energy projects happening in PNG at present, either
in development or near-development, and Highlands and Xstrata
Copper believe these must be more rigorously considered to optimize
the development of this resource.”
Adjacent to the main Horse-Ivaal-Trukai ore body, which is the focus
of the study, the high-grade copper Nena deposit also provides further
options for the project. At present Nena is outside the JV with
Xstrata Copper, however Xstrata can bring it into the JV by exercising
an option and paying Highlands US$10.8 million by January 23, 2012.
8 | ASIA Miner | January/February 2012