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Wednesday, 27th September 2006 (3157 views)

Nautilius has announced the discovery of a new zone a its site in Asia.

The EL1196 exploration license is situated in the territorial waters of Papua New Guinea. In addition to identifying a new zone named the Solwara 4 prospect, Natutilius has unearthed further high grade copper-gold results from the Solwara 1 project.

The Solwara 4 site is located 47 kilometres to the west of the Solwara 1 area. And it consists of a formation of seven spalerite-rich chimney sulphide in 150 metre outcrop width.

A total of 28 samples were taken from the surface of Solwara 4 averaged 13.5 grams per tonne of gold (g/t Au) and 238 g/t silver.

Highlights included assays returning 66.5 g/t Au and 19 g/t Au.

Nautilius chief executive David Heydon commented: "The sampling of high-grade gold-copper-zinc mineralisation at the Solwara 4 prospect further confirms the prospectivity of Nautilus' ground holding in Papua New Guinea to host additional high grade copper-gold-zinc-silver mineralised systems.

"We are also excited by further sampling from the Solwara 1 Prospect confirming the high grades returned from previous programs."

 

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