TORONTO, May 24, 2018 (GLOBE NEWSWIRE) -- Nautilus Minerals Inc. (TSX:NUS) (OTC:NUSMF) (Nasdaq Intl Designation) (the "Company" or "Nautilus") announces that it has successfully completed the first trial of its newly developed autonomous sediment sampler. The insect-inspired creation is dubbed the “Nautilus Jumping Spider” and resembling its animal namesake, it sports a number of “tubular” legs. On landing on the seafloor, a mechanical trigger starts the suction system that delivers sediment up the tubular legs and into the sample housing. Following the release of a biodegradable sacrificial ballast weight, a deep-sea float lifts the sampler back to surface for later collection.
The spider-inspired samplers have been developed to allow the exploration team to significantly increase sediment collection efficiencies from the seafloor while decreasing costs, potentially by an order of magnitude. The Company plans to test its extensive land positions in both Papua New Guinea and Tonga, (which total an area larger than the land area of the United Kingdom), in the later part of 2018, subject to financing.
Mike Johnston, Nautilus’ CEO, commented, “The innovation of the Exploration team in developing this simple yet very user friendly sediment sampler must be commended. Over the years, Nautilus and its technology partners have developed a number of low cost tools, to assist with its exploration and development efforts (ROV drills, self potential and electromagnetic subsea geophysical systems, and various water column and seafloor geochemical sampling systems). Development of the new autonomous sampling tools continues to demonstrate the Company’s commitment to industry leading innovation. Along with other exploration techniques, including seabed drilling, the team is looking to build a pipeline of projects and resources to feed our mobile mining system currently under construction.”
About the Nautilus Jumping Spider
Nautilus has previously demonstrated the effectiveness of low cost grid sediment sampling in the highly sedimented East Manus Basin (Papua New Guinea). The challenge was to extend this technique to rocky low sedimented areas, with a further reduction in cost to allow for even more extensive sampling programs. This now appears possible with the development of the “Nautilus Jumping Spider”.
This first generation autonomous sampler has been exclusively developed by Nautilus (figure 1). It is both light weight and low cost in design. The sampler is designed to land on rough terrains, with a high degree of sampling efficiency.
The system was designed and largely built “in-house”. Other notable design features include a radio transponder ported into the float to aid locating and surface recovery; a galvanic fail safe release; use of industry standard (certified) sample sieves; self-priming design of the suction and sample system and use of biodegradable sacrificial ballast weights.
For more information please refer to www.nautilusminerals.com or contact:
Nautilus Minerals Inc. (Toronto)
Tel: +1 416 551 1100
The TSX does not accept responsibility for the adequacy or accuracy of this press release.
Certain of the statements made in this news release may contain forward-looking information within the meaning of applicable securities laws, including statements with respect to the Company's funding requirements, the development of the Solwara 1 Project and the operation of the Company's exploration tools. We have made numerous assumptions about such statements, including assumptions relating to the Company’s funding requirements, project funding, and completion and operation of the Company's seafloor production system and exploration tools. Even though our management believes the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that they will prove to be accurate. Forward-looking information by its nature involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information. Please refer to our most recently filed Annual Information Form in respect of material assumptions and risks related to the prospects of extracting minerals from the seafloor and other risks relating to the Company's business and plans for development of the Solwara 1 Project. Risks related to continuing the Company's operations and advancing the development of the Solwara 1 Project include the risk that the Company will be unable to obtain at all or on acceptable terms, and within the timeframes required, the remaining financings necessary to fund completion of the build, testing and deployment of the Company's seafloor production system; that the Company will be unable to rectify or arrange for the rectification of the default under the shipbuilding contract for the construction of the production support vessel; that agreements with third party contractors for building slots within certain timeframes are not secured as required; and the risk that the Company's seafloor equipment and exploration tools, including the "Nautilus Jumping Spider", will not operate as expected. As the Company has not completed a prefeasibility study or feasibility study in respect of the Solwara 1 Project, there can be no assurance that the Company's production plans will, if fully funded and implemented, successfully demonstrate that seafloor resource production is commercially viable. Except as required by law, we do not expect to update forward-looking statements and information as conditions change and you are referred to the full discussion of the Company's business.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The Company has also been granted its environmental permit for this site.
Nautilus also holds highly prospective exploration acreage in the western Pacific (granted and under application), as well as in international waters in the Central Pacific.
A Canadian registered company, Nautilus is listed on the TSX:NUS stock exchange and is also a member of the Nasdaq International Designation program. Its corporate office is in Brisbane, Australia. Its major shareholders include MB Holding Company LLC, an Oman based group with interests in mining, oil & gas, which holds a 30.4% interest and Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 19.2% holding (each on a non-diluted basis, excluding loan shares outstanding under the Company’s share loan plan).