Nautilus upgrades resource for CCZ project off Tonga

Nautilus Minerals Inc has announced that its wholly owned subsidiary, Tonga Offshore Mining Ltd (TOML), has upgraded its Mineral Resource estimate for its polymetallic nodule project to include portions in the Inferred, Indicated and Measured categories. This follows on from the successful completion of exploration campaigns in the Clarion-Clipperton Fracture Zone (CCZ) in the Central Pacific in 2013 and late 2015.
Nautilus CEO Mike Johnston commented, “It is exciting to announce this increase in the CCZ project’s inferred mineral resource base from 410 Mt (wet) to 685 Mt (wet) as well the upgrade of an additional 68 Mt (wet) into the indicated category and 2.6 Mt into the measured category”.
The Mineral Resource includes portions in the Inferred, Indicated and Measured categories. The Mineral Resource estimate at an abundance cut-
off of 6 wet kg/m2 is the selected base case scenario considering a non-selective bulk mining operation.

Mathew Nimmo, independent Qualified Person (QP) for the project, has assessed the available information regarding mining and processing of the polymetallic nodules and concluded that there are reasonable prospects for economic extraction. The effective date for the estimate is 30 March 2016 (being the date when the QP received the nodule sample data from TOML). Nautilus CEO Mike Johnston also noted, “Our updated mineral resource for the CCZ highlights again the significant potential of seafloor resources. Technological advances in mining, oil & gas and maritime technologies over the last 20 years now mean there are reasonable prospects for economic extraction of these massive mineralised systems. At Nautilus, we are both excited and privileged to be leading the development of this significant, currently untapped potential, first with our high grade Solwara 1 Seafloor Massive Sulphide (SMS) Project, and other SMS systems in the South West Pacific, and now with this updated polymetallic nodule mineral resource in

the CCZ.”