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Thursday, 17th November 2005 (3823 views)

Nautilus Minerals has unveiled plans to "revolutionise" the mining industry by drilling for gold and copper off the shores of Papua New Guinea.

The Australian outfit has boldly promised to "lead the charge into the next frontier" by digging for deposits of the two metals 2,000 metres under water.

The privately-held company said it has successfully identified mineral rich zones in the Manu Basin just off the island.

Nautilus claims the location is a hotbed of gold and copper, found in solidified molten metal mounds thrown up from the earth's crust.

The company has secured funding from Canadian mining giant Placer Dome, enabling it to "take the project to the next level".

Under the terms of the partnership, Placer can earn up to 75 per cent interest in any gold rich deposits after the first $35 million has been spent.

Nautilus will keep hold of any copper-zinc deposits with less than 3g/t.

Nautilus – which is seeking a public listing in early 2006 – is modestly calling the move "the biggest advance in mining in 50 years".

 

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