Nautilus Commences Wet Testing For New Seafloor Diamond Drill Rig

Nautilus Minerals (TSX:NUS) has announced that is has commenced wet testing of its new seafloor diamond drill rig, which the company has developed to relieve the drilling requirements of its future exploration programs.

The scope of the testing is to check the operational functionality of the drill rig’s control systems, landing capability, hydraulic functions, video survey systems, and drilling cycle time/performance, in a submerged environment. The testing will also look at the system’s ability to sustain simulated offshore operations at optimal productivity levels while familiarizing personnel with all aspects of the equipment and operations, in a reduced cost environment.

As quoted in the press release, chief executive officer of Nautilus Mike Johnstone said:

“According to our recently released preliminary economic assessment for Solwara 1, a single quarter’s production at steady state mining rates (~3,200t/d) and at average Solwara deposit grades, adds around US$110 million in EBITDA. Hence forward exploration is a pivotal part of our business. Our pioneering teams are overcoming traditional functional limitations and high fees in seafloor drilling, with our new “Hobbit” scout rig.”

Click here to view the full Nautilus Minerals (TSX:NUS) press release.