Friday, 4th November 2005 (2638 views)

Neptune Minerals is to mine gold off the coast of New Zealand following an agreement with Seacore Limited and Canyon Offshore.

This could lead to a breakthrough, as Seafloor Massive Sulphide (SMS) deposits have not been commercially developed elsewhere in the world.

Neptune Minerals has a prospecting licence for the SMS deposits, which typically contain higher precious metals content than those onshore.

Specialist marine drillers Seacore will carry out the core sampling of SMS, while marine technology company Canyon offshore will undertake high-resolution seafloor terrain mapping.

It is hoped that the resultant data will enable Neptune Minerals to ascertain the thickness of the SMS deposits.

The company anticipates that its coring programme will commence before the end of the month.

 

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