NAUTILUS Minerals has reached another milestone with the Solwara 1 joint venture taking delivery of the three seafloor production tools (SPTs) in early 2016.

Kili Teke is on the company’s 100 per cent owned exploration licence EL2310, off Papua New Guinea.

Harmony said this is the first new porphyry copper-gold deposit defined in PNG since the Golpu discovery in the early 1990’s.

The mineral resource comprises 128 million tonnes at 0.4% copper, 0.3 grams per tonne of gold, 170 ppm molybdenum and was completed in accordance with the guidelines of the SAMREC and JORC codes.

Classified as inferred, the mineral resource has been defined over a zone 600 metres long, 300 metres wide and 400 metres deep.

At this stage the resource is constrained only by the drill density and limits of the drill pattern, Harmony said.

Harmony has continued diamond drilling with two drilling rigs onsite to accelerate infill and extension drilling.

Pleased with the results, Harmony chief executive Graham Briggs said the estimate of 4 million ounces of gold equivalent is a positive outcome from the early stage drilling at Kili Teke.

“Additional significant drill intercepts have already been obtained at depth below and along strike,” he said.

“The declaration of a maiden resource is step one in growing a magnificent resource base – one which is wholly-owned by Harmony. Our exploration discovery cost is less than US$10 per gold ounce equivalent – one of the lowest worldwide.”

Mr Biggs said the company is excited by the prospect of turning Kili Teke into a major new deposit.