Nautilus Minerals has secured 14 special prospecting licences covering a total of approximately 60,000km² in offshore Fiji and has become the first private company to receive exploration grants in the country.

Nautilus will hold exclusive exploration tenements covering a total of approximately 230,000km² in the Western Pacific, with each licence having an initial term of two years.

In addition, the company is seeking licences for a further 370,000km², taking the total to approximately 600,000km².

Nautilus CEO Steve Rogers said the award of the these licences holds promise as the territory has the potential to host significant high-grade deposits of copper, zinc, silver and gold.

Nautilus is currently developing the world’s first deepwater seafloor resource development project at Solwara 1 in the Bismarck Sea off Papua New Guinea.