TSX-listed Nautilus Minerals has started wet testing of its new seafloor diamond drill rig, which it developed to relieve the drilling requirements of its future exploration programmes.
The rig, nicknamed the “Hobbit” scout rig, has so far successfully met design targets in a series of land-based trials, largely focused on rod handling, functional drilling and landing stability tests.
The wet test programme will occur over a two-week period, and will expand the testing parameters to include submerged operations and mechanical endurance.
“According to our recently released preliminary economic assessment of Solwara 1, a single quarter’s production at steady mining rates of about 3 200 t/d and at average Solwara deposit grades, adds around $110-million in the earnings before interest, taxes, depreciation and amortisation (Ebitda),” comments Nautilus CEO Mike Johnston.
Owing to these results, he explains that forward exploration is a pivotal part of the Nautilus business, with its pioneering teams overcoming traditional functional limitations and high fees in seafloor drilling, with its new “Hobbit” scout rig.
The scope of the testing, he explained, 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 familiarising personnel with all aspects of the equipment and operations, in a reduced cost environment.
The rig design uses Nautilus’ industry leading seafloor drilling experience to produce a rig that has improved landing and drill cycle capabilities, combined with simplified control systems, umbilical, and launch and recovery requirements that will allow deployment from cheaper vessels resulting in significant reductions to drilling costs.
Importantly, the improved rig capabilities are also expected to translate into improved access to sites through the rig's greater stability and smaller footprint, relative to systems available in the current commercial market.
Further, Nautilus will then consider deploying the rig on its South Pacific tenements on successful completion of the trials, subject to raising further funding.