The Atlantis II Sea Floor Massive Sulphide Deposit, Red Sea - Current Status and Future Programme

"The Atlantis II Deposit comprises metalliferous sediments (Zn+Cu+Ag+Au) accumulating in a composite, axial basin, 2,000m beneath the surface of the Red Sea. The basin contains warm, highly saline water. It is located approximately half way between Jeddah and Port Sudan within the Exclusive Economic zones of Saudi Arabia and Sudan. The Deposit was discovered in 1963 and evaluated by drilling in the 1970s and 1980s. This phase defined an initial resource of approximately 90Mt. More recent estimations have refined this figure to an Inferred Resource of approximately 80Mt (CIM compliant).The Mining Licence to develop and extract the Atlantis II Deep Deposit was granted to Manafai International Trade in 2010 by the joint Saudi-Sudanese Red Sea Commission. Manafai is poised to embark on a renewed phase of exploration and evaluation, including the completion of a Definitive Feasibility Study (DFS) and leading to the successful exploitation of the Deposit in a safe, environmentally sound, economically viable and socially responsible manner.The Deposit is forming in a complex basin adjacent the median rift, where sea floor spreading has operated during the last 5Ma. It is a Hydrothermal-sedimentary Deposit. The mineralised sedimentary rocks rest directly on sea floor basaltic rocks. They are produced by the exhalation of metal-rich, hydrothermal brines from fissures associated with the central rift and cross-cutting fracture zones. Up to 25m of metal-rich sediments have accumulated over an area exceeding 57km²."