The explorer said the highly prospective nature of this territory was subject to marine research by Japanese, French and other scientific teams during the late ‘80s and early ‘90s.

"The territory is very promising and has the potential to host significant high-grade deposits of copper, zinc, silver and gold," Nautilus chief executive officer Steve Rogers said.

"Following the recent grant of exploration licences by the International Seabed Authority, the Fijian government's decision to select Nautilus as the first private sector, commercial organisation to be granted offshore exploration leases reconfirms the leading status of Nautilus in this new industry."

The licences have an initial term of two years and major miner Teck Resources has a right to earn stakes in the tenements for funding exploration costs under a joint venture agreement struck back in 2007.

Meanwhile, Nautilus' flagship Solwara 1 project in offshore Papua New Guinea is advancing with construction of seafloor mining equipment underway.