Adyton Resources announces mobilisation at Feni Island; Maiden Copper Gold diamond core drilling program
BRISBANE, June 02, 2021 - Adyton Resources Corp. (TSX Venture: ADY) ("Adyton") is pleased announce that the mobilisation of the drilling program at its 100% owned Feni Island Copper Gold project has commenced with equipment and key team members now on site.
Feni Island has a 650,000 oz Au Inferred Resource (1) and is in a Tier 1 region along a mineral belt containing the world class Simberi, Lihir, and Panguna gold and copper projects. The project hosts a number of spectacular targets.
The program at Feni Island is planned to comprise approximately 10 diamond drill holes for 3,000 metres, with the first holes expected to average around 500 metres each. These initial holes will focus on the largely untested copper porphyry targets identified from recent 3D IP modelling (refer Figure 1), as well testing extensions to the existing epithermal gold Inferred Resource.
Mr Terranova stated, "Our understanding of the Feni Island Copper and Gold geological setting continues to grow, and our maiden diamond core drilling program will accelerate this. Running the Feni Island and Fergusson Island drilling programs in tandem ensures regular news flow throughout June and July as we start to consolidate the recent successful results of Fergusson Island towards various technical studies."
Further updates on the maiden drilling program at Feni Island will be provided.
Additional drilling results relating to the current Fergusson Island drilling program are expected within the coming week.
ON BEHALF OF THE BOARD OF Adyton Resources Corp.
Frank Terranova, Chairman, President and Chief Executive Officer
For further information please contact:
Frank Terranova, Chairman, President and Chief Executive Officer
Phone: +61 7 3854 2389
Figure 1: Feni Project, map showing prospects on magnetics - the drilling program will focus on the Kabang prospect where geophysical targets will be tested (see Fig 2). Other prospects will be the subject of ongoing exploration.
A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/12ac6b90-cd99-4966-a8cc-b9508e2916cb
Figure 2: Feni DDIP Survey 3D Phase Inversion Model 200m depth slice, with summary interpretation of conductive zone (resistivity < 10 Ωm) superimposed. Proposed drill holes are testing the porphyry copper / gold target to 500m depth (see Figure 3), in addition to testing the shallower epithermal gold zones.
A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b2c1bc00-3d39-4f99-bcaf-0edc2c07ebcf
Figure 3: Perspective view looking to the south-west of the 3D inversion model showing the modelled sub-vertical pipe-like zone porphyry Cu/Au drilling target at Kabang (see Fig 1). As can be seen, the zone is largely untested and extends deeper than the current depth of drilling. The proposed holes (shown in plan view in Figure 2) are shown here testing the IP target to 500m.
A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/77fd2c85-4504-4480-8261-cd450f1aadac
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
(1) Notes Regarding Inferred Mineral Resource Estimates
- The Feni Island Project currently has a mineral resource prepared in accordance with NI 43-101 dated December 17, 2020, which has outlined an initial inferred mineral resource of 19.9 million tonnes at an average grade of 1.01 g/t Au, for contained gold of 650,000 ounces, assuming a cut-off grade of 0.8 g/t Au.
- See the NI 43-101 technical report entitled "NI 43-101 Technical Report on the Feni Gold-Copper Property, New Ireland Province, Papua New Guinea" (the "Feni Technical Report") dated February 1, 2021 and prepared for XIB by Mark Berry (MAIG), Simon Tear (MIGI PGeo), Matthew White (MAIG) and Ian Ryan Roy (MAIG), each an independent mining consultant and "qualified person" as defined in NI 43-101, available under Adyton's profile on SEDAR at www.sedar.com.
The scientific and technical information contained in this press release has been prepared, reviewed, and approved by Rod Watt, BSc Hons (Geo), FAusIMM, Chief Geologist and a director of Adyton, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Adyton Resources Corp. press release dated June 3, 2021: "The technical information in this press release has been reviewed and approved by Rod Watt, who is a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM) and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI43-101). Mr. Watt consents to the inclusion of his name in this release. Mr Watt verified the data disclosed in this press release in accordance with industry standard best practices, including sampling, analytical, and test data underlying the information or opinions contained herein."
Forward looking statements
This press release includes "forward-looking statements", including forecasts, estimates, expectations, and objectives for future operations that are subject to several assumptions, risks, and uncertainties, many of which are beyond the control of Adyton. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward looking statements in this news release include plans for additional drill testing, the intention to prepare additional technical studies, the timing of additional drill results, and the preparation of a resource upgrade in Q3 2021. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among other things, include: impacts arising from the global disruption caused by the Covid-19 coronavirus outbreak, changes in general macroeconomic conditions; changes in securities markets; changes in the price of gold or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of and changes in the costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Readers are cautioned not to place undue reliance on forward looking statements or information. Adyton Resources Corp. undertakes no obligation to update forward-looking information except as required by applicable law.
ABOUT ADYTON RESOURCES CORPORATION
Adyton Resources Corp. is focused on the development of gold and copper resources in world class mineral jurisdictions. It currently has a portfolio of highly prospective mineral exploration projects in Papua New Guinea on which it is exploring for copper and gold. The Company's mineral exploration projects are located on the Pacific Ring of Fire which hosts several world class copper and gold deposits.
A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/00baceef-52b8-4588-8c97-b039178672c8
Adyton was formed by a reverse takeover transaction completed with XIB I Capital Corporation on February 17, 2021 and commenced trading on the TSX Venture Exchange under the symbol "ADY" on February 24, 2021.
Adyton is also quoted on the Frankfurt Stock Exchange under the code 701:GR.
For more information about Adyton and its projects, visit www.adytonresources.com.