Adyton Reports 6.2m @ 5.58g/t Au from Gameta Drill Program
BRISBANE, June 08, 2021 - Adyton Resources Corp. (TSX Venture: ADY) ("Adyton") is pleased to provide an update on the current diamond drilling program at its 100% owned Gameta Gold Project on Fergusson Island, located within Papua New Guinea's renowned "Rim of Fire".
The assay results reported in this release continue to confirm or exceed the results of historical RC drilling and increase the confidence in the existing geological model.
|ADD010:||6.2m||(40.8-47.0m)||@ 5.58 g/t Au|
|ADD015:||8.7m||(32.2-40.9m)||@ 2.78 g/t Au|
|ADD016:||5.4m ||(4.4-9.8m)||@ 2.88 g/t Au|
|ADD022||12.0m||(21.0-33.0m)||@ 1.78 g/t Au|
|Incl||5.0m||(24.5-29.5m)||@ 3.25 g/t Au|
Frank Terranova, Chairman, President and Chief Executive Officer of Adyton commented, "It has been a tremendous effort by the Adyton team to complete the Gameta drill program seven weeks ahead of schedule. The assay results continue to confirm, and in many instances exceed, the historical drill results. The success of the program has generated significant interest in the Fergusson Island project from industry participants and has given us the confidence to commence refreshing previous technical studies earlier than previously planned."
The Gameta drill program was focussed on the northern third of the resource zone and had the dual objectives of increasing the confidence in, and continuity of, the existing resources. The drill program concluded on June 4, 2021, seven weeks ahead of schedule. Thirty eight diamond drill holes were completed (ADD001 to ADD038) for a total of 3,381m.
"Based on my previous executive experience in the region, my confidence that this project is a legitimate producer in waiting continues to grow, and we will start to plan accordingly," Mr. Terranova added.
This release reports assays for drill holes ADD009 to ADD023 totalling 1,183 metres. Assays for drill holes ADD024 to ADD038 are in progress and will be reported in future releases. A full listing of significant intersections for holes ADD009 to ADD023 is presented in Note (2) to this release.
Fergusson Island is one of the D'Entrecasteaux Islands, which are in the western end of the Woodlark extension (Woodlark Basin).
Adyton has three separate exploration projects on Fergusson Island:
- The Gameta Gold Project, which currently has a 360,000-ounce gold (oz Au) inferred mineral resource(1).
- The Wapolu Project, which currently has a 140,000 oz Au inferred mineral resource(1).
- Oredi Creek has widespread epithermal gold mineralisation associated with a fault zone with rock chips up to 1.4 g/t Au and a drill intersection of 70m @ 0.5 g/t Au from previous drilling programs. Importantly, this project, although early stage, adds significant strategic value to the Adyton landholding position on Fergusson Island.
The geological setting is dominated by Miocene-Recent crustal thinning created by extension (stretching) of the crust. This thinning has resulted in doming of metamorphic core complexes separated from an over-thrusted sub-seafloor oceanic mantle by a decollement (Detachment Fault Zone or DFZ), overlaying ultramafic rocks of the obducted block.
Gold mineralisation is hosted in the DFZ and within the footwall dioritic gneiss and appears to be both fracture- and dyke-related, plus sulphide-hosted.
The mineralisation model for Gameta and Wapolu suggests that gold is associated with hydrothermal fluids and is concentrated in shallow-dipping deposits within or immediately adjacent to the DFZ, which bounds the metamorphic core complexes. This general setting is analogous to such deposits as Misima in PNG and Mesquite and Picacho in California.
The gold occurs in association with fine sulphides as disseminations and in epithermal quartz veins in lensoid zones parallel to the DFZ.(2)
Drill Program Overview:
The diamond drilling program at the Gameta Project was designed to test the continuity of mineralisation within the DFZ and below into the gneissic footwall, and to increase confidence in historical assay results within the existing inferred resource envelope from RC drilling conducted in the mid-1990's (refer Figure 1).
The drilling was focussed on the northern third ("the northern ore zone") of the known resources with a strike extent of over 700m being tested (note the resource zone itself occurs over a strike interval of 2,000m).
Testing targeted the shallower open pitable material, with drilling generally less than 120m and aimed to provide confirmatory data to support the results from historical RC drilling programs ahead of an expected resource upgrade in Q3 2021.
Some extensional drilling was also part of the program, testing below and down dip from known resources.
"Figure 1 Gameta Project drill hole plan. Refer Figure 2 for detailed view of Cross Section 26 and Figure 3 for detailed view of Cross Section 24" is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8a78d926-78ff-4e8d-ba64-010b396f70e8
The Gameta drill program concluded on June 4, 2021, seven weeks ahead of schedule. 38 diamond drill holes were completed (ADD001 to ADD038) for a total of 3,381m.
Results have been returned from Holes ADD001 to 023, with significant high-grade gold intercepts being recorded on holes ADD001, 002, 003 (TSX-V Announcement 05 May 2021) and 006 (reported on 26 May 2021) and ADD010, 015, 016 and 022 reported in this release. In general, the results support previous drilling and in places enhance the results of the historical RC drilling. (e.g., ADD010).
ADD015 (Az 400; -800 dip; EOH 86m) intersected two zones of mineralisation (Figure 2), extending the mineralised area identified from previous drilling.
ADD010 (2200; dip -700; EOH 87.4m) returned a significant intersection down dip from previous drilling (Figure 3), extending the high-grade resource in this area. This area has further been followed up in hole ADD033, for which results are awaited.
"Figure 2 Cross section 26 showing results from current drill program. Unlabelled holes are historical RC drill holes." is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/839406d6-f2e1-4953-b5d7-bb6d3d90c182
Completion of Gameta drill program and targeted drill program for the Wapolu Project
With the completion of the Gameta drill program, the drill rigs are in the process of being demobilised.
One rig is to be used for a short infill program at the Wapolu project, sampling the main areas for geological information and samples for metallurgical test work.
The second rig will be mobilised to Feni Island to join an existing rig currently being commissioned (see TSX-V release 4 June 2021).
"Figure 3 Cross section 24 showing results from current drill program. Unlabelled holes are historical RC drill holes." is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3c8c39d4-355b-4c3f-b440-469a022216a3
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
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 Fergusson Island Project currently has a mineral resource prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") dated December 17, 2020, which has outlined an initial inferred mineral resource of: (i) at Gameta, 7.2 million tonnes at an average grade of 1.55 g/t Au, for contained gold of 360,000 ounces, assuming a cut-off grade of 0.8 g/t Au; and (ii) at Wapolu, 3.1 million tonnes at an average grade of 1.42 g/t Au, for contained gold of 140,000 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 Fergusson Gold Property, Milne Bay Province, Papua New Guinea" (the "Fergusson Island 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 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.
(2) Information regarding drill holes and exploration results reported in this release
|Hole ID||East||North||RL (m)||Length (m)||Az (deg)||Dip (deg)||From (m)||To (m)||Interval (m)||Au g/t|
(Coordinates in UTM Zone 56, Southern Hemisphere (WGS84)
- All drilling has been carried out by Diamond Drilling, in PQ and HQ core size.
- ADD009, 010, 012, 014 to 023 to the extent known has been drilled perpendicular to / across the mineralised zone (the Detachment Fault Zone DFZ) and were drilled within the existing inferred resource zone, primarily to increase confidence in grade and continuity from previous RC drilling programs carried out in the 1990's.
- Hole ADD011 was drilled oblique to the known strike of the ore zone and Hole ADD013 was drilled on the eastern margin of the resource zone, to determine boundaries in the existing resource model.
- Core recovery has generally been very good >95%.
- Sampling has been carried out on split core, with half being sent for assay and half core remaining in the core trays.
- Nominal sampling intervals are 1.0m.
- Assays are not capped.
(3) Information regarding QA / QC procedures in relation to exploration results reported in this release
Gold assays have been carried out by Lead collection 50g charge Fire Assay with AAS finish at Intertek Laboratories, Lae, PNG, an accredited laboratory to ISO/IEC 17025 (2005) for quantitative gold determination.
All assays have been subject to quality control measures appropriate for diamond drilling where certified reference materials / standards have been included in each batch of samples submitted as part of the quality assurance / quality control process.
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 May 05, 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 (AusIMM) 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 therein.
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.
"Map showing the location of Adyton's Papua New Guinea exploration projects relative to significant PNG gold projects." is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6180193f-c979-4c58-9ba1-c8ffd2587923
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.