Adyton reports silver potential with 2.7m @ 34 g/t Ag complementing recently reported high grade gold results
BRISBANE, June 11, 2021 - Adyton Resources Corp. (TSX Venture: ADY) ("Adyton") is pleased to report that multi-element analysis of drill core samples from the diamond drilling program at its 100% owned Gameta Gold Project have confirmed the potential for the Gameta project to contain a significant silver resource / Ag credit.
Various historical technical studies have identified the potential for silver to be present within higher grade gold zones on the Fergusson Island deposits. In addition, high silver grades were intersected within some of the higher-grade gold zones reported in diamond drilling carried out in the early 2000's.
To confirm the silver potential of the Gameta project, a complete multi-element analysis of drill core samples ("Multi Element Analysis") from the current drill program is being undertaken in addition to the lead collection fire assays which are undertaken to analyse the gold content of the drill core samples ("Gold Assays"). The Gold Assays are performed at the Intertek laboratories in Lae in Papua New Guinea, after which the samples are shipped to laboratories in Australia for the multi-element analysis. The reporting of silver assays for a drill hole therefore occurs sometime after gold assays are reported for that drill hole.
Multi-element assay results for holes ADD001 to ADD008 have now been returned, with significant silver reported in holes ADD001, 002 and 006.
|Multi-element analysis of drill core samples reported significant silver intersections including:|
|ADD001:||7.2m||(26-33.2m)||@ 12.5 g/t Ag|
|ADD002:||20.7m||(11.9-32.2m)||@ 7.5 g/t Ag|
|ADD006:||18.1m||(60.7-78.8m)||@ 12.6 g/t Ag|
|Incl||2.7m||(68.8-71.5m)||@ 34.0 g/t Ag|
Frank Terranova, Chairman, President and Chief Executive Officer of Adyton commented "We are committed to obtaining a complete understanding of the Fergusson Island projects and advancing them as quickly as possible. The Pacific Rim of Fire is globally renowned for producing exceptional world class mineral assets that have demonstrated accelerated growth and, in many instances, surpassed the initial geological consensus of what their potential might be.
The silver potential identified by the multi-element assays complements the already exceptional Gold grades reported from the Gameta drill program, providing further validation of our decision to accelerate technical studies for the Fergusson Island projects and justifying the commencement of a follow up drill program as soon as practically possible."
"This management team has a track record of identifying opportunities, growing companies and delivering longer term shareholder value within the Pacific Rim of Fire. Having been listed since February 2021, our focus continues to be the establishment of a solid foundation for Adyton's future operations by remaining well-funded and rapidly advancing the Company's core projects through targeted, disciplined and cost-effective exploration and development programs." Terranova added.
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 is 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 is targeting the shallower open pitable material, with drilling generally less than 120m and aims 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 is also part of the program, testing below and down dip from known resources.
Whilst historical drilling and previous technical studies identified the potential for silver to be present within higher grade gold zones on the Fergusson Island deposits, to date a silver resource has not been estimated. To enable a more complete understanding of the silver potential of the projects, and to potentially enable the estimation of a silver resource, a complete multi-element analysis of drill core samples from the current drill program is being undertaken in addition to the lead collection fire assays which are undertaken to analyse the gold content of the drill core samples.
Figure 1 Gameta Project drill hole plan. Refer Figure 2 for detailed view of Cross Section 25 showing Ag intersection is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/31dcd5e5-523b-474f-a249-7ec0e6288fe5
The Gameta drill program was completed on June 4, 2021, some seven weeks ahead of schedule, with 38 diamond drill holes totalling 3,381m having been drilled.
The Gold Assays are performed at the Intertek laboratories in Lae in Papua New Guinea, after which the samples are shipped to laboratories in Australia for the multi-element analysis. The reporting of silver assays for a drill hole therefore occurs sometime after gold assays are reported for that drill hole.
This release reports the multi-element assay results for holes ADD001 to ADD008 for which gold assays were reported in releases dated 5 May 2021 and 26 May 2021.
As summarised in the table below and in Figure 2 and Figure 3, a number of significant silver intersections which correlate with previously reported gold intersections have been reported, confirming the potential for significant silver content to be present in the higher-grade gold zones in the resource envelope. The presence of significant silver content would enhance the project economics.
|Hole||Gold intersection||Silver intersection|
|ADD001||18.3m (20-38.3m) @ 2.65 g/t Au1||7.2m (26-33.2m) @ 12.5 g/t Ag|
|ADD002||27.2m (5-32.2m) @ 4.38 g/t Au1||20.7m (11.9-32.2m) @ 7.5 g/t Ag|
18.10m (60.7 - 78.8m) @ 4.88 g/t Au2
18.1m (60.7-78.8m) @ 12.6 g/t Ag
2.7m (68.8-71.5m) @ 34.0 g/t Ag
1Refer TSX-V announcement dated May 5 2021
2 Refer TSX-V announcement dated May 26 2021
Significant silver grades will be separately reported going forward as multi-element results are progressively returned from the laboratory and will be considered in the preparation of an updated resource estimate for the Gameta project which is expected to be completed in the third quarter of 2021.
Figure 2 Cross section 25 showing results from current drill program. Unlabelled holes are historical RC drill holes is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/367e883f-0a87-4043-8347-ebee781809bb.
Figure 3 Cross section 27 showing results from current drill program. Unlabelled holes are historical RC drill holes is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7ab61d5a-3a59-4fdf-8663-77a17d15219b.
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)||Ag 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.
- ADD001 and ADD002 have been drilled oblique to the dip of the interpreted mineralized zone (DFZ). ADD006 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.
- 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. Silver is analysed following four acid digestion for multi element (48 element) analysis followed by ICP-MS at Intertek Laboratories, located at Bohle, Townsville, Queensland, Australia, an accredited laboratory to ISO/IEC 17025. Intertek Global Minerals laboratories are established under the guidelines of the ISO17025 standard testing and calibration and all laboratories comply with Intertek's quality and management systems.
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/2bc35e0a-f6d9-4292-8e18-2ba5099a89ca
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.