BRISBANE, Australia, June 14, 2021 (GLOBE NEWSWIRE) — Adyton Resources Corporation (TSX Venture: ADY) (“Adyton”) is pleased to announce the mobilisation of the drilling rig at its 100% owned Wapolu Gold project located approximately 30km north-west from its 100% owned Gameta Gold Project on Fergusson Island and within Papua New Guinea’s renowned “Rim of Fire”.
With the completion of the initial Gameta drill program seven weeks ahead of schedule, a diamond drill rig has been deployed for a short infill program at the Wapolu project to confirm certain historical reverse circulation drilling results and to obtain samples for a metallurgical test work program.
Frank Terranova, Chairman, President and Chief Executive Officer of Adyton, commented, “We continue to expand and accelerate our drilling programs as we rapidly advance our understanding of the geology of the Fergusson Island and Feni Island projects. In addition, trenching and reconnaissance programs are underway to assist with the identification of drill targets for the next phase of exploration drill programs to be undertaken following the Resource Update planned for Q3 2021.”
Adyton also advises that the second diamond drilling rig previously located at Gameta has arrived at the Feni Island project. There are now two diamond drill rigs in place at Feni Island with drilling anticipated to commence shortly.
Summary Geological Setting:
The mineralisation model developed for Wapolu is that the gold is associated with hydrothermal fluids, concentrated in shallow-dipping deposits within or immediately adjacent to a detachment fault zone (DFZ) developed along a contact between a domed metamorphic basement and an overlying ultramafic unit. This is the same model as for Gameta, the sister deposit located 30kms away (the subject of Adyton’s recent drilling programs). 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.
Summary of Previous Work:
Exploration commenced in the early 1980’s with geological mapping, stream sediment sampling, rock chip and float sampling, geophysics and a small diamond drill program. By the mid-1980’s this had expanded to trenching, airborne surveys and more drilling resulting in the discovery of the Wapolu deposit. A small trial mine was conducted in the mid 1990’s, and in the early 2000’s a limited metallurgical test-work program and technical study were carried out. Since that time very little activity has been carried out.
The Wapolu Gold deposit currently consists of 3.1 million tonnes at an average grade of 1.42 g/t Au, for contained gold of 140,000 Inferred Resources ounces, assuming a cut-off grade of 0.8 g/t Au.1
Drill Program Overview:
The initial diamond drilling program at the Wapolu Project is designed to provide detailed information on the mineralised zones by diamond coring in two selected areas and so obtaining samples for metallurgical testing and to confirm previous historical intersections. A limited coring program is proposed in this initial phase of 400 – 500m.
Figure 1: Wapolu prospect – drilling and resource areas:
Below depicts the team establishing the work program:
ON BEHALF OF THE BOARD OF ADYTON RESOURCES CORPORATION
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 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 Corporation undertakes no obligation to update forward-looking information except as required by applicable law.
ABOUT ADYTON RESOURCES CORPORATION
Adyton Resources Corporation 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:
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.