PORT MORESBY, Papua New Guinea, Aug. 14, 2024 /CNW/ - Adyton Resources Corporation (TSXV: ADY) is pleased to report that Dr Chris Bowden who recently joined Adyton as Chief Operating Officer is now on Feni Island leading a team of PNG geologists and field assistants verifying previously reported information, collecting new rock samples and undertaking field mapping.
Figure 1. Adyton team ready to depart from New Ireland to go to Feni Island. Team from L to R: Skarty Furuga (Senior Geologist), Chris Wamugl (Senior Geologist), Tim Crossley (CEO), The Hon. Walter Schnaubelt (Namatanai MP and Minister for Aviation), Dr Chris Bowden (COO), support crew. (CNW Group/Adyton Resources Corporation)
Figure 2: The Hon Walter Schnaubelt (red shirt) receives a traditional welcome at Nannum Village, Feni Island (CNW Group/Adyton Resources Corporation)
Figure 3. CEO Tim Crossley undertaking community awareness at Ward 11 (CNW Group/Adyton Resources Corporation)
Figure 4. Feni Island map showing key prospect areas and reduced to pole magnetic data as the base image (red high magnetic response and blue low magnetic response), high priority prospects, and significant historical rock-chip gold, copper and molybdenum assay results). A significant number of the historical drill holes (shown as black dots) were shallow and did not penetrate post-mineral volcanic cover. The current inferred mineral resource estimate is open in all directions and represents only a small part of the larger Kabang target area.(Map extracted from Adyton NR dated July 17, 2024 “Review of existing and historical data on Feni Island reinforces significant Cu-Au discovery potential.”) (CNW Group/Adyton Resources Corporation)
Figure 5. Standing on Adyton drill hole (2021) ADK002 drill bench. From L to R: CEO Tim Crossley, Skarty Furuga (Senior Geologist), Dr Chris Bowden (COO), Gordon Taberang (Field Support), Chris Wamugl (Senior Geologist). Kneeling: Vincent Terrel (Principal Landowner), Panual Taki (Field Assistant) (CNW Group/Adyton Resources Corporation)
Figure 6. Field reconnaissance underway on Feni Island project. (CNW Group/Adyton Resources Corporation)
Feni Island in relation to known mineralized gold-copper deposits: Simberi, Lihir, and Panguna(1) (CNW Group/Adyton Resources Corporation)
Adyton commences field work on Feni Island led by Former Friedland senior geologist (CNW Group/Adyton Resources Corporation)
"On the back of Dr Chris Wilson joining the Adyton Board as key geological technical adviser I am thrilled that Dr Bowden has joined the Adyton team and will spearhead our on the ground exploration activities. Dr Bowden has a strong discovery track record leading successful exploration teams globally, including in many developing countries. His experience spans multiple deposit types, specializing in mineralized epithermal and porphyry geological systems. Chris' previous roles have included Exploration & General Manager ASCOM Precious Metals Mining (Ethiopia, which lead to the maiden discovery of the 1.8Moz Dish Mountain Gold Deposit); Exploration Manager Southern Gold Ltd South Korea (redeveloped a number of historical mines); he was part of the Ivanhoe Mines Ltd exploration team that lead to the initial discovery of the Kharmagtai porphyry Cu-Au deposit in Mongolia; and recently Chief Geologist Megado Minerals Pty Ltd."
COO Dr Chris Bowden comments "It is exciting to finally get on the ground at Feni and ground truth all of the historical data. This is a critical step in pulling together all the previous works coherently and planning cost-effective and strategic forward work programs. Already we are seeing strong indications that Danmagal is a mineralized porphyry system of >1km2 area and appears likely that it may be the driving source of mineralizing fluids for the Kabang area. Danmagal has effectively had no reported sampling or drilling historically. Likewise, at Kabang and within the resource area, even though the surface geology is predominantly post mineral tephra, there are clasts within the tephra of visually mineralized breccia in the northeast area that confirm there is further northeast potential to expand the resource (these clasts have come from further NE, based on slope direction of the tephra deposition). This area is also effectively historically undrilled, other than shallow aircore holes (not to target), and one diamond drill core hole that was abandoned early (MAD004). The field observations across Feni are highly encouraging and continue to support the potential to upgrade the Kabang resource area and make additional discoveries throughout the project area".
The Adyton team including CEO Tim Crossley together with Namatanai local member and PNG Minister for Aviation the Hon Walter Schnaubelt travelled to Feni Island on Friday 2nd of August (see Figure 1 & 2). The Minister and the Adyton team received a formal traditional welcoming ceremony, and The Minister was able to spend time with his constituents before returning the next day, leaving the Adyton team to undertake Community Awareness (see Figure 3) and commence work on the geology program (see Figures 4 & 5). CEO Tim Crossley presented 5 Community Awareness sessions across key villages over 4 days receiving unanimous support for Adyton to continue with its exploration activities.
Chris Bowden and his team are conducting geological reconnaissance, sampling, mapping and verification work at key areas of geological interest including the existing resource Area at Kabang (Figure 4), as well as the new areas of interest identified by the recently reprocessed magnetic data and review of historical reports. The key purpose of this work is to identify drill hole locations for a resource expansion drilling program that will focus on depth and strike extension of the existing Kabang resource, twinning of some holes where previous explorers had not analyzed for copper, and to test new prospect areas across Feni Island including Danmagal and Natong (refer Figure 4).
Tim Crossley, Chief Executive Officer
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.
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 to expand its identified gold Inferred and Indicated Mineral Resources and expand on its recent significant copper drill intercepts on the 100% owned Feni Island project. The Company's mineral exploration projects are located on the Pacific Ring of Fire on easy to access island locations which hosts several globally significant copper and gold deposits including the Lihir gold mine and Panguna copper/gold mine on Bougainville Island, both neighboring projects to the Company's Feni Island project.
Adyton has a total Mineral Resource Estimate inventory within its PNG portfolio of projects comprising indicated resources of 173,000 ounces gold and inferred resources of 2,000,000 ounces gold.
The Feni Island Project currently has a mineral resource prepared in accordance with NI 43-101 dated October 14, 2021, which has outlined an initial inferred mineral resource of 60.4 million tonnes at an average grade of 0.75 g/t Au, for contained gold of 1,460,000 ounces, assuming a cut-off grade of 0.5 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 prepared for Adyton Resources by Mark Berry (MAIG), Simon Tear (MIGI PGeo), Matthew White (MAIG) and Andy Thomas (MAIG), each an independent mining consultant and "qualified person" as defined in NI 43-101,available under Adyton's profile on SEDAR+ at www.sedarplus.ca. Mineral resources are not mineral reserves and have not demonstrated economic viability.
The Fergusson Island Project currently has a mineral resource prepared in accordance with NI 43-101 dated October 14, 2021 which outlined an indicated mineral resource of 4.0 million tonnes at an average grade of 1.33 g/t Au for contained gold of 173,000 ounces and an inferred mineral resource of 16.3 million tonnes at an average grade of 1.02 g/t Au for contained gold of 540,000 ounces. See the technical report entitled "NI 43-101 Technical Report on the Fergusson Gold Property, Milne Bay Province, Papua New Guinea" prepared for Adyton Resources by Mark Berry (MAIG), Simon Tear (MIGI PGeo), Matthew White (MAIG) and Andy Thomas (MAIG), each an independent mining consultant and "qualified person" as defined in NI 43-101,available under the Company's profile on SEDAR+ at www.sedarplus.ca. Mineral resources are not mineral reserves and have not demonstrated economic viability.
Adyton is also quoted on the OTC under the code ADYRF and on the Frankfurt Stock Exchange under the code 701:GR.
The scientific and technical information contained in this press release has been prepared, reviewed, and approved by Dr Chris Wilson BSc (Hons), PhD, FAusIMM (CP), FSEG, FGS, the 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.
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 resource estimates. 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.
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1Sources:
(1) St Barbara Limited 31 December 2022 Ore Reserves and Mineral Resources Statements
(2) Newcrest Mining Limited news release dated 12 October 2021 "Lihir PFS supports gold production growth to 1 Mozpa+ from FY24"
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