Adyton to recommence work activities on Feni Island Gold/Copper Project
TSX Venture Exchange: ADY
OTC: ADYRF
FSE: 701GR
PORT MORESBY, Papua New Guinea, April 25, 2024 /CNW/ - Adyton Resources Corporation (TSXV: ADY) is pleased to report that on closing the recently announced C$1.5M financing, work activities on its 100% owned Feni Island Gold-Copper Project have commenced in earnest with the engagement of globally renowned geophysical and data science group Southern Geoscience Consultants (SGC). Now informed by Adyton's extremely encouraging 2021 drill results, SGC's initial focus will be to reprocess and reinterpret historical geophysics data and interrogate against other technical data sets. Geophysical data sets include: island-wide magnetics, radiometrics, and radar topography; and detailed Induced Polarization (IP). Reprocessing will leverage modern geophysical algorithms (eg 3D magnetic vector inversion, 3D MVI) to optimize the 3D depth analysis of the historical geophysical datasets. Post-interpretation, relevant core sample intervals will be selected for petrophysical measurements, to better inform and provide a higher level of confidence in the 3D MVI model.
This will be the first time the historical geophysical data sets will have been reprocessed using modern algorithms, and coherently interrogated with other technical data sets (eg drilling data, assays, surface geochemistry, and surface mapping), producing a singular model of Feni Island.
The outcomes will better inform the structural framework at Feni (particularly with regards to structural controls to mineralization), provide optimized locations for detailed follow-up geophysics programs (eg ground or drone based high-resolution geophysical surveys), ultimately leading to a higher confidence optimized planned drill program.
Managing Director Tim Crossley said, "I am excited about recommencing the work program on Feni, which is located in one of the most desirable exploration addresses globally. The regional geology is highly prospective for large mineralized gold-copper systems, as evidenced by the discoveries and subsequent Au+/-Cu mines on Simberi Island, Lihir Island, and Panguna mine on Bougainville Island, all located on the same island arc system as Feni".
As reported to the market on March 27 2024, Adyton continues to engage with an Asian based strategic mining and engineering group with respect to a possible joint venture on its Fergusson Island Gold Projects. Adyton will update the market as and when these discussions reach a conclusion.
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.
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1 Sources: |
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(1) St Barbara Limited 31 December 2022 Ore Reserves and Mineral Resources Statements |
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(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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(3) Bougainville Copper Limited 2023 Annual Report |
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 neighbouring projects to the Company's Feni Island project.
Adyton is also quoted on the OTC under the code ADYRF and on the Frankfurt Stock Exchange under the code 701:GR.
For more information about Adyton and its projects, visit www.adytonresources.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 of Adyton, who is a "Qualified Person" as defined by National Instrument 43‐ 101 ‐ Standards of Disclosure for Mineral Projects ("NI 43‐101"). 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.
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.
SOURCE Adyton Resources Corporation
Tim Crossley, Chief Executive Officer, E‐mail: [email protected], Phone: +61 7 3854 2389
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