PORT MORESBY, Papua New Guinea, May 29, 2024 /CNW/ - Adyton Resources Corporation (TSXV: ADY) ("Company") is pleased to announce that a team of East Vision International Holdings PTE Ltd. (EVIH) technical experts and executive leadership completed a site visit to the Company's Fergusson Island Gold Project comprising the Wapolu and Gameta exploration licences. As announced on May 13, 2024, Adyton and EVIH executed a US$ 9.5M Investment and Development Agreement for the Fergusson Island Gold Projects, with the funding to be used to undertake feasibility, bulk sampling and pilot scale processing and to obtain all necessary permitting and approvals to construct a minimum 2 million ton Run Of Mill mining and processing operation.
about Adyton (CNW Group/Adyton Resources Corporation)
The site visit was primarily focused on enabling the EVIH technical team to ground truth the project areas and assess in more depth the significant remanent infrastructure and equipment from abandoned historic mining operations in the Wapolu exploration license area and also visit the Gameta project including a number of previous drill hole sites and proposed locations for key infrastructure.
The site visit also enabled the EVIH team to better understand logistics options to support on-going operations and development activities at the Fergusson Island Gold Project.
Also joining the team for the visit were Provincial Government Mining officers Misah Lionel – Provincial Government Principal Advisor and Clifford Clifford Pakailasi – Provincial Government advisor.
Managing Director Tim Crossley who accompanied the EVIH team said, "This was the first time on site for some of the EVIH team, hence was a good opportunity for the team to get familiar with the "lie of land", and to meet principal landowners, Ward Councilors and village elders. It was fantastic to again see the enthusiasm on the Island for the development of the project".
EVIH Director Mr Chen commented, "This was my first time on site It was an important trip for myself and the EVIH team to better understand development and logistics options as we move into feasibility and bulk sample planning. After the site visit our geologists were also able to travel to Lae to observe both the Gameta and Wapolu drill core". Mr Chen went on to say, "We are excited to be partnering with Adyton and are looking forward to progressing feasibility studies and bulk samples professionally and with the fastest pathway".
The Fergusson Island Gold Project
The Fergusson Island Gold Project comprises the Wapolu and Gameta advanced Exploration Licenses on Fergusson Island in Papua New Guinea for which the Company has previously reported the following mineral resource estimate:
Project
Indicated
Inferred
Au (g/t)
Tonnes (million)
Au (koz)
Au (g/t)
Tonnes (million)
Au (koz)
Gameta exploration licence
1.33
4.0
173
1.01
10.5
340
Wapolu exploration licence
-
-
-
1.06
5.8
200
Fergusson Island Gold Project
1.33
4.0
173
1.02
16.3
540
Gameta and Wapolu resources at 0.5g/t gold cut-off 1
A small scale gold mine operated on the Wapolu exploration licence area in the mid 1990's ceasing operations in 1997 due to economic conditions1.
ON BEHALF OF THE BOARD OF ADYTON RESOURCES CORPORATION
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 declared Resource inventory (disclosed in accordance with NI 43-101) within its PNG portfolio of projects of 2,175,000 ounces gold.
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 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. Mr. Watt consents to the inclusion of his name in this release.
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 all statements with respect to the funding of the Initial Investment Amount, the completion of the Initial Investment Milestones and the funding and development of the Project. 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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1
See the technical report entitled "NI 43-101 Technical Report on the Fergusson Gold Property, Milne Bay Province, Papua New Guinea" dated October 14, 2022 and prepared for the Company in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") 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.
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