TSX Venture Exchange: ADY
OTC: ADYRF
FSE: 701G
HIGHLIGHTS
- Numerous highly prospective copper-gold porphyry-epithermal
targets remain untested.
- Gold mineralized sinters (up to 33g/t Au) at active
geothermal system at Kapkai 3km NW along structure from Kabang -
analogous to the active geothermal system at Lihir Gold Mine
(Newmont).
- Gold mineralization up to 75g/t Au in silicified
hydrothermal breccia at Natong 5.5km SE of existing Kabang Resource
(1.46Moz Au).
- Outcropping observations of copper-bearing (py-cpy-bn)
intensely altered and brecciated intrusives at Danmagal 1.5km SW of
the Kabang Resource.
- Over 10km of arc-parallel structures contain significant
copper-gold porphyry-epithermal mineralized targets, outside the
current Kabang resource, and remain poorly tested to date.
- Field program planned to start late July 2024 with a focus on sampling highly
prospective epithermal-porphyry gold-copper prospects at the Feni
Island Project.
PORT MORESBY, PNG,
July 17,
2024 /CNW/ - Adyton Resources Corporation (TSX: ADY)
is pleased to provide an update of the Company's ongoing review of
an extensive historical data set at its 100% owned Feni Island
project. The review has identified a number of prospective
copper-gold mineralized targets which have never been drill
tested.
CEO Statement:
"It is always nice when doing these kind of data reviews to be
consistently surprised on the upside with findings" said Tim
Crossley CEO of Adyton. "These findings along with the
unquestionable regional geological setting continue to galvanize us
about the copper-gold mineralization potential at Feni Island.
Historical Data Review
Adyton has recently acquired an extensive data set of hardcopy
historical reports which outline previous work on Feni Island.
Despite multiple references to outcrops with porphyry-style
quartz-pyrite-chalcopyrite-bornite veins, significant
gold-copper-molybdenum assay results in rock chip samples, and
alteration styles typical of porphyry-style mineralization, the
historical exploration focus was only on low sulphidation gold
mineralization in the crater area and at Kabang.
Significantly, historical references to areas of copper-gold
mineralization, and porphyry style veining and alteration, coincide
with a number of intrusive centers recently defined by Adyton using
reprocessed historical magnetic data (see Adyton NR dated
June 26, 2024). These areas will be
the focus of an upcoming field program planned to commence at the
end of July 2024.
Danmagal Prospect
The Danmangal Prospect was identified during reconnaissance work
in the late 1990's as an area of outcropping intensely altered and
brecciated syenite porphyry with visible
pyrite-chalcopyrite-bornite mineralization. Alternation
assemblages are noted as potassic (K-feldspar + biotite),
overprinted by phyllic (quartz + sericite + pyrite), overprinted by
advanced argillic and argillic (alunite + kaolinite +/- smectite +
illite). The area is coincident with an historical >100ppb gold
in soil anomaly and a magnetic anomaly recently identified by
Adyton. Danmagal will be a priority target during the upcoming
field program.
Natong Prospect
Previous mapping and sampling at Natong in the 1980's defined a
highly gold anomalous hydrothermal breccia. The historical database
suggests that a significant number of 50 rock-chip samples returned
high gold assays including 53.8g/t Au, 53.5g/t Au, 53.0g/t Au,
19.8g/t Au and 8.5 g/t Au in outcrop samples and 75g/t Au in a
float sample.
Ten aircore drill holes (302m) and
19 diamond drill holes (2255.55m)
were drilled at Natong in the late 1980's and intercepted a peak
gold grade of 0.9m @ 33.2 g/t
Au (NSD002: 20.4m to 21.3m). Given the tenure of gold in the
surface rock samples, the significant extent of the alteration zone
mapped at surface, the lateral extent of the gold mineralized
hydrothermal breccia, observations of basement sediments as clasts
within the breccia (evidence of deeper seated source to the
mineralized breccia), and the shallow nature of the historical
drilling (average depth 89m), Adyton
does not consider that historical drilling adequately tested the
main source of the gold mineralized hydrothermal breccia at
Natong.
Adtyon has not been able to verify the assay results cited
above, does not consider them current, and cautions that they
should not be relied upon. The historical results are included for
context. An aggressive follow-up field program is planned to
commence at Natong in August
2024.
Kapkai Prospect
Historical mapping and sampling in the late 1980's included
collection of 13 sinter samples taken at the Kapkai geothermal
system. Samples were highly anomalous in gold and returned
significant assays including 33.0g/t Au, 18.7g/t Au, 15.4g/t Au,
and 18.5g/t Au. Sinters are mineral precipitates formed when
geothermal fluids vent to surface. Whilst Adtyon has not been able
to verify the assay results cited above, does not consider them
current, and cautions that they should not be relied upon, they
have been included for context. Adyton considers the Kapkai
Prospect to be a high priority for upcoming sampling and
mapping.
These three prospects (Kapkai, Danmagal, and Natong) are just a
small part of the historical dataset available and highlight the
spatial extent of known gold and copper mineralization at the Feni
Island Project, and that numerous targets (Figure 1) remain highly
prospective for copper-gold porphyry-epithermal mineralization and
have not been adequately tested to date.
Forward Works
Field program planned to start late July
2024 with a focus on sampling highly prospective
epithermal-porphyry gold-copper prospects as identified through
historical data review and recent magnetic data analysis.
Priority targets will include Danmagal and the corridor through to
the Kabang MRE area; Natong gold-bearing hydrothermal breccia
system; and, Kapkai gold-bearing active geothermal area and
prospective structures along strike from Kabang.
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 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.
For more information
about Adyton and its projects, visit www.adytonresources.com
Qualified Person
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 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 to global supply chains caused by hostilities in the
Ukraine and the Middle East, 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