Adyton – Fergusson Island Exploration Potential Confirmed
BRISBANE, Sept. 22, 2021 - Adyton Resources Corp. (TSX Venture: ADY) ("Adyton") is pleased to provide an update on the exploration potential being assessed at its 100% owned Fergusson Island projects, located within Papua New Guinea's renowned "Rim of Fire".
Highlights:
- Exciting new and extensional exploration targets to build on existing Resources ounces identified on Fergusson Island at both Gameta and Wapolu confirming the growth potential at both deposits
- Follow up drilling currently being planned and expected to resume during 2021 to extend existing Resources
- Oredi Creek deposit to be included in next phase of work program
Frank Terranova, Chairman, President and Chief Executive Officer of Adyton commented "Whilst we await the Resource update for the Gameta deposit which is due this month, Management continues to assess the growth potential of the Fergusson Island project and has commenced designing the next phase of drilling to be undertaken. The potential to grow this asset into a multi-million ounce resource, given its starting position of circa 500koz is compelling in light of the recently completed drill programs".
Exploration Target Overview
Gameta (100% owned):
At Gameta significant potential exists for additional discoveries (to build on existing Resource ounces) to be made to the south-east of the known Gameta deposit, extending beyond the limit of the current resources (The "Untested Southern area") and to the north-east along the eastern margin to the resource ("North-East margin Target Area") beneath historical shallow RC drilling - this north-east margin area is where successful drilling by Adyton has already led to the discovery of a new high grade ore zone (reported in TSX-V release 5th August 2021), shown in Figure 1 ("New High Grade Zone").
The target areas for extensions to the current resources are shown below in Figure 1:
Figure 1: Exploration potential at Gameta - along the northeast margin and southern extension areas - will be the focus of the next drilling program.
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Wapolu (100% Owned)
At the nearby Wapolu deposit 30 Km away from Gameta significant potential exists to extend the Resource at depth and along strike to the west along strike of the detachment fault zone (mineralisation host) following up on anomalous historical stream sediment and soil sampling results (Figure 2) - this will be one of the priority drill areas in the next drilling campaign.
Figure 2: Exploration potential at Wapolu showing exploration target area to west based on geological ground work (mapping, trenching and costeaning), see discussion below.
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The area to the immediate west of Wapolu (Laimomo) has previously been identified as hosting anomalous gold at surface, and the high-grade stream sediment samples will be followed up as a priority (Figure 3).
Figure 3 Wapolu and Laimomo Prospect, Fergusson Island - (Note: Figure re-drawn from 1992 geological report "A Review of the Gold Potential of Fergusson and Goodenough Islands, PNG", McNeil & Associates for Macmin).
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The area west of Wapolu (Laimomo Prospect) is dominated by the northeast trending shallow westward dipping Kwakwau Fault defining the contact between footwall metamorphics and hanging wall ultra-mafics / colluvium.
Costeaning and trenching have been carried out in the early 1990's and which showed the mineralisation to parallel the ultramafic and metamorphic contact (i.e. similar structural setting and controls as seen at Gameta and Wapolu).
- Historical trench samples returned 5m @ 6.35g/t Au and 30m @ 0.93g/t Au, and historical scout drilling returned widespread anomalous results to 4m @ 1.6g/t Au.
- A second gold anomalous zone returned 5m @ 10g/t Au; 4m @ 3.6g/t Au and 6m @ 1.57g/t Au
- Several smaller targets have also been reported and represent additional Au vein targets.
- Geologically the contact shear zone (the DFZ) extends and is continuous through the Wapolu deposit, hence the potential exists for resource additions with a proper planned drill program as part of the next stage of the exploration of the larger Wapolu area.
The Mwanaikwa Zone (Laimomo Prospect) is interpreted to cover an area 550m long by 150m wide delineated by a strong gold and arsenic soil anomalies using a 0.05 ppm contour (with values up to 0.78 g/t Au) and As using a 400ppm contour (with values up to 2,460ppm) anomaly (Figure 4).
Figure 4 Mwanaikwa zone at Laimomo (see text for description) - dominated by the Kwakwau Fault along the contact between the footwall metamorphics and hanging wall ultra-mafics (Note: Figure re-drawn from historical 1992 geological report "A Review of the Gold Potential of Fergusson and Goodenough Islands, PNG", McNeil & Associates for Macmin)
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Further exploration at both Gameta and Wapolu clearly has the potential to add significantly to the existing resources which will be a focus of the next drilling campaign.
Oredi Creek (100% Owned):
Oredi Creek is the third tenement Adyton has on Fergusson Island (Figure 5). The tenement is highly prospective for high grade epithermal bonanza style-gold mineralisation with associated widespread epithermal alteration focused along the Oredi Fault Zone.
Figure 5 Location of 100% owned Adyton tenements on Fergusson Island, showing Oredi Creek
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Historically only three shallow drill holes were drilled with the main prospects being Gomwanbila, Oredi and Mambomabona, where previous explorers have identified:
- Gomwanbila - structural controlled Au veins - 1.4g/t in rock chip; 0.5g/t in pan concentrate
- Oredi - historical drill hole ORD001 testing structurally controlled zones of mineralisation returned an intersection of 70m @ 0.50g/t Au; incl selected intervals of >1g/t and a high of 3.32m g/t Au over 1.3m
- Mambomabona - 15 -20m wide shear zone, silicified with rock chip sampling up to 200g/t Au; channel and floats 0.2g/t Au
The next stage exploration will focus along the Oredi Creek Fault Zone (Figure 6) - a highly prospective structure for shear-hosted Au mineralisation as at Gameta and Wapolu.
Figure 6: Location of main prospects at Oredi Creek, on RTP magnetics
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ON BEHALF OF THE BOARD OF Adyton Resources Corp.
Frank Terranova, Chairman, President and Chief Executive Officer
For further information please contact:
Frank Terranova, Chairman, President and Chief Executive Officer
E-mail: fterranova@adytonresources.com
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.
(2) Geological information on the exploration targets at Wapolu (Laimomo) have been extracted from a historical 1992 geological report "? Review of the Gold Potential of Fergusson and Goodenough Islands, PNG" (McNeil & Associates for Macmin).
Qualified Person
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 Corp. undertakes no obligation to update forward-looking information except as required by applicable law.
ABOUT ADYTON RESOURCES CORPORATION
Adyton Resources Corp. 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.
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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.
Further as of 1 August 2021 Adyton is also quoted on the OTCQB market under the code ADYRF
For more information about Adyton and its projects, visit www.adytonresources.com.
