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Adyton announces filing of Fergusson Island and Feni Island Technical Reports

BRISBANE, Australia, Nov. 25, 2021 (GLOBE NEWSWIRE) -- Adyton Resources Corporation (TSX Venture: ADY) (OTCQB: ADYRF) announces that it has filed on SEDAR, National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) technical reports with respect to the new Mineral Resource estimates for the Company’s 100% owned Fergusson Island and Feni Island Projects. The technical reports entitled “NI 43-101 Technical Report on the Fergusson Gold Property, Milne Bay Province, Papua New Guinea” and “NI 43-101 Technical Report on the Feni Gold-Copper Property, New Ireland Province, Papua New Guinea” have an effective date of October 14, 2021 and support the Mineral Resource estimates for the Fergusson Island and Feni Island projects released on October 14, 2021.

Key highlights from the technical reports include:

  • An 88% increase in total gold ounces across the company’s 100% owned Fergusson Island Gold Project and Feni Gold and Copper Project, located within Papua New Guinea’s renowned “Rim of Fire”.

  • Fergusson Island maiden Indicated Resource of 175,000 gold ounces at 1.33 grams/tonne (g/t) and Inferred Resource increased by 33% to 540,000 gold ounces at 1.08 g/t.

  • Feni Island Inferred Resource increased by 123% to 1,460,000 gold ounces at 0.75 g/t.

Table 1 presents a summary of the updated mineral resources for the consolidated Fergusson Island and Feni Island Projects.

Project

IndicatedInferred
Au
(g/t)
Tonnes
(million)
Au
(koz)
Au
(g/t)
Tonnes
(million)
Au
(koz)
Fergusson Island - Gameta Project1.334.01731.0110.5340
Fergusson Island – Wapolu Project---1.065.8200
Fergusson Island total1.334.01731.0216.3540
Feni Island---0.7560.41.460
Total1.334.01730.8176.72,000

Table 1: Gameta, Wapolu and Feni combined Adyton group resources at 0.5g/t gold cut-off

The scientific and technical content of this press release has been reviewed by Rod Watt, BSc Hons (Geo), FAusIMM, Chief Geologist and a director of Adyton Resources Corporation, who is a "Qualified Person" as defined by NI 43-101.

Technical Reports and Qualified Persons

The technical reports are available for review on SEDAR (www.sedar.com) and on the Company’s website (www.adytonresources.com). Readers are encouraged to read the Technical Reports in their entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Resource estimates. The technical reports are intended to be read as a whole, and sections should not be read or relied upon out of context.

The technical reports were prepared by Mr Mark Berry (MAIG), Mr John Horton (FAusIMM CP, MAIG), Mr Simon Tear (MIGI PGeo), Mr Matthew White (MAIG), Mr Andy Thomas (MAIG) of Derisk Geomining Consultants Pty Ltd, each of whom is an Independent Qualified Person as defined by NI 43-101.

ON BEHALF OF THE BOARD OF ADYTON RESOURCES CORPORATION
Frank Terranova, Chairman, President and Chief Executive Officer

For further information please contact:
Frank Terranova, Chairman, President and Chief Executive Officer
E-mail: [email protected]
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.

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 Corporation undertakes no obligation to update forward-looking information except as required by applicable law.

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 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. Adyton was formed by a reverse takeover transaction completed with XIB I Capital Corporation on 17 February 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.

Figure 1 Map showing the location of Adyton’s Papua New Guinea exploration projects relative to significant PNG gold projects.  

https://www.globenewswire.com/NewsRoom/AttachmentNg/70367e30-49fd-4c30-8777-786ac22baba1 


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