Adyton identifies resource growth potential with new untested drill targets at the Feni Island Project
Adyton Resources Corporation
Level 14, 167 Eagle Street Brisbane Qld
PO Box 5807 Brisbane Qld 4000
Phone +61 (7) 3854 2389
Email [email protected]
TSXV: ADY | adytonresources.com
NEWS RELEASE
June 26, 2024
TSX Venture Exchange: ADY For immediate release
OTC: ADYRF
FSE: 701GR
Adyton identifies resource growth potential with new
untested drill targets at the Feni Island Project
HIGHLIGHTS
• Confirmation of both epithermal and porphyry gold/copper potential beyond current resource
• New magnetic high porphyry targets and demagnetized epithermal target extensions to existing
mineral resources have been identified
• Multiple untested drill target areas demonstrating potential for expansion of the existing resource
and new proximal resource targets to the existing resource
• Adyton is preparing logistics for immediate follow-up field work to ground truth targets and fast -
track to drilling on the Feni project, targeting epithermal and porphyry gold/copper mineralization
• Fergusson Island JV progressing well, aiming for mobilization to commence Feasibility Study works
June 26, 2024 – Port Moresby, PNG – Adyton Resources Corporation (TSX: ADY) is pleased to announce the
successful completion of a comprehensive geophysical review of its Feni Island project in Papua New Guinea
(PNG). The review was conducted by Perth based specialist geoscientist group Southern Geoscience Consultants
(SGC) and focused on reprocessing historical airborne magnetic and radiometric data. Significantly, this work
defined several tectono -stratigraphic blocks with distinct magnetic and radiometric signatures, confirming that
epithermal gold and porphyry -style gold -copper (and associated breccias) are valid exploration targets.
Interpretation of geophysical data has for the first time identified several high value exploration targets which
have never been drill tested , some of which have associated significant copper gold mineralization in historical
surface rock samples (see Figures 1 and 2).
CEO Statement:
“We are excited with the outcomes of the geophysical review for Feni Island,” said Tim Crossley, CEO of Adyton
Resources. “The integration of historical data with modern geophysical techniques has significantly enhanced our
understanding of the project’s p otential. The identification of new targets and the refinement of existing ones
position us strongly for the next phase of exploration. We are confident that Feni Island has the potential to
become a major gold-copper discovery, and we are eager to advance our exploration efforts.” Mr Crossley went
on to say, “if you look beyond the exploration potential and think about project development, we really like the
ease of access an island location gives us as well as having both Simberi and Lihir (both world class island
operations nearby) providing an existing development blueprint”.
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Adyton Chief Geologist and Director Dr Chris Wilson, BSc (Hons), PhD comments: “ reprocessing of historical
airborne magnetic data, in conjunction with integration of other historical datasets, has provided significant clarity
with respect to the magmatic and tectonic evolution of Feni and thus mineral deposit target type. Magnetic
signatures define: 1) a central graben or down-faulted corridor with low magnetic response that hosts the Ambitle
Crater; and, 2) an area of approximately 20 km2 of broadly elevated magnetic response with structurally controlled
areas of subdued magnetic response . These signatures are consistent with an intrusive complex defined by
multiple intrusive events, some of which have been magnetite destructive. The gold -copper Kabang Prospect is
part of this under-explored complex”.
Highlights of the Geophysical Review:
• Advanced Data Processing: SGC re-processed and re-modelled historical magnetic and radiometric data.
The use of a proprietary processing algorithm and RTP grids with MVI inversion has resulted in significantly
improved geological interpretations, particularly in handling low latitude effects and remanent bodies.
• Comprehensive Data Integration: SGC integrated airborne magnetic data, radar DTM, and induced
polarization (IP) data, into a single 3D project. This compilation allows for detailed 3D analysis and
provides a better unde rstanding of the spatial relationship between anomalous gold and copper values
and key magnetic, radiometric and IP signatures.
• Historical Data Digitization: Key geological maps and sections from previous studies were digitized and
georeferenced, ensuring that key controls on mineralization were placed in the broader context of mineral
deposit development, structural architecture and tectono-stratigraphic evolution.
• Porphyry and Epithermal Gold- Copper Potential: The report outlines the geophysical characte ristics of
porphyry and epithermal deposits, emphasizing Feni Island’s potential to host significant mineralization.
The combination of magnetic, radiometric, and IP data points to several high-priority exploration targets.
Magnetic High Terrane (Intrusive Complex with Copper-Gold Mineralization)
The newly re-processed geophysics has for the first time highlighted that the southwest of the island comprises
an intrusive complex which is characterized by multiple intrusive events , some of which have been magnetic
destructive (see Figures 1 and 2 ). The Kabang Prospect with an Inferre d Mineral Resource Estimate of 1.46 Moz
Au1 is located at the northern boundary of this complex in an area of relatively subdued magnetic response
between intrusive stocks with higher magnetic response. This geophysical signature has analogies to the Simberi
Deposit in PNG and is characteristic of copper-gold epithermal/porphyry systems worldwide.
1 The Feni 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 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” (the “Feni Technical Report”) dated October 14, 2021 and 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 Error! Hyperlink reference not
valid.www.sedarplus.ca. Mineral resources are not mineral reserves and have not demonstrated economic viability.
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Figures 1 & 2 (1: upper & 2: lower): Feni Island project (rocks >0.5g/t Au – upper & >500ppm Cu - lower) with
reprocessed magnetics data (to RTP) with newly identified prospective structures, many of which remain untested
for drilling. High priority areas are identified due to the demagnetized signature. Historical drill holes shown black
dots.
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Historical Drilling – Modern Implications
Historical drilling on Feni Island was conducted by several companies over multiple campaigns and typically
comprised shallow vertical drillholes that focused on prospects within the Ambitle Crater. Most historical drilling
was not assayed for copper . More recent drilling by Adyton targeted the Kabang Prospect and comprised five
angled diamond drill holes that were assayed for gold, copper and a multi-element suite. Intercepts from these
holes were previously reported (see TSXV Announcement 01 December 2021: Adyton hits significant copper at
Feni Island 6.4m @ 5.1% Cu (including 3.6m @ 6.9% Cu)) and included intercepts such as 84.1 m @ 1.0 g/t Au
(72 m -156.1 m) including 35.9 m 0.3% Cu and 1.1 g/t Au (70.7 m -106.6 m) and 6.4 m @ 5.1% Cu & 1.6 g/t Au
(149.7 to 156.1 m downhole in ADK004). Adyton hole ADK 004 was significant as it confirmed continuity of copper
mineralization (noted on slide 14 of the Company Presentation as p resented at The Mining Investment Event of
the North, Quebec City on the 5th of June and available on the Company web site) that had been identified in three
previous exploration programs including, KAD - 001 57 m @ 1.1 g/t Au incl. 55m 0.4% Cu, AMD - 002 114m @ 1.1
g/t Au incl.21.3 m @2.0 g/t Au and 10.2 m @ 0.5% Cu, MAD - 005 284m @ 0.7 g/t Au incl. 48m @1.5 g/t Au and
72 m 0.3% Cu.
The Adyton drill program was significant for several reasons:
1) The historical resource was modelled using gold assays only, despite the presence of visible chalcopyrite
in core. Drilling by Adyton confirmed the presence of copper- gold mineralization. This has s ignificant
implications with respect to gold equivalent grades and upgrading the overall resource size and grade.
2) A small number of historical surface rock samples were collected from drainages to the south of Kabang
within the recently identified intrusiv e complex. Whilst Adyton has not been able to verify these rock
assay results, considers them historical, and caution s that they should not be relied upon, they suggest
that porphyry-style copper gold mineralization may be more extensive than previously reported.
3) The magnetic high terrane to the south of Kabang has never been effectively explored, despite the
likelihood that there are several intrusive events evident from magnetic highs, with surrounding magnetic
low response implying magnetite -destructive alteration (typical of a porphyry related mineralized
system), and significantly anomalous surface rock copper-gold assay results.
Adyton is planning an aggressive field mapping and sampling program within and around this intrusive complex ,
and at additional target areas, with an emphasis on defining additional copper-gold targets.
Kabang Deposit and Mineral Resource Estimate
Historical drilling on Feni was conducted over several campaigns and primarily targeted the near surface gold
potential through shallow vertical holes. In general, drill core was not assayed for copper. Adyton drilled five
angled diamond drill holes at Kabang which demonstrated the depth potential and the close association of copper
and gold mineralization.
Mineralization at Kabang occurs coincident with a broadly south-southeast trending moderate magnetic response
bounded by a higher magnetic response. This is typical of porphyry mineralized systems worldwide. Significantly,
the Kabang deposit is at the southern edge of this corridor, which is untested along strike (and to depth) to the
south-southeast, and likewise to the north-northwest, and along related structures trending to the south-west –
in combination, multiple kilometers of untested structures now identified (see Figure 3).
The assay results from the Adyton drilling have significant implications for the size and grade of a gold equivalent
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mineral resource estimate . Drilling by Adyton has: 1) highlighted that historical drill holes were too shallow to
effectively test the Kabang system; and, that 2) mineralization is open both along strike and down dip (see Figures
4 and 5). The drill results from the Adyton holes have not yet been integrated into the current Mineral Resource
Estimate – but given the length and grade of intercepts, and their spatial occurrence near and within the current
block model, they are likely to have a positive impact on the resource.
Copper-gold mineralization at Kabang is open in all directions and detailed mapping and sampling of this area is
also planned (see Figures 3, 4 and 5).
Central Magnetic Low and Natong (Epithermal Gold)
The magnetic response of the central magnetic low (which hosts the Ambitle Crater) and th e Natong area to the
southeast of the Island is more consistent with low-sulphidation style epithermal mineralization. SGC is currently
fine tuning the re-processing of historical data for these areas, to better define structure. The company will be
reporting these results shortly.
Figure 3: Zoomed in detail of the Kabang Resource area and the southwest of the Island. Key points to note are
the newly identified geophysical anomalies (shown bold dotted ovals), coincident with anomalous Au/Cu surface
rock samples, but have remained untested by drilling.
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Figures 4 & 5 (4:upper & 5:lower): Long section highlighting gold and copper results showing untested
extensions to gold and copper intercepts. The mineralized system is open in all directions. The line of section
(looking northwest) is shown in Figure 3.
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Fergusson Island Update
Planning works continue with East Vision International Holdings Pte Ltd. pursuant to its Investment and
Development Agreement with Adyton with a target date of late Q3 / early Q4 to be mobilized on the island to
commence infill drilling, drilling samples for metallurgical test works, and bulk sampling works - all of which will
inform the Feasibility Study and Mining Lease application. On Friday 21 June Managing Director Tim Crossley also
presented to the Mineral Resources Authority (MRA) Mining Executive Council on the company’s Fergusson Island
development plans with the MRA fully supportive of Adyton’s plans.
ON BEHALF OF THE BOARD OF ADYTON RESOURCES CORPORATION
Tim Crossley, Chief Executive Officer
For further information please contact:
Tim Crossley, Chief Executive Officer
E-
mail: t
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.
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 comprising indicated resources of 173,000 ounces gold and inferred resources of
2,000,000 ounces gold.2,3
2 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 o f
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” (the “Feni Technical Report”) dated October 14, 2021
and 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 Error! Hyperlink reference not valid. www.sedarplus.ca. Mineral resources are not mineral reserves and have not
demonstrated economic viability.
3 The Fergusson Islan d 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 a n 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” dated October 14, 2021 and prepared for Adyton Resources by Mark Berry (MAIG), Simon Tear (MIGI PGeo), Matthew
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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 def ined by National Instrument 43 -1
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tandards of Disclosure for
Mineral Projects.
Forward looking statements
This press release includes “forward-l ooking 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 - l
ooking statements and information can generally be
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 Error! Hyperlink reference not valid.www.sedarplus.ca. Mineral resources
are not mineral reserves and have not demonstrated economic viability.