Petrographic Study confirms Feni Porphyry system
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
March 30, 2022
TSX Venture Exchange: ADY For immediate release
OTCQB: ADYRF
FSE: 701GR
Petrographic Study confirms Feni Porphyry system
Port Moresby, PNG – March 30, 2022 – Adyton Resources Corporation (TSX Venture: ADY) is pleased
to report that petrology work carried out on the highly successful diamond drill hole ADK004 (see TSXV
Release 01 December 2021) supports the existence of two styles of mineralization – a shallower
epithermal style overprinting an earlier porphyry mineralization event (as reported by earlier workers),
confirming that we are in a highly mineralized system.
Petrological work carried out by Mintex Petrological Solutions on 14 drill core samples (on 12 polished
thin sections and two polished buttons for SEM) has confirmed the geological understanding that two
styles of mineralization exist at the Kabang prospect.
The first nine shallower samples show epithermal characteristics with pervasive adularia alteration
overprinted by kaolinite-dickite and alunite (advanced argillic) alteration with variable paragenetically
late pyrite-chalcopyrite-arsenopyrite mineralisation in veins (azurite was observed in one sample).
The five deeper samples are plagioclase-phyric phenocryst-rich diorite porphyries with occasional
apatite phenocrysts. These brecciated porphyries are chalcopyrite-rich with chalcopyrite replacement
of clasts and matrix, as well as mineralised thin quartz veins indicative of porphyry style mineralisation.
Overall, the shallower samples from this deeper suite of rocks show adularia (potassic) alteration
overprinted by advanced argillic alteration (hosting the shallower epithermal gold zone), and the
deeper samples also have an advanced argillic overprint into the porphyry system (hosting the
underlying porphyry copper / gold mineralisation).
Adyton Resources CEO, Mr Tim Crossley, said that “we are extremely excited by the results of the
petrology work which has confirmed our views that Feni hosts a highly mineralized system.”
Commenting further he noted that the area around ADK004 is open in all directions for porphyry
style targets, in particular the area to the north where there has been no drilling carried out.
Mr. Crossley went on to say, “This petrography work follows on from the company’s significant
gold and copper intersects reported in December 2021 including the world class copper intercept
in hole 4 of 6.4m @5.1% copper and 1.6 g/t gold with 35m of disseminated 0.3% copper and 1.1g/t
gold above the high-grade massive sulphide zone.
These intercepts followed on from the previously reported intercepts from holes 1 and 3 of
144.8m from surface of 0.8 g/t Au in hole 1 and 84 m @0.6g/t in hole 3.”
The Feni Project
The Feni project hosts an existing inferred 1.46 Moz NI 43-101 compliant gold Resource1 and lies within
the Feni Island Group at the southeast end of the 250 km long Lihir alkalic volcanic island chain, which
is largely Pliocene-Pleistocene in age. The chain lies 40 – 60 km off the east coast of New Ireland, PNG
(Figure 1), with Feni, located in a highly mineralized part of PNG, having many geological similarities to
the world renowned giant Lihir gold deposit. Further to the south-east lies the large (Panguna)
Bougainville copper / gold porphyry deposit.
Figure 1: Feni Island – showing Kabang drilling area – other prospects also shown
The focus of the initial drilling program at Kabang was to test both the shallow epithermal gold zones
1 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” (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.
and deeper porphyry copper potential (Figure 2).
The Company’s maiden drilling program of five diamond holes (1,982m) at Feni was completed in late
2021 (see TSXV Announcement: “01 December 2021: Adyton hits significant copper at Feni Island
6.4m @ 5.1% Cu (including 3.6m @ 6.9% Cu”) .
Figure 2: Kabang drilling area showing IP conductive channel, IP phase targets and location of the five completed
Adyton diamond drill holes. Hole ADK004 is shown.
Tim Crossley, Chief Executive Officer
For further information please contact:
Tim Crossley, 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.
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 February
17, 2021, and commenced trading on the TSX Venture Exchange under the symbol “ADY” on February 24,
2021.
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 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 ("NI 43-101"). 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 herein.”
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 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.