PNG Mineral Resources Authority Grants Feni Exploration License renewal
NEWS RELEASE
February 9, 2022
TSX Venture Exchange: ADY For immediate release
OTCQB: ADYRF
FSE: 701GR
PNG Mineral Resources Authority Grants Feni
Exploration License renewal
Port Moresby, Papua New Guinea – February 9 2022 – Adyton Resources Corporation (TSX Venture: ADY)
is pleased to report the Exploration License at its 100% owned Feni Island Project (Feni) in Papua New
Guinea has been renewed for a two year period from August 2020.
Adyton Resources CEO, Mr Tim Crossley said, “The renewal, which was recommended by the Mineral
Resources Authority (MRA) and approved by the Minister for Mining, was welcomed as the company moves
into the next phase of its exploration program at Feni following the highly successful 2021 drilling campaign,
which culminated in hole ADK004 intersecting significant copper & gold mineralization.” Mr Crossley added
that the world class ADK004 intersect had generated significant interest from large strategics who are
searching for their next generation of copper ore bodies.
Mr Crossley thanked the MRA, Mining Minister and Landholders for entrusting Adyton with the rights to continue
exploration on Feni Island and expressed confidence that the exploration success to date would continue.
The Feni Project
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) ).
The initial objectives of the program were to expand the gold resource as well as test various induced
polarisation (IP) geophysical anomalies testing for the potential of a copper porphyry system.
Multi‐element assays contained significant copper intersections from hole ADK004, drilled in the
Matangkaka area (Figure 2), in two zones – a shallower disseminated zone of copper mineralization
followed by a zone of massive sulphide copper mineralization:
Massive sulphide Cu + Au Interval:
6.4m (149.7 to 156.1m) @ 5.1% Cu & 1.6g/t Au
Incl 3.6m (151.5 to 155.1m) @ 6.9% Cu & 2.1g/t Au
Incl 0.7m (154.4 to 155.1m) @ 14.5% Cu & 2.4g/t Au
Disseminated Cu + Au Interval:
35.9m (70.7 to 106.6m) @ 0.3% Cu & 1.1g/t Au
In terms of gold only, Hole ADK004 previously reported several significant Au intersections as follows:
Hole ADK004 drilled 500m north of holes ADK001 and ADK003 intersected 84.10m (72.0 – 156.1m)
@ 0.96 g/t Au, including 10m (74.0 – 84.0m) @ 1.41 g/t Au; 15.60m (91.0 – 106.6m) @ 1.20 g/t Au;
4.60m (151.5 – 156.1m) @ 2.00 g/t Au and 1m (335.0 – 336.0m) @ 5.24 g/t Au.
At Kabang, 500m to the south of ADK004 (Figure 2) significant intersections of mineralization were recorded in all three
holes drilled in this area:
Hole ADK001 intersected gold from surface 144.80m (1.0 – 145.8m) @ 0.8 g/t Au, including 42.70m
(48.3 – 91.0m) @ 1.33 g/t Au; 28m (63.0 – 91.0m) @1.60 g/t Au and 5m (70.0 – 75.0m) @ 2.96 g/t Au
and a shallow copper intersection of 16m (7.0 – 23.0m) @ 0.3% Cu.
Hole ADK002 intersected 10.0m (45.0 – 55.0m) @ 0.6 g/t Au.
Hole ADK003 intersected 84m (55.0 – 139.0m) @ 0.6 g/t Au , including 2m (55.0 – 57.0) @ 1.36 g/t
Au; 3m (61.0 – 64.0m) @ 1.16 g/t Au; 6m (93.0 – 99.0m) @ 0.96 g/t Au and 15m (124.0m – 139.0m)
@ 1.26 g/t Au.
These results validate the company’s geological model that Feni Island has the potential to host zones of
significant porphyry copper and gold and epithermal gold mineralization within the highly mineralized Kabang
1.5km long structural corridor. Other significant conclusions from the drill program included:
The initial results from the first five holes are very encouraging, confirming the potential for higher
grade gold and copper ore zones within a broader mineralised gold envelope.
The short programs at Kabang and Matangkaka provide further impetus for the next phase of work
which will be focused on resource extensions and testing the depth potential along the more than 1.5
kms strike extent.
The IP modelling is clearly picking out the strong “pyrite halo” around the porphyritic intrusive which is
encouraging as the gold appears to sit above and within this zone.
The company considers that following the success of the short initial diamond drilling program, there is
a significant discovery to be made in the Kabang structural corridor with a focused IP program to
refine targets followed by drilling along the 1.5km long by 500m wide zone.
There are a number of other prospects that also need following up (Figure 1), which will be further
defined in future work programs.
Figure 1: Feni Island – showing Kabang drilling area – other prospects also shown
Figure 2: Kabang drilling area showing IP conductive channel, IP phase targets and location of the five completed Adyton
diamond drill holes. Note the prospective corridor is > 1.5kms long, lightly drilled, and under younger volcanic cover at the
northern end which has hindered previous exploration efforts. Hole ADK004 is shown.
Geological Overview
The Feni Island Group lies at the southeast end of the 250 km long Tabar‐Lihir‐Tanga‐Feni 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.
Ambitle Island is the larger of the two islands comprising the Feni Island Group. It is dominated by Ambitle
volcano, which is a collapsed stratovolcano (2 – 8 million years old) built on a basement of early Tertiary
sediments. The crater rim is interpreted as a collapse‐structure, of gravity‐induced failure of the southwest
flanks of the Ambitle crater, as opposed to a large caldera structure. It is composed of alkalic mafic to
intermediate volcanics and high‐level alkalic intrusive, such as monzonites and syenites.
The cone of Ambitle volcano is comprised mainly of vesicular lavas, pyroclastic and epiclastic rocks. The lavas are
intermediate in composition and strongly undersaturated, including phonolites, alkali basalts, basanite,
trachybasalt and trachyandesite.
The main style of mineralization on Ambitle Island is low‐sulphidation epithermal gold mineralization
associated with quartz veining and sulphide mineralization (e.g. pyrite, chalcopyrite, arsenopyrite). The gold
mineralization is associated with the Matangkaka Intrusive Complex, which lies at the southern margin of
the Ambitle volcanic crater.
The focus of the initial drilling program at Kabang was to test both the shallow epithermal gold zones and
deeper porphyry copper potential. The program was focused in and around the Kabang Prospect to test
deeper extensions to previous drilling targeting the IP models that are interpreted to indicate a poorly tested
chargeable body at depth underneath the shallower epithermal Kabang mineralization.
The gold mineralization identified at Kabang is open in all directions with the potential for a deeper copper‐
gold mineralized system below the gold mineralization at Kabang and elsewhere on the tenement. There are
multiple prospective gold and copper‐gold targets, with limited or no drill testing undertaken to date, that
demonstrate the potential to significantly grow the current mineral resources for the Feni Project.
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: [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.
Adyton is also quoted on the Frankfurt Stock Exchange under the code 701:GR.
For more information about Adyton and its projects, visit www.adytonresources.com .
(1) Reported Copper and Gold Intersections as previously released:
Hole ID
East
North RL
(m)
Length
(m)
Az
(deg)
Dip
(deg)
From (m)
To (m) Interval
(m)
Au g/t
Cu %
ADK004 567,650 9,548,230 151 394.6 313 ‐75 70.70 106.60 36.60 1.10 0.30
149.70 156.10 6.40 1.60 5.10
Incl 151.50 155.10 3.60 2.10 6.90
Incl 154.40 155.10 0.70 2.40 14.50
ADK001 567,260 9,548,072 92 432.0 130 ‐80 7.00 23.00 16.00 0.46 0.30
(2) Information regarding drill holes and exploration results (Gold only) as previously released:
Hole ID
East
North
RL (m)
Length (m)
Az (deg)
Dip (deg)
From (m)
To (m) Interval
(m)
Au g/t
ADK001 567,260 9,548,072 92 432.0 130 ‐80 1.00 145.80 144.80 0.81
Incl 48.30 91.00 42.70 1.33
Incl 63.00 91.00 28.00 1.60
Incl 70.00 75.00 5.00 2.96
Incl 112.00 130.00 18.00 1.21
ADK002 567,236 9,548,023 97 452.4 185 ‐85 45.00 55.00 10.00 0.60
ADK003 567,260 9,548,072 92 449.2 255 ‐75 55.00 139.00 84.00 0.60
Incl 55.00 57.00 2.00 1.36
Incl 61.00 64.00 3.00 1.16
Incl 93.00 99.00 6.00 0.96
Incl 106.00 107.00 1.00 1.22
Incl 124.00 139.00 15.00 1.26
ADK004 567,650 9,548,230 151 394.6 313 ‐75 72.00 156.10 84.10 0.96
Incl 72.00 137.00 65.00 1.00
Incl 74.00 84.00 10.00 1.41
Incl 74.00 106.60 32.60 1.19
Incl 91.00 106.60 15.60 1.20
Incl 120.00 126.00 6.00 1.40
Incl 120.00 137.00 17.00 1.08
Incl 151.50 156.10 4.60 2.00
329.00 336.00 7.00 1.41
Incl 329.00 331.00 2.00 1.45
Incl 335.00 336.00 1.00 5.24
ADK005 567,704 9,548,293 162 234.0 323 ‐80 89.00 92.30 3.30 1.27
168.00 173.00 5.00 0.81
i. All drilling has been carried out by Diamond Drilling, in PQ, HQ and NQ core size.
ii. AKD001 to AKD005 to the extent known have been drilled perpendicular to / across the interpreted mineralised zone.
iii. Core recovery has generally been very good >95%.
iv. Sampling has been carried out on split core, with half being sent for assay and half core remaining in the core trays.
v. Nominal sampling intervals are 1.0m.
vi. Assays are not capped.
(3) Information regarding QA / QC procedures in relation to exploration results reported in this release
Gold assays have been carried out by Lead collection 50g charge Fire Assay with AAS finish at Intertek Laboratories, Lae, PNG, an
accredited laboratory to ISO/IEC 17025 (2005) for quantitative gold determination. Multi element analysis is analyzed following four
acid digestion for multi element (48 element) analysis followed by ICP‐MS at Intertek Laboratories, located at Bohle, Townsville,
Queensland, Australia, an accredited laboratory to ISO/IEC 17025. Intertek Global Minerals laboratories are established under the
guidelines of the ISO17025 standard testing and calibration and all laboratories comply with Intertek’s quality and management
systems.
All assays have been subject to quality control measures appropriate for diamond drilling where certified reference materials /
standards have been included in each batch of samples submitted as part of the quality assurance / quality control process.
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 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.