Drilling Commences at Fergusson Island Wapolu Gold Project for Feasibility and Production Planning
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
December 17, 2024
TSX Venture Exchange: ADY For immediate release
OTC: ADYRF
FSE: 701GR
Drilling Commences at Fergusson Island Wapolu Gold Project for
Feasibility and Production Planning
Port Moresby, PNG – December 17, 2024 – Adyton Resources Corporation (TSX Venture: ADY)
(“Adyton” or the “ Company”) is pleased to report that ou r Joint Venture partner, EVIH, has
commenced drilling at the Company’s Wapolu Go ld Project on Fergusson Island. Following
mobilization by barge from Port Moresby approximately three weeks ago, EVIH has successfully
constructed a 20-person camp, established pioneering roads and drill pads, and initiated drilling
operations. Two diamond core rigs have been deployed, with plans to operate both rigs
continuously on day and night shifts.
“This is a significant milestone and aligns perfectly in accordance with our project timelines,” stated
Tim Crossley, Chief Executive Officer. “Commencement of an approximately 7000 m diamond drill
program is a significant milestone that marks the first step on our pathway to the recommencement
of mining operations at the abandoned Wapolu gold mine project. Wapolu produced approximately
9,000 ounces in the early 1990’s before operations ceased due to low gold prices. As a past-producing
brownfields site, which benefits from over 18, 000 metres of historical drilling and a 2022 Mineral
Resource Estimate, we are confident of our ability to rapidly move the project forward over the next
two years. Concurrent with this drilling progra m, we plan to finalize our Mining Lease (ML) and
Exploration Permit (EP) submissions to the relevant authorities. Concurrently, we aim to relocate the
drill rigs to our nearby Gameta Gold Project. This rapid progress would not have been possible without
the invaluable support of local landowners, Ward Councilor and Village Chief, who have expressed
the support and appreciation of our collective efforts and the 30 local job opportunities already
created.”
Gary Wang, EVIH Chief Ex ecutive Officer, commented : “We are excited to collaborate with Adyton
and the Wapolu landowners. The support from the local community has been crucial in enabling us
to set up our site and commence drilling in very quick timing. We would also like to extend our
gratitude to the Provincial Government’s Resources officer, Clifford Pakailasi, for his unwavering
support of our activities on Fergusson Island. Additionally, we are also pleased to have partnered with
MiningOne, an Australian Resources consultancy firm, to oversee and certify all technical aspects of
our drilling program in accordance with NI 43-101 requirements.”
The Fergusson projects are under a Joint Venture Agreement with EVIH, granting EVIH the right to
acquire up to a 50% ownership interest in the project. This interest is contingent on achievement
of certain development milestones and a total investment of up to US$9.5 million, allocated as
follows:
• US$8.5 million to fund project expenditures; and
• US$1.0 million as a direct payment to the Company, with US$500,000 already paid upon
executing the agreement in May 2024.
For additional details, please refer to th e official announcemen t dated May 13, 2024.
The Fergusson Island Gold Project
The Fergusson Island Gold Project comprises the Wapolu and Ga meta advanced Exploration
Licenses on Fergusson Island in Milne Bay Provin ce Papua New Guinea (Figure 1). This region of
PNG is well known for discoveries including the nearby Islands of Misima (5Moz) and Woodlark
(1.6Moz). The Company has previously reported th e following mineral resource estimate (Table
1). See Figures 2 to 5 for images of the start to drilling operations at Wapolu Gold Project.
Figure 1: Fergusson Island Projec ts: Wapolu and Gameta
Table 1: Mineral Resource Estimates
Project
Indicated Inferred
Au
(g/t)
Tonnes
(million)
Au
(koz)
Au
(g/t)
Tonnes
(million)
Au
(koz)
Gameta exploration licence 1.33 4.0 173 1.01 10.5 340
Wapolu exploration licence - - - 1.06 5.8 200
Fergusson Island Gold Project 1.33 4.0 173 1.02 16.3 540
Gameta and Wapolu resources at 0.5g/t gold cut-off 1
1 See the technical report entitled “NI 43-101 Technical Report on the Fergusson Gold Property, Milne Bay Province, Papua
New Guinea” dated October 14, 2022 and prepared for the Comp any in accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”) 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 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.
Figure 2 : Senior members of the Wapolu Community alongside Adyton and EVIH
representatives. From left to right: Tim Crossley (Adyton CEO), Ismail Edwin (Ward Councilor),
Paul Thomas (Vice Chairman, Wagamama Associat ion), Isai Molema (Village Chief), Louis Wang
(EVIH Project leader), and Ga ry Wang (EVIH CEO) enjoying lunch at the EVIH mess.
Figure 3: Drill rig set up on hole number 1.
Figure 4: Full EVIH team and local workers celebr ating the milestone of commencement of
drilling operations at the Wapolu project.
Figure 5: MiningOne geologists, Louis Coha lan (R), and Dylan Price (L).
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 to expand its identified gold Inferred and Indicated Mineral Resources
and expand on its recent significant copper drill inte rcepts on the 100% owned Feni Island project. The
Company’s mineral exploration projects are located on t h e P a c i f i c R i n g o f F i r e o n e a s y t o a c c e s s i s l a n d
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 Mineral Resource Estimate inventor y within its PNG portfolio of projects comprising
indicated resources of 173,000 ounces gold and inferred resources of 2,000,000 ounces gold.
The Feni Island Project currently has a mineral resource prepared in accordance with NI 43-101 dated October
14, 2021, which has outlined an initia l 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 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.
The Fergusson Island 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 an 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” 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 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.
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 pr ess 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 defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Forward looking statements
This press release includes “forward-looking statements”, includ ing forecasts, estimates, expectations, and objectives for futu re
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", "est imate", "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 studi es, the
timing of additional drill results, and the preparation of resource estimates. 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 gener al
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 properti es.
Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments
may differ materially from those projecte d 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.