Adyton Reports First Drill Intercepts of up to 36 Grams PER Tonne GOLD from Its Wapolu Drill Campaign
Adyton Resources Corporation Level 7, 300 Adelaide Street Brisbane QLD 4000 AUSTRALIA (PO Box 10582 Brisbane QLD 4000)
t: +61 (7) 3854 2389 e: [email protected]
TSXV: ADY | adytonresources.com
NEWS RELEASE
May 06, 2025
TSX Venture Exchange: ADY For immediate release
FSE: 701GR
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES.
ADYTON REPORTS FIRST DRILL INTERCEPTS OF UP TO 36 GRAMS PER
TONNE GOLD FROM ITS WAPOLU DRILL CAMPAIGN
Significant Intercepts up to 36 grams per tonne gold (g/t Au) reported from the first samples of a 4,300
meter (m), 48 drillhole program at Wapolu including the following notable gold intercepts:
WPDH001: 5m @ 1.66g/t Au (from 5m)
WPDH001: 8m @ 2.36g/t Au (from 16m)
WPDH002: 6m @ 2.46g/t Au (from 8m)
WPDH002: 4m @ 9.85g/t Au (from 19m) incl. 1m @ 36g/t Au
WPDH006: 6m @ 2.32g/t Au (from 15m)
Tim Crossley, Chief Executive Officer stated :
“We are pleased to have received the first batch of results from our Wapolu campaign, which are consistent
with expectations and confirm the Resource is near surface, with the majority of mineralization occurring at
depths of less than 40 meters. It is always encouraging to see some stellar grades which, if replicated in future
holes, are likely to materially increase the current reported Resource grade. Additional assay results are
expected progressively over May and June. Although it is early days, these results bode well for the JVs near-
term development plans for a low cost, shallow open-pit surface mining operation.”
Figures 1 and 2: Cross Sections through drill holes WPDH 001, 002, 005 and 006
Port Moresby, PNG – May 06, 2025 – Adyton Resources Corporation (TSX Venture: ADY) (“Adyton”
or the “Company”) is pleased to provide its first assay results from its drill campaign at Wapolu and
an update on its ongoing development activities at the Wapolu and Gameta deposits on Fergusson
Island in Papua New Guinea.
KEY HIGHLIGHT
Project Update
Adytons’s JV partner, EVIH, has completed the current phase of drilling at Wapolu. Most of the field
equipment has been relocated to Gameta and the construction of the Gameta drill camp is well
advanced and drilling commenced on Sunday 4 May 2025. All Wapolu analytical and metallurgical
samples have now been dispatched for testing.
At Adyton’s projects, numerous local jobs have been created, providing employment opportunities
in areas with limited job prospects.
Background
Adyton’s projects are in PNG on easily accessible island locations. The Gameta and Wapolu projects
are located on Fergusson Island in the Milne Bay province of PNG which also hosts the Woodlark
project (1.6Moz) and the Misima project (5.0Moz) (refer to map of PNG deposits at end of document).
Figure 3: Fergusson Island Projects
The Wapolu project is a proposed restart of the Wapolu mine which operated in the mid 1990’s
producing about 9,000oz of gold before shutting down due to low gold prices. The restart of Wapolu
will be substantially easier than a green field project, being enabled by significant existing
infrastructure such as airstrips, workshop and warehouse structures, and tailings impoundments.
The neighboring Gameta project is an advanced exploration asset being prepared to be taken into
permitting and development, and lies approximately 30 km from Wapolu and has the benefit of being
Wapolu Former
Operating Gold Mine
Gameta Deposit
513koz Au
able to leverage some of the Wapolu infrastructure, such as the airstrip.
As previously reported, the Fergusson projects are under a Joint Venture Agreement with EVIH,
granting EVIH the right to acquire up to 50% ownership interest in the project. This interest is
contingent on the 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.
Once the projects are permitted and a financial investment decision made by the JV, the
agreement provides for EVIH to provide a shareholder loan (8% interest charge) to the JV to
fund the project development capital.
While this agreement at its end point results in Adyton diluting its interest at Fergusson Island to
50%, the agreement does provide for a complete “carried” funding solution to production for
Adyton at its Fergusson projects.
For additional details, please refer to the official announcement dated May 13, 2024.
The Company notes that it has laid a strong foundation for its work programs at the two Fergusson
projects (see Figures 4 & 5). The near-term focus will be infill drilling at Gameta to enhance resource
confidence. The Company will also be receiving and interpreting further assay results across from the
projects as they are received from the Intertek laboratory.
Figures 4 and 5: Camp construction progressing at Gameta
Resource Estimate
The existing Gameta and Wapolu Mineral Resource Estimate is noted in Table 1 below, with
resources open at depth and along strike. The current drill programs at both Wapolu and Gameta
are in part designed to test depth and strike extensions but also importantly to increase resource
confidence to enable progression to Reserve Estimates and mining license (ML) application.
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
For further information please contact:
Tim Crossley, Chief Executive Officer
E-mail: [email protected]
Phone: +61 7 3854 2389
Phone: +1 778 549 6768
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.
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 Company 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 www.sedarplus.ca. Mineral resources are not mineral reserves and have not demonstrated
economic viability.
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 Mineral Resource Estimate inventory 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 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 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 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 www.sedarplus.ca. Mineral resources
are not mineral reserves and have not demonstrated economic viability.
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 Bowden , PhD,
GCMEE, FAusIMM(CP), FSEG, the Chief Operating Officer and Chief Geologist 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”, 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 pertaining to the drill program, the
intention to prepare additional technical studies, the timing of the drill program, uses of the recent drone survey data, the timing of updating key
findings, the preparation of resource estimates, and the deeper exploration of high-grade gold and copper feeder systems. 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, the receipt of any necessary
permits, licenses and regulatory approvals in connection with the future development of the projects in a timely manner; the availability of financing
on suitable terms for the development; construction and continued operation of the Fergusson Island Project and the Feni Island Project; the ability to
effectively complete the drilling program; and Adyton’s ability to comply with all applicable regulations and laws, including environmental, health and
safety laws.
Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Adyton’s management’s expectations,
estimates or projections concerning future results or events based on the opinions, assumptions and estimates of managements considered reasonable
at the date the statements are made. Although Adyton believes that the expectations reflected in such forward- looking statements are reasonable,
such information involves risks and uncertainties, and under reliance should not be placed on such information, as unknown or unpredictable factors
could have material adverse effects on future results, performance or achievements expressed or implied by Adyton. Among the key risk factors that
could cause actual results to differ materially from those projected in the forward- looking statements are the following: impacts arising from the global
disruption, changes in general macroeconomic conditions; reliance on key personnel; reliance on Zenex Drilling; 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.