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Adyton Reports Fergusson Island Wapolu Deposit initial results

08.09.2021  |  GlobeNewswire

BRISBANE, Sept. 08, 2021 - Adyton Resources Corp. (TSX Venture: ADY) ("Adyton")

Highlights:

  • Results from Adyton's maiden diamond drilling at its 100% owned Wapolu deposit exceeded historical drilling results. Significant intersections from surface included:

    • ADW001: 26m (0-26m) @ 1.79g/t, incl 9m @ 2.94g/t and 4m @ 3.16g/t

    • ADW002: 17m (4-21m) @ 1.86 g/t, incl 9.2m @ 2.30g/t

    • ADW003: 6m (1-7m) @ 2.25 and 2.50m (17.5-20m) @ 2.50g/t

    • ADW004: 4m (8-12m) @ 2.90g/t and 7.4m (14.6-22m) @ 1.62g/t

    • ADW005: 11.7m (10-21.7m) @ 1.60g/t
  • High quality drill targets identified to the south of the existing resource envelope will be followed up together with high quality targets identified at the Gameta deposit in the next phase of drilling on Fergusson Island.
  • Wapolu is approximately 30km from the Gameta deposit.
  • Adyton is accelerating technical studies for the development of consolidated Fergusson Island project incorporating the Gameta, Wapolu and Oredi Creek deposits.

Frank Terranova, Chairman, President and Chief Executive Officer of Adyton commented, "The Wapolu drilling results continues the recent success achieved at Gameta. Adyton owns 100% of three deposits on Fergusson Island and it is clear the project has production scalability. Based on the combined Fergusson Island results, I see no reason to delay heading straight to a Preliminary Economic Assessment stage once the Resource update at Gameta is announced as well as accelerating phase two drilling and technical work programs. Management has achieved the stated objectives of the maiden drilling program at Fergusson Island and it's a credit to the geological team."

Program Observations:

A short 350m five-hole diamond drilling program was carried out at the Wapolu deposit following completion of the Gameta drilling program in early July. This program was proposed as an additional exploration program following the early completion of the Gameta drilling.

The aims of this program were to confirm results of previous drilling carried out in the 1990's by twinning previously drilled holes (note no exact collar location nor previous drill core exists), test continuity and confidence of the mineralised zone and to provide samples for a preliminary metallurgical testing program.

The objectives were achieved with five holes being completed for 320.90m drilled. A number of significant intersections were recorded. When combined with the results of the successful drilling program at Gameta, the Wapolu results further enhance the development potential of the Fergusson Island deposits.

Figure 1 illustrates the proximity of the three deposits which are 100% owned by Adyton Resources.
https://www.globenewswire.com/NewsRoom/AttachmentNg/90b8ae03-920d-4da0-8c66-12ae613cb95b

Wapolu Project:

Wapolu is located 30kms northwest of the Gameta project, and was discovered in the mid-1980's following a stream, soil and rock chip sampling program, followed by trenching and drilling. As at Gameta, gold mineralisation is hosted in a metamorphic basement bounding fault zone (the Detachment Fault Zone or "DFZ") between a footwall dioritic gneiss and a hanging wall ultramafic unit and appears to be both fracture- and dyke-related, plus sulphide-hosted.

Mineralisation occurs as two lodes located mainly within shallow-dipping normal faults of the DFZ and in the overlying ultramafics. The main bodies of mineralisation are hosted in breccia and veins (Didigayagaya lode) and in secondary debris/talus (Dagwalala lode).

Relatively little is known about the formation of the gold at Wapolu. Gold is reportedly very fine-grained and associated with silicification and epithermal-textured quartz veins with sulphides (pyrite, arsenopyrite, rare stibnite). Historically there has been a total of 264 air-core, 186 RC and 94 diamond drillholes drilled at Wapolu to 2006, the last drilling carried out prior to the Adyton program. A number of shallow holes were also drilled (avg depth 2.4m) as part of the early exploration programs, but details of these are not well known.

The broad zone of gold mineralisation identified at Wapolu is interpreted to be shallow dipping. Most drillholes are either vertical or steeply dipping and therefore the drillholes are approximately perpendicular to mineralisation. There is a possibility that higher-grade gold mineralisation is structurally controlled but exploration to date has not confirmed or defined the orientation of these structural controls. Understanding the controls on mineralisation will be a key component of future work programs.

Figure 2 illustrates recent drilling locations
https://www.globenewswire.com/NewsRoom/AttachmentNg/e622fbe4-51c4-41c7-b622-266378cc7cc4

Figure 3 illustrates cross section reported on holes 1 to 3.
https://www.globenewswire.com/NewsRoom/AttachmentNg/90c42578-bddc-4174-86a7-929598ec6978

Figure 4 illustrates cross section reported on holes 4 to 5.
https://www.globenewswire.com/NewsRoom/AttachmentNg/d544fca0-6e60-451b-90af-5cf2e5cf0038

ON BEHALF OF THE BOARD OF Adyton Resources Corp.

Frank Terranova, Chairman, President and Chief Executive Officer

For further information please contact:

Frank Terranova, Chairman, President and Chief Executive Officer

E-mail: fterranova@adytonresources.com

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.

(1) Notes Regarding Inferred Mineral Resource Estimates

  1. The Fergusson 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 December 17, 2020, which has outlined an initial inferred ‎mineral resource of: (i) at Gameta, 7.2 ‎million tonnes at an average grade of 1.55 g/t Au, for contained gold of 360,000 ounces, assuming a cut-off ‎grade of 0.8 g/t Au; and (ii) at Wapolu, 3.1 million tonnes at an average grade of 1.42 g/t Au, for contained gold ‎of 140,000 ounces, assuming a cut-off grade of 0.8 g/t Au.

  2. See the NI 43-101 technical report entitled "NI 43-101 Technical Report on the Fergusson Gold Property, Milne Bay ‎Province, Papua New Guinea" (the "Fergusson Island Technical Report") dated February 1, 2021 and prepared for XIB by Mark Berry ‎‎(MAIG), Simon Tear (MIGI PGeo), Matthew White (MAIG) and Ian Ryan Roy (MAIG), each an independent ‎mining consultant and "qualified person" as defined in NI 43-101‎, available under Adyton's profile on SEDAR at www.sedar.com.

(2) Information regarding drill holes and exploration results reported in this release

Hole ID East North RL (m) Length (m) Az (deg) Dip (deg) From (m) To (m) Interval (m) Au g/t
ADW001 224,930 8,967,226 18 70.0 0 -90 0.0 26.0 26.0 1.79
Including 7.0 16.0 9.0 2.94
Including 7.0 11.0 4.0 3.16
ADW002 224,910 8,967,203 25 70.0 0 -90 4.0 21.0 17.0 1.86
Including 6.0 15.2 9.2 2.30
ADW003 224,919 8,967,171 44 62.0 0 -90 1.0 7.0 6.0 2.25
17.5 20.0 2.5 2.50
ADW004 224,960 8,967,207 26 54.7 0 -90 8.0 12.0 4.0 2.90
14.6 22.0 7.4 1.62
ADW005 224,957 8,967,175 42 64.2 0 -90 10.0 21.7 11.7 1.60

(Coordinates in UTM Zone 56, Southern Hemisphere (WGS84))

  1. All drilling has been carried out by Diamond Drilling, in PQ and HQ core size.
  2. ADW001 to ADW005 to the extent known have been drilled perpendicular to / across the mineralised zone (the Detachment Fault Zone DFZ) and were drilled within the existing inferred resource zone, primarily to increase confidence in grade and continuity from previous RC drilling programs carried out in the 1990's.
  3. Core recovery has generally been very good >95%.
  4. Sampling has been carried out on split core, with half being sent for assay and half core remaining in the core trays.
  5. Nominal sampling intervals are 1.0m.
  6. 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 analysed 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 and a director of Adyton, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Adyton Resources Corp. press release dated May 05, 2021: "The technical information in this press release has been reviewed and approved by Rod Watt, who is a fellow of the Australian Institute of Mining and Metallurgy (AusIMM) and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI43-101). 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 therein."

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 Corp. undertakes no obligation to update forward-looking information except as required by applicable law.

ABOUT ADYTON RESOURCES CORPORATION

Adyton Resources Corp. 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.

Map showing the location of Adyton's Papua New Guinea exploration projects relative to significant PNG gold projects.
https://www.globenewswire.com/NewsRoom/AttachmentNg/4a7f0be6-c1b3-464e-89b2-f4f47be43de6

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.

Further as of 1 August 2021 Adyton is also quoted on the OTCQB market under the code ADYRF

For more information about Adyton and its projects, visit www.adytonresources.com.



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