Port Moresby, PNG – October 30, 2024 – Adyton Resources Corporation (TSX Venture: ADY) is pleased to report that leading international drone geophysics equipment and survey provider Geoscan under the direction of Adyton COO Dr Chris Bowden mobilized to Feni Island yesterday and commenced a drone magnetic and imagery/topographic survey. The survey utilizes the latest technology UAV drones and quantum magnetometers. Acquiring the data at a high-resolution will assist Adyton to better identify magnetic anomalies and structural features that are likely to control high grade mineralization. In addition, the Geoscan team using fixed wing drones will capture high resolution orthomosaic imagery and calculate topography, providing the most accurate digital terrain model to date. The work program is expected to be completed by the end of November.
Adyton’s COO Dr Chris Bowden comments: “Geoscan are world leaders in their equipment and operations in deploying UAV systems for geophysics and topography mapping. Its fantastic to have the Geoscan team at Feni, and being able to deploy UAV based survey equipment to acquire high-resolution geophysical and imagery data is such a cost effective and fast data acquisition method. The resulting high-resolution magnetic data, imagery, and detailed topography will really help advance the knowledge base at Feni, and help prioritize targets for drilling, particularly under the extensive post-mineralization tephra cover, and in peripheral areas that have never been traversed before.”
Adyton CEO Tim Crossley comments: “we are pleased to maintain the momentum of our activities on Adyton’s 100% owned Feni Island Project which commenced back in August with a field team led by Dr Chris Bowden on the island sampling and mapping as we work towards and finalize arrangements for our next drill program targeted to commence in December 2024. Separately we are now close to finalizing mobilization plans with our Fergusson Island partners EVIH for our next drilling campaign at both the Wapolu and Gameta Fergusson Island projects”.
Figure 1: (left) Geoscan’s 401 quadcopter drone with the Geoshark magnetometer, and fixed wing UAV (on stand) capturing high-resolution orthomosaic imagery and topography. (upper right) Launching the fixed wing UAV via catapult. (lower right) Launching the quadcopter drone with the Geoshark magnetometer.
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: tcrossley@adtyonresources.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.
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 easy to access island locations on the Pacific Ring of Fire 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 dated October 14, 2021 prepared in accordance with National Instrument 43-101101 ‐ Standards of Disclosure for Mineral Projects (“NI 43-101”), 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 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 dated October 14, 2021 prepared in accordance with NI 43-101, which has 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 NI 43-101 technical report entitled “NI 43-101 Technical Report on the Fergusson Gold Property, Milne Bay Province, Papua New Guinea” prepared for Adyton 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.
Adyton is also quoted on the OTC under the code ADYRF and on the Frankfurt Stock Exchange under the code 701:GR.
Qualified Person
The scientific and technical information contained in this press 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 may include “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. 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’s 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 undertakes no obligation to update forward‐looking information except as required by applicable law.