Port Moresby, PNG – January 16, 2025 – Adyton Resources Corporation (TSX Venture: ADY) (“Adyton” or the “Company”) is pleased to announce two major milestones in advancing its Feni Gold Copper Project, located on the Feni Islands Group in Papua New Guinea. The Company has entered into a contract with Zenex Drilling, a renowned Papua New Guinea -based drilling services provider, and has completed the construction of a fit-for-purpose camp to support the drilling program.
HIGHLIGHTS
- Zenex Drilling engaged for Feni Island’s upcoming exploration program
- Multiple drill rigs, equipment and gear to be mobilized
- 50-person bush camp completed, ready to support 24/7 drilling operations
- Significant local employment generated through camp construction and drilling
“We are thrilled to achieve these critical milestones, which mark significant progress on the Feni Gold-Copper Property,” said Tim Crossley, Chief Executive Officer of Adyton. “Partnering with Zenex Drilling, a firm with extensive experience in geothermally active ground (similar to Lihir) and remote island drilling, positions us for success as we prepare to execute our ambitious exploration program in one of the worlds greatest copper/gold discovery regions. Additionally, completing the camp construction with local materials and manpower demonstrates our commitment to community involvement and operational efficiency. Together, these developments set the stage for a transformative phase of exploration at the Feni Gold-Copper Property.”
Drilling Contract and Mobilization
Zenex Drilling, renowned for their work at Papa New Guinea’s Lihir Island, will spearhead Adyton’s drilling program at the Feni Gold-Copper Property. Zenex Drilling will deploy two drill rigs operating 24/7 over approximately four months, aiming to complete up to 8,000 meters of diamond core drilling.
The drilling program is designed to enhance the existing Mineral Resource Estimate (MRE) of 1.46 Moz through deeper exploration of high-grade gold and copper feeder systems (noting a large number of previous exploration holes terminated in grade), twinning a number of holes that historically were not assayed for copper and test new areas of interest identified from the Company’s most recent high resolution drone magnetic survey and field work. Notable intercepts from the Company’s 2021 drill program include 85.4 M of 0.57% Cu, including 6.4 M of 5.2% Cu and 85.4 M of 0.94 g Au.
The Company anticipates that the equipment for the drilling program will be fully mobilized by the end of January 2025 and that drilling will commence shortly thereafter.
Camp Construction: Ready for Operations
The newly completed 50-person bush camp includes living quarters, a mess hall, office spaces, storage facilities, and essential amenities such as running water, electricity, and a generator (see Figures 1, 2 and 3 below). Constructed with significant local input from predominantly locally sourced materials, the camp reflects Adyton’s commitment to supporting the Feni Island community and leveraging local expertise. Further enhancements, including a core logging facility and drillers’ laydown area, will follow once excavators are mobilized.
Figure 1: Geologists accommodation haus on the left and office block, “Kabang Haus,” on the right
Figure 2: Drillers haus on the left, geologists haus in the middle, and back of mess hall on the right
Figure 3: Interior view of the mess hall showcasing local craftsmanship and use, to the extent possible, of local timbers and materials.
Pre-drilling project update to Feni Island Community Association Executives and landowners completed
On Tuesday 14 January 2025, Adyton staff along with Feni Island landowners and the Feni Island Community Association Executives, met in Kavieng, New Ireland province. The purpose of this meeting was to report back to the Community Association Executive and Landowners on the past 4 months of on ground activities and provide details on the proposed upcoming drilling program along with interpretation and context of historical work programs. The meeting was well attended with a total of 15 community leaders and landowners and confirmed the ongoing support for Adyton’s work programs.
Figure 4: Feni Island Association Executives and Principal Landowners with (L to R centre of photo) COO Dr Chris Bowden, CEO Tim Crossley and Adyton Geologist Fred Iwei.
Geological and Regional Context
The Feni Island Group lies between Lihir and Panguna within the Tabar-Lihir-Tanga-Feni (TLTF) volcanic island chain, which hosts deposits, including Lihir (87 Moz) and Panguna (23 Moz + 6.4 Mt Cu) and Simbiri 8 Moz). Observed gold and copper epithermal and porphyry mineralization at Feni exhibits geological similarities to these deposits, highlighting the potential for an expansion to the existing Mineral Resource Estimate.
Strategic Advantage
Adyton’s approach leverages its team’s discovery and mining expertise, combined with modern exploration systems, to maximize discovery success. The Company remains well-funded and strategically positioned to advance the Feni Island project efficiently.
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.