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.
Highlights
Significant intercepts up to 36 grams per tonne gold (g/t Au) reported from the first samples of a 4,300 metre (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."
Project Update
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).
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 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.
Resource Estimate
The existing Gameta and Wapolu Mineral Resource Estimate has 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.
For further information please contact:
Tim Crossley, Chief Executive Officer
E-mail: ir@adytonresources.com
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.
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.
Mineral resources are not mineral reserves and have not demonstrated economic viability.