Review of existing and historical data on Feni Island reinforces significant Cu-Au discovery potential

by | Jul 18, 2024 | Announcements

Highlights 

  • Numerous highly prospective copper-gold porphyry-epithermal targets remain untested.
  • Gold mineralized sinters (up to 33g/t Au) at active geothermal system at Kapkai 3km NW along structure from Kabang – analogous to the active geothermal system at Lihir Gold Mine (Newmont).
  • Gold mineralization up to 75g/t Au in silicified hydrothermal breccia at Natong 5.5km SE of existing Kabang Resource (1.46Moz Au).
  • Outcropping observations of copper-bearing (py-cpy-bn) intensely altered and brecciated intrusives at Danmagal 1.5km SW of the Kabang Resource.
  • Over 10km of arc-parallel structures contain significant copper-gold porphyry-epithermal mineralized targets, outside the current Kabang resource, and remain poorly tested to date.
  • Field program planned to start late July 2024 with a focus on sampling highly prospective epithermal-porphyry gold-copper prospects at the Feni Island Project.

 

July 17, 2024 – Port Moresby, PNG – Adyton Resources Corporation (TSX: ADY) is pleased to provide an update of the Company’s ongoing review of an extensive historical data set at its 100% owned Feni Island project. The review has identified a number of prospective copper-gold mineralized targets which have never been drill tested.

CEO Statement:

“It is always nice when doing these kind of data reviews to be consistently surprised on the upside with findings” said Tim Crossley CEO of Adyton. “These findings along with the unquestionable regional geological setting continue to galvanize us about the copper-gold mineralization potential at Feni Island.

Figure 1: Feni Island map showing reduced to pole magnetic data as the base image (red high magnetic response and blue low magnetic response), high priority prospects, and significant historical rock-chip gold, copper and molybdenum assay results). A significant number of the historical drill holes (shown as black dots) were shallow and did not penetrate post-mineral volcanic cover.  The current inferred mineral resource estimate is open in all directions and represents only a small part of the larger Kabang target area.

 

Historical Data Review

Adyton has recently acquired an extensive data set of hardcopy historical reports which outline previous work on Feni Island. Despite multiple references to outcrops with porphyry-style quartz-pyrite-chalcopyrite-bornite veins, significant gold-copper-molybdenum assay results in rock chip samples, and alteration styles typical of porphyry-style mineralization, the historical exploration focus was only on low sulphidation gold mineralization in the crater area and at Kabang.  Significantly, historical references to areas of copper-gold mineralization, and porphyry style veining and alteration, coincide with a number of intrusive centers recently defined by Adyton using reprocessed historical magnetic data (see Adyton NR dated June 26, 2024). These areas will be the focus of an upcoming field program planned to commence at the end of July 2024.

Danmagal Prospect

The Danmangal Prospect was identified during reconnaissance work in the late 1990’s as an area of outcropping intensely altered and brecciated syenite porphyry with visible pyrite-chalcopyrite-bornite mineralization.  Alternation assemblages are noted as potassic (K-feldspar + biotite), overprinted by phyllic (quartz + sericite + pyrite), overprinted by advanced argillic and argillic (alunite + kaolinite +/- smectite + illite). The area is coincident with an historical >100ppb gold in soil anomaly and a magnetic anomaly recently identified by Adyton. Danmagal will be a priority target during the upcoming field program.

Natong Prospect

Previous mapping and sampling at Natong in the 1980’s defined a highly gold anomalous hydrothermal breccia. The historical database suggests that a significant number of 50 rock-chip samples returned high gold assays including 53.8g/t Au, 53.5g/t Au, 53.0g/t Au, 19.8g/t Au and 8.5 g/t Au in outcrop samples and 75g/t Au in a float sample.

Ten aircore drill holes (302m) and 19 diamond drill holes (2255.55m) were drilled at Natong in the late 1980’s and intercepted a peak gold grade of 0.9m @ 33.2 g/t Au (NSD002: 20.4m to 21.3m).  Given the tenure of gold in the surface rock samples, the significant extent of the alteration zone mapped at surface, the lateral extent of the gold mineralized hydrothermal breccia, observations of basement sediments as clasts within the breccia (evidence of deeper seated source to the mineralized breccia), and the shallow nature of the historical drilling (average depth 89m), Adyton does not consider that historical drilling adequately tested the main source of the gold mineralized hydrothermal breccia at Natong.

Adtyon has not been able to verify the assay results cited above, does not consider them current, and cautions that they should not be relied upon. The historical results are included for context. An aggressive follow-up field program is planned to commence at Natong in August 2024.

Kapkai Prospect 

Historical mapping and sampling in the late 1980’s included collection of 13 sinter samples taken at the Kapkai geothermal system. Samples were highly anomalous in gold and returned significant assays including 33.0g/t Au, 18.7g/t Au, 15.4g/t Au, and 18.5g/t Au. Sinters are mineral precipitates formed when geothermal fluids vent to surface. Whilst Adtyon has not been able to verify the assay results cited above, does not consider them current, and cautions that they should not be relied upon, they have been included for context. Adyton considers the Kapkai Prospect to be a high priority for upcoming sampling and mapping.

These three prospects (Kapkai, Danmagal, and Natong) are just a small part of the historical dataset available and highlight the spatial extent of known gold and copper mineralization at the Feni Island Project, and that numerous targets (Figure 1) remain highly prospective for copper-gold porphyry-epithermal mineralization and have not been adequately tested to date.

Forward Works

Field program planned to start late July 2024 with a focus on sampling highly prospective epithermal-porphyry gold-copper prospects as identified through historical data review and recent magnetic data analysis.  Priority targets will include Danmagal and the corridor through to the Kabang MRE area; Natong gold-bearing hydrothermal breccia system; and, Kapkai gold-bearing active geothermal area and prospective structures along strike from Kabang.

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