PORT MORESBY, Papua New Guinea, March 30, 2022 (GLOBE NEWSWIRE) -- Adyton Resources Corporation (TSX Venture: ADY) is pleased to report that petrology work carried out on the highly successful diamond drill hole ADK004 (see TSXV Release 01 December 2021) supports the existence of two styles of mineralization – a shallower epithermal style overprinting an earlier porphyry mineralization event (as reported by earlier workers), confirming that we are in a highly mineralized system.
Petrological work carried out by Mintex Petrological Solutions on 14 drill core samples (on 12 polished thin sections and two polished buttons for SEM) has confirmed the geological understanding that two styles of mineralization exist at the Kabang prospect.
The first nine shallower samples show epithermal characteristics with pervasive adularia alteration overprinted by kaolinite-dickite and alunite (advanced argillic) alteration with variable paragenetically late pyrite-chalcopyrite-arsenopyrite mineralisation in veins (azurite was observed in one sample).
The five deeper samples are plagioclase-phyric phenocryst-rich diorite porphyries with occasional apatite phenocrysts. These brecciated porphyries are chalcopyrite-rich with chalcopyrite replacement of clasts and matrix, as well as mineralised thin quartz veins indicative of porphyry style mineralisation.
Overall, the shallower samples from this deeper suite of rocks show adularia (potassic) alteration overprinted by advanced argillic alteration (hosting the shallower epithermal gold zone), and the deeper samples also have an advanced argillic overprint into the porphyry system (hosting the underlying porphyry copper / gold mineralisation).
Adyton Resources CEO, Mr. Tim Crossley, said that “we are extremely excited by the results of the petrology work which has confirmed our views that Feni hosts a highly mineralized system.” Commenting further he noted that the area around ADK004 is open in all directions for porphyry style targets, in particular the area to the north where there has been no drilling carried out.
Mr. Crossley went on to say, “This petrography work follows on from the company’s significant gold and copper intersects reported in December 2021 including the world class copper intercept in hole 4 of 6.4m @5.1% copper and 1.6 g/t gold with 35m of disseminated 0.3% copper and 1.1g/t gold above the high-grade massive sulphide zone.
These intercepts followed on from the previously reported intercepts from holes 1 and 3 of 144.8m from surface of 0.8 g/t Au in hole 1 and 84 m @0.6g/t in hole 3.”
The Feni Project
The Feni project hosts an existing inferred 1.46 Moz NI 43-101 compliant gold Resource¹ and lies within the Feni Island Group at the southeast end of the 250 km long Lihir alkalic volcanic island chain, which is largely Pliocene-Pleistocene in age. The chain lies 40 – 60 km off the east coast of New Ireland, PNG (Figure 1), with Feni, located in a highly mineralized part of PNG, having many geological similarities to the world renowned giant Lihir gold deposit. Further to the south-east lies the large (Panguna) Bougainville copper / gold porphyry deposit.
Figure1: Feni Island – showingKabangdrillingarea–otherprospectsalsoshown
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/48f9f2e0-1cd3-4820-91ed-c5a2a8a6be5f
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¹ The Feni Island Project currently has a mineral resource prepared in accordance with NI 43-101 dated October 14, 2021, 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” (the “Feni Technical Report”) dated October 14, 2021 and prepared for Adyton Resources 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.
The focus of the initial drilling program at Kabang was to test both the shallow epithermal gold zones and deeper porphyry copper potential (Figure 2).
The Company’s maiden drilling program of five diamond holes (1,982m) at Feni was completed in late 2021 (seeTSXV Announcement: “01 December 2021: AdytonhitssignificantcopperatFeniIsland 6.4m@5.1%Cu(including3.6m@6.9%Cu”).
Figure 2: Kabang drilling area showing IP conductive channel, IP phase targets and location of the fivecompletedAdytondiamonddrillholes.HoleADK004isshown.
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4421839e-bd7d-4da8-9415-5b60a672320f
Tim Crossley, Chief Executive Officer
Forfurtherinformationpleasecontact:
Tim Crossley, Chief Executive Officer
E‐mail: tcrossley@adtyonresources.com
Phone: +61 7 3854 2389
NeithertheTSXVentureExchangenoritsRegulationServicesProvider(asthattermisdefinedinthepoliciesoftheTSXVentureExchange)acceptsresponsibilityfortheadequacyoraccuracyofthispressrelease.
ABOUTADYTONRESOURCESCORPORATION
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 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.
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.
For more information about Adyton and its projects, visit www.adytonresources.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/73058724-e20c-4731-bf83-41e70652bb80
QualifiedPerson
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 of Adyton, who is a "Qualified Person" as defined by National Instrument 43‐101 ‐ Standards of Disclosure for Mineral Projects ("NI 43‐101"). 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 herein.”
Forwardlookingstatements
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 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 Corporation undertakes no obligation to update forward‐looking information except as required by applicable law.
