TSX Venture Exchange: ADY
OTC:
ADYRF
FSE: 701GR
PORT
MORESBY, Papua New Guinea, Oct. 30,
2024 /CNW/ - 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".
Tim Crossley, Chief Executive Officer
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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 the Pacific
Ring of Fire on easy to access island locations 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
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 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+ 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
prepared in accordance with NI 43-101 dated October 14, 2021 which 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 technical report
entitled "NI 43-101 Technical Report on the Fergusson Gold
Property, Milne Bay Province, Papua New
Guinea" 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 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.
For more information about Adyton and its projects, visit www.adytonresources.com
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 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 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. 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 resource
estimates. 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.
SOURCE Adyton Resources Corporation
