Port Moresby, Papua New Guinea--(Newsfile Corp. - April 29, 2025) - Adyton Resources Corporation (TSXV: ADY) ("Adyton" or the "Company") is pleased to provide an update on its ongoing drilling activities at its 100% owned Feni Island project.
KEY HIGHLIGHTS
- The first batch of Feni drill samples have been prepared for dispatch to Intertek laboratory.
- The first barge resupply of fuel and other items at Feni demonstrated the ease of access for resupply by large existing coastal supply barges.
- At Adyton's Feni Island project, approximately 90 local jobs have been created, providing employment opportunities in areas with limited job prospects.
The current drill program is focused on the Kabang Prospect in order to twin select holes and assay for copper from holes previously drilled with no copper assays enabling copper to be included in the future MRE, whilst at the same time targeting open extensions and high-grade gold zones proximal to the current MRE.
Tim Crossley, Chief Executive Officer, stated:
"Significant progress is being made at the 100% owned Feni Island project, with our drill programme now well underway and first batch of drill samples already dispatched to the Laboratory in Lae, PNG's second largest city. It is also pleasing to note that approximately 90 new direct local jobs have been created along with several local businesses benefiting from the projects activities. Of course, it goes without saying that none of this activity would have been possible without the support from our local stakeholders and in particular the Feni Island Landowners."
Background
The Adyton projects are located in PNG on easily accessible island locations. Feni Island is part of the Tabar to Feni island chain which also hosts the operating gold mines of Simbiri (8 M oz) and Lihir (87 M oz) while Feni hosts a foundation resource of 1.45 M oz Au. To the southeast of Feni on Bougainville Island lies the giant Panguna deposit (23 Moz Au, 6.3 Mt Cu).
The Current Drill Program
Adyton began its drilling campaign at Feni Island targets in February of 2025. Two diamond drill rigs were deployed at site (i.e. Kabang). The focus of this program has been:
- A number of historical holes will be twinned in order to provide copper assays for input into an updated MRE. Evidence from Adyton drill holes, which were assayed for gold and copper, indicates inclusion of copper assays in the MRE would positively impact both grade and tonnage of an Au Eq. MRE. Twinned holes will also be taken to deeper target depths to test depth extension of mineralization.
- Step-out and step-back drill holes will target the strike and depth extensions of mineralization which are open in all directions. This includes infill drilling within the existing resource model where historical holes failed to penetrate post-mineralization cover.
- High grade breccia zones beneath the existing resource are high reward targets. A number of deeper holes (approx. 400 m) will target these zones.
Copper Potential
Feni Island displays multiple Lihir-style gold and copper targets. On the island, there is a central caldera complex that occurs within a NW-SE (TLTF parallel) trending pull-apart basin with low magnetic response. Within the Caldera complex the Kabang, Dome, Saddle and Caldera targets are analogous to the structural and geological setting of the Lihir deposits.
High reward gold-copper alkalic-type epithermal targets including Kabang (current MRE of 1.46 Moz Au) and its surrounding extensions (not drill tested), as well as Dome, Saddle and Caldera prospects, as well as high resolution drone geophysical targets.
Not all historical holes were assayed for copper - yet several holes that were assayed for copper returned significant copper assays over large down-hole intervals. Previous drilling by Adyton and explorers prior to Adyton confirmed the presence of near surface gold-copper mineralization and high-grade copper-gold mineralization beneath and proximal to the existing Kabang MRE.
It is notable that neither copper nor Adyton's successful 2021 drill holes have been included in the current Kabang MRE of 1.46 Moz Au.
The Company notes that it has laid a strong foundation for its work programs across all of its projects and will continue executing these programs at its 100% owned Feni Island project (see Figures 1 and 2). The near-term focus will be on continuing drilling at Feni Island. The Company will also be receiving and interpreting assay results from all three of its projects as they are received from the Intertek laboratory.
Figures 1 and 2: Feni Island drilling (left) and Feni drill samples from drill hole FDD002 ready for dispatch (right)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7416/250105_adytonfig12.jpg
For further information please contact:
Tim Crossley, Chief Executive Officer
E‐mail: ir@adtyonresources.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.
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.
For more information about Adyton and its projects, visit www.adytonresources.com.
To view an enhanced version of this graphic, please visit:
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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 ‐ 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 pertaining to the drill program, the intention to prepare additional technical studies, the timing of the drill program, uses of the recent drone survey data, the timing of updating key findings, the preparation of resource estimates, and the deeper exploration of high-grade gold and copper feeder systems . 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, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the projects in a timely manner; the availability of financing on suitable terms for the development; construction and continued operation of the Fergusson Island Project and the Feni Island Project; the ability to effectively complete the drilling program; and Adyton's ability to comply with all applicable regulations and laws, including environmental, health and safety laws.
Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Adyton's management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of managements considered reasonable at the date the statements are made. Although Adyton believes that the expectations reflected in such forward- looking statements are reasonable, such information involves risks and uncertainties, and under reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements expressed or implied by Adyton. Among the key risk factors that could cause actual results to differ materially from those projected in the forward- looking statements are the following: impacts arising from the global disruption, changes in general macroeconomic conditions; reliance on key personnel; reliance on Zenex Drilling; 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.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES.
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