GlobeNewswire

Mineralisation confirmed beyond existing Resource area

BRISBANE, Australia, July 06, 2021 (GLOBE NEWSWIRE) -- Adyton Resources Corporation (TSX Venture: ADY) (“Adyton”) is pleased to report further positive results from the recently completed diamond drilling program at its 100% owned Gameta Gold Project on Fergusson Island, located within Papua New Guinea’s renowned “Rim of Fire”.

The assay results reported in this release continue to confirm or exceed the results of historical RC drilling, increase the confidence in the existing geological model, and have extended mineralisation beyond the existing resource area :

Highlights:

• Extension of mineralized zone outside the existing reported resource area
  
  
• ADD025
  
  
  • 6.0m (55.0 - 61.0m) @ 4.26 g/t Au

• ADD027
  • 1.0m (27.0 – 28.0m) @ 8.25g/t Au
  • 4.0m (76.0 – 80.0m) @ 2.43 g/t Au
  • 3.0m (88.0 – 91.0m) @ 1.63 g/t Au
  • 3.4m (92.6 – 96.0m) @ 3.02 g/t Au
    
    
• ADD029
  
  
  • 5.0m (31.0 – 36.0m) @ 1.48 g/t Au
  • 3.0m (39.0 – 42.0m) @ 1.88 g/t Au
  • 2.0m (46.0 – 48.0m) @ 1.50 g/t Au

Frank Terranova, Chairman, President and Chief Executive Officer of Adyton commented “This further confirms the future production potential of Gameta and we will soon be releasing results from our short infill diamond drilling program at the nearby Wapulo resource. The Fergusson Island projects continue to exceed our expectations with the program being ahead of schedule, under budget and with better than anticipated results.”

The Company is pleased to report that results to date have returned some very significant gold intersections in terms of both Au grade and length of intersections. These results clearly support additional technical studies being carried out and the Company has commenced the review of previous technical studies earlier than previously planned.

The remaining nine holes from the Gameta program and the six holes from the Wapulo program along with substantial trenching samples are expected to be reported in the coming weeks.

Adyton plans to commence updating the existing Fergusson Island resource statements and will also commence a metallurgical test-work program in July 2021.

“We are focussed on continuing our disciplined approach to growing the resource and advancing these projects through technical studies as quickly as possible. Put simply we are continuing to do what we said we would do,” Terranova added.

Geological Overview:

Fergusson Island is one of the D’Entrecasteaux Islands, which are in the western end of the Woodlark extension (Woodlark Basin).

Adyton has three separate exploration projects on Fergusson Island:

1. The Gameta Gold Project, which currently has a 360,000-ounce gold (oz Au) inferred mineral resource ⁽¹⁾.
2. The Wapolu Project, which currently has a 140,000 oz Au inferred mineral resource⁽¹⁾.
3. Oredi Creek has widespread epithermal gold mineralisation associated with a fault zone with rock chips up to 1.4 g/t Au and a drill intersection of 70m @ 0.5 g/t Au from previous drilling programs. Importantly, this project, although early stage, adds significant strategic value to the Adyton landholding position on Fergusson Island.
   

The geological setting is dominated by Miocene-Recent crustal thinning created by extension (stretching) of the crust. This thinning has resulted in doming of metamorphic core complexes separated from an over-thrusted sub-seafloor oceanic mantle by a decollement (Detachment Fault Zone or DFZ), overlaying ultramafic rocks of the obducted block.

Gold mineralisation is hosted in the DFZ and within the footwall dioritic gneiss and appears to be both fracture- and dyke-related, plus sulphide-hosted.

The mineralisation model for Gameta and Wapolu suggests that gold is associated with hydrothermal fluids and is concentrated in shallow-dipping deposits within or immediately adjacent to the DFZ, which bounds the metamorphic core complexes. This general setting is analogous to such deposits as Misima in PNG and Mesquite and Picacho in California.

The gold occurs in association with fine sulphides as disseminations and in epithermal quartz veins in lensoid zones parallel to the DFZ. ⁽²⁾

Gameta Drill Program Overview:

The diamond drilling program at the Gameta Project was designed to test the continuity of mineralisation within the DFZ and below into the gneissic footwall, and to increase confidence in historical assay results within the existing inferred resource envelope from RC drilling conducted in the mid-1990’s.

The drilling was focussed on the northern third (“the northern ore zone”) of the known resources with a strike extent of over 700m being tested (note the resource zone itself occurs over a strike interval of 2,000m).

Testing targeted the shallower open pitable material, with drilling generally less than 120m and aimed to provide confirmatory data to support the results from historical RC drilling programs ahead of an expected resource upgrade in Q3 2021.

Some extensional drilling was also part of the program, testing below and down dip from known resources.

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bf8f35c6-38e8-4dc5-be60-f3b3fe0717d8

The Gameta drill program concluded on June 4, 2021, seven weeks ahead of schedule. 38 diamond drill holes were completed (ADD001 to ADD038) for a total of 3,381m (Figure 1).

Results have now been returned from Holes ADD001 to 029, with significant high-grade gold intercepts being recorded in holes ADD001, 002, 003 (TSX-V Announcement 05 May 2021) and 006 ( TSX-V Announcement on 26 May 2021) and ADD010, 015, 016 and 022 (TSX-V Announcement 08 June 2021) and reported in this release ADD025, 027 and 029. This leaves holes ADD030 – 038 where the assays results are outstanding and are expected to be reported during July.

ADD025 (Az 26⁰; -70⁰ dip; EOH 106.7m) intersected the targeted high-grade zone of mineralisation (Figure 2), extending the mineralised area identified from previous drilling. This higher-grade zone is part of the strongly mineralised DFZ structure confirming the continuity of the high grade ore zone in this area. The higher-grade zones are related to the more vuggy siliceous breccia component of the DFZ, and as such are a target for future drilling programs.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2cbbe2ae-2848-4fab-8086-775decc0cae2

Both ADD027 (Az 220⁰; dip -70⁰; EOH 131m) and ADD029 (Az 220⁰; dip -70⁰; EOH 120.3m) returned significant intersections of gold down dip and below the limit of previous shallower historical RC drilling (Figure 3), extending the high-grade resource in this area. The vuggy siliceous zone was recognised in the logging of these two holes, hence additional drilling was proposed in this area in holes ADD031, 034, 035, 036 and 036 (see Figure 1, drill holes in orange).

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/74269a47-c081-4a6c-9ec1-4cbcf27ec649

One of the key aspects of the drilling program is understanding the geological controls on the distribution of the higher-grade zones – and the recently completed program has provided invaluable information on this.

Multi element ICP scans are also being returned for the completed holes (48 element, 4 acid digest), and will be assessed in the coming weeks once all results are received.

As mentioned above, the Gameta resource upgrade will commence in July, as will a preliminary metallurgical test-work program. This work is part of the next phase of the project – the commencement of technical studies leading to a pre-feasibility study.

ON BEHALF OF THE BOARD OF ADYTON RESOURCES CORPORATION

Frank Terranova, Chairman, President and Chief Executive Officer

For further information please contact:

Frank Terranova, Chairman, President and Chief Executive Officer

E-mail: [email protected]

Phone: +61 7 3854 2389

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.

(1) Notes Regarding Inferred Mineral Resource Estimates

1. The Fergusson Island Project currently has a mineral ‎resource prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) dated December 17, 2020, which has outlined an initial inferred ‎mineral resource of: (i) at Gameta, 7.2 ‎million tonnes at an average grade of 1.55 g/t Au, for contained gold of 360,000 ounces, assuming a cut-off ‎grade of 0.8 g/t Au; and (ii) at Wapolu, 3.1 million tonnes at an average grade of 1.42 g/t Au, for contained gold ‎of 140,000 ounces, assuming a cut-off grade of 0.8 g/t Au.
   
   
2. See the NI 43-101 technical report entitled “NI 43-101 Technical Report on the Fergusson Gold Property, Milne Bay ‎Province, Papua New Guinea” (the “Fergusson Island Technical Report”) dated February 1, 2021 and prepared for XIB by Mark Berry ‎‎(MAIG), Simon Tear (MIGI PGeo), Matthew White (MAIG) and Ian Ryan Roy (MAIG), each an independent ‎mining consultant and “qualified person” as defined in NI 43-101‎, available under Adyton’s profile on SEDAR at www.sedar.com.
   
   
3. The Feni Island Project currently has a mineral ‎resource prepared in accordance with NI 43-101 dated December 17, 2020, which has outlined an initial inferred ‎mineral resource of 19.9 million tonnes at an average grade of 1.01 g/t Au, for contained gold of 650,000 ounces, ‎assuming a cut-off grade of 0.8 g/t Au.
   
4. 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 February 1, 2021 and prepared for XIB by Mark Berry (MAIG), Simon ‎Tear (MIGI PGeo), Matthew White (MAIG) and Ian Ryan Roy (MAIG), each an independent mining consultant ‎and “qualified person” as defined in NI 43-101, available under Adyton’s profile on SEDAR at www.sedar.com.
   

(2)  Information regarding drill holes and exploration results reported in this release

Hole ID	East	North	RL (m)	Length (m)	Az (deg)	Dip (deg)	From (m)	To (m)	Interval (m)	Au g/t
ADD024	257,262	8,958,783	20	97.1	220	-70	No Intersection
ADD025	257,013	8,959,071	15	106.7	260	-75	55.0	61.0	6.0	4.26
ADD026	257,187	8,958,719	40	89.3	220	-70	75.0	77.0	2.0	1.18
ADD027	257,367	8,958,745	10	131.0	220	-75	27.0	28.0	1.0	8.25
							76.0	80.0	4.0	2.43
							88.0	91.0	3.0	1.63
							92.6	96.0	3.4	3.02
ADD028	256,983	8,959,110	15	100.0	260	-75	36.0	37.0	1.0	1.20
ADD029	257,293	8,958,677	25	120.3	220	-75	31.0	36.0	5.0	1.48
							39.0	42.0	3.0	1.88
							46.0	48.0	2.0	1.50

(Coordinates in UTM Zone 56, Southern Hemisphere (WGS84)

1. All drilling has been carried out by Diamond Drilling, in PQ and HQ core size.
2. ADD024 to ADD 029 to the extent known have been drilled perpendicular to / across the mineralised zone (the Detachment Fault Zone DFZ) and were drilled within the existing inferred resource zone, primarily to increase confidence in grade and continuity from previous RC drilling programs carried out in the 1990’s.
3. Core recovery has generally been very good >95%.
4. Sampling has been carried out on split core, with half being sent for assay and half core remaining in the core trays.
5. Nominal sampling intervals are 1.0m.
6. Assays are not capped.

(3)  Information regarding QA / QC procedures in relation to exploration results reported in this release  

Gold assays have been carried out by Lead collection 50g charge Fire Assay with AAS finish at Intertek Laboratories, Lae, PNG, an accredited laboratory to ISO/IEC 17025 (2005) for quantitative gold determination.

All assays have been subject to quality control measures appropriate for diamond drilling where certified reference materials / standards have been included in each batch of samples submitted as part of the quality assurance / quality control process.

Qualified Person

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 and a director of Adyton, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Adyton Resources Corp press release dated May 05, 2021: “The technical information in this press release has been reviewed and approved by Rod Watt, who is a fellow of the Australian Institute of Mining and Metallurgy (AusIMM) and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI43-101).  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 therein.

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 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.

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 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/78c64d87-0803-4ca6-b00c-0da49dcd2cdb

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.

Adyton is also quoted on the Frankfurt Stock Exchange under the code 701: GR.

For more information about Adyton and its projects, visit www.adytonresources.com.