Adyton announces deposit of Fergusson Island and Feni Island

BRISBANE, Australia, November 25, 2021 (GLOBE NEWSWIRE) – Adyton Resource Company (Venture TSX: ADY) (OTCQB: ADYRF) announces that it has filed on SEDAR, Regulation 43-101 respecting Disclosure Standards for Mining Projects (“Regulation 43-101”) technical reports concerning news Mineral resource estimates for the Fergusson Island and Feni Island projects 100% owned by the Company. The technical reports entitled “NI 43-101 Technical Report on the Fergusson Gold Property, Milne Bay Province, Papua New Guinea” and “NI 43-101 Technical Report on the Feni Gold-Copper Property, New Ireland Province, Papua New Guinea” have an effective date of October 14, 2021 and support the mineral resource estimates for the Fergusson Island and Feni Island projects released on October 14, 2021.

The main highlights of the technical reports include:

  • An 88% increase in total ounces of gold through the 100% owned Fergusson Island gold project and Feni gold and copper project, located in Papua’s famous Rim of Fire -New Guinea.
  • Fergusson Island’s first indicated resource of 175,000 ounces of gold at 1.33 grams / tonne (g / t) and inferred resource increased 33% to 540,000 ounces of gold at 1.08 g / t.
  • The Feni Island inferred resource increased 123% to 1,460,000 ounces of gold at 0.75 g / t.

Table 1 provides a summary of updated mineral resources for the consolidated Fergusson Island and Feni Island projects.

Project Indicated Inferred
At
(g / t)
Tons
(million)
At
(koz)
At
(g / t)
Tons
(million)
At
(koz)
Fergusson Island – Gameta Project 1.33 4.0 173 1.01 10.5 340
Fergusson Island – Wapolu Project 1.06 5.8 200
Fergusson Island Total 1.33 4.0 173 1.02 16.3 540
Feni Island 0.75 60.4 1,460
Total 1.33 4.0 173 0.81 76.7 2,000

Table 1: Combined resources of the Adyton group of Gameta, Wapolu and Feni at a cutoff of 0.5 g / t gold

The scientific and technical content of this press release has been reviewed by Rod Watt, BSc Hons (Geo), FAusIMM, Chief Geologist and Director of Adyton Resources Corporation, who is a “Qualified Person” within the meaning of NI 43 -101.

Technical reports and qualified persons

Technical reports are available on SEDAR (www.sedar.com) and on the Company’s website (www.adytonresources.com). Readers are encouraged to read the technical reports in their entirety, including all reservations, assumptions and exclusions relating to mineral resource estimates. Technical reports are intended to be read as a whole, and sections should not be read or referred to out of context.

The technical reports were prepared by Mr. Mark Berry (MAIG), Mr. John Horton (FAusIMM CP, MAIG), Mr. Simon Tear (MIGI PGeo), Mr. Matthew White (MAIG), Mr. Andy Thomas (MAIG) of Derisk Geomining Consultants Pty Ltd. , each of which is an independent qualified person as defined by NI 43-101.

ON BEHALF OF THE BOARD OF ADYTON RESOURCES CORPORATION
Frank Terranova, Chairman of the Board, President and CEO

For more information, please contact:
Frank Terranova, Chairman of the Board, President and CEO
E-mail: [email protected]
Telephone: +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.

Forward-looking statements

This press release contains “forward-looking statements”, including forecasts, estimates, expectations and targets for future operations that are subject to several assumptions, risks and uncertainties, many of which are beyond Adyton’s control. Forward-looking statements and information can generally be identified by the use of forward-looking terms such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, ” anticipate “,” believe “,” continue “,” plans “or similar terminology. Forward-looking statements contained in this press release include plans for additional drilling tests, intention to prepare additional technical studies, timing additional drilling results and preparation for a resource upgrade in the third quarter of 2021. The forward-looking information contained herein is provided for the purpose of helping readers understand current expectations and plans for the direction regarding the future. Readers are cautioned that this information may not be appropriate for other purposes. Forward-looking information is based on the direction of assumptions, reasonable estimates, expectations, analyzes and opinions of the parties, which are based on this management’s experience and perception of trends, current conditions and expected developments, and other factors that management considers relevant and reasonable in the circumstances , but which may prove to be inaccurate. These factors include, among others: impacts resulting from the global disruption caused by the Covid-19 coronavirus outbreak; changes in general macroeconomic conditions; changes in the 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 exploration, development and mining activities (including environmental hazards, industrial accidents, unusual or unexpected forming pressures, collapses and floods); differences between actual and estimated metallurgical recoveries; failure to obtain adequate insurance to cover risks and dangers; the presence of laws and regulations that may impose restrictions on mining; employee relations; the relationships and claims of local communities and indigenous populations; the availability and evolution of costs associated with mining inputs and labor; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and the title of the properties. Investors are cautioned that these statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. This 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 significantly. Readers are cautioned not to place undue reliance on forward-looking statements or information. Adyton Resources Corporation assumes no obligation to update forward-looking information, except as required by applicable law.

ABOUT ADYTON RESOURCE COMPANY

Adyton Resources Corporation is focused on the development of gold and copper resources in world-class mining jurisdictions. It currently has a portfolio of highly promising 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, home to several world-class copper and gold deposits. Adyton was formed through a reverse takeover transaction completed with XIB I Capital Corporation on February 17, 2021 and began trading on the TSX Venture Exchange under the symbol “ADY” on February 24, 2021. Adyton is also listed on the Frankfurt Stock Exchange under the code 701: GR. Since August 1, 2021, Adyton has also been listed on the OTCQB market under the code ADYRF. For more information on Adyton and his projects, visit www.adytonresources.com.

Figure 1 Map showing the location of Adyton’s exploration projects in Papua New Guinea in relation to major gold projects in PNG.

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