PORT MORESBY, Papua New Guinea, June 03, 2022 (GLOBE NEWSWIRE) -- Adyton Resources Corporation (TSX Venture: ADY) is pleased to report that it has successfully completed a Wardens Hearing for the renewal of Exploration Licence EL 2549. The Hearing, which is a mandatory process step in the renewal for all exploration licenses in PNG, was conducted by senior Mineral Resources Authority (MRA) Mining Warden Mr Kopi Wapa on May 31 2022 at Wapolu village on Fergusson Island with all principal landowners present.
EL 2549 hosts the Wapolu prospect, which together with the nearby Gameta prospect, is a key element to Adyton’s current commercialization assessment of the Fergusson Island Projects. The Fergusson Island Projects have the stated gold resources tabled below.
| Project | Indicated | Inferred | ||||
| Au (g/t) | Tonnes (million) | Au (koz) | Au (g/t) | Tonnes (million) | Au (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 |
Gameta and Wapolu resources at 0.5g/t gold cut-off 1
Managing Director Tim Crossley said, “in PNG the Wardens Hearing is an important, mandatory part of the regulatory process for renewing exploration licences and provides an opportunity for the impacted stakeholders to provide input into the renewal process. The Hearing confirmed strong support by land holders and other stakeholders for Adyton to continue its exploration activities. It was also a good opportunity for me to travel to the Island and meet our principal landowners and other key stakeholders. I am very encouraged by the support the company has to continue with its activities.”
_______________________________
1The Fergusson Island Project currently has a mineral resource prepared in accordance with NI 43-101 dated October 14, 2021. 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 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 at www.sedar.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1a9fcd9e-d4f9-4584-b98a-9d1f8be2a652
Tim Crossley, Chief Executive Officer
For further information please contact:
Tim Crossley, Chief Executive Officer
E‐mail: tcrossley@adtyonresources.com
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.
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. Adyton’s current gold resource inventory is more than 2M Oz.
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae165b3d-bfdf-44c5-87b4-0458563afd52
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 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.”
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.
