U.S. Markets close in 2 hrs 16 mins
  • S&P 500

    4,410.13
    +12.19 (+0.28%)
     
  • Dow 30

    34,364.50
    +99.10 (+0.29%)
     
  • Nasdaq

    13,855.10
    +86.23 (+0.63%)
     
  • Russell 2000

    1,987.92
    -36.12 (-1.78%)
     
  • Crude Oil

    0 (0)
     
  • Gold

    1,841.10
    -0.60 (-0.03%)
     
  • Silver

    24.34
    -0.37 (-1.50%)
     
  • EUR/USD

    1.1348
    +0.0031 (+0.2724%)
     
  • 10-Yr Bond

    1.7350
    -0.0120 (-0.69%)
     
  • Vix

    28.85
    +3.26 (+12.74%)
     
  • GBP/USD

    1.3555
    -0.0045 (-0.3321%)
     
  • USD/JPY

    113.6500
    -0.4500 (-0.3944%)
     
  • BTC-USD

    37,372.71
    +1,455.59 (+4.05%)
     
  • CMC Crypto 200

    823.79
    +13.18 (+1.63%)
     
  • FTSE 100

    7,494.13
    -90.88 (-1.20%)
     
  • Nikkei 225

    27,522.26
    -250.64 (-0.90%)
     

Adyton hits significant copper at Feni Island 6.4m @ 5.1% Cu (including 3.6m @ 6.9% Cu)

  • Oops!
    Something went wrong.
    Please try again later.
·16 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • ADYRF

Figure 1

Kabang drilling area – other prospects also shown
Kabang drilling area – other prospects also shown
Kabang drilling area – other prospects also shown

Figure 2

Kabang drilling area showing IP conductive channel, IP phase targets and location of the five completed Adyton diamond drill holes. Note the prospective corridor is > 1.5kms long, lightly drilled, and under younger volcanic cover at the northern end which has hindered previous exploration efforts. Hole ADK004 is shown.
Kabang drilling area showing IP conductive channel, IP phase targets and location of the five completed Adyton diamond drill holes. Note the prospective corridor is > 1.5kms long, lightly drilled, and under younger volcanic cover at the northern end which has hindered previous exploration efforts. Hole ADK004 is shown.
Kabang drilling area showing IP conductive channel, IP phase targets and location of the five completed Adyton diamond drill holes. Note the prospective corridor is > 1.5kms long, lightly drilled, and under younger volcanic cover at the northern end which has hindered previous exploration efforts. Hole ADK004 is shown.

Figure 3:

Location of ADK004 in relation to the other Adyton drill holes within the Kabang mineralized corridor, a zone of >1.5kms long.  Note going to the north (beyond ADK004 and 005) the surface gold mineralization passes under younger volcanic cover - an area that hindered previous explorers and remains untested
Location of ADK004 in relation to the other Adyton drill holes within the Kabang mineralized corridor, a zone of >1.5kms long. Note going to the north (beyond ADK004 and 005) the surface gold mineralization passes under younger volcanic cover - an area that hindered previous explorers and remains untested
Location of ADK004 in relation to the other Adyton drill holes within the Kabang mineralized corridor, a zone of >1.5kms long. Note going to the north (beyond ADK004 and 005) the surface gold mineralization passes under younger volcanic cover - an area that hindered previous explorers and remains untested

Figure 4:

Cross section along ADK004 showing copper (lhs) and gold (rhs) - disseminated copper is within the volcanic breccia and the massive sulphide within the syenite intrusive.  Plan view on the right showing the orientation of the holes.
Cross section along ADK004 showing copper (lhs) and gold (rhs) - disseminated copper is within the volcanic breccia and the massive sulphide within the syenite intrusive. Plan view on the right showing the orientation of the holes.
Cross section along ADK004 showing copper (lhs) and gold (rhs) - disseminated copper is within the volcanic breccia and the massive sulphide within the syenite intrusive. Plan view on the right showing the orientation of the holes.

Figure 5:

ADK004 - 155.1 - 156.1m showing massive sulphide mineralization in hydrothermal breccia
ADK004 - 155.1 - 156.1m showing massive sulphide mineralization in hydrothermal breccia
ADK004 - 155.1 - 156.1m showing massive sulphide mineralization in hydrothermal breccia

About Adyton

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 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 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.

BRISBANE, Australia, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Adyton Resources Corporation (TSX Venture: ADY) (OTCQB: ADYRF) (FSE: 701GR) has reported significant copper assays from hole ADK004 at its 100% owned Feni Island Project (Feni) in Papua New Guinea.

The Company's maiden drilling program of five diamond holes (1,982m) at Feni was completed in September.

The initial objectives of the program were to expand the gold resource as well as test various induced polarisation (IP) anomalies for the potential of a copper porphyry system.

Multi-element assays have now been returned with significant copper intersections being recorded from hole ADK004 in two zones – a shallower disseminated zone of copper mineralization followed by a zone of massive sulphide copper mineralization:

Disseminated Cu + Au:

  • 35.9m (70.7 to 106.6m) @ 0.3% Cu & 1.1g/t Au

Massive sulphide Cu + Au:

  • 6.4m (149.7 to 156.1m) @ 5.1% Cu & 1.6g/t Au
    Incl 3.6m (151.5 to 155.1m) @ 6.9% Cu & 2.1g/t Au
    Incl 0.7m (154.4 to 155.1m) @ 14.5% Cu & 2.4g/t Au

These results validate the company’s geological model that Feni Island has the potential to host zones of significant copper mineralization within the highly mineralized Kabang structural corridor.

As previously reported, all five holes returned significant intersections of gold mineralization including:

  • Hole ADK001 intersected gold from surface 144.80m (1.0 – 145.8m) @ 0.8 g/t Au, including 42.70m (48.3 – 91.0m) @ 1.33 g/t Au; 28m (63.0 – 91.0m) @1.60 g/t Au and 5m (70.0 – 75.0m) @ 2.96 g/t Au and a shallow copper intersection of 16m (7.0 – 23.0m) @ 0.3% Cu.

  • Hole ADK003 intersected 84m (55.0 – 139.0m) @ 0.6 g/t Au, including 2m (55.0 – 57.0) @ 1.36 g/t Au; 3m (61.0 – 64.0m) @ 1.16 g/t Au; 6m (93.0 – 99.0m) @ 0.96 g/t Au and 15m (124.0m – 139.0m) @ 1.26 g/t Au.

  • Hole ADK004 drilled 500m north of holes ADK001 and ADK003 intersected 84.10m (72.0 – 156.1m) @ 0.96 g/t Au, including 10m (74.0 – 84.0m) @ 1.41 g/t Au; 15.60m (91.0 – 106.6m) @ 1.20 g/t Au; 4.60m (151.5 – 156.1m) @ 2.00 g/t Au and 1m (335.0 – 336.0m) @ 5.24 g/t Au.

Adyton Resources President, Executive Chairman and CEO, Mr Frank Terranova, said the assay results demonstrated Feni’s significant copper potential.

“The results confirm that Feni could contain zones of high-grade copper within the extensive gold mineralization and this confirmation of massive sulphide copper in the system justifies more work which is currently being planned,” Mr Terranova said.

“The recent drilling program has highlighted the potential for a significant discovery to be made in the 1.5km long Kabang structural corridor. The corridor is lightly drilled, and going north is covered by younger volcanic cover, which has hindered previous exploration efforts – a focus of the next program will be exploring under this younger cover.”

Located in a Tier 1 region along a mineral belt containing the world class Simberi, Lihir, and Panguna gold and copper projects, Mr Terranova added that the model at Feni was for a “Lihir-style” epithermal gold overprint on a deeper porphyry copper system.

Figure 1: Kabang drilling area – other prospects also shown

https://www.globenewswire.com/NewsRoom/AttachmentNg/cb9a46bc-8343-4bf3-a950-df815205eeaf

Drilling Summary

Hole ADK004 was drilled to test continuity of mineralization further to the north-east 500m from the first three holes drilled in the program (ADK001 – 003) and as such represented a “step-out” to get a better understanding of the mineralisation further along the Kabang structural zone (Figure 2). This area is covered by 70m of younger cover (volcanics, epiclastics and tephra). Beneath the younger cover from 72m depth, ADK004 intersected strong Au and Cu mineralisation within hydrothermal breccia. The breccias are phyllic altered, silicified, with strong sulphide (pyrite, arsenopyrite and chalcopyrite) mineralisation as breccia fill, stockworks and veining. Beneath the volcanic breccia the hole passed into syenite intrusive.

Figure 2: Kabang drilling area showing IP conductive channel, IP phase targets and location of the five completed Adyton diamond drill holes. Note the prospective corridor is > 1.5kms long, lightly drilled, and under younger volcanic cover at the northern end which has hindered previous exploration efforts. Hole ADK004 is shown.

https://www.globenewswire.com/NewsRoom/AttachmentNg/44527e83-4674-4628-aa31-acbfaeeff7aa

Figure 3: Location of ADK004 in relation to the other Adyton drill holes within the Kabang mineralized corridor, a zone of >1.5kms long. Note going to the north (beyond ADK004 and 005) the surface gold mineralization passes under younger volcanic cover – an area that hindered previous explorers and remains untested.

https://www.globenewswire.com/NewsRoom/AttachmentNg/de429143-117d-4b82-b821-fbb545d71513

Hole ADK004 intersected 84.10m (72.0 – 156.1m) @ 0.97 g/t Au, including 10m (74.0 – 84.0m) @ 1.41 g/t Au; 15.60m (91.0 – 106.6m) @ 1.40 g/t Au; 4.60m (151.5 – 156.1m) @ 2.03 g/t Au and 1m (335.0 – 336.0m) @ 5.24 g/t Au.

The zones of copper (with associated gold) from ADK004 are reported as:

Disseminated Cu + Au Zone:

  • 35.9m (70.7 to 106.6m) @ 0.3% Cu & 1.1g/t Au

Massive sulphide Cu + Au Zone:

  • 6.4m (149.7 to 156.1m) @ 5.1% Cu & 1.6g/t Au
    Incl 3.6m (151.5 to 155.1m) @ 6.9% Cu & 2.1g/t Au
    Incl 0.7m (154.4 to 155.1m) @ 14.5% Cu & 2.4g/t Au

Significantly, from 149.7 to 156.1m down-hole a zone of massive sulphide mineralisation was drilled with a significant gold intersection and visible chalcopyrite. This zone is exciting in the context of structurally controlled higher grade zones that are going to be the focus of the next drilling program. The zone is marked by sulphide flooding with pervasive pyrite, pyrrhotite, chalcopyrite, arsenopyrite and magnetite which make up 30 - 40% of the interval. Below the massive sulphide-zone, the hole passed into phyllic altered syenite / diorite porphyry to the end of hole at 394.6m.

Figure 4: Cross section along ADK004 showing copper (lhs) and gold (rhs) – disseminated copper is within the volcanic breccia and the massive sulphide within the syenite intrusive. Plan view on the right showing the orientation of the holes.

https://www.globenewswire.com/NewsRoom/AttachmentNg/6ac220c0-dc47-4173-b880-5e6f2d8fad67

Figure 5: ADK004 – 155.1 – 156.1m showing massive sulphide mineralization in hydrothermal breccia

https://www.globenewswire.com/NewsRoom/AttachmentNg/bd5c9a43-b90e-49f2-bb2b-5b0467b61e0e

Geological Overview

The Feni Island Group lies at the southeast end of the 250 km long Tabar-Lihir-Tanga-Feni alkalic volcanic island chain, which is largely Pliocene-Pleistocene in age. The chain lies 40 – 60 km off the east coast of New Ireland, PNG.

Ambitle Island is the larger of the two islands comprising the Feni Island Group. It is dominated by Ambitle volcano, which is a collapsed stratovolcano (2 – 8 million years old) built on a basement of early Tertiary sediments. The crater rim is interpreted as a collapse-structure, of gravity-induced failure of the southwest flanks of the Ambitle crater, as opposed to a large caldera structure. It is composed of alkalic mafic to intermediate volcanics and high-level alkalic intrusives, such as monzonites and syenites.

The cone of Ambitle volcano is comprised mainly of vesicular lavas, pyroclastic and epiclastic rocks. The lavas are intermediate in composition and strongly undersaturated, including phonolites, alkali basalts, basanite, trachybasalt and trachyandesite.

The main style of mineralisation on Ambitle Island is low-sulphidation epithermal gold mineralisation associated with quartz veining and sulphide mineralisation (e.g. pyrite, chalcopyrite, arsenopyrite). The gold mineralisation is associated with the Matangkaka Intrusive Complex, which lies at the southern margin of the Ambitle volcanic crater.

The focus of the initial drilling program at Kabang was to test both the shallow epithermal gold zones and deeper porphyry copper potential. The program was focused in and around the Kabang Prospect to test deeper extensions to previous drilling targeting the IP models that are interpreted to indicate a poorly tested chargeable body at depth underneath the shallower epithermal Kabang mineralisation.

The gold mineralisation identified at Kabang is open in all directions with the potential for a deeper copper-gold mineralised system below the gold mineralisation at Kabang and elsewhere on the tenement. There are multiple prospective gold and copper-gold targets, with limited or no drill testing undertaken to date, that demonstrate the potential to significantly grow the current mineral resources for the Feni Project.

Drill Program Overview

An initial five hole drill program was completed in September at Feni, totalling 1,962m, testing the highly prospective Kabang mineralised corridor for continuity and extensions of the shallower (0-250m) Lihir-style epithermal gold zone and deeper porphyry copper-gold target.

  • Drill targets were based on interpreted chargeable bodies at depth from remodelled 3D IP data from historical geophysical surveys.

  • The initial results from the first five holes are very encouraging, confirming the potential for higher grade ore zones within a broader lower grade gold envelope.

  • The short programs at Kabang and Matangkaka provide further impetus for the next drilling stage which will be focussed on resource extensions and testing the depth potential along the more than 1.5 kms strike extent.

  • The IP modelling is clearly picking out the strong “pyrite halo” around the porphyritic intrusive which is encouraging as the gold appears to sit above and within this zone.

  • The company considers that following the success of the short initial diamond drilling program, there is a significant discovery to be made in the Kabang structural corridor with a focused drilling program along the 1.5km long by 500m wide zone.

  • There are a number of other prospects that also need following up, which will be further defined in the next work program.

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: fterranova@adytonresources.com
Phone: +61 7 3854 2389

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 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.

https://www.globenewswire.com/NewsRoom/AttachmentNg/639738f3-f1d5-441d-bb4a-8d7b0d8ed53a

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 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.

  2. 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 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.


(2) Reported Copper and Gold Intersections in this release:

Hole ID

East

North

RL (m)

Length (m)

Az (deg)

Dip (deg)

From (m)

To (m)

Interval (m)

Au g/t

Cu %

ADK004

567,650

9,548,230

151

394.6

313

-75

70.70

106.60

36.60

1.10

0.30

149.70

156.10

6.40

1.60

5.10

Incl 151.50

155.10

3.60

2.10

6.90

Incl 154.40

155.10

0.70

2.40

14.50

ADK001

567,260

9,548,072

92

432.0

130

-80

7.00

23.00

16.00

0.46

0.30


(3) Information regarding drill holes and exploration results (Gold only) as previously released:

Hole ID

East

North

RL (m)

Length (m)

Az (deg)

Dip (deg)

From (m)

To (m)

Interval (m)

Au g/t

ADK001

567,260

9,548,072

92

432.0

130

-80

1.00

145.80

144.80

0.81

Incl 48.30

91.00

42.70

1.33

Incl 63.00

91.00

28.00

1.60

Incl 70.00

75.00

5.00

2.96

Incl 112.00

130.00

18.00

1.21

ADK002

567,236

9,548,023

97

452.4

185

-85

45.00

55.00

10.00

0.60

ADK003

567,260

9,548,072

92

449.2

255

-75

55.00

139.00

84.00

0.60

Incl 55.00

57.00

2.00

1.36

Incl 61.00

64.00

3.00

1.16

Incl 93.00

99.00

6.00

0.96

Incl 106.00

107.00

1.00

1.22

Incl 124.00

139.00

15.00

1.26

ADK004

567,650

9,548,230

151

394.6

313

-75

72.00

156.10

84.10

0.96

Incl 72.00

137.00

65.00

1.00

Incl 74.00

84.00

10.00

1.41

Incl 74.00

106.60

32.60

1.19

Incl 91.00

106.60

15.60

1.20

Incl 120.00

126.00

6.00

1.40

Incl 120.00

137.00

17.00

1.08

Incl 151.50

156.10

4.60

2.00

329.00

336.00

7.00

1.41

Incl 329.00

331.00

2.00

1.45

Incl 335.00

336.00

1.00

5.24

ADK005

567,704

9,548,293

162

234.0

323

-80

89.00

92.30

3.30

1.27

168.00

173.00

5.00

0.81

  1. All drilling has been carried out by Diamond Drilling, in PQ, HQ and NQ core size.

  2. AKD001 to AKD005 to the extent known have been drilled perpendicular to / across the interpreted mineralised zone.

  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.

(4) 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. Multi element analysis is analysed following four acid digestion for multi element (48 element) analysis followed by ICP-MS at Intertek Laboratories, located at Bohle, Townsville, Queensland, Australia, an accredited laboratory to ISO/IEC 17025. Intertek Global Minerals laboratories are established under the guidelines of the ISO17025 standard testing and calibration and all laboratories comply with Intertek’s quality and management systems.

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 October 13 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 (FAusIMM) 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 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.