PORT MORESBY, Papua New Guinea, June 03, 2022 (GLOBE NEWSWIRE) — Adyton Resources Corporation (TSX Venture: ADY) is pleased to announce that it has successfully completed a Directors’ Hearing for the renewal of exploration license EL 2549. The hearing, which is a mandatory step in the renewal process for all exploration in PNG, was conducted by Mr. Kopi Wapa, Director of Mines of the Mineral Resources Authority (MRA), on May 31, 2022 at the village of Wapolu on Fergusson Island with all major landowners present .
EL 2549 hosts the Wapolu prospect, which, along with the neighboring Gameta prospect, is a key component of Adyton’s current commercialization assessment of the Fergusson Island projects. The Fergusson Island projects have the gold resources shown below.
|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 0.5 g/t gold cut-off 1
General Manager Tim Crossley said, “In PNG, the Guardians hearing is an important and mandatory part of the regulatory exploration license renewal process and provides an opportunity for affected stakeholders to provide input into the renewal process. The hearing confirmed the strong support from landowners 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 with our principal landowners and other key stakeholders. I am very encouraged by the support the company has received to continue its activities.
1The Fergusson Island Project currently has a Mineral Resource prepared in accordance with NI 43-101 dated October 14, 2021. See NI 43-101 Technical Report titled “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 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, General Manager
For further away information please Contact:
Tim Crossley, General Manager
Email: [email protected]
Telephone: +61 7 3854 2389
Neither the TSX Company Swap neither his Regulation Services Vendor (as this term is defined in the Strategies of the TSX Company Swap) accepted responsibility for the adequacy Where precision of this hurry Release.
ON ADYTON RESOURCES SOCIETY
Adyton Resources Corporation is focused on developing gold and copper resources in world-class mining jurisdictions. It currently has a portfolio of very 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 which hosts several world-class copper and gold deposits. Adyton’s current gold resource inventory is over 2 million ounces.
Adyton was formed through a reverse takeover transaction 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.
For more information about Adyton and his 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 The person
The scientific and technical information contained in this press release was prepared, reviewed and approved by Rod Watt, BSc Hons (Geo), FAusIMM, Adyton’s Chief Geologist, who is a “qualified person” as defined by the National Instrument 43‐101 ‐ Disclosure Standards for Mining Projects (“NI 43‐101”). Mr. Watt consents to the inclusion of his name in this release. Mr. Watt has verified the data disclosed in this press release in accordance with standard industry best practices, including the sampling, analytical and test data underlying any information or opinions contained herein.
Forward looking at statements
This press release contains “forward-looking statements,” including forecasts, estimates, expectations and targets for future operations that are subject to various 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 words such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, ” anticipate”, “believe”. “, “to continue”, “plans” or similar terminology. Forward-looking statements in this press release include plans for additional drill tests, intention to prepare additional technical studies, timing of additional drill 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 assisting readers in understanding management’s current expectations and future plans. readers are cautioned that this information may not be appropriate for other purposes. Forward-looking information is based on management’s reasonable assumptions, estimates, expectations, analyzes and opinions of the parties, which are based on the experience and perception of the direction of trends, current conditions and expected developments, and other factors that management deems relevant and rea onable under the circumstances, but which may turn out to be incorrect. These factors, among others, include: 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 activity (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and floods); discrepancies between actual and estimated metallurgical recoveries; failure to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relations with local communities and indigenous peoples and their claims; the availability and changing 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 governmental authorities); and title deed. Investors are cautioned that 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. 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 materially. Readers are cautioned not to place undue reliance on any forward-looking statements or information. Adyton Resources Corporation undertakes no obligation to update any forward-looking information except as required by applicable law.