Adyton Resources Corp. [ADY-TSXV; ADYRF-OTCQB; 701GR-FSE] reported an 88% increase in total gold ounces across the 100%-owned Fergusson Island Gold Project and Feni Gold and Copper Project, located within Papua New Guinea’s renowned Rim of Fire.
The Fergusson Island maiden Indicated Resource of 175,000 gold ounces at 1.33 g/t and the Inferred Resource increased by 33% to 540,000 gold ounces at 1.08 g/t.
The Feni Island Inferred Resource increased by 123% to 1,460,000 gold ounces at 0.75 g/t.
Adyton Chairman President and CEO, Frank Terranova, said the updated resource estimates would provide a strong basis for technical studies to be undertaken in preparation for submitting a Mining Lease Application for the Fergusson Island Project by the end of calendar 2022.
“When we acquired the Fergusson Island and Feni Island Projects, we saw a unique opportunity to create a portfolio of complementary projects, each of which demonstrated clear pathways for accelerated development,” Terranova said. “The Fergusson Island Project provides a relatively simple pathway to near term production while Feni Project has the potential to be a project of international significance.
“With a relatively modest drill program at Gameta and a re-assessment of the economic cut-off grade based on a conceptual mining study we have significantly increased the size of our overall mineral resource estimate, which leaves the company confident for the future,” he added.
Terranova was confident that future exploration programs would continue to grow the mineral resources on Fergusson Island with the resource being close to surface, and open in multiple directions including at depth. He added that Feni Island’s resource estimate upgrade was also very encouraging.
“The recent drilling at Feni has confirmed our belief that this project is geologically analogous to the neighbouring Lihir and Simberi deposits and demonstrates its potential to be a major gold discovery with copper porphyry potential,” he said.
Adyton Resources was formed by a reverse takeover transaction completed with XIB I Capital Corp. in February 2021 and commenced trading on the TSX Venture Exchange on February 24, 2021.