PNG Mineral Resources Authority Grants Feni Exploration License renewal

Photo credit: Adyton Resources. Figure 1 - Feni Island – showing Kabang drilling area – other prospects also shown

Adyton Resources Corporation is pleased to report the Exploration License at its 100% owned Feni Island Project (Feni) in Papua New Guinea has been renewed for a two year period from August 2020. 

Adyton Resources CEO, Mr Tim Crossley, said “the renewal which was recommended by the Mineral Resources Authority (MRA) and approved by the Minister for Mining was welcomed as the company moves into the next phase of its exploration program at Feni follow the highly successful 2021 drilling campaign which culminated in hole ADK004 intersecting significant copper & gold mineralization.” Mr Crossley added that the world class ADK004 intersect had generated significant interest from large strategics who are searching for their next generation of copper ore bodies. 

Mr Crossley thanked the MRA, Mining Minister and Landholders for entrusting Adyton with the rights to continue exploration on Feni Island and expressed confidence that the exploration success to date would continue. 

The Feni Project

The Company’s maiden drilling program of five diamond holes (1,982m) at Feni was completed in late 2021 (see TSXV Announcement 01 December 2021: Adyton hits significant copper at Feni Island 6.4m @ 5.1% Cu (including 3.6m @ 6.9% Cu)). 

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

Multi‐element assays contained significant copper intersections from hole ADK004, drilled in the Matangkaka area (Figure 2), in two zones – a shallower disseminated zone of copper mineralization followed by a zone of massive sulphide copper mineralization:

Massive sulphide Cu + Au Interval: • 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

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

In terms of gold only, Hole ADK004 previously reported several significant Au intersections as follows:

• 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.

• 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 ADK002 intersected 10.0m (45.0 – 55.0m) @ 0.6 g/t Au. 
• 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.

• The initial resultsfrom the first five holes are very encouraging, confirming the potential for higher grade gold and copper ore zones within a broader mineralised gold envelope. 
• The short programs at Kabang and Matangkaka provide further impetus for the next phase of work which will be focused 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 thatfollowing 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 IP program to refine targets followed by drilling along the 1.5km long by 500m wide zone. 
• There are a number of other prospects that also need following up (Figure 1), which will be further defined in future work programs.