- Developing four large copper and gold projects in the Pacific Ring of Fire
- Near-term production potential
- Proven management and board
What Adyton Resources (TSX-V:ADY, OTCQB:ADYRF) does:
Adyton Resources Corporation is focused on the development of gold and copper resources with its portfolio of highly prospective mineral exploration projects in Papua New Guinea.
The Brisbane, Australia-based company’s projects are located on the Pacific Ring of Fire, which hosts several world-class copper and gold deposits.
Adyton has three separate exploration projects on Fergusson Island in Papua New Guinea:
- Gameta Gold Project, which currently has a 360,000-ounce Inferred gold resource
- Wapolu Project, which has a 140,000-ounce Inferred gold resource
- Oredi Creek, which has widespread epithermal gold mineralization associated with a fault zone with rock chips up to 1.4 grams per tonne (g/t) gold and a drill intersection of 70 metres (m) of 0.5 g/t gold from previous drilling programs
The company also owns 100% of the Feni Island copper-gold project in Papua New Guinea, which currently has a 650,000 ounce Inferred gold resource. The project’s previous owners spent about US$20 million in drilling, while Adyton said it has discovered an untested copper porphyry with “significant potential upside.”
Adyton Resources is led by CEO Frank Terranova, who has extensive experience as a director and executive for a diverse group of resource companies across many jurisdictions globally while generating substantial value for shareholders through organically growing companies in addition to successful mergers and acquisitions (M&A).
How it is doing:
In September 2021, Adyton announced initial drill results from its Wapolu deposit, which included 26m of 1.79 g/t gold.
The company said the maiden drill program’s objective is to confirm results of previous drilling carried out in the 1990s by twinning previously drilled holes, test continuity and confidence of the mineralised zone, and to provide samples for a preliminary metallurgical testing program.
Adyton noted the current five-hole, 320.9m program exceeded historical drilling results and when combined with the results of the drilling program at Gameta, the Wapolu results further enhance the development potential of the Fergusson Island deposits.
The company added that promising drill targets identified to the south of the existing resource envelope will be followed up together with “high-quality” targets identified at the Gameta deposit in the next phase of drilling on Fergusson Island.
Meanwhile, in August, Adyton provided an update on an auxiliary trenching program following the successful diamond drilling program at its Gameta gold project. Highlights included 60m of 1.68 g/t gold and 16m at 2.29 g/t gold.
Earlier in the same month, the company reported the discovery of a newly-identified high-grade ore zone at Gameta, saying drilling undertaken within the existing resource envelope continued to meet or exceed previous drilling results.
Significant intercepts were reported for holes ADD033 and ADD035, with highlights including 6m (34m-40m) grading at 2.82 g/t gold, 1m (15m-16m) grading at 2.81 g/t gold, 1m (33m-34m) grading at 1.23 g/t gold, and 1.2m (76.7m-77.9m) grading at 3.82 g/t gold.
Additionally, drilling outside the existing resource envelope intersected high grade mineralization beneath the level of previous historical drilling, which is open along strike and down dip. Of the five holes in this area, two ended in mineralization.
The company said once all the drill data has been compiled, work on the resource update, metallurgical test work and technical studies for the Gameta project will continue to proceed ahead of schedule.
Adyton noted that high-quality drill targets identified to the south of the existing resource envelope will be further examined in the next phase of drilling.
And in June, Adyton announced that it had begun drilling its Feni Island project. The company noted the drill program is expected to total 3,000m over 10 holes, which will focus on the largely untested copper porphyry targets identified from recent 3D IP modelling as well as testing extensions to the existing epithermal Inferred gold resource.
In a boost to shareholders, the company received approval to list its shares on the OTCQB Venture Market in the US at the end of July, while its stock will also continue to trade on the Toronto Venture exchange.
- Resources upgrades
- Additional drill results
- Project consolidation opportunities
What the boss says:
Commenting on the company’s newly-identified high-grade ore zone at its Gameta project, Adyton Resources CEO Frank Terranova said in a statement: “The discovery of a new high-grade mineralized zone outside the existing Gameta resource envelope is a potential game-changer for the project."
"All six of the holes drilled to test for new mineralization outside the existing resource envelope and below previous RC drilling programs carried out in the 1990’s intersected high-grade mineralization, with two of the holes ending in mineralization. This new high-grade zone remains open along strike and down dip and will be tested as a matter of priority in the next phase of drilling," he added.
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