Business
Adyton Resources Completes Renewal Process for Fergusson Island Gameta and Wapolu Licenses extended for 2 years
HIGHLIGHTS: Exploration Licence renewal process completed for the Fergusson Island Gold Projects. Gameta drilling program ahead of schedule with 11 holes (1,000
About this update from Adyton Resources Corporation
[{"type":"text","content":" HIGHLIGHTS: Exploration Licence renewal process completed for the Fergusson Island Gold Projects. Gameta drilling program ahead of schedule with 11 holes (1,000m) completed. Initial exploration results for Gameta expected to be reported in the coming weeks. Feni Island program remains on schedule to commence no later than Third Quarter 2021. BRISBANE, Australia, April 14, 2021 (GLOBE NEWSWIRE) -- Adyton Resources Corporation (TSX Venture: ADY. FRA:701) (the “Company” or Adyton”) has completed the renewal process for the Gameta and Wapolu Gold Projects on Fergusson Island, located within Papua New Guinea’s renowned “Rim of Fire” and adjacent to the renowned Misima and Woodlark gold projects The Gameta Gold Project currently has a 360,000 oz Au Inferred Mineral Resource (1) while Adyton’s neighbouring project on Fergusson Island, Wapolu, has a 140,000 oz Au Inferred Mineral Resource. The Company is currently ahead of schedule at its Fergusson Island Project with approximately 1,000m of the initial 3,000m drilling program completed. First assay results are expected to be available during the month of May. Drilling on the Company’s 100% owned Feni Copper - Gold Project which has a 650,000 oz Au Inferred Mineral Resource (1) and is located in a Tier 1 region along a mineral belt containing the world class Simberi, Lihir, and Panguna gold and copper mines remains on track to commence by no later than the Third Quarter 2021. Frank Terranova Chairman, President and Chief Executive Officer of Adyton, stated, “We are pleased to have completed the renewal process on these projects, and despite the challenges being faced in parts of PNG with COVID-19, the PNG mining sector and in particular the Mineral Resources Authority (MRA) continues to remain open for business and eager for projects to be advanced.” Terranova added, “Confidence within our team with respect to the gold sector, PNG mining industry and the potential of our projects remains high. Whilst we have been in a trading window where the ability for the Board to buy shares on market has existed, I am pleased to say a number of Directors have done so.” Mr Terranova went on to say that \"on a further increase in confidence and extension of the Resources both Wapolu and Gameta deposits present as low capex and relatively short timeframe to cash flow opportunities for the Company, whi...