Adyton Resources (TSX-V:ADY, OTCQB:ADYRF) Corporation has reported an 88% increase in total gold ounces across the company’s 100% owned Fergusson Island Gold Project and Feni Gold and Copper Project on the Pacific Ring of Fire.
The Brisbane, Australia-based company said Fergusson Island’s maiden Indicated Resource of 175,000 gold ounces at 1.33 grams per tonne (g/t) and Inferred Resource increased by 33% to 540,000 gold ounces at 1.08 g/t.
In the meantime, the company’s Feni Island Copper Gold project in Papua New Guinea increased its Inferred Resource by 123% to 1.5 million gold ounces at 0.75 g/t.
READ: Adyton Resources says its maiden drilling program at Feni Island returns significant gold intersections
In a statement, Adyton Chairman 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 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,” said Terranova. “The Fergusson Island project provides a relatively simple pathway to near-term production, while the Feni Project has the potential to be a project of international significance.”
He noted that with a relatively “modest drill program” at Gameta and a re-assessment of the economic cut-off grade based on a conceptual mining study, Adyton has significantly bumped up the size of its overall mineral resource estimate.
The Adyton boss exuded confidence that exploration programs would grow the mineral resources on Fergusson Island with the resource being “close to surface, and open in multiple directions including at depth.” He said 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,” noted Terranova.
Adyton currently has a portfolio of highly prospective mineral exploration projects in Papua New Guinea on which it is looking for copper and gold. The company’s projects are on the Pacific Ring of Fire which hosts several world class copper and gold deposits
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive