June 6, 2022
Adyton Resources Corp. (TSXV:ADY, Not Rated, David A. Talbot) reported that it has successfully completed a mandatory Wardens Hearing for renewal of its exploration license at the Wapolu prospect, part of its 100%-owned Fergusson Island Au project in Papua New Guinea. The hearing allows impacted stakeholders to provide input into the license renewal process, and its approval confirms stakeholder support for this project. The Fergusson project has an I&I resource of 713k oz Au grading ~1.1 g/t Au hosted in the Wapolu and Gameta prospects (read more). While Gameta accounts for a major chunk of the current resource, we believe approval of this exploration license clears the way for additional exploration potential at Wapolu. Adyton also owns a 100% interest in the Feni Au-Cu project in PNG which hosts ~1.46M oz Au of inferred resources. The 2021 drilling program at Feni hit a potential Cu porphyry system, returning high grades of up to 5.1% Cu over 6.4m (ADK004) (read more). With a total I&I resource of >2.1M oz Au and a low EV/oz of ~US$1.65, we believe Adyton remains significantly under the radar, and further exploration success could lead to a re-rating of the company’s stock. Read more
