TSX Venture Exchange: ADY
OTCQB: ADYRF
FSE: 701GR
PORT
MORESBY, Papua New Guinea , Nov. 11,
2024 /CNW/ - Adyton Resources Corporation (TSX
Venture: ADY) ("Adyton" or the "Company") announces
the Company has granted a total of 7,250,000 stock options and
1,100,000 restricted share units (each an "RSU") to certain
officers, directors and employees of the Company.
The stock options have been granted under the Company's Amended
and Restated Stock Option Plan. Each option entitles the holder to
acquire one common share at an exercise price of $0.20 for a three year period expiring on
November 8, 2027, subject to vesting
requirements that the options only vest on the date on which the
holder has been an officer, director or employee of the Company for
12 months. Any common shares acquired on exercise of the options
will be subject to contractual resale restrictions for a period of
12 months.
The RSUs have been granted under the Company's Amended and
Restated Non-Option Omnibus Incentive Plan (the "Omnibus Plan").
Each RSU entitles the holder to a payment in the form of one common
share or its cash equivalent in accordance with the provisions of
the Omnibus Plan, subject to vesting requirements that the RSUs
only vest on the date on which the holder has been an officer,
director or employee of the Company for 12 months. The RSUs are
also subject to performance criteria such that they will only vest
following the date on which the 30 day VWAP of the common shares
on the TSX Venture Exchange is at least C$0.18. Any common shares acquired on vesting of
the RSUs will be subject to contractual resale restrictions for a
period of 12 months.
Tim Crossley, Chief Executive
Officer
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange)
accepts responsibility for the adequacy
or accuracy of this press release.
ABOUT ADYTON RESOURCES CORPORATION
Adyton Resources Corporation is focused on the development of
gold and copper resources in world class mineral jurisdictions. It
currently has a portfolio of highly prospective mineral exploration
projects in Papua New Guinea on
which it is exploring to expand its identified gold Inferred and
Indicated Mineral Resources and expand on its recent significant
copper drill intercepts on the 100% owned Feni Island project. The
Company's mineral exploration projects are located on the Pacific
Ring of Fire on easy to access island locations which hosts several
globally significant copper and gold deposits including the Lihir
gold mine and Panguna copper/gold mine on Bougainville Island,
both neighboring projects to the Company's Feni Island
project.
Adyton has a total Mineral Resource Estimate inventory within
its PNG portfolio of projects comprising indicated resources of
173,000 ounces gold and inferred resources of 2,000,000 ounces
gold.
The Feni Island Project currently has a mineral resource
prepared in accordance with NI 43-101 dated October 14, 2021, which has outlined an initial
inferred mineral resource of 60.4 million tonnes at an average
grade of 0.75 g/t Au, for contained gold of 1,460,000 ounces,
assuming a cut-off grade of 0.5 g/t Au. See the NI 43-101
technical report entitled "NI 43-101 Technical Report on
the Feni Gold-Copper Property, New Ireland Province,
Papua New Guinea prepared for
Adyton Resources by Mark Berry
(MAIG), Simon Tear (MIGI PGeo), Matthew
White (MAIG) and Andy Thomas
(MAIG), each an independent mining consultant and "qualified
person" as defined in NI 43-101,available under Adyton's profile on
SEDAR+ at www.sedarplus.ca. Mineral resources are not mineral
reserves and have not demonstrated economic viability.
The Fergusson Island Project currently has a mineral resource
prepared in accordance with NI 43-101 dated October 14, 2021 which outlined an indicated
mineral resource of 4.0 million tonnes at an average grade of 1.33
g/t Au for contained gold of 173,000 ounces and an inferred mineral
resource of 16.3 million tonnes at an average grade of 1.02 g/t Au
for contained gold of 540,000 ounces. See the technical report
entitled "NI 43-101 Technical Report on the Fergusson Gold
Property, Milne Bay Province, Papua New
Guinea" prepared for Adyton Resources by Mark Berry (MAIG), Simon Tear (MIGI PGeo),
Matthew White (MAIG) and
Andy Thomas (MAIG), each an
independent mining consultant and "qualified person" as defined in
NI 43-101,available under the Company's profile on SEDAR+ at
www.sedarplus.ca. Mineral resources are not mineral reserves and
have not demonstrated economic viability.
Adyton is also quoted on the OTC under
the code ADYRF and on the Frankfurt Stock Exchange under the
code 701:GR.
For more information
about Adyton and its projects, visit www.adytonresources.com.
Qualified Person
The scientific and technical information contained in this press
release has been prepared, reviewed, and approved by Dr
Chris Wilson BSc (Hons), PhD,
FAusIMM (CP), FSEG, FGS, the Chief Geologist and a Director of
Adyton, who is a "Qualified Person" as defined by National
Instrument 43‐101 ‐ Standards of Disclosure for Mineral
Projects.
Forward looking statements
This press release includes "forward‐looking statements",
including forecasts, estimates, expectations, and objectives for
future operations that are subject to several assumptions, risks,
and uncertainties, many of which are beyond the control of Adyton.
Forward‐ looking statements and information can generally be
identified by the use of forward‐looking terminology such as "may",
"will", "should", "expect", "intend", "estimate", "anticipate",
"believe", "continue", "plans" or similar terminology. Forward
looking statements in this news release include plans for
additional drill testing, the intention to prepare additional
technical studies, the timing of additional drill results, and the
preparation of resource estimates. The forward‐looking information
contained herein is provided for the purpose of assisting readers
in understanding management's current expectations and plans
relating to the future. Readers are cautioned that such information
may not be appropriate for other purposes. Forward‐looking
information are based on management of the parties' reasonable
assumptions, estimates, expectations, analyses and opinions, which
are based on such management's experience and perception of trends,
current conditions and expected developments, and other factors
that management believes are relevant and reasonable in the
circumstances, but which may prove to be incorrect. Such factors,
among other things, include: impacts arising from the global
disruption caused by the Covid‐19 coronavirus outbreak,
changes in general macroeconomic conditions; changes in
securities markets; changes in the price of gold or certain other
commodities; change in national and local government, legislation,
taxation, controls, regulations and political or economic
developments; risks and hazards associated with the business of
mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
formations pressures, cave‐ins and flooding); discrepancies between
actual and estimated metallurgical recoveries; inability to obtain
adequate insurance to cover risks and hazards; the presence of laws
and regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities and
indigenous populations; availability of and changes in the costs
associated with mining inputs and labour; the speculative nature of
mineral exploration and development (including the risks of
obtaining necessary licenses, permits and approvals from government
authorities); and title to properties. Investors are cautioned that
any such statements are not guarantees of future performance and
that actual results or developments may differ materially from
those projected in the forward‐looking statements. Such
forward‐looking information represents management's best judgment
based on information currently available. No forward‐looking
statement can be guaranteed, and actual future results may vary
materially. Readers are cautioned not to place undue reliance on
forward looking statements or information. Adyton Resources
Corporation undertakes no obligation to update forward‐looking
information except as required by applicable law.
SOURCE Adyton Resources Corporation