2 weeks Ago By [email protected] (MENAFN)
KEY HIGHLIGHTS Following mobilization by barge from Port Moresby in early December, EVIH successfully constructed a 20-person camp, established pioneering roads and drill pads, and completed 48 diamond drill holes totaling approximately 4,088m. Two diamond core rigs have been operating continuously through day and night shifts, with the first batch of 10 priority drill hole samples dispatched to the Intertek laboratory in Lae, PNG. Drilling is also progressing at Adyton's 100% owned Feni Island Gold-Copper Project, with two diamond core rigs operating continuously through day and night shifts.
Further updates on Feni drilling will be provided in due course. "Drilling at Wapolu has progressed exceptionally well with 48 holes completed, totalling just over 4,000m," stated Tim Crossley, Chief Executive Officer. "This resource extension program, led by our JV partner EVIH, marks the first step towards evaluating the viability of restarting mining operations at the abandoned Wapolu gold mine project.
Historically, Wapolu produced approximately 9,000 ounces of gold in the early 1990's before operations ceased due to low gold prices. As a past-producing brownfields site with over 18,000m of historical drilling and a 2022 Mineral Resource Estimate, we are confident in our ability to rapidly move the project forward to a restart of operations. With the first phase of drilling at Wapolu nearing completion, the EVIH team has already commenced awareness and site preparation activities for the upcoming drill program at the neighbouring and larger Gameta Gold Project.
" Gary Wang, Chief Executive Officer of EVIH, added: "We are very pleased with the progress our team has made at Wapolu. The strong collaboration with the Wapolu landowners and the support from the local community has been instrumental in enabling us to set up our site and execute drilling efficiently. Our focus now is to complete this initial drill phase at Wapolu before relocating our rigs and drilling team to the nearby Gameta deposit.
We are targeting to start drilling at Gameta by late April. In parallel, we will initiate the necessary work streams for permitting the restart of the Wapolu operation." Figures 1 & 2: Wapolu core handling and sample preparation To view an enhanced version of this graphic, please visit: Figure 3: Premobilization community awareness at Gameta project To view an enhanced version of this graphic, please visit: Forward Work Plan In the coming months, the Company's objectives include completion of the first phase of drilling at Wapolu and relocation of rigs to Gameta, dispatching all remaining Wapolu drill samples to the laboratory, restoring the Wapolu airstrip, and undertaking preliminary metallurgical testing and commencing mine permitting processes.
The Company remains committed to advancing its Fergusson Island gold projects and looks forward to providing further updates as drilling progresses. The Fergusson Island Gold Project The Fergusson Island Gold Project comprises the Wapolu and Gameta advanced Exploration Licenses on Fergusson Island in Milne Bay Province Papua New Guinea (Figure 4). This region of PNG is well known for discoveries including the nearby Islands of Misima (5Moz) and Woodlark (1.
6Moz). The Company has previously reported the following mineral resource estimate (Table 1). Ferguson Island Wapolu Project Geology and Background Gold mineralization at Wapolu occurs in shallow dipping horizons within a regional detachment fault zone and the footwall metamorphic rocks.
The surface colluvium also contains gold-bearing boulders. The drill program comprises both step-out drill and infill drill holes. The step-out drill program is designed to test high value target extensions of the known mineralization which is open along strike and at depth.
This exploration drilling is focused on extending and increasing the known resources. The infill holes are designed to increase confidence in the Mineral Resource Estimate sufficiently to satisfy the PNG Mineral Resource Authorities criteria to advance the project to a Mining Lease application. Three drillholes have also been completed to collect samples for metallurgical testing to begin test work in EVIH's purpose-built laboratory in Port Moresby to be conducted in parallel to the ongoing exploration program.
The Fergusson projects are under a Joint Venture Agreement with EVIH, granting EVIH the right to acquire up to a 50% ownership interest in the project. This interest is contingent on the achievement of certain development milestones and a total investment of up to US$9.5 million, allocated as follows: For additional details, please refer to the official announcement dated May 13, 2024.
Figure 4 : Fergusson Island Projects: Wapolu and Gameta To view an enhanced version of this graphic, please visit: Table 1 : Mineral Resource Estimates Gameta and Wapolu resources at 0.5g/t gold cut-off 1 MENAFN26032025004218003983ID1109359046 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article.
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