Gold intersected in hangingwall to “feeder zone” at Artavasdes, new gold intersected in drilling 200m northeast of Tigranes
TORONTO, Ontario, November 16, 2010 – Lydian International Ltd. (TSX: LYD) (“Lydian” or “the Company”), a gold-focused mineral exploration and development company, today announced further results from drilling and at its Amulsar gold discovery in Armenia. Amulsar is a high-sulfidation style gold project which currently hosts a CIM compliant Inferred Category Resource of 1.4 million ounces at 0.9g/t gold.
Diamond drill hole DDA-066 was positioned to test the dimensions of the interpreted higher grade “feeder zone” intersected on Artavasdes (see press release 10th August 2010) and intersected 67 meters at 1.7g/t gold (including 17 meters at 3.0 g/t gold) in the hangingwall of the “feeder zone” and a further 29m @ 1.0 g/t from a mineralized fault zone located higher up the drill hole. Exploration drill hole DDA-061 was located 200 meters to the north of the resource envelope at Tigranes and intersected 23.6m at 1.1g/t gold (open at depth; see Figure in Appendix). This intersection is in an area where gold mineralization was previously unknown and may represent a new mineralized structure extending northeastwards for some 250 meters from known gold mineralization exposed on the eastern side of Tigranes. Drill hole DDA 063 was targeted to drill beneath new channel samples reported from the steep outcrop of siliceous rock located at Tigranes (see press release of 2nd November). The drill hole intersected gold mineralization from surface (40 meters at 1.0g/t gold) and a deeper intersection (15 meters at 1.0g/t gold). These intersections confirm that structural and grade continuity can be established between surface channel samples and drill hole intersections over a vertical distance of 60 to 80 meters.
Significant new drilling intersections include (see Table in Appendix):
• DDA-060 (Artavasdes) 17 meters at 0.9g/t gold
• DDA-061 (Tigranes N) 23.6 meters at 1.1g/t gold,
• DDA-063 (Tigranes) 40 meters at 1.0 g/t gold,
• DDA-066 (Artavasdes) 29 meters at 1.0 g/t gold and 67 meters at 1.7 g/t gold, (including 17 meters at 3.0 g/t)
“We are consistently returning further higher grade from infill drilling and more gold in exploratory drilling at Amulsar” said Tim Coughlin, Lydian’s President and CEO. “DDA-061 potentially extends the current resource for a further 200m towards the northeast which can add significant additional 2 ounces within immediate reach of the Tigranes area. Results from all reverse circulation drilling this year have been released but results from diamond drilling will continue to be released well into December”.
About Lydian International
Lydian is a gold-focused mineral exploration and development company with expertise employing “first mover” strategies in emerging exploration environments. Currently Lydian is focused on Eastern Europe and on developing its flagship Amulsar gold project in Armenia. The Amulsar group of licenses is 95% owned by Lydian’s wholly owned Armenian subsidiary (Geoteam CJSC). Lydian also has a pipeline of promising early-stage gold and base metal exploration projects in the Caucasus regions.
Lydian’s management team has a track record of success in grassroots discovery, in acquiring and developing undervalued assets, and in building companies. Lydian has a strong social agenda and a unique understanding of the complex social and political issues that characterize emerging environments. The Company’s significant shareholders are the International Finance Corporation (IFC), a member of the World Bank Group, Newmont Mineral Holdings B.V. (owned by Newmont Mining Corporation), and the European Bank for Reconstruction and Development (EBRD). More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
Christopher John Bargmann, FGS(C Geol), MAusIMM, Pr.Sci.Nat; is the Qualified Person overseeing Lydian's exploration programs. Mr. Bargmann has supervised the preparation of the technical information contained in this press release.
Lydian employees are instructed to follow standard operating and quality assurance procedures intended to ensure that all sampling techniques and sample results meet international reporting standards. All assay work for the released results was carried out by ALS Chemex analytical laboratory in Rosia Montana, Romania. More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices and other factors described above and in the Company’s most recent annual information form under the heading “Risk Factors” which has been filed electronically by means of the Canadian Securities Administrators’ website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
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