Infill and extension soil sampling shows extent of gold mineralization at Amulsar; highlights new undrilled targets and untested potential towards the northeast
TORONTO, Ontario, November 16, 2010 – Lydian International Ltd. (TSX: LYD) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, today announced results from infill and extension soil geochemical sampling 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.
Infill and extension soil geochemical sampling conducted this year from within the Amulsar license area has identified an area of gold mineralization 3.6 kilometers long and at-least 3 kilometers wide (see Figure in Appendix). The soil data clearly confirms current knowledge from drilling results and shows that further potential lies over an untested area of approximately one square kilometer to the northeast of Tigranes. The Erato area confirms that even low order gold in soil geochemical data (0.05 to 0.1g/t gold; yellow contour in Figure) correlates with significant near surface gold in drill holes (including 229 meters @ 1.0g/t, 95 meters @ 1.7g/t, and 186 meters @ 1.1g/t gold see press releases, November 11th 2009, August 31st 2010, October 4th 2010). These data have also helped identify new drill targets to the east and west of Artavasdes and Arshak and highlight a strong northeast-southwest oriented untested structural control to gold mineralization in the southwest of the license area.
"This is the first time we have had enough soil geochemical data to produce a meaningful map at Amulsar" said Tim Coughlin, Lydian's President and CEO. "The results are highly encouraging. They reveal the size potential of the gold mineralized system, confirm ideas we already had from mapping and surface rock-chip sampling and reveal new targets and new areas of significant untested potential including the region to the northeast of Tigranes which has not yet been soil sampled and is only sparsely drill tested. Drill testing these new areas, extending the soil sampling towards the northeast and infill soil sampling towards the north will be an early element of next year's exploration program".
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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