New channel and linear chip sampling identifies gold in outcrop at Tigranes and Artavasdes
TORONTO, Ontario, November 30, 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 highsulfidation 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-076 was positioned to test the western limits of the resource envelope at Tigranes and intersected 89 meters at 1.9g/t gold (including 11 meters at 5.9 g/t gold, and 14 meters at 3.7 g/t gold; see Table in Appendix). This drill hole is significant in that it extends the area of known high grade mineralization on the western edge of the Tigranes resource. Drill hole DDA-67 intersected several mineralized zones at Artavasdes including 52 meters at 1.2 g/t gold, and 19meters at 1.0 g/t gold. Additionally drill hole DDA 69, on the south east of Artavasdes, intersected 46.5m at 1.2 g/t gold. This drill hole is located 100 meters south of RC hole RCA 301, which intersected 40 meters at 5.6 g/t gold (see Map in Appendix and press release 1st November 2010), and these intersections may form part of a potential new higher grade “feeder zone” on the south east of Artavasdes.
Additional rock chip channel sampling on Artavasdes has returned 18 meters at 1.2 g/t gold (see Figure in appendix). These results extend the area of known mineralization on Artavasdes to surface and will be included in the updated resource estimate planned for Q1 2011. In addition a series of continuous rock chip samples collected on Tigranes have returned an average of 12 meters at 7.5 g/t gold.
Significant new drilling intersections include (see Table in Appendix):
- DDA-067 (Artavasdes) 19 meters at 1.0g/t gold, and 52 meters at 1.2 g/t gold,
- DDA-069 (Artavasdes) 46.5 meters at 1.2g/t gold,
- DDA-076 (Tigranes) 89 meters at 1.9 g/t gold, (including 11 meters at 5.9 g/t and 14 meters at 3.7 g/t)
Three metallurgical holes have also been completed on Tigranes, Artavasdes and Erato (DDAM 068, 070 and 071). A total of 421 meters of PQ size core has been dispatched to Wardell Armstrong International in the UK and the metallurgical testwork on this new core is planned to start during December 2010.
“These results will be incorporated in the modeling and resource update work that is currently underway” said Tim Coughlin, Lydian’s President and CEO. “There is a concentrated and concerted technical effort underway with the aim being to complete and release the resource update by the end of February next year”
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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Appendices - Results Table
Appendices Figure (Channel and Rock Chip Sampling Map)