Resource update underway; extensions to known mineralization at Atravasdes, Tigranes and Erato outlined and further step out targets identified.
TORONTO, Ontario, December 14, 2010 – Lydian International Ltd. (TSX: LYD) (“Lydian” or “the Company”), a gold-focused mineral exploration and development company, today announced that it has completed its 2010 drilling program at the 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.
Lydian has drilled 44 Diamond drill holes and 126 Reverse Circulation (RC) drill holes totaling 23,869 meters of exploration drilling (RC 16,742 meters, diamond 7,127 meters; see map in appendix). Drilling has outlined extensions to known mineralization at Tigranes, Artavasdes and Erato with mineralization still remaining open in all directions. New targets have been identified across three kilometers of strike length and potential exists to join Erato with Artavasdes beneath an intrusive cap.
All assay results from the drilling and surface sampling have now been received and have been modeled internally by Lydian to produce a revised geological interpretation. Lydian have defined robust mineralized halo’s which broadly coincide with surface geochemistry (see Map in Appendix and press release 16th November 2010). Further significant exploration potential is defined by both drilling and geochemistry, particularly in the Tigranes North, Tigranes East, Artavasdes West, Artavasdes South and Arshak areas. All of these areas will be targeted as part of a 30,000 meter drilling program planned for 2011.
At Erato, the 2010 drilling program has identified a mineralized halo which should result in mineral resources being defined for the first time from this area (see Map in Appendix). Significant upside exploration potential exists at Erato with drilling identifying gold located beneath an intrusive cap and thus opening up potential for continuity of gold mineralization over a distance of approximately one kilometer between Erato and Artavasdes (see press release 4th October 2010 and map in Appendix).
This data and the new model will now be passed onto consultants Wardell Armstrong International who will carry out an updated resource estimation. The updated resource is expected to be complete before March 2011.
Highlights from the 2010 drilling program include the following resource infill and extension holes at Artavasdes and Tigranes;
- DDA-047 (Artavasdes) 24 meters at 7.4 g/t gold,
- DDA-066 (Artavasdes) 67 meters at 1.7 g/t gold,
- RCA-191 (Artavasdes) 52 meters at 1.8 g/t gold,
- RCA-195 (Artavasdes) 84 meters at 4.9 g/t gold (EOH),
- RCA-208 (Artavasdes) 95 meters at 1.3 g/t gold (EOH),
- RCA-212 (Artavasdes) 86 meters at 2.7 g/t gold,
- RCA-301 (Artavasdes) 40 meters at 5.6 g/t gold (EOH),
- DDA-036 (Tigranes) 87 meters at 2.8 g/t gold,
- DDA-076 (Tigranes) 89 meters at 1.9g/t gold,
- RCA-177 (Tigranes) 112 meters at 1.0 g/t gold,
- RCA-193 (Tigranes) 74 meters at 1.4 g/t gold,
- RCA-198 (Tigranes) 51 meters at 2.3 g/t gold (EOH),
- RCA-226 (Tigranes) 92 meters at 1.2 g/t gold,
- RCA-258 (Tigranes) 69 meters at 1.7 g/t gold.
Notable exploratory and step out results include (see figure in appendix);
- RCA-233 (Erato) 95 meters at 1.7 g/t gold,
- RCA-280 (Erato) 85 meters at 1.2g/t gold,
- RCA-281 (Erato) 186 meters at 1.1 g/t gold (EOH),
- DDA-34 (Arshak) 34 meters at 1.0 g/t gold,
- RCA-276 (Arshak) 53 meters at 1.0 g/t gold,
- RCA-284 (Artavasdes W) 29 meters at 1.0 g/t gold,
- DDA-58 (Tigranes E) 40 meters at 1.2 g/t gold,
- RCA-220 (Tigranes E) 37 meters at 1.2 g/t gold,
- DDA-61 (Tigranes N) 23.6 meters at 1.1 g/t gold (EOH),
- RCA-292 (Tigranes N) 14 meters at 1.6 g/t gold.
“The 2010 drilling program has been very satisfying having achieved its aim of tracking and connecting higher grade zones from within the resource shell, extending the resource shell, identifying further ounces at Erato and highlighting new areas of gold mineralization along the Amulsar ridge and over an approximately three kilometer strike length” said Tim Coughlin, Lydian’s President and CEO “ we look forward to the new resource update and to another year of further extending the resource potential at this exciting new discovery”.
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 atwww.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 Drillhole Location Map
Appendices Geochemistry and Exploration Upside Map