Step-out drilling outlines further potential for resource extensions 500m to the northeast at Tigranes and extension and infill drilling further constrains the resource at Arshak
TORONTO, Ontario, October 4th, 2011 – Lydian International Ltd. (TSX: LYD) (“Lydian” or “the Company”), a gold-focused mineral exploration and development company, today announced results from further drilling at its Amulsar gold project in Armenia. Amulsar is a high-sulfidation style gold project which currently hosts a CIM compliant combined Indicated and Inferred Category Resource of 2.5 million ounces at 1.0g/t gold (1.1 million ounces at 1.1 g/t gold in the Indicated Category and 1.4 million ounces at 0.9 g/t gold in the Inferred Category).
Results have been received from a further 29 drill holes at Amulsar comprising infill, resource extension and exploration drilling from the Artavasdes, Arshak and northeast Tigranes areas (see Table and Figure in Appendix).
Notable intersections include:
Drill hole DDA-109 targeted the northwest trending Artavasdes fault and intersected 101 meters at 2.2g/t gold from surface. The Artavasdes fault is now a well constrained higher-grade fault-breccia structure that should contribute to an overall increase in resource grade for the Artavasdes area.
Infill and resource extension drill holes between the Artavasdes and Arshak areas have returned further encouraging results with good indications of resource potential at depth including RCA-395 (86 meters at 1.0g/t gold; open at depth) and RCA-396 (139 meters at 1.0g/t gold; open at depth). The resource also remains open along the mapped trace of the Artavasdes fault structure towards the southeast in the Arshak area.
Exploration drilling to the northeast of Tigranes has intersected further gold (DDA-158, 10m at 1.0g/t gold and DDA-157, 11m at 0.9g/t gold) thus amplifying the potential for additional resource ounces in this area for at-least a further 500m from the limits of the current $1000 gold pit-shell.
“This is another solid set of drill results that confirm the geologic model and quite clearly extend resource potential towards the northeast and southeast at Amulsar” said Tim Coughlin, Lydian’s President and CEO “So far this year we have drilled a total of 34,500m and released results from approximately 70% of these drill meters. We are well on track to complete in excess of our proposed 40,000 meter 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 wholly owned by Lydian’s 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 include the International Finance Corporation (IFC) which is a member of the World Bank Group and the European Bank for Reconstruction and Development (EBRD). More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
Dr Tim Coughlin, BSc, MSc (Exploration and Mining), PhD, MAusIMM; is the Qualified Person overseeing Lydian's exploration programs. Dr. Coughlin 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 DRILLHOLE LOCATION MAP