TORONTO, Ontario, December 23, 2013 – Lydian International Ltd. (TSX: LYD) (“Lydian” or “the Company”), a gold-focused mineral exploration and development company, today announces a geology update for the Amulsar gold project in Armenia.
Lydian’s geological team, together with consultant structural and hydrothermal systems specialists Dr. Rod Holcombe and Dr. Nick Oliver have completed a detailed geologic model incorporating the results of the 2013 drilling program.
Dr. Oliver, a structural and hydrothermal systems consultant, carried out an analysis of multi-element geochemical data derived from drilling assays and surface soil and rock chip assays from the Amulsar project area. In carrying out this analysis, Dr. Oliver was able to geochemically classify the Amulsar rock units and identify clear gold-related alteration signals, allowing a more confident and robust interpretation of the reverse circulation logging, particularly in the Erato and Arshak areas. This better understanding of the Amulsar rocks and alteration patterns was combined with detailed structural mapping and 3D modelling by Dr. Holcombe, a structural geology consultant, to create a more refined lithological and structural interpretation which further supports interpreted depth potential of the Amulsar resource.
As a consequence of this work, management believes that significant potential remains at depth at both Erato and Tigranes (see Figure A in Appendix) and both laterally and depth at Arshak (see Figure B in Appendix).
As a further consequence of this work, the geochemical analyses also indicate a strong association between gold, iron and anomalous copper, with all of the gold resource lying in haematite-rich fault zones, breccias and fractures. Although the presence of iron sulphides in the host rocks and strong clay alteration indicates a connection to high-sulphidation epithermal gold systems, the specific gold association is also reminiscent of gold-rich Iron Oxide Copper Gold (IOCG) deposits. Composite epithermal-IOCG deposits have been recognised elsewhere, particularly in the Chilean Iron Belt.
The Company continues to focus its efforts on the permitting process for the Amulsar gold project and completing the related environmental and social impact assessment (ESIA), feasibility study and detailed engineering plans, in preparation for its planned mine construction and commencement of production.
"Unravelling the complex geology of Amulsar has been a detailed and painstaking process but the results more than outweigh the effort" said Dr. Tim Coughlin, Lydian’s president and CEO "there is further resource potential throughout the project area entirely but the apparent upside beneath Erato is particularly compelling. I congratulate the geologic team on a job very well done".
The information in this news release was compiled, reviewed and verified by Dr. Timothy Coughlin, BSc (Geology), MSc (Exploration and Mining), PhD (Structural Geology), FAusIMM, President and CEO of Lydian International Ltd and a qualified person as defined by National Instrument 43-101.
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, in particular, developing its flagship Amulsar gold project in Armenia. 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 characterise emerging environments. The Company’s significant shareholders include the International Finance Corporation which is a member of the World Bank Group and the European Bank for Reconstruction and Development. More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
Caution regarding forward-looking information:
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterised 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 and include statements regarding the Company’s intended planned CEO succession. 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, mine site planning and development, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, permitting and licensing 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 SECTION LOCATION MAP
APPENDICES FIGURE A – Cross section through Erato and Tigranes showing refined geology model
APPENDICES FIGURE B – Cross section through Arshak showing refined geology model