Interim results from step-out drilling continue to return elevated gold values outside the resource envelope at Lydian's Amulsar discovery in Armenia
Toronto, Ontario -- October 13th, 2009 -- Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company"), a diversified mineral exploration and development company, today announced further results from its 2009 step-out drilling program at its Amulsar gold discovery in Armenia.
The 2009 drilling program is focused entirely on new areas located along the ridge top and outside the initial 1M ounce inferred resource reported earlier this year. A further thirty nine reverse circulation and three diamond drill holes have been completed across 4 km of strike length along the Amulsar ridge top from Erato North, through the Artavasdes and Arshak prospect areas (See summary of results below, Table and Figure in Appendix).
"We are seeing results that represent a successful step-out drilling program" said Lydian's President and CEO, Dr. Tim Coughlin. "Drilling has already identified new gold and additional areas for infill drilling at Erato and Erato North and the area between Artavasdes and Arshak. It has extended the one million ounce inferred resource in the immediate vicinity of the resource shell at Artavasdes (which remains open) and identified new areas for further exploratory drilling this year. I am pleased to see that Amulsar is taking shape - remarkable given that it is just three years since the first gold in rock-chip samples"
New results from all prospect areas located along the ridge include:
• RCA-134 12 meters at 1.0 g/t gold, and
76 meters at 1.0 g/t gold Artavasdes area
• RCA-089 64 meters at 1.1 g/t gold Artavasdes area
• RCA-119 52 meters at 1.1 g/t gold Artavasdes area
• RCA-135 38 meters at 1.0 g/t gold,
and 10 meters at 1.0 g/t gold Artavasdes area
• RCA-129 28 meters at 1.0g/t gold Artavasdes - Arshak
• RCA-123 26 meters at 1.0 g/t gold,
and 8 meters at 1.1 g/t gold Artavasdes area
• RCA-136 16 meters at 1.0 g/t gold,
and 20 meters at 1.0 g/t gold Artavasdes area
• RCA-118 20 meters at 1.1 g/t gold Artavasdes area
• RCA-116 16 meters at 1.0 g/t gold Artavasdes area
• RCA-120 8 meters at 1.5 g/t gold,
8 meters at 1.1 g/t gold, and
14 meters at 1.0 g/t gold Artavasdes area
• RCA-130 14 meters at 1.0 g/t gold Artavasdes - Arshak
• DDA-025 14 meters at 1.5 g/t gold Artavasdes area
• RCA-095 12 meters at 1.0 g/t gold Arshak area
• RCA-117 12 meters at 1.0 g/t gold Artavasdes area
• RCA-114 10 meters at 1.1 g/t gold North Erato area
• RCA-140 10 meters at 1.0 g/t gold Artavasdes area
Results to-date indicate that:
• At Artavasdes gold mineralization extends for a further 200m away from the resource envelope in a south-southwest direction and 500m in an east-southeast direction with both directions yet to be closed-off.
• In the Erato area gold mineralization is related to a contact zone along the west side of a dome body and further infill drilling is required to test continuity over a distance of 500m between drill intersections.
• In the Arshak area (far southeast) gold mineralization identified thus far is confined to discrete fault-controlled zones.
Several additional, less than 1g/t gold, intersections show the potential for bulk mining over a large area at Amulsar. For example, RCA-089 at Artavasdes is mineralized from top to bottom (110m) at an average grade of 0.8 g/t gold, and at Arshak 1.5km southeast of the resource shell RCA-097 intersected 52 meters at 0.6 g/t gold.
Amulsar is a high-sulfidation type epithermal gold project located in central Armenia and discovered by Lydian just three years ago. The project has a CIM compliant resource of one million ounces at 1g/t gold in Inferred Category in the Tigranes area which remains open in all directions. The Amulsar group of licenses is 95% owned by Lydian's wholly owned Armenian subsidiary (Geoteam CJSC). The project is currently being explored as part of a 50/50 joint venture with Newmont Overseas Exploration Limited, a wholly owned subsidiary of Newmont Mining Corporation (NYSE:NEM).
About Lydian International
Lydian is a diversified mineral exploration and development company with expertise employing "first mover" strategies in emerging exploration environments. Currently Lydian is focused on Eastern Europe developing advanced precious and base metal assets in Armenia and in Kosovo (under UNSCR 1244). The two main projects are gold at Amulsar in Armenia, and zinc, lead, silver and gold at Drazhnje in Kosovo. Lydian also has a pipeline of promising gold and base metal exploration projects in the Balkans and Caucasus regions, and operates a 50/50 gold and copper exploration joint venture with Newmont Overseas Exploration Limited, a wholly owned subsidiary of Newmont Mining Corporation in the south Caucasus region.
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 three largest 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.
Dr Tim Coughlin, MAusIMM; is the Qualified Person overseeing Lydian's exploration programmes. 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, in Perth Australia, or in Vancouver, BC. Please see Lydian's web site for more information.