Step-out drilling further extends resource potential towards the northwest at Tigranes and exploratory drilling intersects gold on new northeast zone at Erato
TORONTO, Ontario, November 29, 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 Indicated Resource of 1.1 million ounces at 1.1 g/t gold, plus an Inferred Resource of 1.4 million ounces at 0.9 g/t gold.
Results have been received from a further 22 combined diamond and reverse circulation drill holes at Amulsar (see Table and Figure in Appendix).
Notable intersections include:
DDA-200 (Tigranes) 49 meters at 1.2 g/t gold
DDA-211 (Tigranes) 09 meters at 1.0 g/t gold
DDA-223 (Tigranes) 99 meters at 4.0 g/t gold (EOH)
DDA-265 (Tigranes) 39 meters at 1.0 g/t gold
RCA-442 (Tigranes) 30 meters at 1.0 g/t gold (EOH)
RCA-443 (Tigranes) 52 meters at 0.9 g/t gold
RCA-448 (Tigranes) 14 meters at 1.0 g/t gold
RCA-449 (Tigranes) 09 meters at 1.0 g/t gold
RCA-450 (Erato) 42 meters at 1.0 g/t gold
RCA-451 (Erato) 09 meters at 0.9 g/t gold
RCA-454 (Tigranes) 21 meters at 1.0 g/t gold
RCA-455 (Arshak) 34 meters at 1.1 g/t gold
Infill drill hole DDA-223 was drilled at Tigranes and angled towards the southeast in order to intersect a northeast-southwest trending fault-fracture zone close to its intersection with a northwest-southeast trending fault-breccia body. The drill hole intersected an impressive 99m at 4.0 g/t gold and has identified a new higher grade (fault-intersection) zone towards the southeastern edge of the resource. This higher-grade zone remains open at depth.
Step-out drill holes RCA-442, RCA-443 and RCA-454 were drilled along the northwestern edge of the resource at Tigranes and intersected 30 meters at 1.0g/t gold (open at depth), 52 meters at 0.9g/t gold and 21 meters at 1.0g/t gold. These drill holes targeted a northeast trending fault fracture zone and effectively extends further resource potential below the current proposed pit-shell on the northwestern side of Tigranes.
Exploration drill holes RCA-451, 452 and 453 targeted a discrete northeast trending gradient break identified in recent ground spectrometer data along the southeastern extent of Erato. From an initial exploration perspective results from this new area are very encouraging.
Drill hole RCA-455 intersected 34 meters at 1.1g/t gold from the Arshak area. Drilling at Arshak has been very successful this year adding new ounces to the resource and clearly showing that the resource remains open towards the southeast along the ridge top.
“Drill hole DDA-223 has returned one of the most exciting intersections yet at Amulsar” said Tim Coughlin, Lydian’s President and CEO “It appears to have drilled into a steep plunging intersection zone where northeast and northwest trending faults and fractures link and interact. In that sense it is quite similar to northwest Artavasdes where long intersections of higher grades and a significant proportion of resource ounces have also been intersected. We have now released 92.7% of our 2011 drilling results, with geological modeling and work on the resource update currently underway and expected to be complete in early 2012”.
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.
Gary Anthony Patrick, BSc (Chemistry/Extractive Metallurgy), MAusIMM CP; is the Qualified Person overseeing Lydian's exploration programs. Dr Tim Coughlin, BSc, MSc (Exploration and Mining), PhD, MAusIMM; 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