Drilling identifies new gold east of Artavasdes and Arshak and extends gold mineralization to the northeast of Tigranes
TORONTO, Ontario, September 19, 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 32 drill holes at Amulsar comprising primarily infill and step-out drilling from the Tigranes and Artavasdes areas (see Table and Figure in Appendix).
Notable intersections include:
Infill drill holes RCA-388, RCA-389 and RCA-390 intersected 156 meters at 1.7g/t, 54 meters at 1.1g/t and 53 meters at 1.3g/t gold in a new area of higher grade mineralization located on the eastern flank of Artavasdes. Drill holes at the nearby Arshak area RCA-386 (11 meters and 25 meters at 1.1g/t gold), RCA-392 (25 meters at 1.0g/t gold) and RCA-393 (12 meters at 1.0g/t gold) suggest continuity of gold mineralization between Artavasdes and Arshak and will add new gold resources in this area.
Drill hole DDA-147 targeted a cross-cutting northwest trending vein-breccia body on the northeastern extent of Tigranes and intersected from surface 20 meters at 1.9g/t gold as well as a deeper intersection of 63 meters at 2.0g/t gold. Along with previous drilling (see press release 30th August 2011) this drill hole further extends the area of proposed starter pit mineralization at Amulsar and confirms the presence of higher-grade cross-cutting (northwest trending) vein-breccia bodies in the area.
Drill hole RCA-384 located approximately 150m to the northeast of the current pit shell at Tigranes, (see figure in appendix) intersected 17m at 1.3g/t gold and 42m at 1.0g/t gold. Drilling in this area is proceeding slowly due to large boulders which inhibit drill pad construction but these results further confirm that gold mineralization remains open towards the northeast at Amulsar (see press release 19th October 2010).
“Resource conversion and resource extension drilling is proceeding well at Amulsar with our better understanding of the geometry leading to more efficient resource conversion drilling and to exciting intersections that systematically extend the resource beyond its current limits” said Tim Coughlin, Lydian’s President and CEO“We have a new insight now into the structures that host gold grade and can see them extending for some distance and away from the current resource in all directions. Most importantly, with the deeper drill holes we are drilling this year it is very clear that in some mineralized structures the gold grade remains strong at depth meaning that eventually a high-grade underground resource accessible via decline from the bottom of the proposed pit or from an adit on the hillside may need to be considered”.
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