Initial results from exploration and step-out drilling at Amulsar show promise for resource potential at Erato and Arshak
Lydian International Ltd. (TSX: LYD) (“Lydian” or “the Company”), a gold-focused mineral exploration and development company, announces that the Company is issuing this news release to add to the disclosure provided in its news release dated August 21, 2012, which inadvertently did not include the name and the relationship to the Company of the qualified person that supervised the preparation of the information contained in the news release and a summary of the quality assurance program and quality control measures applied during the execution of the work reported on. In order to clarify the disclosure in the News Releases and in the interest of complete disclosure, the Company clarifies and supplements its earlier disclosure as follows.
TORONTO, Ontario, August 21, 2012. Lydian International Ltd. (TSX: LYD) (“Lydian” or “the Company”), a gold-focused mineral exploration and development company, today announced initial results from mostly step-out and exploration drilling at its Amulsar gold project in Armenia. Amulsar is a high-sulfidation style gold project which currently hosts a CIM compliant resource of 68.2 Mt at 1.0 g/t Au (2.1 million ounces) in Indicated Category and 36.1 Mt at 0.9 g/t Au (1.1 million ounces) in Inferred Category.
Results have been received from an initial 18 drill holes at Amulsar comprising primarily step-out and exploration drilling from the Erato, Arshak and Orontes areas (see Table and Figure in Appendix).
Notable intersections include:
Drilling at Arshak returned 13 meters at 1.5 g/t gold and 37 meters at 1.0 g/t gold in step-out drill hole DDA-285 (see Figure in Appendix) and 38.5 meters at 1.0 g/t gold and 33.0 meters at 0.9 g/t gold in infill drill holes DDA-280 and DDA-281. These results confirm the Company’s view that further resource potential exists beyond the current resource shell towards the southeast at Arshak. At Erato, drill hole DDA-290 intersected intervals of significant gold from a depth of 167 meters and made one of the deepest intersections to-date at Amulsar of 1.6 g/t gold over 7 meters from a depth of 304 meters down the drill string. DDA-276 also drilled at Erato intersected 37 meters at 1.0 g/t gold to the end of hole. Both drill holes suggest significant undrilled potential exists at depth at Erato. Exploration drilling at Orontes which is located about 1km to the southwest of the resource shell (see Figure in Appendix) has returned 53 meters at 1.0 g/t gold (DDA-272) but further drill holes in the area failed to intersect significant gold. The Orontes area is proving to consist of a series of steeply dipping siliceous gold mineralized zones that whilst extensive in strike and depth are limited in lateral extent. The Company intends to complete a resource estimate on the area next year.
“Drilling at Amulsar has had a slow start this year with delays on the delivery and commissioning of new drill rigs” said Tim Coughlin Lydian’s President and CEO “however, we now have seven diamond drill rigs and one reverse circulation drill rig on-site with an additional new reverse circulation rig due to arrive in early September. New 3D geologic modelling has identified several areas of depth and step-out potential which we are confident will be converted into further new resources as the drill season evolves”.
Peter Mullens, BSc (Geology), FAusIMM, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information in this 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. Drill core is cut on-site and rock-chips are split to ensure representative sampling. Half core and remaining rock-chips are stored on-site. On-site personnel log and track all samples prior to sealing and shipping. Quality control is monitored by the insertion of blind certified standard reference materials and blanks into each sample shipment. All resource sample shipments are sealed and shipped to ALS Chemex, an independent third party. All assay work for the released results was carried out by ALS Chemex at its analytical laboratory in Rosia Montana, Romania. ALS Chemex’s quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
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 characterize 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 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 and include statements regarding the Company’s intended planned exploration. 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.
For further information please contact:
Investor Relations Manager
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APPENDICES RESULTS TABLE
APPENDICES DRILLHOLE LOCATION MAP