Gold intersected in hangingwall to "feeder zone" at Artavasdes, new gold intersected in drilling 200m
northeast of Tigranes
TORONTO,
ONTARIO--(Marketwire - Nov. 16, 2010) - Lydian
International Ltd. (TSX:LYD) ("Lydian" or "the Company"),
a gold-focused mineral exploration and development company, today announced
further results from drilling and at its Amulsar
gold discovery in Armenia. Amulsar is a high-sulfidation style gold project which currently hosts a
CIM compliant Inferred Category Resource of 1.4 million ounces at 0.9g/t
gold.
Diamond drill hole DDA-066 was positioned to test
the dimensions of the interpreted higher grade "feeder zone"
intersected on Artavasdes (see press release 10th
August 2010) and intersected 67 meters at 1.7g/t gold (including 17 meters at
3.0 g/t gold) in the hangingwall of the
"feeder zone" and a further 29m @ 1.0 g/t from a mineralized fault
zone located higher up the drill hole. Exploration drill hole DDA-061 was
located 200 meters to the north of the resource envelope at Tigranes and intersected 23.6m at 1.1g/t gold (open at
depth; see Figure in Appendix). This intersection is in an area where gold
mineralization was previously unknown and may represent a new mineralized
structure extending northeastwards for some 250 meters from known gold
mineralization exposed on the eastern side of Tigranes. Drill
hole DDA 063 was targeted to drill beneath new channel samples reported from
the steep outcrop of siliceous rock located at Tigranes
(see press release of 2nd November). The drill hole intersected
gold mineralization from surface (40 meters at 1.0g/t gold) and a deeper
intersection (15 meters at 1.0g/t gold). These intersections confirm that
structural and grade continuity can be established between surface channel
samples and drill hole intersections over a vertical
distance of 60 to 80 meters.
Significant new drilling intersections include (see
Table in Appendix):
- DDA-060 (Artavasdes)
|
17
meters at 0.9g/t gold
|
|
|
- DDA-061 (Tigranes N)
|
23.6
meters at 1.1g/t gold,
|
|
|
- DDA-063 (Tigranes)
|
40
meters at 1.0 g/t gold,
|
|
|
- DDA-066 (Artavasdes)
|
29
meters at 1.0 g/t gold and
|
|
|
|
67
meters at 1.7 g/t gold, (including 17 meters at 3.0 g/t)
|
"We are consistently returning further higher
grade from infill drilling and more gold in exploratory drilling at Amulsar" said Tim Coughlin, Lydian's President and
CEO. "DDA-061 potentially extends the current resource for a further
200m towards the northeast which can add significant additional ounces within
immediate reach of the Tigranes area. Results from
all reverse circulation drilling this year have been released but results
from diamond drilling will continue to be released well into December".
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 95% owned by Lydian's wholly owned 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
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.
Christopher John Bargmann,
FGS(C Geol), MAusIMM, Pr.Sci.Nat;
is the Qualified Person overseeing Lydian's exploration programs. Mr. Bargmann 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.
FORWARD-LOOKING STATEMENTS
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.
|
APPENDICES
RESULTS TABLE
|
|
|
|
|
TABLE 1. INTERIM DRILL RESULTS FROM AMULSAR
PROJECT (~ 1g/t GOLD)
|
Drill Hole
|
Dip
|
Azimuth
|
Total
Depth (m)
|
From
(m)
|
To
(m)
|
Intersection
(m)
|
Gold
(g/t)
|
|
|
|
|
24
|
41
|
17
|
0.9
|
DDA-060
|
-60
|
210
|
169.4
|
73
|
76
|
3.0
|
1.0
|
|
|
|
|
79
|
81
|
2.0
|
1.0
|
|
|
|
|
88
|
94
|
6.0
|
1.0
|
|
|
|
|
123
|
130
|
7.0
|
1.6
|
DDA-061
|
-60
|
120
|
251.0
|
160
|
162
|
2.0
|
1.3
|
|
|
|
|
227.4
|
251
(EOH)
|
23.6
|
1.1
|
DDA-063
|
-50
|
90
|
123.5
|
0
|
40
|
40
|
1.0
|
|
|
|
|
104
|
119
|
15
|
1.0
|
DDA-064
|
-60
|
210
|
131.4
|
102
|
106
|
4
|
1.0
|
|
|
|
|
124
|
126
|
2
|
1.0
|
DDA-065
|
-60
|
90
|
140.6
|
NO
SIGNIFICANT INTERSECTIONS >1G/T
|
|
|
|
|
0
|
4
|
4
|
2.0
|
|
|
|
|
14
|
18
|
4
|
1.0
|
DDA-066
|
-60
|
30
|
192.1
|
23
|
28
|
5
|
1.2
|
|
|
|
|
36
|
65
|
29
|
1.0
|
|
|
|
|
83
|
86
|
3
|
1.0
|
|
|
|
|
107
|
175
|
67
|
1.7
|
|
Including
|
117
|
135
|
17
|
3.0
|
RCA-303
|
-60
|
210
|
101.0
|
NO
SIGNIFICANT INTERSECTIONS >1G/T
|
Cut-off
0.2g/t gold, maximum down-hole internal dilution 10m
|
All
intersections are oxide gold, not true widths
|
|
|
|
|
|
|
|
|
|
|
|