Lydian International Intersects New Gold in Step-Out Drilling at Arshak and in Deep Drilling at Erato; Amulsar Project Armenia
Initial Results from Exploration and Step-Out Drilling at Amulsar Show Promise for Resource Potential at Erato and ArshakTORONTO, ONTARIO -- (Marketwire) -- 08/21/12 -- 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:
- DDA-272 (Orontes) 53 meters at 1.0 g/t gold,
- DDA-276 (Erato) 37 meters at 1.0 g/t gold (EOH),
- DDA-278 (Erato) 23 meters at 1.0 g/t gold,
- DDA-280 (Arshak) 33 meters at 0.9 g/t gold,
- DDA-281 (Arshak) 38.5 meters at 1.0 g/t gold,
- DDA-285 (Arshak) 13 meters at 1.5 g/t gold and
37 meters at 1.0 g/t gold,
- DDA-286 (Artavasdes) 38 meters at 1.0 g/t gold,
- DDA-290 (Erato) 23 meters at 1.0 g/t gold
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."
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 characterise 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 characterised 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.
----------------------------------------------------------------------------
TABLE 1. SIGNIFICANT DRILL INTERSECTIONS GREATER THAN 1g/t GOLD
----------------------------------------------------------------------------
Total
Depth Intersection Gold
Drill Hole Dip Azimuth (m) From (m) To (m) (m) (g/t)
----------------------------------------------------------------------------
DDA-272 -60 120 154.0 71.0 124.0 53.0 1.0
----------------------------------------------------------------------------
NO SIGNIFICANT INTERSECTIONS greater than
DDA-273 -60 130 104.8 1G/T GOLD
----------------------------------------------------------------------------
NO SIGNIFICANT INTERSECTIONS greater than
DDA-274 -60 160 130.0 1G/T GOLD
----------------------------------------------------------------------------
NO SIGNIFICANT INTERSECTIONS greater than
DDA-275 -60 90 130.0 1G/T GOLD
----------------------------------------------------------------------------
197.7
DDA-276 -60 290 197.7 164.0 (EOH) 37.7 1.0
----------------------------------------------------------------------------
NO SIGNIFICANT INTERSECTIONS greater than
DDA-277 -60 110 154.0 1G/T GOLD
----------------------------------------------------------------------------
DDA-278 -60 101 254.8 49.0 51.0 2.0 1.2
------------------------------------------
88.0 96.0 8.0 1.0
------------------------------------------
104.0 127.0 23.0 1.0
----------------------------------------------------------------------------
NO SIGNIFICANT INTERSECTIONS greater than
DDA-279 -60 36 144.0 1G/T GOLD
----------------------------------------------------------------------------
DDA-280 -60 30 135.8 39.0 72.0 33.0 0.9
------------------------------------------
77.0 81.5 4.5 1.2
------------------------------------------
94.5 96.5 2.0 1.1
------------------------------------------
107.5 110.5 3.0 1.5
------------------------------------------
119.3 123.3 4.0 1.0
----------------------------------------------------------------------------
DDA-281 -60 300 203.4 83.5 85.5 2.0 1.2
------------------------------------------
105.5 144.0 38.5 1.0
------------------------------------------
167.0 172.0 5.0 1.0
----------------------------------------------------------------------------
NO SIGNIFICANT INTERSECTIONS greater than
DDA-282 -60 113 99.8 1G/T GOLD
----------------------------------------------------------------------------
NO SIGNIFICANT INTERSECTIONS greater than
DDA-283 -60 115 65.1 1G/T GOLD
----------------------------------------------------------------------------
NO SIGNIFICANT INTERSECTIONS greater than
DDA-284 -60 130 250.9 1G/T GOLD
----------------------------------------------------------------------------
DDA-285 -60 25 185.0 3.0 16.0 13.0 1.5
------------------------------------------
123.0 160.0 37.0 1.0
----------------------------------------------------------------------------
DDA-286 -60 215 63.9 2.0 40.0 38.0 1.0
----------------------------------------------------------------------------
DDAG-287 -90 0 25.0 GEOTECHNICAL DRILL HOLE
----------------------------------------------------------------------------
DDA - 288 -60 120 20.7 BOGGED AND LOST
----------------------------------------------------------------------------
NO SIGNIFICANT INTERSECTIONS greater than
DDA - 289 -60 120 240.1 1G/T GOLD
----------------------------------------------------------------------------
DDA-290 -60 110 315.0 167.0 190.0 23.0 1.0
------------------------------------------
205.0 207.0 2.0 1.0
------------------------------------------
231.0 236.0 5.0 0.9
------------------------------------------
261.0 266.0 4.0 1.2
------------------------------------------
304.0 311.0 7.0 1.6
----------------------------------------------------------------------------
DDAG-291 -90 0 41.0 GEOTECHNICAL DRILL HOLE
----------------------------------------------------------------------------
DDAG-292 -90 0 35.0 GEOTECHNICAL DRILL HOLE
----------------------------------------------------------------------------
DDAG-293 -90 0 21.9 GEOTECHNICAL DRILL HOLE
----------------------------------------------------------------------------
DDAG-294 -90 0 40.0 GEOTECHNICAL DRILL HOLE
----------------------------------------------------------------------------
Cut-off 0.2g/t gold, maximum down-hole internal dilution 10m
All intersections are oxide gold, not true widths
To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/Appendix_Figure21_August_2012.jpg.
Contacts:
Lydian International Ltd.
Lucy Fowler
Investor Relations Manager
+44 (0)1534 715472 or +44 (0)7797 738777
info@lydianinternational.co.uk
www.lydianinternational.co.uk