- Published: 03 November 2008
- Written by Editor
Drilling Returns 106m at 2.3g/t Gold (Including 21m at 9.7g/t Gold) at Lydian's Amulsar Discovery in Armenia
Tigranes area drill results define further high-grade gold and extend system potential to the south
Lydian International Ltd. (TSX: LYD), a diversified U.K. mineral exploration and development company, today announced results from further drilling at its Amulsar gold discovery in Armenia. Results from a further 19 combined diamond and reverse circulation drill holes from the Tigranes area have been returned (Table 1, Appendix). Best results include:
- RCA-038, 106m at 2.3g/t gold (including 21m at 9.7g/t gold) open at depth,
- RCA-043, 67m at 3.6g/t gold (including 20m at 8.1g/t gold),
- RCA-044, 89m at 1.0g/t gold (including 7m at 6.6g/t gold),
- DDA-042, 66m at 1.1g/t gold (including 8m at 3.1g/t gold),
- DDA-017, 44m at 1.0g/t gold
Drill hole locations with projections of gold grade to surface are provided in Figure 1 in Appendix. An interpretative cross-section illustrating the probable controls on gold mineralisation is provided in Figure 2 in Appendix.
"Drill hole RCA-38 was collared on the same pad as diamond drill hole DDA-7 which returned 63m at 1.1g/t gold, but returned the best intersection yet from the project" said Tim Coughlin, Lydian's President and CEO. "Hole RCA-38 actually stopped in gold grade indicating continuity at depth. Drill hole DDA-17 is also an important hole; it has intersected gold mineralisation in an area near the Artavasdes prospect opening up further potential towards the southeast. Step-out drilling on the Artavasdes target and on other targets located to the north and south of Tigranes is now complete. These results are eagerly awaited since any indication of gold from these areas will significantly increase the size potential of Amulsar."
Amulsar is a high-sulphidation type epithermal gold project located in central Armenia. Lydian identified the gold bearing potential of the project in mid-2006, started initial drilling in 2007, and currently is conducting a 20,000m drill program to test the bulk tonnage potential and confirm a gold resource. The Amulsar license is 95% owned by Lydian's wholly owned Armenian subsidiary (Geoteam CJSC). The project is currently being explored as part of a 50/50 joint venture with Newmont Overseas Exploration Limited, a wholly owned subsidiary of Newmont Mining Corporation (NYSE: NEM).
About Lydian International
Lydian is a diversified U.K. mineral exploration and development company, with expertise employing "first mover" strategies in emerging exploration environments. Currently the Company is focused on Eastern Europe developing advanced precious and base metal assets in Armenia and in Kosovo. The two main projects are gold at Amulsar in Armenia, and zinc, lead, silver and gold at Drazhnje in Kosovo. Lydian also has a pipeline of promising gold and base metal exploration projects in the Balkans region, and operates a 50/50 gold and copper exploration joint venture with Newmont Overseas Exploration Limited, a subsidiary of Newmont Mining Corporation in the Caucasus region.
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 two largest shareholders are Newmont Mineral Holdings B.V. (owned by Newmont Mining Corporation), and International Finance Corporation (part of the World Bank Group). More information can be found on Lydian's web site at www.lydianinternational.co.uk.
Dr Tim Coughlin, MAusIMM; is the Qualified Person overseeing Lydian's exploration programmes. 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, in Perth Australia, or in Vancouver, BC. Please see Lydian's web site for more information.
Forward-looking Information
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains statements about our future financial condition, results of operations and business. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.
TABLE 1, Interim Results from Drilling at Amulsar (intersections greater
than 1g/t gold)
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Drill Total
Hole Dip Azimuth Depth (m) From (m) To (m) Intersection (m) Gold (g/t)
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DDA-017 -60 300 150.50 19 63 44 1.00
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61 66 5 1.08
DDA-018 -60 120 130.00 ---------------------------------------------
114 129 15 1.11
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DDA-019 -60 120 142.00 63 66 3 1.05
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20 23 3 1.18
---------------------------------------------
32 34 2 1.33
DDA-020 -60 120 140.00 ---------------------------------------------
79 81 2 1.38
---------------------------------------------
120 122 2 1.07
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24 32 8 1.04
---------------------------------------------
54 56 2 1.24
RCA-037 -60 120 150.00 ---------------------------------------------
66 70 4 1.13
---------------------------------------------
81 93 12 1.17
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0 5 5 1.14
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RCA-038 -60 300 130.00 9 11 2 1.17
---------------------------------------------
24 130 106 2.35
---------------------------------------------
Including 38 59 21 9.67
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40 44 4 1.12
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RCA-039 -60 120 130.00 50 68 18 1.04
---------------------------------------------
94 119 25 1.01
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RCA-040 -90 0 70.00 Bogged & abandoned (13m at 0.56 to EOH)
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1 9 8 1.09
---------------------------------------------
38 56 18 1.01
---------------------------------------------
RCA-041 -60 120 151.00 61 75 14 1.05
---------------------------------------------
110 116 6 1.06
---------------------------------------------
123 126 3 1.03
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2 6 4 1.13
RCA-042 -60 120 150.00 ---------------------------------------------
23 89 66 1.13
---------------------------------------------
Including 45 53 8 3.09
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RCA-043 -60 300 130.00 3 70 67 3.62 ---------------------------------------------
Including 33 53 20 8.06
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0 2 2 2.19
RCA-044 -60 120 150.00 ---------------------------------------------
48 137 89 1.03
---------------------------------------------
Including 101 108 7 6.59
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RCA-045 -60 120 139.00 No Significant Intersections Greater Than
1g/t Gold
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RCA-046 -60 120 144.00 No Significant Intersections Greater Than
1g/t Gold
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0 4 4 3.04
RCA-047 -60 120 156.00 ---------------------------------------------
18 55 37 1.68
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RCA-048 -60 120 108.00 85 94 9 1.00
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RCA-049 -60 300 150.00 6 40 34 1.02
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RCA-050 -60 120 113.00 No Significant Intersections Greater Than
1g/t Gold
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RCA-051 -60 120 150.00 20 25 5 1.07
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Cut-off 0.2g/t gold, maximum down-hole internal dilution 11m
All intersections are oxide gold, not true widths
Figure 1. Geology (alteration) map of Tigranes area is available at the following web link: http://media3.marketwire.com/docs/lyd1103fig1.pdf.
Figure 2. Interpretative cross section A-A' is available at the following web link: http://media3.marketwire.com/docs/lyd1103fig2.pdf.
Contacts: Lydian International Ltd. Tim Coughlin President and CEO +44 7717 204300 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Lydian International Ltd. Linda Montgomery VP Investor Relations (416) 214-4654 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.lydianinternational.co.uk
SOURCE: Lydian International Ltd.
mailto:This email address is being protected from spambots. You need JavaScript enabled to view it. mailto:This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.lydianinternational.co.uk
