First 2010 drill results successfully outline higher grade intervals and show extension towards Arshak in the south
TORONTO, Ontario, August 3, 2010 – Lydian International Ltd. (TSX: LYD) (“Lydian” or “the Company”), a gold-focused mineral exploration and development company, today announced results from the first 11 holes of its 2010 drilling program 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.
First results have been returned for a total of 3 diamond drill holes and 8 reverse circulation drill holes in the Tigranes-Artavasdes and Arshak areas (see Figure 1 and Table 1 in Appendix). The laboratory processing of samples from reverse circulation drill holes was conducted out of sequence, resulting in drill holes RCA 179 through to RCA 189 remaining in the laboratory and still requiring analysis.
New 2010 results include:
• DDA-034 (Arshak) 34 meters at 1.0 g/t gold,
including 11 meters at 2.1 g/t gold
• DDA-035 (Artavasdes) 62 meters at 1.3 g/t gold,
including 12 meters at 2.0 g/t gold
• RCA-177 (Tigranes) 112 meters at 1.0 g/t gold,
including 18 meters at 2.4 g/t gold
• RCA-1911 (Artavasdes) 51 meters at 1.8 g/t gold,
including 13 meters at 5.6 g/t gold
• RCA-193 (Tigranes) 74 meters at 1.4 g/t gold,
including 17 meters at 4.0 g/t gold
• RCA-194 (Tigranes) 42 meters at 2.0 g/t gold,
including 10 meters at 5.4 g/t gold
These initial drilling results with higher grade intervals are part of this year’s resource upgrade program in the Tigranes and Artavasdes areas. The program aims to track and connect zones of higher gold grade within the current resource shell leading to an overall increase in grade and resource category.
*1 Reverse circulation drill hole 191 became bogged and was abandoned at 59m depth
Due to the previous drill pattern these zones have been treated as isolated intersections and were thus not fully represented in previous resource calculations. Current indications are that fault and fracture controlled higher grade intervals trend both NE-SW and NW-SE and sometimes occur adjacent to the irregular margin of a porphyritic intrusive body. Drill holes are being located and in some cases rotated on existing pads to ensure that these higher grade zones are properly mapped out and not precluded from future resource estimates.
DDA-034 was drilled in the Arshak area approximately 400m to the south of Artavasdes and implies extension along an overall NW-SE trend between the two prospect areas. Infill drilling along this trend is currently being conducted to test continuity.
“This is a solid set of initial results from our 2010 drill season which is progressing well and we have decided to increase this year’s program from 16,000 meters to 20,000 meters” said Dr Tim Coughlin, Lydian’s President and CEO. “We are starting to follow the higher grade zones at Tigranes which we believe will lead to an upgrade in the resource category and an overall increase in the gold grade. Drilling at Arshak has confirmed the potential along the ridge towards Artavasdes and results are still awaited from Erato in the north where we drilled 229m at 1g/t gold last year”.
About Lydian International
Lydian is a diversified mineral exploration and development company with expertise employing “first mover” strategies in emerging exploration environments. Currently Lydian is focused on Eastern Europe developing advanced precious and base metal assets in Armenia and Kosovo. The two main projects are gold at Amulsar in Armenia, and zinc, lead, silver and gold at Drazhnje in Kosovo. The Amulsar group of licenses is 95% owned by Lydian’s wholly owned Armenian subsidiary (Geoteam CJSC). Lydian also has a pipeline of promising 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 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 Lydians’s web site at www.lydianinternational.co.uk.
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