Drilling at Erato returns 67 meters at 1 g/t gold (including 7 meters at 6.6 g/t gold, open at depth), drilling at Tigranes returns 66 meters at 1 g/t gold and drill testing of a newly identified 600 meter long fault-zone at Artavasdes intersects 55 meters at 1 g/t (open at depth)
TORONTO, Ontario, August 3, 2011 – Lydian International Ltd. (TSX: LYD) (“Lydian” or “the Company”), a gold-focused mineral exploration and development company, today announced results from further drilling at its Amulsar gold project in Armenia. Amulsar is a high-sulfidation style gold project which currently hosts a CIM compliant combined Indicated and Inferred Category Resource of 2.5 million ounces at 1.0g/t gold (1.1 million ounces at 1.1 g/t gold in the Indicated Category and 1.4 million ounces at 0.9 g/t gold in the Inferred Category).
Results have been received from a further 33 drill holes at Amulsar comprising primarily exploration drill holes at Erato and infill drilling from the Tigranes and Artavasdes areas (see Table and figure in Appendix).
At Erato, drill hole RCA-330 intersected 67 meters at 1 g/t gold which included 7 meters at 6.6 g/t gold in the bottom of the hole and at a depth of 239 meters. This deep intersection is the first indication that there may be higher grades extending to significant depths at Erato. Furthermore, this drill hole targeted a north-northeast trending fault zone which exploration drill holes DDA-103 and DDA-104 (13 meters at 1 g/t and 19 meters at 0.9 g/t gold respectively) have now intersected approximately 400 meters to the southwest of the Erato resource shell and which drill hole RCA-332 has now intersected to the north of the resource shell. This exploration drilling effectively extends known gold mineralization at Erato to a minimum strike distance of approximately 1 kilometer.
At Artavasdes drill holes have been targeting a newly recognized west-northwest trending fault zone that is known to extend for at-least 600 meters on surface and may connect with isolated drill intersections returned from exploration drilling last year in the area between Erato and Artavasdes. Drill holes RCA-316 and RCA-317 both targeted this fault structure and intersected 55 meters at 1g/t and 41 meters at 0.9g/t gold respectively, with both holes remaining open at depth.
Notable intersections include:
“New mapping, geological and geophysical modeling work has identified the surface and probable subsurface extents of gold mineralized fault and vein structures at Amulsar” said Tim Coughlin, Lydian’s President and CEO “These recent drill results are a firm indication that this modeling is working; gold at Erato now extends confidently over at-least a kilometers strike length and faults at Artavasdes are now being drilled and intersected along their strike length. There is an exciting possibility that Artavasdes may join with Erato in one continuous curved mineralized fault-structure. Drill rigs are currently working in the area between Artavasdes and Erato in order to test this model”.
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 wholly owned by Lydian’s 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 include the International Finance Corporation (IFC) which is a member of the World Bank Group and the European Bank for Reconstruction and Development (EBRD). More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
Dr Tim Coughlin, BSc, MSc (Exploration and Mining), PhD, MAusIMM; is the Qualified Person overseeing Lydian's exploration programs. 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. More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
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.
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