The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Lydian Drilling Intersects 98 Meters at 1.9 g/t Gold Below Current Pit-Shell at Erato and 60 Meters at 1.4 g/t Gold 80 Meters Outside the Pit Shell at Arshak

More gold intersected 600 meters to the east of Erato

Tuesday, November 20, 2012

Lydian Drilling Intersects 98 Meters at 1.9 g/t Gold Below Current Pit-Shell at Erato and 60 Meters at 1.4 g/t Gold 80 Meters Outside the Pit Shell at Arshak07:00 EST Tuesday, November 20, 2012TORONTO, ONTARIO--(Marketwire - Nov. 20, 2012) - Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, today announced results from additional drilling at its Amulsar gold project in Armenia. Amulsar is a feasibility stage (see press release September 7, 2012) high-sulfidation style, heap-leach gold project with reported CIM compliant Proven and Probable reserves of 2.29M Oz Gold at 0.8 g/t and 9.98M Oz Silver at 3.3 g/t and a resource of 0.2M Oz Gold at 1.0 g/t in Measured and Indicated categories and 1.1M Oz Gold at 0.9 g/t in the Inferred category.Results have been received from a further 33 drill holes at Amulsar including infill drilling at Erato and Tigranes and further step-out drilling at Arshak (see Table and Figures in Appendix).Notable intersections include: •DDA-341 (Artavasdes)29 meters at 1.0 g/t gold,•DDA-347 (Arshak)60 meters at 1.4 g/t gold,•DDA-348 (Tigranes)20.9 meters at 1.2 g/t gold (EOH),•DDA-350 (Erato)46 meters at 1.0 g/t gold; and61 meters at 1.1 g/t gold,•DDA-351 (Erato)22 meters at 1.0 g/t gold,•DDA-352 (Crushing Site)40 meters at 1.0 g/t gold,•DDA-353 (Tigranes)20 meters at 1.0 g/t gold; and19 meters at 1.1 g/t gold,•DDA-354 (Artavasdes)13 meters at 1.0 g/t gold,•DDA-357 (Tigranes)14.1 meters at 1.8 g/t gold (EOH),•DDA-358 (Erato)98 meters at 1.9 g/t gold,•DDA-360 (Tigranes)60 meters at 1.0 g/t gold,•DDA-361 (Tigranes)68 meters at 1.2 g/t gold,•DDA-362 (Crushing Site)19 meters at 1.0 g/t gold; and21 meters at 1.0 g/t gold,•RCA-468 (Arshak)16 meters at 1.0 g/t gold,•RCA-471 (Arshak)12 meters at 1.0 g/t gold; and29 meters at 1.0 g/t gold,•RCA-476 (Tigranes NE)12 meters at 1.3 g/t gold,•RCA-480 (Tigranes)17 meters at 1.0 g/t goldDrilling at Amulsar continues to outline new areas of gold mineralization, both at depth and laterally around the margins of the current pit-shell. Drill hole DDA-358 returned 98 meters at 1.9 g/t gold below the current Erato pit-shell (see Cross Section A-A'), and DDA-350 returned 61 meters at 1.1 g/t gold in the east of Erato, where further drilling is currently underway.At Tigranes, drilling is also identifying further gold potential at depth, with DDA-348 returning 8 meters at 1 g/t gold and 20.9 meters at 1.2 g/t gold (EOH) up to 60 meters vertically beneath the current pit-shell (see Cross Section B-B').Following the discovery of gold mineralization at the proposed crusher location some 600 meters to the east of the Erato pit-shell (see Press Release, September 24, 2012), further confirmatory drilling has been conducted and has returned 33 meters at 1 g/t (DDA-352) and two separate intersections of 17 meters and 18 meters at 1 g/t gold (DDA-362; see Figure in Appendix) Further geological work will be carried out to ascertain the extent of this mineralization and whether it forms a continuation of gold mineralization at Erato.Drilling at Arshak continues to confirm the potential for resource extension towards the east and southeast. Notably DDA-347 returned 60 meters at 1.4 g/t gold and RCA-471 returned 11 meters and 29 meters at 1 g/t gold with both holes located approximately 80 meters outside the current pit-shell.CEO and President of Lydian International, Dr. Tim Coughlin says "This is another solid round of drill results further confirming the resource potential at Amulsar. Drilling at Erato has returned exciting results all year and new results from close to the proposed crusher location, some 600m east of the Erato pit-shell are particularly encouraging. Drilling continues on-site and is likely to do so until winter fully settles in over the coming weeks."The information in this news release was compiled and reviewed by Dr. Timothy Coughlin, BSc (Geology), MSc (Exploration and Mining), PhD (Structural Geology), FAusIMM, President and CEO of Lydian International Ltd and a qualified person as defined by National Instrument 43-101.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. Drill core is cut on-site and rock-chips are split to ensure representative sampling. Half core and remaining rock-chips are stored on-site. On-site personnel log and track all samples prior to sealing and shipping. Quality control is monitored by the insertion of blind certified standard reference materials and blanks into each sample shipment. All resource sample shipments are sealed and shipped to ALS Chemex, an independent third party. All assay work for the released results was carried out by ALS Chemex at its analytical laboratory in Rosia Montana, Romania. ALS Chemex's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. More information can be found on Lydian's web site at www.lydianinternational.co.uk.About Lydian InternationalLydian 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.Appendix; Results TableTABLE 1. SIGNIFICANT DRILL INTERSECTIONS GREATER THAN 1g/t GOLDTotalIntersectionDrill HoleDipAzimuthDepthFromTo(m)Gold(m)(m)(m)(g/t)63.092.029.01.0DDA-341-6020158.0135.0138.03.01.0DDA-345-604098.1NO SIGNIFICANT INTERSECTIONS >1G/T GOLD15.022.07.01.0DDA-346-6021023.2BOGGED AND LOSTDDA-347-60220127.052.0112.060.01.413.015.02.01.268.070.02.01.1DDA-348-60310275.9183.0185.02.01.2215.0223.08.01.0255.0275.9 (EOH)20.91.20.046.046.01.0103.0112.09.01.0DDA-350-60115274.5178.0239.061.01.1256.0261.05.01.1139.0161.022.01.0DDA-351-60105200.0184.0193.09.01.02.04.02.01.2DDA-352-60170117.023.063.040.01.090.093.03.01.128.048.020.01.069.074.05.01.0DDA-353-60320293.582.0101.019.01.1208.0212.04.01.0141.0154.013.01.0DDA-354-60225249.5163.0167.04.01.0189.0192.03.01.097.0101.04.01.0DDA-355-60300290.9115.0121.06.01.0DDA-356-603016.1BOGGED AND LOST0.014.1 (EOH)14.11.8DDA-357-6030014.1BOGGED AND LOSTDDA-358-60115230.678.0176.098.01.933.038.05.01.1DDA-359-60290107.0BOGGED AND LOST12.014.02.01.2DDA-360-60120295.1131.0191.060.01.0DDA-361-6030084.70.068.068.01.2DDA-362-60205105.80.019.019.01.046.067.021.01.094.0110.016.01.0RCA-468-6030150.0118.0120.02.01.1RCA-469-6030150.0NO SIGNIFICANT INTERSECTIONS >1G/T GOLDRCA-470-6021055.0BOGGED AND LOST17.029.012.01.0RCA-471-60300132.085.0114.029.01.0RCA-472-60290156.0NO SIGNIFICANT INTERSECTIONS >1G/T GOLDRCA-473-603018.0BOGGED AND LOSTRCA-473A-7035122.0NO SIGNIFICANT INTERSECTIONS >1G/T GOLDRCA-474-90092.0BOGGED AND LOSTRCA-475-60170125.0NO SIGNIFICANT INTERSECTIONS >1G/T GOLDRCA-476-60155107.038.050.012.01.3RCA-477-60120136.0NO SIGNIFICANT INTERSECTIONS >1G/T GOLDRCA-478-60245203.0NO SIGNIFICANT INTERSECTIONS >1G/T GOLDRCA-479-60110197.0NO SIGNIFICANT INTERSECTIONS >1G/T GOLDRCA-480-60230203.0154.0171.017.01.0RCA-481-6012023.0BOGGED AND LOSTCut-off 0.2g/t gold, maximum down-hole internal dilution 10mAll intersections are oxide gold, No true widthsDDAG indicates assayed geotechnical drill holeTo view 'Appendix; Figure 1. Layout of reported drill holes', please visit the following link: http://media3.marketwire.com/docs/lydimap1.pdfTo view 'Cross Section A-A' of Erato (see Figure 1) showing released 2012 drill holes', please visit the following link: http://media3.marketwire.com/docs/lydimap2.pdfTo view 'Cross Section B-B' of Tigranes (see Figure 1) showing released 2012 drill holes', please visit the following link: http://media3.marketwire.com/docs/lydimap3.pdfFOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: Lydian International Ltd.Donna PugsleyInvestor Relations+44 (0)1534 715473+44 (0)7797 742800info@lydianinternational.co.uk