TORONTO, ONTARIO--(Marketwired - Sept. 19, 2013) - Lydian International Ltd. (LYD.TO) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, today announced results from its 2013 drilling program at the Amulsar gold project in Armenia. Amulsar is a heap-leach gold project with reported CIM compliant resources of 52.4 Mt at 1.05 g/t gold (1.77 million ounces) in the Measured category, 18.1 Mt at 1.02 g/t gold (0.59 million ounces) of Indicated category and 58.0 Mt at 0.93 g/t gold (1.73 million ounces) in the Inferred category.
The 2013 drill program has so far comprised 27 diamond drill holes and 23 reverse circulation drill holes for a total of 8,448 meters (see map in appendix). Exploration drilling has now been deferred in place of geotechnical and hydrogeological drilling as part of the current mine design and optimization studies.
Highlights from the 2013 drilling program are as follows (all intersections are oxide mineralization; EOH means "end of hole"):
Notable results from resource infill and resource extension drill holes at Tigranes include:
|•||RCA-505 (Tigranes)||221 meters at 1.2 g/t gold (EOH)|
|•||RCA-507 (Tigranes)||27 meters at 1.0 g/t gold; and|
|50 meters at 1.0 g/t gold; and|
|21 meters at 1.0 g/t gold|
Notable exploratory and resource extension results from Erato and Arshak include:
|•||DDA-381 (Erato)||22 meters at 1.0 g/t gold; and|
|31.4 meters at 1.3 g/t gold (EOH)|
|•||RCA-501 (Erato)||15 meters at 1.0 g/t gold|
|•||RCA-502 (Erato)||10 meters at 1.0 g/t gold|
|•||RCA-513 (Arshak)||11 meters at 1.1 g/t gold|
|•||RCA-514 (Erato)||15 meters at 1.0 g/t gold; and|
|34 meters at 1.0 g/t gold|
|•||RCA-515 (Erato)||11 meters at 1.0 g/t gold|
|•||RCA-516 (Erato)||20 meters at 1.1 g/t gold; and|
|18 meters at 1.0 g/t gold|
|•||RCA-517 (Erato)||12 meters at 1.0 g/t gold; and|
|68 meters at 1.0 g/t gold|
|•||RCA-518 (Erato)||16 meters at 1.0 g/t gold; and|
|10 meters at 1.0 g/t gold|
|•||RCA-520 (Erato)||91 meters at 1.0 g/t gold|
|•||RCA-522 (Erato)||180 meters at 1.3 g/t gold (EOH)|
The 2013 drill program was focussed on in-fill and step-out drilling at Tigranes and Erato. Results confirmed the current geological model and potential for resource extensions in all directions and particularly at depth.
At Tigranes, drill hole RCA-505 returned 221 meters (EOH) at 1.2 g/t gold. The last 92 meters of this intersection are located below the current pit shell, supporting management's view that further resource potential exists at depth (see Figure A in appendix). Tigranes in-fill drill hole RCA-507 located within the current pit shell also returned notable intersections including 27 meters, 50 meters and 21 meters at 1.0 g/t gold.
At Erato, drill hole RCA-522 targeted a southeast extension of the resource beneath the current pit shell and returned 180 meters at 1.26 g/t, open at depth (see Figure B in appendix). Drill hole RCA-520, also drilled on this interpreted southeast extension and below the current pit shell, returned 91m at 1.0 g/t gold. On the northwest margin of Erato, drill hole RCA-517 intersected 68 metres at 1.0g/t gold and drill hole DDA-381 returned numerous separate intersections including 22 meters at 1.0 g/t, 4 meters at 1.4 g/t and 31.4 meters at 1.3 g/t gold, with the hole ending in grade.
"Deep drilling planned for 2013 at Amulsar was frustrated by equipment performance and ground conditions but the deeper holes that were successful returned impressive consistent grades and supported managements view that additional resource potential still remains untested at depth" said Tim Coughlin, Lydian's President and CEO. "It is obvious from this year's drilling program that the key to unlocking Amulsar's hidden potential lies in innovative and advanced deep drilling. Drilling this year has also served to extend known gold mineralization laterally away from the current resource shell and has tracked and connected important higher grade zones from within the resource shell."
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.
|TABLE 1. SIGNIFICANT DRILL INTERSECTIONS GREATER THAN 1g/t GOLD|
|Drill Hole||Dip||Azimuth||Total Depth (m)||From (m)||To (m)||Intersection (m)||Gold (g/t)|
|DDA-376||-60||140||200.0||NO SIGNIFICANT INTERSECTIONS >1G/T GOLD|
|DDA-377||-60||110||272.2||NO SIGNIFICANT INTERSECTIONS >1G/T GOLD|
|DDA-379||-60||105||83.0||NO SIGNIFICANT INTERSECTIONS >1G/T GOLD|
|RCA-503||-90||0||257.0||NO SIGNIFICANT INTERSECTIONS >1G/T GOLD|
|RCA-504||-90||0||257.0||NO SIGNIFICANT INTERSECTIONS >1G/T GOLD|
|RCA-521||-60||105||197.0||NO SIGNIFICANT INTERSECTIONS >1G/T GOLD|
|RCA-523||-60||120||240.0||NO SIGNIFICANT INTERSECTIONS >1G/T GOLD|
|Cut-off 0.2g/t gold, maximum down-hole internal dilution 10m|
|All intersections are oxide gold, No true widths|
|DDAG indicates assayed geotechnical drill hole|
To view the map and figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/Lydian-International-09-19-13.pdf.