MarketWatch
Lydian Intersects 125m at 1.6g/t Gold (Including 31m at 4.4g/t Gold)
in Best Intersection yet From Amulsar Gold Discovery in Armenia
Step-out drilling commences on targets located some 1.5km to the
northwest and southeast of the current drilling grid
Last update: 11:46 a.m. EDT Oct. 1, 2008
TORONTO, ONTARIO, Oct 01, 2008 (MARKET WIRE via COMTEX) — Lydian
International Ltd. (CA:LYD: news, chart, profile) , 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 18 combined diamond and reverse
circulation drill holes have been returned (Table 1). Best results
include:
– RCA-028, 125m at 1.6/gt gold (including 31m at 4.4g/t gold),
– RCA-030, 122m at 1.0g/t gold (including 38m at 2.6g/t gold),
– DDA-015, 83m at 1.0g/t gold.
TABLE 1, Interim Results from Drilling at Amulsar
—————————————— ——————————-
Total Inter-
Drill Dip Azimuth Depth From To section Gold (g/t)
Hole (m) (m) (m) (m)
———————————————- —————————
DDA-013 -60 120 153.6 No Significant Intersections
Greater Than 1g/t Gold
——————————————— —————————-
DDA-014 -60 120 48.3 Bogged and abandoned
—————————————- ———————————
DDA-015 -60 120 150.0 27 110 83 1.00
——————————————— —————————-
DDA-016 -60 120 149.5 No Significant Intersections
Greater Than 1g/t Gold
——————————————— —————————-
45 58 13 1.04
————————————–
RCA-023 -60 120 160.0 65 68 3 1.17
————————————–
80 107 27 1.00
——————————————— —————————-
0 2 2 1.27
————————————–
RCA-024 -60 120 196.0 128 130 2 1.01
————————————–
161 169 8 1.04
——————————————— —————————-
RCA-025 -60 120 22.0 Bogged and abandoned
—————————————- ———————————
RCA-026 -60 120 196.0 149 152 3 1.16
——————————————— —————————-
0 13 13 1.21
RCA-027 -60 120 166.0 ————————————–
30 75 45 1.00
——————————————— —————————-
-60 300 150.0 25 150 125 1.57
RCA-028 ————————————–
(Including) 26 57 31 4.44
——————————————— —————————-
RCA-029 -60 300 154.0 No Significant Intersections
Greater Than 1g/t Gold
——————————————— —————————-
-60 300 154.0 0 122 122 1.01
RCA-030 ————————————–
(Including) 74 112 38 2.58
——————————————— —————————-
RCA-031 -60 300 108.0 No Significant Intersections
Greater Than 1g/t Gold
——————————————— —————————-
48 51 3 1.72
RCA-032 -60 120 150 ————————————–
82 85 3 2.00
——————————————— —————————-
92 112 20 1.05
RCA-033 -60 120 150.0 ————————————–
133 148 15 1.07
——————————————— —————————-
RCA-034 -60 120 160.0 120 122 2 1.18
——————————————— —————————-
51 54 3 3.48
————————————–
RCA-035 -60 120 131.0 76 79 3 1.04
————————————–
80 82 2 1.02
——————————————— —————————-
52 57 5 1.13
RCA-036 -60 300 190 ————————————–
174 189 15 1.19
——————————————— —————————-
Cut-off 0.2g/t gold, maximum down-hole internal dilution 11m
All intersections are oxide gold, not true widths
Drill hole locations with projections of gold-grade to surface
relative to rock-chip geochemistry are provided in Figure 1 below and
an interpretative cross-section illustrating the probable controls on
gold mineralisation is provide in Figure 2 below.
To view the drill hole locations, please see the link below:
To view the interpretative cross section, please see the link below:
"These results confirm the depth extent of mineralisation at Amulsar
and provide further evidence of higher-grade pods which are favourable
from a mine-planning perspective," said Tim Coughlin, Lydian’s
President and CEO. "Step-out drilling on targets to the north and
south of the current drill-grid has commenced, enabling us to assess
the full size potential of the Amulsar system before the winter sets
in."
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 (NEM:Newmont Mining Corporation
News, chart, profile, more
Last: 38.61-0.20-0.52%
4:02pm 10/01/2008
Delayed quote dataAdd to portfolio
Analyst
Create alertInsider
Discuss
Financials
Sponsored by:
38.61, -0.20, -0.5%) .
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
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.
Contacts:
Lydian International Ltd.
Tim Coughlin
President and CEO
+44 7717 204300
Email: [email protected]
Lydian International Ltd.
Linda Montgomery
VP Investor Relations
(416) 214-4654
Email: [email protected]
Website :
SOURCE: Lydian International Ltd.
mailto:[email protected]
mai lto:[email protected]
Copyright 2008 Market Wire, All rights reserved.