Significant Gold Results from Lydian's Rahovec Discovery in Kosovo
TORONTO, ONTARIO, Feb 15 (MARKET WIRE) --
Lydian International Ltd. (TSX: LYD), a diversified U.K. mineral
exploration and development company, today announced positive results
from soil and trench sampling from its Rahovec project in Kosovo. The
initial soil sampling program indicated a 1.5km long gold anomaly, which
remains open to the north. The highest reported soil samples returned
1.87 g/t gold.
A follow up trenching program was also completed to test the underlying
bedrock. One meter continuous trench sampling has confirmed mineralised
bedrock, with the best trench results returning 73m grading 0.87 g/t gold
(highest 7.97 g/t gold). An adjacent trench, located 75 meters to the
north returned 13m grading 0.67 g/t gold (highest 1.94 g/t gold).
The soil sampling program also returned significant Nickel (Ni) and
Cobalt (Co) results, which follow a similar but separate trend to gold.
The average Nickel value for all soil samples returned 0.29% with a high
of 0.51%. The Ni-Co anomaly is directly related to the host ultramafic
suite of rocks located in the area.
"This is an exciting new gold discovery in an area that was previously
known only for its Ni-Co-Cu-(PGE) potential," said Tim Coughlin,
President and CEO. "The soil geochemistry has defined a large and
drill-ready target area."
Lydian has commenced preparations for a scout diamond drilling in the
area to test the down dip extent of the gold mineralisation. Further soil
sampling and trenching are planned to define the extent of the gold
anomaly to the north. This drilling is expected to commence in the next
3-4 weeks.
The Rahovec project is located in Eastern Kosovo, Lydian was granted an
85km2 exploration license in Dec 2006. Rahovec is underlain mainly by
ultramafic units which extend southwards into Albania. The project is
known to contain sulphide Ni-Co-Cu mineralisation, which is thought to be
the result of magmatic differentiation, similar to deposits seen in
Western Australia and Northern Canada. The area also has potential for
Cr-(PGE) mineralisation and bauxite.
To view Figure 1. Soil geochemistry and trench results - Gold anomaly
identified in the Rahovec License, please visit the following link:
http://media3.marketwire.com/docs/lydianfig1.pdf
To view Figure 2. Soil geochemistry and trench results - Nickel anomalies
identified in the Rahovec License, please visit the following link:
http://media3.marketwire.com/docs/lydianfig2.pdf
About Lydian International
Lydian is a diversified U.K. mineral exploration and development company,
with expertise employing "first mover" strategies in emerging exploration
environments. The Company is currently focused on Eastern Europe,
exploring in the Balkan and Caucasus regions, and is developing advanced
precious and base metal assets located in former Soviet Armenia and in
emerging Kosovo.
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 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 (NSYE: NEMS)(ASX: NEMS)(TSX: NMC), in the Caucasus region.
Lydian's two largest shareholders are Newmont Mineral Holdings B.V., and
International Finance Corporation (part of the World Bank Group).
Lydian's web site is www.lydianresources.com where more information can
be found.
Dr. Tim Coughlin BSc, MSc, PhD, MAusIMM; Lydian's President and CEO 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. Lydian samples - 2
to 3 kg of rock, rockchip, or drill core per sample. Samples are bagged,
labeled, sealed and dispatched to ALS Chemex analytical laboratory in
Rosia Montana, Romania. At the Laboratory after fine crushing at less
than 2mm (70%), subsequent riffle split, followed by a 1000g split
pulverized to less than 75micron (85%), a 50g aliquot is analyzed for
gold by fire assay with an atomic absorption spectroscopy (AAS) finish.
The remainder is sent by ALS Chemex to its laboratory in Perth (pending
registration to ISO 9001:2000) or Vancouver (ISO17025), where the sample
is subject to four acid digestion and analysis for 33 elements by ICP-MS
(ALS' ME-ICP61 package). ALS Chemex carries out regular checks by
duplicating gold analyses for several samples, and by inserting its own
blanks and standards as part of its own Quality Management System. Lydian
prepares its samples and dispatches to ALS Chemex with inclusion of
blanks, duplicates, and three standards with different gold
concentrations with random numbering. Directly after drilling Rock
Quality Designation (RQD) is measured by prompt logging to define the
cumulative length of core pieces divided by the total length of the core
run (including any lost or poorly recovered core sections). RQD is an
index of rock quality in which a modified core recovery percentage is
obtained. Lydian's drill holes dominantly have a core recovery classified
as "good" (greater than 75% recovery), "fair" (50-75%) or "excellent"
recovery (greater than 90%). Core is placed in core trays with plastic
lining to avoid any loss of fine grained material before sampling. HQ
core (63.5mm diameter) and NQ core (47.6mm diameter) are cut in half by
diamond saw core parallel to the core. Half of the core is sampled every
meter or slightly less at apparent lithological or structural breaks in
the core.
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: tim.coughlin@lydianinternational.co.uk
Lydian International Ltd.
Linda Montgomery
VP Investor Relations
(416) 599-7363 x 2404
Email: linda.montgomery@lydianinternational.co.uk
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