Gold Discovered
in Kosovo
February 15, 2008 10:30 AM
TORONTO, ONTARIO
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. |