www.lydianinternational.co.uk
Lydian International is a mineral exploration and development company with expertise and a proven track record in discovering and developing new gold projects in unfamiliar and frontier settings. The Company is currently focussed on developing its Amulsar gold discovery in southern Armenia. The Amulsar project was a new discovery made by Lydian in 2006 and currently hosts a global resource of 3.2M ounces after its resource update in January 2012. This resource update comprises a total of 1.7 million ounces gold in the indicated category and 0.6 million ounces gold in inferred category (using a 0.4g/t cut-off) from the contiguous Tigranes and Artavasdes areas and 0.5 million ounces gold in the indicated category and 0.4 million ounces inferred category from the Erato prospect which is located approximately 900 meters to the north of Tigranes-Artavasdes. The project remains open in all directions and is currently advancing towards Bankable Feasibility with full production due in the first half of 2014.
Lydian International extends resource at Amulsar in Armenia; drills 87m at 2.8g/t gold
Eastern European-focused Lydian International (TSX: LYD) has extended the limits of its current resource at its Amulsar gold discovery in Armenia towards the northeast and southeast, as the company released further results from resource upgrade, extension and exploratory drilling on Tuesday.
Amulsar is a high-sulfidation style gold project, which currently hosts a CIM compliant inferred category resource of 1.4 million ounces at 0.9g/t gold.
Drill hole DDA-036 intersected 87m at 2.8g/t gold from a north-northeast trending fault zone, where it extends across the northwestern margin of Tigranes, and in an area where high-grade gold mineralization was previously unknown, the company said.
In addition, exploratory drill holes RCA-272 and RCA-273 at Arshak, to the southeast of the known mineralization at Artavasdes, have intersected 72m at 0.9 g/t and 40m at 0.9 g/t gold, respectively.
According to Lydian, this mineralization appears to be similar in nature to the gold mineralization located adjacent to the interpreted "feeder zone" on Artavasdes.
"Resource extension drilling is now being directed by results from within the resource envelope, which have outlined new structurally controlled higher grade zones of gold," said president and CEO Tim Coughlin.
"Basically these zones are now being followed into new areas along the perimeter and outside of the current resource envelope. The new results from Arshak are particularly encouraging. We are yet to pin down the higher-grade mineralized geometries in this area, but getting an idea of where they might be from these long lower grade intersections is a good start," he added.
Infill drilling also continues at the site as a way to identify and map out higher grade zones and increase the resource confidence. Highlights include hole RCA-270 from Artavasdes, which returned 84 metres at 1.1g/t gold, including 17 meters at 2.8 g/t gold.
Currently, Lydian is focused on gold exploration in Eastern Europe and on developing its flagship Amulsar gold project in Armenia. The Amulsar group of licenses is 95% owned by Lydian's wholly owned Armenian subsidiary, Geoteam CJSC. Lydian also has a pipeline of early-stage gold and base metal exploration projects in the Caucasus regions.
Its major shareholders include International Finance Corporation (IFC), Newmont Mineral Holdings B.V. (owned by Newmont Mining Corporation), and the European Bank for Reconstruction and Development (EBRD).
