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 Drills 24m at 7.4g/t Gold in Easterly Extension of "Feeder" Zone at Amulsar in Armenia
Lydian International (TSX:LYD) said Tuesday that diamond drilling at its Amulsar gold project in Armenia has confirmed the continuity of a higher grade feeder zone intersected in drilling earlier this year.
In the Artavasdes area at the site, diamond drill hole DDA-047 intersected 24 metres at 7.4g/t gold and DDA-049 returned 40 metres at 1.9g/t gold and 24 metres at 1.6g/t gold.
Lydian said that drilling to date suggests this higher-grade structure has a strike length of at least 400 metres and remains open in all directions.
"The higher grade feeder zone on Artavasdes is now being successfully tracked along its strike distance. Identifying and connecting these higher grade structures has the potential to increase both the total contained ounces and average grade of the resource at Amulsar," said president and CEO Tim Coughlin.
In addition to confirming the continuity of the high-grade zone, exploration drilling also extended mineralization at the site by up to 500 metres beyond the current resource shell, the company said.
Exploration drill hole RCA-292 intersected 17 metres at 1.6g/t gold, some 500 metres to the northeast of the resource shell at the Tigranes deposit, and exploration drill hole RCA-284 intersected 29 metres at 1.0g/t gold, approximately 200 metres to the northwest of the resource shell at the Artavasdes target.
In the Arshak area, exploration drill holes RCA-275 and RCA-276 returned 39 metres at 0.9g/t gold and 53 metres at 1.0g/t gold. Lydian said these drill holes suggest that the mineralization intersected in drill holes RCA-272 and RCA-273 extends to the southeast for at least a further 170 metres.
"Results from exploration drilling are highly encouraging, illustrating the potential to significantly extend the current resource envelope in at least three directions," added Coughlin.
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.
Aside from Amulsar, Lydian also has a pipeline of early-stage gold and base metal exploration projects in the Caucasus regions.
The company's significant shareholders are the International Finance Corporation (IFC), Newmont Mineral Holdings B.V. and the European Bank for Reconstruction and Development (EBRD).
