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 completes 2010 drilling; extends resource shell and identifies new targets for 2011
Lydian International (TSX:LYD) has completed the 2010 drilling program at the Amulsar gold discovery in Armenia, extending the resource shell and leaving it open in all directions, the company said Tuesday.
Lydian drilled 44 diamond holes and 126 reverse circulation drill holes totalling 23,869 metres of exploration drilling.
The company said that drilling outlined extensions to known mineralization at the Tigranes, Artavasdes and Erato zones, with mineralization still remaining open in all directions.
Specifically, at Erato, the 2010 drilling program identified a mineralized halo, which, according to Lydian, should result in mineral resources being defined for the first time from this area.
It was also found at Erato that gold exists beneath an intrusive cap, therefore opening up potential for continued gold mineralization over a distance of one kilometre between Erato and Artavasdes, Lydian added.
"The 2010 drilling program has been very satisfying having achieved its aim of tracking and connecting higher grade zones from within the resource shell, extending the resource shell, identifying further ounces at Erato and highlighting new areas of gold mineralization along the Amulsar ridge and over an approximately three kilometer strike length," said Lydian president and CEO Tim Coughlin.
Highlights from this year's drilling include drill hole DDA-047 at Artavasdes, which returned 24 metres at 7.4g/t gold, and hole RCA-195 in the same area, which intersected 84 metres at 4.9g/t gold.
Notable intervals at Erato include hole RCA-281, which returned 186 metres at 1.1g/t gold, and hole RCA-233, which intersected 95 metres at 1.7g/t gold.
The company said that further exploration potential has been identified at Tigranes North, Tigranes East, Artavasdes West, Artavasdes South and the Arshak area, zones which will all be targeted as part of a 30,000 metre drilling program planned for next year.
The new data from this year's drilling will be sent to Wardell Armstrong International to conduct an updated resource estimation, expected to be completed before March 2011.
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.
