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 strikes gold beyond main Amulsar resource area, 1 km south-west
Lydian International (TSE:LYD) has revealed scout drilling results that give ‘very good early indication’ that the 2.5 million ounce Amulsar gold project extends to the south-west, outside the current resource area.
The Canadian firm is currently developing the Amulsar project in Armenia, which is made up of three separate areas – Tigranes, Artavasdes and Erato.
Now these latest results come from seven holes that were drilled on a separate location, on the lower western slopes of the Amulsar ridge. The furthest away holes were drilled up to two kilometres away from the Amulsar’s resource area.
Results from the scout drilling programme have confirmed the source of several gold soil geochemical anomalies, Lydian said. Importantly it has also extended the known limits of Amulsar’s mineralised system.
Lydian chief executive Tim Coughlin said: “These initial scout drilling results are very good early indications that the gold mineralized system at Amulsar extends south-westwards for at-least a further kilometre from the current resource shell and that it may extend to a depth of 500 meters beneath the current resource."
The programme’s stand-out results comes from drill hole was DDA-087, drilled around one kilometre southwest of the resource shell and 500 metres below the resource limit, which cut 72 metres grading 0.8 grams per tonne (g/t) gold and included including two higher grade sections – 12 metres at 1 g/t and 35 metres at 1 g/t.
Lydian told investors that these scout drill holes were drilled early in the field season, when the team was unable to access the main resource area because of snow.
The company has now upped the workload for the current drill programme. Six rigs are currently working on site and a sixth is due to join the campaign later this month.
The plan is to drill more than 40,000 metres through the current programme, which comprises resource upgrade, resource extension and exploration drilling.
"Exploration work at Amulsar is being conducted in parallel with resource infill and extension drilling at Tigranes, Artavasdes and Erato,” Coughlin added. "Further drilling will be completed later in the year along the soil geochemical anomaly to fill in the gap between DDA-087 and the limits of the resource shell at Artavasdes.
“Further exploration targets will also be tested to the immediate northeast of Tigranes, at Erato and at Arshak".
