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Lydian International extends gold at Erato zone at Amulsar over at least 1km strike

Published: 15:58 03 Aug 2011 BST

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Lydian International (TSE:LYD) released drill results today from its Amulsar project in Armenia which extend the Erato gold zone over a strike of at least one kilometer.

Erato is one of three areas at the project - along with Artavasdes and Tigranes -  and today's results include the first deep highgrade gold find in this zone.

Today's results are from 33 holes, which include exploration holes at Erato and infill drilling from the Tigranes and Artavasdes areas.

Tim Coughlin, Lydian's president and CEO, said: "New mapping, geological and geophysical modelling work has identified the surface and probable subsurface extents of gold mineralized fault and vein structures at Amulsar.

"These recent drill results are a firm indication that this modelling is working. Gold at Erato now extends confidently over at-least a kilometer's strike length and faults at Artavasdes are now being drilled and intersected along their strike length.

"There is an exciting possibility that Artavasdes may join with Erato in one continuous curved mineralised fault- structure.

"Drill rigs are currently working in the area between Artavasdes and Erato in order to test this model".

At Erato, hole RCA-330 hit 67 meters at 1 g/t gold which included 7 meters at 6.6 g/t gold in the bottom of the hole and at a depth of 239 meters - indicating that there may be higher grades extending to significant depths at Erato.

Other drilling effectively extended the known gold mineralisation at Erato to a minimum strike distance of around 1 kilometer, said Lydian.

At Artavasdes, holes have been targeting a newly recognised fault zone extending for at-least 600 meters on surface which may connect with isolated drill intersections returned last year in the area between Erato and Artavasdes

Drill holes RCA-316 and RCA-317 both targeted this structure and hit 55 meters at 1g/t and 41 meters at 0.9g/t gold respectively, with both holes remaining open at depth, added the firm.

Lydian International Ltd. chief excited about "beginning" of Amulsar project

Howard Stevenson, chief executive of Lydian International Ltd, is very excited about the potential of  the group's flagship Amulsar gold mine in Armenia, where engineering work has now started. The group has $123mln in the bank, which will see it through all activity this year, he...

on 15/8/16