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Tuesday, 20 November 2012
Lydian International continues to outline new gold areas
Lydian International (TSE:LYD) unveiled another "solid" round of drill results, including gold below the current pit shell at the Erato area.
The latest numbers come from a further 33 holes at the firm's flagship Amulsar project in Armenia, including infill drilling at Erato and Tigranes and further step-out drilling at Arshak.
Among the highlights, the firm reported 98 metres at 1.9 grammes per tonne (g/t) of the yellow metal below the current pit shell at Erato.
At Arshak - outside the pit shell - a notable result was 60m at a grade of 1.4 g/t gold 80 metres outside the pit shell at Arshak.
President and chief executive Dr Tim Coughlin told investors: "This is another solid round of drill results further confirming the resource potential at Amulsar.
"Drilling at Erato has returned exciting results all year and new results from close to the proposed crusher location, some 600 metres east of the Erato pit-shell are particularly encouraging. Drilling continues on-site and is likely to do so until winter fully settles in over the coming weeks."
The drilling at the company's flagship Amulsar project continues to outline new areas of gold mineralisation - both at depth and around the margins of the current pit-shell, the firm confirmed.
At the Tigranes area, drilling is also identifying further gold potential at depth, with one hole returning 8 meters at 1 g/t gold and 20.9 meters at 1.2 g/t gold up to 60 meters vertically beneath the current pit-shell.
Amulsar has reported CIM compliant proven and probable reserves of 2.29 million ounces of gold at 0.8 g/t and 9.98 million ounces of silver at 3.3 g/t.