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Tuesday, 5 March 2013
Lydian International releases new resource estimate
Lydian International (TSE:LYD) has unveiled a new resource estimate for its Amulsar gold project in Armenia, paving the way for the July release of its updated feasibility study.
At a cut-off grade of 0.35 grams per tonne (g/t) gold (Au), the mineral resources are estimated at 70.5mln tonnes at 1.04 g/t combined measured and indicated, plus 58mln tonnes inferred at 0.93 g/t.
Those numbers refer to the contiguous Tigranes, Artavasdes, Arshak areas and from the Erato area, and the update follows an additional 19,867 metres of combined diamond and reverse circulation drilling, which was completed in 2012.
The company said the mineralisation remains open, with the possibility to find additional gold resources, particularly towards the north, east and to depth at Erato, Tigranes and Artavasdes, whereas Arshak remains open along strike towards the south-east.
“This is another milestone in Amulsar's development into what we believe will be a high-margin, world-class and exemplary gold mine," said Tim Coughlin, Lydian's president and chief executive officer.
"A further resource update based on additional drilling throughout 2013 is scheduled for release in quarter one of next year,” Coughlin added
An independent updated silver resource is also being prepared, which the company expects will be completed before the end of March 2013.