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Thursday, 19 September 2013
Lydian says deep drilling key to unlocking Amulsar's potential
Lydian International (TSE:LYD) told investors there is potential to increase the resource at depth at its flagship Amulsar project in Armenia following the latest drilling results.
The firm's 2013 drill programme has so far consisted of 27 diamond drill holes and 23 reverse circulation holes and was focused on in-fill and step-out drilling at the Tigranes and Erato areas at the project.
Notable results were 221 metres at 1.2 g/t gold and 27 metres at 1 g/t gold at Tigranes and 22 metres at 1 g/t gold at Erato.
Lydian's president and chief executive Tim Coughlin said: "Deep drilling planned for 2013 at Amulsar was frustrated by equipment performance and ground conditions but the deeper holes that were successful returned impressive consistent grades and supported managements view that additional resource potential still remains untested at depth.
“It is obvious from this year’s drilling program that the key to unlocking Amulsar’s hidden potential lies in innovative and advanced deep drilling.
"Drilling this year has also served to extend known gold mineralisation laterally away from the current resource shell and has tracked and connected important higher grade zones from within the resource shell.”
Thursday's drill results follow hot on the heels of news yesterday that the company had hired highly experienced chief operating officer Marc Leduc as well as encouraging news on plans for the processing plant and heap leach facilities.
The firm also revealed a working group consisting of representatives from the company and the Armenian government had identified a potential new site for a heap leach and gold processing facility for the miner’s flagship Amulsar mine after a government resolution forced changes to the development of the project.