Lydian commences 2012 drilling program at amulsar gold project
Friday, May 11, 2012Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, is pleased to announce that it has commenced its 2012 drilling program at its Amulsar gold project in Armenia. The Company is planning to complete at least 25,000 meters of combined diamond and reverse circulation drilling in 2012. The 2012 drilling program is designed to delineate new mineralisation to extend the current resource shell both laterally and at depth. In addition, the Company plans to initiate drilling on further prospective exploration targets and carry out infill drilling to upgrade resource categories.
The Amulsar resource remains open in all directions with obvious further potential extending for at least 1,000 meter along the ridge-top towards the southeast from Arshak and down the Amulsar ridge towards the northeast at Tigranes and towards the southwest at Orontes (see Figure in Appendix).
Further drilling is required to close off Erato, particularly towards the southwest and grid drilling will be conducted in an effort to join Erato and Tigranes along an apparently northwest trending mineralised corridor.
The Company expects to use two diamond drill rigs and one reverse circulation drill rig for its planned resource and exploration drilling, and at least two further diamond drill rigs to assist the engineers with further geotechnical studies.
"We are planning for another exciting year of successful exploration and development of the Amulsar gold project, building on our discoveries," said Tim Coughlin Lydian's President and Chief Executive Officer. "Although Amulsar is an advanced gold project, with a bankable feasibility study expected to be completed around the end of this quarter, the resource is open and untested in all directions and we continue to be excited about the potential to discover new mineralisation. We are particularly interested in finding out what systematic step-out drilling at Arshak and deep drilling below Erato will reveal this year."
Gary Anthony Patrick, BSc (Chemistry/Extractive Metallurgy), MAusIMM CP, is the Qualified Person overseeing Lydian's exploration programs and has supervised the preparation of the technical information contained in this press release.
Other Metal News
- Rare Earth Metals market worth 192,000 tons by 2018
- Red Eagle Mining completes $5,000,000 financing
- Copper Mountain mine achieved record first quarter copper production
- IAMGOLD provides update on advanced exploration projects maiden resource estimate - Pitangui project, Brazil diamond drilling results - Boto Gold proj