Lydian International announces geology update
Wednesday, Feb 20, 2013Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, today announces a geology update for its Amulsar gold project in Armenia. Amulsar is a feasibility stage (see press release September 7, 2012) high-sulfidation style, heap-leach gold project with reported CIM compliant Proven and Probable reserves of 2.29M Oz Gold at 0.8 g/t and 9.98M Oz Silver at 3.3 g/t and a resource of 0.2M Oz Gold at 1.0 g/t in Measured and Indicated categories and 1.1M Oz Gold at 0.9 g/t in the Inferred category.
Detailed structural mapping by consultant structural geologist, Dr. Rod Holcombe, coupled with in-house 3D data integration and modelling, has significantly advanced the Company's geologic understanding of its Amulsar gold deposit in Armenia. In particular, the Company's management believes that the revised geology model implies that there are potentially significant large areas of gold mineralization that remain to be drill tested at Amulsar. The Company is planning a 40,000 meter drill program this year, a significant component of-which will be aimed at testing these newly identified targets.
Of key importance, the newly revised geology model recognizes the predominantly volcanosedimentary nature of the deposit host rocks and relatively large-scale faulting events that have juxtaposed 'slices' of gold-mineralized and barren rock units (see map and sections in Appendix). The deposit host rocks comprise of two distinct volcanosedimentary sequences separated by a time discontinuity; the gold resource is predominantly hosted within the younger upper volcanic sequence (UV). The older lower volcanic sequence (LV) is dominated by argillic-altered massive porphyritic andesite. The upper volcanic sequence is characterised by coarse volcaniclastic breccia occurring within debris flow channels incised into a thick package of finer grained volcanogenic rocks.