Amulsar Project - Armenia
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The Amulsar project covers a region of high-sulphidation, epithermal-type gold mineralisation located in central Armenia and discovered by Lydian in 2006.
In March 2009, Lydian released an NI-43101 compliant inferred resource of 1M ounces at the project. This was increased in March 2010 to an NI-43101 compliant inferred resource of 1.4M ounces. In April 2011 the resource was increased further to 2.5M ounces, with 1.1 million ounces in Indicated resource category and 1.4 million ounces in Inferred resource category and the project resource remains open in all directions.
In January 2012 Lydian reported a new CIM compliant resource estimate of 3.2 million ounces Gold and 13.0 million ounces Silver in combined Indicated and Inferred categories. This resource update comprises a total of 1.7 million ounces gold in the indicated category and 0.6 million ounces gold in inferred category (using a 0.4g/t cut-off) from the contiguous Tigranes and Artavasdes areas and 0.5 million ounces gold in the indicated category and 0.4 million ounces inferred category from the Erato prospect which is located approximately 900 meters to the north of Tigranes-Artavasdes.
The licences are held 95% by Geoteam, an Armenian registered closed joint stock company. Geoteam CJSC is owned 100% by Lydian Resources Armenia (a wholly owned subsidiary of Lydian International Limited).
Amulsar is a completely new discovery. Gold was first discovered in 2006. In 2006 and 2007 soil geochemical analyses identified an area of 3.5 by 0.5 km with a one square kilometer core of values exceeding 0.1 g/t gold, including localised high-grade soil samples of up to 2.13 g/t gold.