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.
After a sucessful 40,000 meter drill program in 2011, a new updated resource was released in January 2012 comprising 68.2 Mt at 1.0 g/t Au (2.1 million ounces) of Indicated Category resources and 36.1 Mt at 0.9 g/t Au (1.1 million ounces) of Inferred Category resources based on a 0.40 g/t gold cutoff grade. Herb Welhener, Vice President of Independent Mining Consultants Inc. Tucson, Az. prepared the mineral resource estimate in accordance with CIM guidelines.
The licences are held 100% 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.