Lydian International
Lydian International Ltd. is a diversified UK mineral exploration and development company, with expertise employing “first mover” strategies in international emerging environments.
Currently the Company is focused on Eastern Europe in the Western Balkans and the Caucasus regions, advancing a pipeline of highly prospective precious and base metal projects. In the Caucasus region Lydian is operating an exploration joint venture with Newmont Overseas Exploration Ltd. a subsidiary of Newmont Mining Corporation.
The Company's two flagship projects are a newly discovered gold project at Armulsar in Armenia, and an advanced zinc, lead, silver and gold project at Drazhnje in Kosovo.
Lydian's two largest share holders are Newmont Mining Corporation and the International Finance Corporation (part of the World Bank Group).
Lydian reports final gold results from successful 2009 Drilling Program at Amulsar in Armenia
Lydian International Ltd. (TSX: LYD) released the final batch of results from the 2009 step-out drilling program at the Amulsar gold discovery in Armenia. The Amulsar project is being explored through a joint venture with Newmont Mining Corp (NYSE: NEM). The latest drilling results highlighted a 96 meter intersection grading 1 gram per tonne of gold.
The Amulsar group of licenses is 95 percent owned by Lydian's wholly owned Armenian subsidiary Geoteam CJSC. The project is currently being explored as part of a gold and copper exploration joint venture with Newmont in the south Caucasus region.
Newmont has two options to increase its interest. The first is an option to earn a further 20 percent by funding the project through to feasibility; the second option allows Newmont to earn a further 10 percent by funding through to commercial production.
Results reported today cover the last 29 exploration holes to be drilled in the 2009 program. Lydian drilled twenty one reverse circulation holes and four diamond holes drilled in the Artavasdes and Arshak prospect areas to the south of the existing Tigranes resource area. Four reverse circulation holes were drilled to test continuity between the Tigranes and Erato prospect areas.
At the Artavasdes prospect, drilling results returned grades between 0.96 and 2.30 grams per tonne, the highlights of the results show intersections of 26m, 40m, 50m and 96m length all grading approximately 1 gram per tonne of gold.
Earlier this month, the previous phase of drilling results identified a new prospect and potential resource that Lydian said is more than worthy of further drill testing in 2010. The company drilled nine reverse circulation drill holes and one diamond drill hole in the Erato and Erato north prospect areas. Erato is located just 1.5 kilometres along the mineralized ridge top to the northwest of Lydian's current 1 million ounce inferred resource.
According to Lydian, the 2009 step-out program has been highly successful. The company has extended the current resource, identified new areas and further potential at Erato and Arshak. A resource update is currently being prepared and is expected to be complete in December of this year.
Lydian's President and CEO, Tim Coughlin commented on the 2009 Amulsar drilling program:
"This year's step-out drilling around the margin of the current 1Moz resource has identified extensions that remain open and untested in three directions; the northwest, northeast and southwest with approximately 25% of holes drilled to date ending in gold grade and thus remaining open at depth ... Furthermore, the drill program has identified new and exciting potential at Erato approximately 1.5km north of the resource envelope where we recently intersected 229m at 1.0g/t gold and southeast for 400m along the ridge from Artavasdes towards Arshak where we have intersected up to 100m at 1.4g/t gold."
The finalization of the drilling results for the Amulsar rounds off an eventful few months for Lydian. The emerging exploration company recently completed a preliminary NI-101 resource estimate at its Drzhnje project in Kosovo.
In September, Lydian announced the results of an NI 43-101 compliant inferred resource estimate for its 100 percent owned Drazhnje project in Kosovo, its second main project,showing 3.21 million tonnes grading 2.51 percent lead and 5.11 percent zinc. This resource estimate is preliminary and remains open immediately at depth in the Main Zone and with additional tonnage likely at depth and along strike in the Eastern Zone and at the St George and St Barbara adit areas. Further lead-zinc and oxide gold exploration potential is also evident at surface.
At the beginning of November, Lydian successfully conducted a number of small fundraisings. The group completed a private placement with Macquarie Bank Ltd of 3.33 million shares at C$0.60 each, raising C$2 million before expenses. It also placed a further 330,000 shares at the same price, raising approximately C$200,000 before expenses. Lydian said the money will be used for continued exploration of the company's mineral properties and for general working capital purposes.
Other Lydian International articles
-
01/03/10 Lydian International takes full ownership of 1.4 million ounce Amulsar Gold Project
-
11/11/09 Lydian International identifies new gold prospect and potential resource at Amulsar project in Armenia
-
03/11/09 Lydian heap leach results suggest attractive economics for Amulsar Gold Project
-
12/08/09 Lydian cuts wide zone of gold mineralisation 500 meters south of current resource
-
17/03/09 Lydian International pushes back the frontiers
-
06/01/09 Proactive Investors Talks to Tim Coughlin, President & CEO of Lydian International
-
03/11/08 Lydian International's Amulsar Discovery delivers more excellent results
Other Lydian International news
-
03/03/10 Fox-Davies Capital maintains 'buy' rating for Lydian Intl after Newmont buyout
-
18/01/10 FD Capital ups target price for Minera IRL, Highland Gold, Hambledon Mining and Lydian Resources
-
06/11/09 Lydian International raises C$2.2 mln, mainly from Macquarie Bank private placing
-
14/10/09 Fox-Davies remains bullish on Lydian as Amulsar gold project ‘takes shape’
-
22/09/09 Lydian announces promising NI 43-101 Inferred Resource at Drazhnje project, Kosovo
-
09/09/09 Lydian says results from drilling at Amulsar indicate potential for additional resources
-
23/06/09 Lydian begins drilling program at Amulsar gold discovery in Armenia
-
07/05/09 Lydian gets 25 year mining license for Amulsar gold project in Armenia
-
31/03/09 Lydian says heap leach study for Amulsar gold discovery, Armenia, suggests low costs
-
18/03/09 Lydian to get further IFC investment of CDN$1.4 mln
Investors interested in Lydian International recently viewed
-
Ariana Resources (AIM: AAU)
-
Central China Goldfields (AIM: GGG)
-
CGA Mining Ltd. (ASX,TSX: .CGX)
-
Chaarat Gold (AIM: CGH)
-
Citigold Corporation (ASX: .CTO)
-
Cluff Gold (TSX / AIM: CFG )
-
Eaglecrest Explorations (TSX-V: .EEL)
-
Envirogold (ASX: .EVG)
-
Exco Resources Ltd (ASX: .EXS)
-
Exeter Resource Corporation (TSX| AMEX.NYSE: .XRC)
-
FRONTIER MINING (AIM: FML)
-
Gold Resource Corp (OTCBB: .GORO)
-
Golden Goliath (TSX: .GNG)
-
Golden Predator Royalty & Development Corp (TSX: GPD)
-
Golden State Resources (ASX: GDN)
-
Goldplat (AIM: GDP)
-
Hawthorne Gold (TSX-V: .HGC)
-
Kalahari Resources Inc. (TSX-V: .KLA)
-
KEFI MINERALS (AIM: KEFI)
-
Kent Exploration Inc (TSX-V: .KEX)
-
Knick Exploration (TSX-V: KNX)
-
Kryso Resources (AIM: KYS)
-
Medusa Mining (TSX / AIM / ASX : MLL)
-
Mercator Gold (AIM: MCR)
-
Minefinders Corporation (TSX: MFL)
-
Minera IRL (AIM: MIRL)
-
Nevsun Resources (TSX, AMEX: .NSU)
-
NioGold Mining Corporation (TSX-V: .NOX)
-
NORSEMAN GOLD (AIM / ASX: NGL / NGX)
-
Orosur Mining Inc. (TSX-V / AIM: OMI)
-
OXUS GOLD (AIM: OXS)
-
Pan African Resources (AIM: PAF)
-
Patagonia Gold (AIM: PGD)
-
PERSIAN GOLD (AIM: PNG)
-
Plato Gold Corp (TSX-V: .PGC)
-
Republic Gold (ASX: RAU)
-
Rubicon Minerals (TSX | NYSE.AMEX: RBY: .RMX)
-
Sacre-Coeur Minerals (TSX: SCM)
-
Soho Resources Corp (TSX-V: SOH)
-
Solomon Gold (AIM: SOLG)
-
Sunridge Gold Corp (TSX-V: .SGC)
-
Timmins Gold Corp (TSX-V: .TMM)
-
Vatukoula Gold Mines (AIM: VGM)
-
Victoria Gold Corp (TSX-V: .VIT)










