Lydian International
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 International says latest drilling results at Amulsar gold discovery ‘very encouraging’
Lydian International Ltd announced “very encouraging” further drilling results from its Amulsar gold discovery in Armenia.
Results from a further 17 combined diamond and reverse circulation drill holes from the Tigranes area showed hole RCA-069 intersected 135 metres at 2.3 grams per ton gold -including 17m at 5.3g/t and 17m at 9.6g/t – and hole RCA-070 struck 71m at 3.1g/t gold.
RCA-071 found 96m at 1.4g/t gold, RCA-063 111m at 1.1g/t and RCA-065 intersected 92m at 1.0g/t gold.
New high-grade zone extends gold mineralization over a distance of at least 1km from Tigranes to Artavasdes prospect areas.
President and chief executive Tim Coughlin said "These drill results are from a newly identified high-grade zone at the southwest extent of the Tigranes area and are obviously very encouraging.
"It appears as though gold mineralisation is continuous from the Tigranes to Artavasdes prospect areas over a distance of at least 1km and remains open and untested towards the south. We are currently waiting for further drilling and channel sampling results from this year's programme before summary work and a preliminary resource estimate gets underway."
Amulsar is a high-sulphidation type epithermal gold project located in central Armenia. Lydian identified the gold bearing potential of the project in mid-2006, started initial drilling in 2007, and has just completed a 13,000m drill programme to test the bulk tonnage potential and confirm a gold resource.
The Amulsar license is 95 percent owned by Lydian's wholly owned Armenian subsidiary, Geoteam CJSC.
The project is currently being explored as part of a 50/50 joint venture with Newmont Mining Corp unit Newmont Overseas Exploration Ltd.
Other Lydian International articles
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06/01/09 Proactive Investors Talks to Tim Coughlin, President & CEO of Lydian International
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03/11/08 Lydian International's Amulsar Discovery delivers more excellent results
Other Lydian International news
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30/12/08 Lydian International Audio Interview
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11/11/08 Lydian International defines new gold zones in step-out drilling