LYDIAN CUTS WIDE ZONE OF GOLD MINERALISATION 500 METERS SOUTH OF CURRENT RESOURCE
Proactive Investors USA & Canada
Wednesday, August 12, 2009
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 cuts wide zone of gold mineralisation 500 meters south of
current resource by Ian Mclelland
Lydian International (TSX: LYD) continued to the report excellent
exploration drilling results from the company’s primary asset – the
Amulsar Gold Project in Armenia -which the company first discovered
three years ago. Amulsar is a high-sulfidation type epithermal gold
project located in central Armenia.
Today the company reported that it cut 94 meters at 1.5 grams per
tonne gold, which in itself, was a significant result, but was even
more interesting because it recorded 500 meters south of the current
1 million ounce inferred resource, suggesting noteworthy potential
to significantly extend the size of the resource.
The drill result is part of an ongoing 14,000 meter drill program
designed to test for extension of the current resource. Lydian reported
results from 17 drill holes in total today; other highlights included
75 meters at 1.1 gram per tonne gold in hold RCA-079 and 82 meters
at 2.5 grams per tonne gold in hold RCA-082. Several other holes
intersected wide zones of low grade gold mineralisation, in keeping
with results with last year’s drilling campaign.
"These first holes were aimed at testing NE-SW and NW-SE trending
steeply-dipping fault-controlled mineralization as well as shallower
easterly-dipping stratabound zones in the Artavasdes and Arshak areas
of the project," the company noted.
The Amulsar group of licenses is 95% owned by Lydian, but is part of
a 50/50 joint venture with a subsidiary Newmont Mining (NYSE:NEM).
"Clearly this is a promising start, which supports management’s
confidence in expanding the current resource" said Tim Coughlin,
Lydian’s President and CEO.
"Our first significant drill program last year was mostly grid drilling
and resource definition to satisfy regulatory requirements for the
25-year mining license we have now been granted. This year we are
step-out drilling, testing targets and theories to outline the true
size potential of the system. The initial stage of step out programs
such as this can sometimes be hit and miss, early theories may have
very short shelf lives so obviously we are delighted with this first
round of results".