Lydian International Ltd., a diversified U.K. mineral exploration and development company, announced results from further drilling at its Amulsar gold discovery in Armenia. Results from a further 19 combined diamond and reverse circulation drill holes from the Tigranes area have been returned (Table 1, Appendix). Best results include:

- RCA-038, 106m at 2.3g/t gold (including 21m at 9.7g/t gold) open at depth,
- RCA-043, 67m at 3.6g/t gold (including 20m at 8.1g/t gold),
- RCA-044, 89m at 1.0g/t gold (including 7m at 6.6g/t gold),
- DDA-042, 66m at 1.1g/t gold (including 8m at 3.1g/t gold),
- DDA-017, 44m at 1.0g/t gold

Drill hole locations with projections of gold grade to surface are provided in Figure 1 in Appendix. An interpretative cross-section illustrating the probable controls on gold mineralisation is provided in Figure 2 in Appendix.

“Drill hole RCA-38 was collared on the same pad as diamond drill hole DDA-7 which returned 63m at 1.1g/t gold, but returned the best intersection yet from the project” said Tim Coughlin, Lydian’s President and CEO. “Hole RCA-38 actually stopped in gold grade indicating continuity at depth. Drill hole DDA-17 is also an important hole; it has intersected gold mineralisation in an area near the Artavasdes prospect opening up further potential towards the southeast. Step-out drilling on the Artavasdes target and on other targets located to the north and south of Tigranes is now complete. These results are eagerly awaited since any indication of gold from these areas will significantly increase the size potential of Amulsar.”

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 currently is conducting a 20,000m drill program to test the bulk tonnage potential and confirm a gold resource. The Amulsar license is 95% 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 Overseas Exploration Limited, a wholly owned subsidiary of Newmont Mining Corporation (NYSE:NEM).

About Lydian International

Lydian is a diversified U.K. mineral exploration and development company, with expertise employing “first mover” strategies in emerging exploration environments. Currently the Company is focused on Eastern Europe developing advanced precious and base metal assets in Armenia and in Kosovo. The two main projects are gold at Amulsar in Armenia, and zinc, lead, silver and gold at Drazhnje in Kosovo. Lydian also has a pipeline of promising gold and base metal exploration projects in the Balkans region, and operates a 50/50 gold and copper exploration joint venture with Newmont Overseas Exploration Limited, a subsidiary of Newmont Mining Corporation in the Caucasus region.

Lydian’s management team has a track record of success in grassroots discovery, in acquiring and developing undervalued assets, and in building companies. Lydian has a strong social agenda and a unique understanding of the complex social and political issues that characterise emerging environments. The two largest shareholders are Newmont Mineral Holdings B.V. (owned by Newmont Mining Corporation), and International Finance Corporation (part of the World Bank Group). More information can be found on Lydian’s web site at www.lydianinternational.co.uk.

This entry was posted by Gold Mining on Monday, November 3rd, 2008 at 8:59 pm and is filed under Copper, Gold, Gold Mining Companies, Lead, Zinc. Tags: Armenia, Balkans, bank, Base Metal, base metal assets, base metal exploration, base metal exploration projects, Caucasus, Company, Copper, Drilling, Eastern Europe, Europe, Exploration Limited, finance, Gold, Gold Mine, gold miner, International Bank for Reconstruction and Development, International Finance Corporation, Joint Venture, Kosovo, Ltd, Lydian International Ltd., Managem, metal, Mine, mining, Newmont, Newmont Mineral Holdings B.V., Newmont Mining, Newmont Mining Corporation, Newmont Overseas Exploration Limited, North, owned subsidiary, precious and base metal assets, Silver, Tim Coughlin, United Kingdom, World Bank Group, Zinc. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.