LYDIAN SAYS NEW SURFACE SAMPLING AT ARMENIA’S AMULSAR EXPANDS GOLD POTENTIAL
Proactive Investors USA & Canada
Jan 13 2009
Lydian International Ltd said results from scout reverse circulation
drill holes, continuous channel sampling and rock chip samples at the
Amulsar discovery in Armenia have identified some 5 square kilometres
of gold potential and identified new targets for follow-up drilling
in 2009.
Drill results at the Tigranes and Artavasdes prospects within the
licence have identified continuous gold mineralisation over more than
1 kilometre in strike length and open in all directions.
The Amulsar license is 95 percent owned by Lydian’s Armenian subsidiary
Geoteam CJSC. The project is currently being explored as part of a
50/50 joint venture with Newmont Overseas Exploration Ltd, a subsidiary
of Newmont Mining Corp.
"These latest results provide some indication of the overall size
potential at Amulsar," said Tim Coughlin, Lydian’s president and
CEO. "During 2008 we concentrated most of our drilling effort in
evaluating a relatively small area of the Amulsar license with the
aim being to identify the basic controls on gold mineralisation and
develop a preliminary resource. We now believe the project covers a
substantially larger area."