Stockhouse
Aug 21 2012
Lydian intersects new gold in step-out drilling in Armenia
8/21/2012 12:12:10 PM | Stockhouse Editorial
The company intends to complete a resource estimate on the
newly-dsicovered area next year.
Lydian International Ltd. (TSX: T.LYD, Stock Forum) said mostly
step-out and exploration drilling at its Amulsar gold project in
Armenia has shown promise for resource potential.
Amulsar is a high-sulfidation style gold project, located in central
Armenia, which currently hosts a CIM compliant resource of 68.2
million tonnes at 1.0 grams per tonne gold, 2.1 million ounces, in
indicated and 36.1 million tonnes at 0.9 grams per tonne gold, 1.1
million ounces, in inferred.
According to the press release, results have been received from an
initial 18 drill holes at Amulsar comprising primarily step-out and
exploration drilling from the Erato, Arshak and Orontes areas
Notable intersections included 0.9 grams per tonne gold at 33 metres,
1.0 grams per tonne gold at 53 metres and 1.5 grams per tonne gold at
13 metres
These results confirm the company’s view that further resource
potential exists beyond the current resource shell towards the
southeast at Arshak.
The company intends to complete a resource estimate on the area next year.
Lydian is a gold-focused mineral exploration and development company
with expertise employing “first mover” strategies in emerging
exploration environments.
On Monday, Lydian’s stock was up 5.11% and was trading at 2.47 a
share. The company has a market cap of $306 million, based on 123.9
million shares outstanding. The 52-weeh high and low was $3.21 and
$1.89 respectively.
Disclaimer: This article was contributed and translated into English by Kalantarian Kevo. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
Direct link to this article: https://www.armenianclub.com/2012/08/21/lydian-intersects-new-gold-in-step-out-drilling-in-armenia/