Lydian keeps proving up Amulsar in Armenia

Lydian International (LYD-T) continues to prove up the potential of an often over-looked nation when it comes to mining Armenia.

The latest drill results from its Amulsar gold discovery in the central part of the country, some 240-km southeast of the capital of Yerevan, have hit upon its best intersects to date.

Results come from the latest 19 holes which were a mixture of diamond and reverse circulation drill.

The holes were targeting the Tigranes area

Highlights include:

• Hole RCA-038 106 metres at 2.3 grams gold per tonne, including 21 metres at 9.7 grams gold.
• Hole RCA-043 67 metres at 3.6 grams gold, including 20 metres at 8.1 grams gold.
• Hole RCA-044 89 metres at 1.0 grams gold.
• Hole DDA-042 66 metres at 1.1 grams gold.
• Hole DDA-017 44 metres at 1.0 grams gold.

Hole RCA-38 — which returned the best intersection yet from the project — stopped in gold grade, according to Lydian, which could indicate continuity at depth.

Also note worthy was hole DDA-17 which struck mineralization in an area near the company’s Artavasdes prospect. According to the company this could indicate potential mineralization towards the southeast of the known zone.

And while step-out drilling at Artavasdes target and south of the main Tigranes is now complete assay results are still pending.

A spokesperson for Lydian, Linda Montgomery, says that drilling has stopped for the winter season, but that the company completed 13,000 metres of its planned 20,000 metre program.

Lydian describes Amulsar as a high-sulphidation type epithermal gold project. Gold was discovered on the property by Lydian geologists in 2006 and initial drilling was under way a year later.

When finished some 20,000 metres will have been drilled for this phase of drilling which aims to test the bulk tonnage potential and confirm a gold resource.

The Amulsar license is 95% owned by Lydian but is being explored as part of a 50/50 joint venture with Newmont Mining (NEM-T, NMC-T).

With a focus on Eastern Europe Lydian also has base metal assets in Armenia and Kosovo known as Drazhnje.

Lydian’s two largest shareholders are Newmont and the International Finance Corporation which is part of the World Bank Group.

In Toronto on Nov. 3, the company’s shares closed at 28 on zero volume. Lydian has roughly 40 million shares outstanding and its share price has moved between $1.35 and 11 over the last 52 weeks.