Levon Begins $14M, 59,000 Metre Phase 3 Drill Program at Cordero, Chihuahua, Mexico
September 30 2010 - 9:00AM
Marketwired
Levon Resource Ltd. ("Levon") (TSX VENTURE: LVN)(BERLIN:
LO9)(FRANKFURT: LO9) is pleased to announce the start of Phase 3
drilling and exploration at the Cordero project located 35 km
northeast of the town of Hildalgo Del Parral, Chihuahua, Mexico.
Phase 3 addresses the expansion and exploration potential for bulk
tonnage Ag, Au, Zn, Pb deposits in the Cordero Porphyry Belt
covered by the property. Six mineralized intrusive centers are
aligned northeast in the Belt, which has a strike length of 15 km
and widths of from 3 to 5 km. Phase 1 drilling in 2009 yielded
discovery holes in the Pozo de Plata Diatreme and Cordero Porphyry
Target. Phase 2 offset grid drilling in 2010 expanded the discovery
zones which remain open in all directions and at depth (news
release of September 21, 2010).
Phase 3 drilling is designed to expand the discoveries and
provide initial tests of six, outlying mine-scale targets
identified in Phase 2. Mapping, sampling and geophysics will be
aimed at identifying additional outlying, mine-scale targets within
the Belt. Phase 3 is a $14M planned program, which includes 59,000
metres of core drilling.
Goals of the Phase 3 program are:
1. Continued definition and delineation drilling of the Pozo de Plata
Diatreme and the Cordero Porphyry discoveries;
2. Completion of initial metallurgical testing, resource estimates and
preliminary engineering studies on the Pozo de Plata Diatreme and
Cordero Porphyry mineralization;
3. Initiate the Cordero property engineering infrastructure and base line
studies;
4. Drill test the six outlying, mine-scale targets defined by Phase 2
exploration. Define and test any diatreme type targets the newly
recognized Molina de Viento Caldera Diatreme Complex at the southwest
end of the belt.
Core drilling is scheduled to begin on October 1, 2010 with two
drills that are currently on site. A third drill is scheduled to
begin by the end of October. HD Drilling, Mazatlan, Mexico has been
selected as the drill contractor based on their past Cordero work.
Drill hole categories include: 1) Offset definition (56 holes,
32,700 metres) 2) Deposit delineation (35 holes, 17,400 metres) and
3) Outlying exploration drill holes (16 holes, 8,800 metres).
Six Mine Scale Drill Targets
Six mine-scale drill targets have been defined on the basis of
correlative geologic, soil and rock chip sample results, airborne
magnetics, eletromagnetics, radiometrics and gravity anomalies. The
targets are analogous with the Pozo de Plata diatreme zone, the
Cordero Porphyry zone or high grade replacement deposits mined in
the past in the Cordero district. The targets are within the
western Pozo de Plata diatreme, the Dos Mil Diez diatreme,
extensions of the Cordero Porphyry zone, and in the La Ceniza stock
(target area maps and summaries are posted on the Levon website
www.levon.com). Phase 3 drill holes will provide initial tests of
each target.
Outlying Areas
The diatremes in the Molino de Viento Caldera Diatreme Complex
were recognized in March, 2010 and the area has yet to be
completely traversed. Molino de Viento is located 7 km southwest of
the Dos Mil Diez Diatreme Complex and covers a circular area 5 km
in diameter. Molino de Viento requires complete mapping, sampling
and additional follow up geophysical surveys (3D IP and gravity) to
define any drill targets. This Phase 3 field work is scheduled to
start in mid-October, 2010.
"We are pleased with the current exploration and drill results
at Cordero. We believe we are on track in the discovery of a major
new mining district in Mexico. We have always tried to match the
rate of the Cordero program with exploration results and accelerate
the project accordingly. Phase 3 is aimed at defining quality Ag,
Au, Zn, Pb bulk tonnage resources and resolving the Cordero upside
discovery potential as soon as possible," comments Ron Tremblay,
President and CEO, Levon Resources Ltd.
Corporate
Levon and Valley High Ventures, Ltd. have signed the definitive
Cordero Joint Venture Agreement as of April 01, 2010 with the terms
of the original letter of intent signed February 11, 2009.
Levon has set up a wholly owned Mexican subsidiary,
Administracion de Proyectos Levon en Mexico, S.A. de C.V. (Levon en
Mexico) to conduct Cordero and other exploration activities in
Mexico. Levon en Mexico is headquartered in Durango, Mexico with
its main Cordero Project field office in the historical mining town
of Hildalgo Del Parral.
The Cordero project is a joint venture between Levon Resources,
Ltd (51% owner and operator) and Valley High Resources, Ltd (49%
contributing interest) to explore for bulk tonnage Ag, Au, Zn, Pb
deposits in the historical Cordero Mining District.
Levon is a junior gold and precious metals exploration company
exploring the Cordero silver, gold, zinc and lead project near
Hidalgo Del Parral, Chihuahua, Mexico. The Norma Sass and Ruf
claims located near the Pipeline gold deposit, which is being mined
and explored by Barrick Gold Corporation in the heart of the Cortez
Gold Trend in Lander County, Nevada, USA. The Company also holds
key land positions at Congress, BRX, and Wayside in the productive
Bralorne Gold camp of British Columbia, Canada.
LEVON RESOURCES LTD.
Ron Tremblay, President and CEO
This release contains statements that are forward-looking
statements and are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's periodic filings with
Canadian securities regulators. Such information contained herein
represents management's best judgment as of the date hereof based
on information currently available. The Company does not assume the
obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Levon Resources Ltd. (604) 682-3701 (604) 682-3600
(FAX) www.levon.com
Levon Resources Ltd. (TSXV:LVN)
Historical Stock Chart
From Apr 2024 to May 2024
Levon Resources Ltd. (TSXV:LVN)
Historical Stock Chart
From May 2023 to May 2024