Levon Resources Ltd. (Levon) (TSX VENTURE: LVN)(BERLIN:
LO9)(FRANKFURT: LO9) is pleased to update the Phase 3 exploration
progress at the Cordero Project, located 35 km northeast of
Hildalgo Del Parral in southern Chihuahua, Mexico.
Drilling
The Phase 3 core drilling campaign (59,000 m planned, $14M
program, news release of September 30, 2010) began October 1, 2010
with two drills turning 24 hours per day, 7 days per week by HD
Drilling, Mazatlan, Mexico. Drills 3 and 4 were added prior to
December 5, and Drill 5 is mobilizing to Cordero now to begin
drilling in January.
To date, 37 Phase 3 holes have been drilled (13,071 m, 3 holes
in progress) to:
-- Offset and delineate the limits of the Pozo de Plata Diatreme Discovery
50 m drill grid mineralization (100-150 m grid offsets), including
extensions toward the Josefina Mine zone drill intercepts 500 m to the
southeast.
-- Offset discovery holes in the Cordero Porphyry Zone (100-200 m grid
offsets) located 1.3 km to the northeast of the Pozo de Plata grid.
-- Initially test new 3D induced polarization (IP) conductivity anomalies,
defined by SJ Geophysics, Vancouver in the Molina de Viento Caldera
Diatreme target, 7 km SW of the Pozo de Plata discovery drill grid and
at the SW end of the Cordero Porphyry Belt.
Most drill core assay results are pending, but they are starting
to be returned from the ALS Chemex Vancouver Labs. From Phase 1 and
2 drill results it is clear that geologic logging of galena and
sphalerite in the core, generally correlates well with returned
assays (news release of September 21, 2010). This geologic feature
at Cordero is being utilized to guide Phase 3 drilling and spotting
new holes to stay in mineralization.
Site Storage
Construction has started on the first of two new steel core
storage facilities (28,000 m core capacity each).
Geology
Geologic traverses to follow up on logging of drill core, and
the airborne magnetic results have identified a southern extension
of the Cordero Porphyry target zone, and another potential diatreme
zone south of the Pozo de Plata Diatreme (Pastura Sur target). Both
new targets are covered by pasture land and cornfields, immediately
to the south of the main Cordero Porphyry Belt and the Pozo de
Plata Diatreme drill grid. Diatreme float and iron staining has
been found up to 1500 m to the south, along the rims of distinctive
circular features on satellite imagery (rectified, processed color
Quickbird images, 60 cm ground pixel resolution, by Perry Remote
Sensing, Denver, Colorado).
Four senior project geologists have been contracted through SPM
Geologic Services, Hemosillo, Mexico to compliment the one Senior
Geologist, and Vic Chevillon at Cordero. The geologic staff
maintains timely core mapping, logging and quality controls on the
sampling of all drill core. Alteration zoning documented in the
drill core and recognized through the core layout approach, is also
beginning to guide offset drilling. As in Phase 1 and 2, all core
is laid out on the ground as it appears on cross sections, this
improves core logging and correlations among holes, and facilitates
remapping of the core as new information is gained from the
drilling.
Geophysics IP Surveys
SJ Geophysics, Vancouver, B.C, Canada is currently conducting 3D
induced polarization (IP) surveys over the Pozo de Plata, Dos Mil
Diez, and Molina de Viento mineralized diatreme complexes in the
southwest portion of the Cordero Porphyry Belt, including the La
Ceniza Stock in the NE part of the Belt. The IP surveys are also
covering the newly recognized S Extension of the Cordero Porphyry
Zone and Pastura Sur targets. The results are being inverted into
3D and integrated with the gravity, airmag, electromagnetic,
(airborne EM) radiometrics and geology and surface samples, to
optimize drill targeting and spot outlying exploration holes in
eight mine scale targets presently recognized (addition of Pastora
Sur and Molina de Viento IP targets, this release and news release
of September 21, 2010).
ELF Surveys
Exploration Syndicate, Inc. has been contracted to conduct an
orientation survey with their novel new, high resolution, ground
based magneto telluric ELF system over the Pozo de Plata and
Cordero Porphyry discovery areas, and across other intrusive
centers in the Cordero Porphyry Belt. The technology is designed to
provide deep looking profiles of resistivity bodies that can be
associated with porphyry alteration and mineralization. If the
orientation survey is successful within the grid drilled areas that
have excellent 3D geologic drill and assay control, the technology
will be applied to other areas for improvement of 3D targeting,
particularly for deep targets beneath the current drill grids.
Engineering
Independent Mining Consultants (IMC) of Tucson, Arizona are
preparing an initial assay block model on Phase 1 and 2 drilling
results in the Pozo de Plata Diatreme and Josefina Mine target. The
model is unconstrained by geology, to be used in-house for
exploration result analysis and Phase 3 drill planning. On the
basis of IMC's initial preliminary exploration assay block model,
M3 Engineering and Technology (M3) Tucson, was contracted to begin
engineering infrastructure studies in the Cordero district and
metallurgical test work on the Pozo de Plata and Cordero Porphyry
Zone mineralization.
"IMC and M3 were selected for the initial Cordero engineering
studies because of their knowledge and experience in similar
deposits and settings in Mexico. They did the initial feasibility
studies, plant design and purchasing at Penasquito, and know the
key aspects of these types of deposits very well" explains Vic
Chevillon MA, CPG, VP Exploration, Levon Resources, who leads the
Cordero exploration team.
Giovanni Di Prisco, Pertographic Metallurgical Consultant,
Toronto has been retained to provide initial petrographic and
scanning electron microscope (SEM) metallurgical characterization
of the Pozo de Plata and Cordero Porphyry Zone mineralization to
guide design of bench scale testing. Drill core sample selection
for the study is underway.
"From the initial Phase 3 geologic results at Cordero over the
last two months we are pleased that offset and delineation drilling
results require additional step out drill holes to define the
geometry of the mineralization. When we started the project in
February, 2009, we were hopeful that this might be the case due to
the geology of what we saw then. To see it unfold as it has is
gratifying. We will continue to expand exploration as current
exploration results warrant, finding out what the Cordero upside is
as soon as possible. We believe we are on track to the discovery of
a new bulk tonnage District in Mexico" comments Ron Tremblay,
President and CEO, Levon Resources, Ltd.
QA/QC Procedures and Reporting Parameters
All drill holes are HQ core drilled by HD Drilling of Mazatlan,
Mexico. HQ diameter core samples are being collected in continuous
two-metre lengths and cut by sawing. All of the samples are being
prepared and analyzed by ALS Chemex at its labs in Chihuahua,
Mexico, and Vancouver, Canada respectively. Gold analyses are being
performed by 30-gram fire assay with an atomic absorption finish.
Silver, zinc and lead were analyzed as part of a multi-element
inductively coupled argon plasma ("ICP") package using a four-acid
digestion with over-limit results being reanalyzed with assay
procedures using ICP-AES.
The company employs a rigorous quality assurance and quality
control program that include standardized material, blanks and
duplicates. AMEC Americas Ltd. has designed the QAQC protocol from
a study and review of information provided by the Joint Venture to
AMEC. Independent Mining Consultants (IMC), Tuscon, Arizona reviews
QA/QC data on a regular basis.
The project is under the direct supervision of Vic Chevillon,
MA, CPG, Vice-President of Exploration for Levon Resources Ltd.
("Levon") who is a qualified person within the context of National
Instrument 43-101, has read and takes responsibility for this news
release.
The property comprises wholly-owned claims and consolidated land
agreements that total about 20,000 hectares and is being explored
in the Joint Venture by Levon and Valley High Ventures, Ltd. (VHV)
wherein Levon is 51% owner and operator of the project and holds
49% in trust for VHV.
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.
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. Ron Tremblay President and CEO
604.682.3701 604.682.3600 (FAX) www.levon.com
Levon Resources Ltd. (TSXV:LVN)
Historical Stock Chart
From Sep 2024 to Oct 2024
Levon Resources Ltd. (TSXV:LVN)
Historical Stock Chart
From Oct 2023 to Oct 2024