Levon Phase 3 Drill Results Update: Cordero Porphry Zone and Pozo De Plata Diatreme Discoveries Expand and Remain Open
January 13 2011 - 10:00AM
Marketwired Canada
Levon Resources Ltd. (Levon) (TSX VENTURE:LVN)(FRANKFURT:LO9)(BERLIN:LO9) is
pleased to report the compiled assays from the first 30 core holes (15,787.6 m)
of the ongoing Cordero Phase 3 drill program, which began October 1, 2010 (Table
1 compiled assays (results from 7 holes pending in the lab), Table 2 hole
locations). The drill results expand both the Pozo de Plata Diatreme and Cordero
Porphyry Zone bulk tonnage Ag, Au, Zn, Pb discoveries at the Cordero Project,
located 35 km northeast of Hildalgo Del Parral in southern Chihuahua, Mexico.
Both discoveries remain open to expansion as Phase 3 continues. Hole location
maps, cross sections, core, project photos, and additional information are
posted on the Levon website (www.levon.com).
Drilling
Cordero Porphyry Zone
Phase 3 core holes are being drilled in three 1.4 km long, north-south drill
fences, in the Cordero Porphyry Zone to delineate the bulk tonnage
mineralization and test it at depth. A recent highlight is the best of three
broad, bulk tonnage intersections in core hole C10-87 (124 m grading 26.3 g/T
Ag, 0.019 g/T Au, 0.77% Zn, 0.60% Pb (67.8 g/T Ag equivalent) Table 1). Hole
C10-87 was a 150 m offset of holes C10-41 (170 m grading 17.33 g/T Ag, 0.03 g/T
Au, 0.638 % Zn, 0.438 % Pb (62.9 g/T Ag equivalent) news release of June 1,
2010) and C10-72 intercepts (Table 1) The Porphyry zone remains open and
requires continued step out drilling to delineate the mineralization.
The geology of mineralization is porphyry style in terms of its mode, geologic
controls, associated alteration and zoning patterns. The zoning patterns are
mapped across the NS drill sections in the core layout on the ground (arranged
as the holes appear on the cross sections). Granodiorite porphyry is a common
host rock. Mineralized granodiorite dikes cut mineralized rhyolite and dacite
porphyries of the felsic volcanic dome complex, the alteration and
mineralization patterns are helping guide the drilling. The assays (Table 1)
continue to confirm that Ag and Au values are associated with logged
argentiferous galena, which is commonly associated with sphalerite, and
occasionally iron rich sphalerite (marmatite).
Pozo de Plata Diatreme
Phase 3 offset drilling (typically 100 to 150 m hole spacing on a grid) N, SW, S
and SE of the Pozo de Plata Diatreme Phase 2 drill grid, is compiled for 22
holes in Table 1. The drill results delimit the zone to the NW (holes C10-63,
C10-65), but continue to expand the mineralized zone, particularly toward
discovery intercepts drilled in Phase 2 within the Josefina Mine Zone located
500 m SE (Phase 2 hole C10-23 yielded several broad intercepts, the best of
which is 116 m grading 49.7 g/T Ag, 0.10 g/T Au, 1.28 % Zn and 0.94% Pb, news
release of May 13, 2010).
Pozo de Plata Diatreme mineralized geology and host rocks are complex with cross
cutting relationships that document at least seven pulses of sphalerite and
galena rich mineralization that range from pre diatreme breccia (shalerite,
galena breccia clasts) to post diatreme breccia veins (diatreme breccia cut by
massive sphalerite veins). Ag, Au, Zn, Pb grades in the current drill results
(Table 1) are highest within and along the contact zones of particular rhyolite
porphyry (and to a lessor extent, dacite porphyry) breccia dikes, which
themselves have been incorporated into the diatreme breccias through entirely
gradational contact zones. Assays (Table 1) continue to document that Ag and
most Au values are associated with argentiferous galena commonly intergrown with
sphalerite and some iron rich sphalerite (marmatite) and barite, calcite veins
(particularly in the footwall of the diatreme breccia hosted mineralization).
"Now that porphyry controls and associated alteration zoning have been
recognized in the Cordero Porphyry target, we are attempting to use the porphyry
style zoning patterns to guide the drilling toward the center of the mineralized
system. This simple approach becomes complicated due to the presence of multiple
episodes of alteration and mineralization and by the presence of composite,
nested mineralized rhyolite and dacite stocks, and diatremes in the felsic
volcanic dome complex. The mineralized dome rocks are cut by mineralized dikes
of granodiorite porphyry at depth. The volcanic dome complex is mushroomed
shaped and partly floored by Cretaceous limestone country rocks. Our drills are
looking for the intrusive "stems" of the mushroomed intrusives, to test the
sources of the bulk tonnage mineralization beneath the discoveries. The stems
and their porphyry feeders may represent the ultimate upside of the mineralized
system," comments Vic Cheviillon, VP Exploration, Director, Levon.
Table 1. Compiled Phase 3 core drill hole composites(i)
(37 holes, 15,787.6 m total, 7 holes with assays pending).
---------------------------------------------------------------------------
from length Ag Au Ag
Hole Zone (m) to (m) (m) (g/T) (g/T) Zn % Pb % Eq.(g/T)
---------------------------------------------------------------------------
C10-61 Pozo de 12 88 76 35.8 0.121 0.6 0.4 24.5
Plata
Diatreme
---------------------------------------------------------------------------
C10-61 112 124 12 21.1 0.038 0.2 0.2 33.9
---------------------------------------------------------------------------
C10-61 190 206 16 14 0.001 1.49 0.32 67.6
---------------------------------------------------------------------------
C10-62 Pozo de 228 254 26 130.7 0.026 0.39 0.21 149.9
Plata
Diatreme
---------------------------------------------------------------------------
C10-62 270 276 6 20.8 0.021 1.57 0.59 85.3
---------------------------------------------------------------------------
C10-62 286 310 24 23 0.025 0.79 0.73 68.9
---------------------------------------------------------------------------
C10-62 346 382 36 10.8 0.014 1.1 0.19 49.3
---------------------------------------------------------------------------
C10-63 Pozo de No significant intervals
Plata
Diatreme
---------------------------------------------------------------------------
C10-64 Pozo de 226 272 47 21.8 0.018 1.72 0.45 86.6
Plata
Diatreme
---------------------------------------------------------------------------
C10-65 Pozo de No significant intervals
Plata
Diatreme
---------------------------------------------------------------------------
C10-66 Cordero 78 88 10 24 0.012 1.35 0.14 68.2
Porphyry
---------------------------------------------------------------------------
C10-66 254 260 6 732.9 0.042 6.44 1.08 955.3
---------------------------------------------------------------------------
C10-66 456 474 18 4.2 0.013 1.13 0.05 39.4
---------------------------------------------------------------------------
C10-67 Pozo de 4 12 8 42.6 0.04 0.12 0.31 57.9
Plata
Diatreme
---------------------------------------------------------------------------
C10-67 58 100 42 21.6 0.191 0.34 0.28 52.3
---------------------------------------------------------------------------
C10-67 138 150 12 26.4 0.081 0.98 0.43 73.1
---------------------------------------------------------------------------
C10-67 168 178 10 8 0.017 0.59 0.26 33.9
---------------------------------------------------------------------------
C10-68 Pozo de 218 232 14 9.6 0.011 1.13 0.31 52.6
Plata
Diatreme
---------------------------------------------------------------------------
C10-68 244 256 12 27.6 0.026 0.68 0.56 65.3
---------------------------------------------------------------------------
C10-68 314 332 18 39.9 0.026 2.4 0.41 123.9
---------------------------------------------------------------------------
C10-68 352 366 14 27.7 0.01 1.67 0.23 83.9
---------------------------------------------------------------------------
C10-69 Pozo de No significant intervals
Plata
Diatreme
---------------------------------------------------------------------------
C10-70 Pozo de 56 86 30 23.3 0.107 0.28 0.22 45
Plata
Diatreme
---------------------------------------------------------------------------
C10-70 168 174 6 7.1 0.005 0.8 0.15 34.5
---------------------------------------------------------------------------
C10-70 182 194 12 8.1 -0.005 2.14 0.35 80.5
---------------------------------------------------------------------------
C10-71 Pozo de 2 6 4 367 0.254 0.03 1.07 416
Plata
Diatreme
---------------------------------------------------------------------------
C10-71 40 74 34 19.1 0.259 0.26 0.19 49.4
---------------------------------------------------------------------------
C10-72 Cordero 166 216 50 25.1 0.014 0.68 0.61 63.6
Porphyry
---------------------------------------------------------------------------
C10-72 252 286 34 26.8 0.026 0.79 0.77 74
---------------------------------------------------------------------------
C10-72 380 394 14 19.3 0.028 0.63 0.43 52.2
---------------------------------------------------------------------------
C10-73 Cordero No significant intervals
Porphyry
---------------------------------------------------------------------------
C10-74 Pozo de 314 320 6 11.4 0.013 1.01 0.24 48.9
Plata
Diatreme
---------------------------------------------------------------------------
C10-75 Dos Mil No significant intervals
Diez
Diatreme
---------------------------------------------------------------------------
C10-76 Dos Mil No significant intervals
Diez
Diatreme
---------------------------------------------------------------------------
C10-77 Pozo de 4 14 10 25.5 0.035 0.24 0.15 39.4
Plata
Diatreme
---------------------------------------------------------------------------
C10-77 116 126 10 8.7 0.341 0.19 0.12 40.6
---------------------------------------------------------------------------
C10-77 436 450 14 21.1 0.008 2.46 0.59 110.6
---------------------------------------------------------------------------
C10-78 Pozo de 14 22 8 14.4 0.099 0.33 0.18 35.9
Plata
Diatreme
---------------------------------------------------------------------------
C10-78 30 40 10 16.3 0.062 0.11 0.1 26.6
---------------------------------------------------------------------------
C10-78 120 140 20 13.3 0.039 0.38 0.16 31.6
---------------------------------------------------------------------------
C10-78 322 330 8 2.1 0.009 1.15 0.05 37.9
---------------------------------------------------------------------------
C10-79 Pozo de 140 156 16 62.3 0.216 0.18 0.35 92.2
Plata
Diatreme
---------------------------------------------------------------------------
C10-79 172 198 26 63.3 0.271 0.52 0.9 123.1
---------------------------------------------------------------------------
C10-79 208 288 80 41.4 0.499 0.29 0.62 101.2
---------------------------------------------------------------------------
C10-79 300 310 10 25.2 0.138 0.43 0.4 58.6
---------------------------------------------------------------------------
C10-79 346 366 20 13.67 0.01 1.12 0.2 53.41
---------------------------------------------------------------------------
C10-80 Pozo de 176 198 22 10.7 0.048 0.55 0.21 36.2
Plata
Diatreme
---------------------------------------------------------------------------
C10-80 224 238 14 21.4 0.044 0.77 0.36 57.2
---------------------------------------------------------------------------
C10-80 284 324 40 12.3 0.009 1.62 0.26 67.8
---------------------------------------------------------------------------
C10-81 Pozo de No significant intervals
Plata
Diatreme
---------------------------------------------------------------------------
C10-82 Pozo de 278 328 50 43.1 0.052 1.65 1.32 133.4
Plata
Diatreme
---------------------------------------------------------------------------
C10-83 180 224 44 40.1 0.57 0.22 0.54 100.2
---------------------------------------------------------------------------
C10-83 250 270 20 9.1 0.031 0.48 0.19 30.8
---------------------------------------------------------------------------
C10-84 Pozo de 178 224 46 34.7 0.01 2.23 0.57 117
Plata
Diatreme
---------------------------------------------------------------------------
C10-85 Pozo de 252 290 38 23.5 0.018 1.52 0.52 84.2
Plata
Diatreme
---------------------------------------------------------------------------
C10-86 Oesta Pozo No significant intervals
de Plata
---------------------------------------------------------------------------
C10-87 Cordero 12 18 6 20.2 0.025 0.19 0.33 42.8
Porphyry
---------------------------------------------------------------------------
C10-87 44 60 16 26.3 0.012 0.8 0.45 63.6
---------------------------------------------------------------------------
C10-87 66 114 48 27.1 0.019 0.84 0.48 66.8
---------------------------------------------------------------------------
C10-87 128 252 124 26.4 0.019 0.77 0.6 67.8
---------------------------------------------------------------------------
C10-87 306 364 58 23.1 0.029 0.45 0.33 47.7
---------------------------------------------------------------------------
C10-87 524 536 12 14.8 0.018 0.26 0.23 30.2
---------------------------------------------------------------------------
C10-88 Josefina 190 204 14 6.6 0.055 0.52 0.11 28.9
Zone
---------------------------------------------------------------------------
C10-89 Cordero No assays reported, hole lost at 23 m
Porphyry
---------------------------------------------------------------------------
C10-90 Porphyry Assays Pending
Zone
---------------------------------------------------------------------------
C10-91 Porphyry No significant intervals
Zone
---------------------------------------------------------------------------
C10-92-97 Porphyry Assays Pending
Zone
---------------------------------------------------------------------------
(i) Silver equivalent grade, based on assumed recoveries, is calculated
using the following metal prices: silver at $15 per ounce, gold at $1,000
per ounce, zinc at 90 cents per pound, lead at 90 cents per pound and
assumed recoveries (metallurgical and smelter deductions) of 70% for silver
and gold and 50% for zinc and lead. Actual metal recoveries have not been
determined. Summary assay intervals as reported above were selected based
on a 22.64 g/T Ag equivalent cut-off over significant widths that by
inspection show geochemical consistency down the hole among the 2 m sample
intervals.
Table 2. Phase three drill hole locations
(map projection UTM Nad 27 Conus, Zone 13, m)
-------------------------------------------------------
HoleID X Y Z Length Azimuth Dip
-------------------------------------------------------
C10-61 442596 3013904 1571 433.8 180 -60
-------------------------------------------------------
C10-62 442774 3013965 1575 449 180 -60
-------------------------------------------------------
C10-63 442498 3014249 1569 340.35 0 -60
-------------------------------------------------------
C10-64 442799 3013818 1574 446 180 -60
-------------------------------------------------------
C10-65 442500 3014247 1569 383.4 180 -60
-------------------------------------------------------
C10-66 443618 3014008 1585 529 0 -90
-------------------------------------------------------
C10-67 442504 3013901 1560 389.1 0 -90
-------------------------------------------------------
C10-68 442799 3013816 1569 448 0 -90
-------------------------------------------------------
C10-69 442700 3014400 1570 407.5 0 -60
-------------------------------------------------------
C10-70 442400 3013800 1520 476.8 0 -60
-------------------------------------------------------
C10-71 442400 3013800 1520 459.65 180 -60
-------------------------------------------------------
C10-72 443394 3015092 1600 458.45 0 -90
-------------------------------------------------------
C10-73 443620 3014009 1585 419.95 0 -60
-------------------------------------------------------
C10-74 442706 3014502 1589 395.45 0 -60
-------------------------------------------------------
C10-75 440698 3012700 1569 164.3 0 -90
-------------------------------------------------------
C10-76 440698 3012700 1569 137.15 65 -60
-------------------------------------------------------
C10-77 442700 3013847 1568 535.65 0 -60
-------------------------------------------------------
C10-78 442402 3013798 1567 488.15 0 -90
-------------------------------------------------------
C10-79 442702 3014496 1585 462.65 180 -60
-------------------------------------------------------
C10-80 442700 3013847 1568 451.05 0 -90
-------------------------------------------------------
C10-81 442900 3013795 1573 101.55 0 -60
-------------------------------------------------------
C10-82 442901 3013814 1572 430 0 -60
-------------------------------------------------------
C10-83 442600 3014400 1575 463.95 180 -60
-------------------------------------------------------
C10-84 442699 3013847 1570 444.75 180 -60
-------------------------------------------------------
C10-85 442903 3013818 1572 406.65 180 -60
-------------------------------------------------------
C10-86 441750 3013420 1570 310.2 315 -60
-------------------------------------------------------
C10-87 443300 3015000 1611 594.4 0 -90
-------------------------------------------------------
C10-88 443300 3013900 1586 529.7 0 -60
-------------------------------------------------------
C10-89 443700 3014500 1562 23.5 0 -90
-------------------------------------------------------
C10-90 443700 3014450 1570 862.95 0 -90
-------------------------------------------------------
C10-91 443618 3014110 1589 659.85 0 -90
-------------------------------------------------------
C10-92 443522 3015101 1591 936.55 0 -90
-------------------------------------------------------
C10-93 443296 3014998 1611 446.9 0 -60
-------------------------------------------------------
C10-94 434549 3011002 1618 151 0 -90
-------------------------------------------------------
C10-95 443304 3013901 1586 409.55 180 -60
-------------------------------------------------------
C10-96 434650 3012050 1617 423 0 -90
-------------------------------------------------------
C10-97 443299 3014994 1609 317.7 150 -60
-------------------------------------------------------
Outlying Exploration Targets
The Phase 3 core drilling campaign (59,000 m planned, $14M program, news release
of September 30, 2010) began October 1, 2010 starting with two core drills and
expanded to four rigs to yield the 37 holes Phase 3 holes (15,787.6 m) drilled
by December 18, 2010. Phase 3 has now been ramped up to 5 core drills turning 24
hours per day, 7 days per week by HD Drilling, Mazatlan, Mexico. Phase 3
involves offset grid drilling in the two discovery areas, and exploration
drilling in outlying mine-scale target areas.
SJ Geophysics, Vancouver has completed about two thirds of a 3D induced
polarization (IP) survey over the Molina de Viento, Dos Mil Diez, Pozo de Plata
Diatreme Complexes, the Pastura Sur, and Cordero Porphyry Zone. The remaining IP
survey is slated for completion over the La Ceniza Stock in January. Current IP
results are being processed in 3D inversions, which will be integrated with the
project data utilizing Gocad 3D pattern recognition software in the field for
drill targeting. Initial 3D IP chargeability anomalies are defining drill
targets, which are being drill tested, particularly in covered areas. Field
follow up of recent IP results in a NW part of the Pozo de Plata Diatreme has
defined a rhyolite breccia dike swarm with strong pyryite silica alteration on
the surface, that is now being mapped, sampled and scheduled for drill testing
at depth. Two holes have been drilled in covered chargeability anomalies in the
Molina de Viento Caldera Diatreme Complex, 8 km SW of the Pozo de Plata Diatreme
discovery grid within the Cordero Porphyry Belt (assays pending).
Engineering Studies
Engineering studies toward producing a first 43-101 compliant mineral resource,
and then a Preliminary Economic Assessment, have been initiated by IMC and M3
engineering firms in Tucson, who are well experienced with Penasquito type
deposits. The initial petrographic metallurgical samples have been selected for
collection, to help guide bench scale testing. The in house block model of Phase
2 drill results by IMC helps guide Phase 3 offset drilling, along with continued
3D geologic and alteration modeling.
"The early Phase 3 results so far, are opening up rather than closing off the
discoveries, and they require continued offset and delineation drilling. This is
exactly why we have ramped up the drilling program. We are trying to realize the
Cordero upside as soon as we can, and at the same time advance the discoveries
toward the feasibility study stage. We believe our Cordero exploration results
over the last 23 months, continue to point to a major new bulk tonnage District
in Mexico. We are pleased and see a bright future for our shareholders,"
comments Ron Tremblay, President, CEO, Levon.
QA/QC Procedures and Reporting Parameters
All drill holes are started with HQ diameter core and then rarely reduced to NQ
diameter core depending on drilling conditions. The drill core is sawed through
its length and samples collected in continuous two-metre intervals. All drill
intercepts reported (Table 1) are core lengths and not true widths, which are
unknown. 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.
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.
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