Levon Resources Ltd. ("Levon", or the "Company") (TSX VENTURE:
LVN)(BERLIN: LO9)(FRANKFURT: LO9) is pleased to report its first NI
43-101 compliant bulk tonnage mineral resource for the Company's
wholly owned Cordero Project located 35 km northeast of Hidalgo Del
Parral, Chihuahua, Mexico. The resource was completed by
Independent Mining Consultants (IMC) in collaboration with M3
Engineering and Technology (M3), both of Tucson, AZ. The mineral
resource estimate is within an entire open pit geometry, with a
preliminary waste to mineral resource strip ratio of 1.7:1 using a
base case USD $6/tonne (T) net smelter return (NSR) cutoff. IMC
estimates the mineral resource contains:
-- An indicated resource of 521.6 million tonnes (MT) containing: 310.9
million ounces (Moz) silver, 0.908 Moz gold, 5.3 billion pounds (Blbs)
zinc, 2.9 Blbs lead.
-- An inferred resource of 200.9 MT containing: 139.9 Moz silver, 0.229 Moz
gold, 2.2 Blbs zinc, 1.2 Blbs lead.
Using a USD $15 NSR cutoff, a subset of the total Mineral
Resource within the open pit geometry includes:
-- An indicated resource of 170.7 MT containing: 173.9 Moz silver, 0.466
Moz gold, 2.7 Blbs zinc, 1.7 Blbs lead.
-- An inferred resource of 65.5 MT containing: 88.4 Moz silver, 0.094 Moz
Au, 1.2 Blbs zinc, 0.7 Blbs lead.
Table 1 provides a summary of the mineral resource at various
cutoffs. The mineral resource is based on the assays from 160 core
holes as of June 1, 2011. An ordinary kriged block model was
developed from the drill hole assay data by IMC. The mineral
resource is within a floating cone, open pit geometry. As reported
previously (news release of January 13, 2011), M3 has been retained
by Levon to complete a preliminary economic assessment (PEA) in Q3,
2011. IMC and M3 drew on the initial metallurgical bench scale test
results, which have been completed for the PEA, to calculate the
NSR cutoffs (Table 1). The NSR values reflect the value of the
metals recovered after applying estimated milling and smelting
recoveries, transportation, smelting, and refining charges. The
base case metal prices used for NSR values are USD $25 per ounce
silver, USD $1200 per ounce gold, USD $1.00 per pound zinc and USD
$1.00 per pound lead. The mill recoveries, metal distribution,
smelting charges, and transportation charges used by IMC are
conservative estimates provided by M3 based on best available
information, and the estimates will be refined and updated for the
upcoming PEA.
The mineral resource (Table 1) includes the Pozo de Plata
Diatreme, the Josefina Mine Zone, and the Cordero Porphyry Zone
discoveries. The three discoveries remain open to expansion as
Phase 3 delineation core drilling continues.
To view Table 1: Cordero Mineral Resource; IMC ordinary kriged
block model using core drilling through hole C11-160, please click
on the following link:
http://media3.marketwire.com/docs/lvn620t.pdf
Cordero Project Setting
The Cordero Project covers 20,000 hectares of contiguous mining
claims. Cordero mineralization is a large scale Tertiary Ag, Au,
Zn, Pb porphyry and diatreme mineralized system, cutting through
Cretaceous limestone within a northeast trending belt of six
volcanic centers. The tertiary volcanoes, diatreme complexes,
subvolcanic intrusives, and associated mineralized bodies are
barely eroded or weathered. The Cordero Porphyry Belt is
approximately 15 km long and 3 to 5 km wide. The mineral resource
is hosted within three of the volcanic centers in the north central
part of the Belt. Additional discovery potential exists with the
extensions of the Mineral Resource (Table 1) and known mineralized
rocks, including mine scale targets being defined in each of the
three remaining intrusive centers of the Belt.
"Discovery of multiple bulk tonnage Ag, Au, Zn, Pb deposits that
can be mined by open pits has been the exploration focus and goal
of Levon, since we started 27 months ago," explains Vic Chevillon,
VP Exploration and Director. "We believe this first mineral
resource is leading us to a major new mining district in
Mexico."
Drilling at Cordero to date totals about 70,000 m in 168 core
drill holes (four core holes in progress). The drilling has been
accomplished in three phases which started in July, 2009 (news
release of June 09, 2009). The current 59,000 m Phase 3 core
drilling program (budgeted at $14M, news release of September 30,
2011) began October 1, 2010 and has approximately15,000 m remaining
to be completed. Currently, one drill is within the Cordero
Porphyry Zone on a 200 to 300 m discovery and step out delineation
drill grid. Three drills are within the newly recognized La Ceniza
Porphyry target zone, which is contiguous with, and northeast of,
the Cordero Porphyry Zone resource (Figure 1).
To view Figure 1, please click on the following link:
http://media3.marketwire.com/docs/l620m2.pdf
La Ceniza Porphyry Exploration
Core holes in the La Ceniza Porphyry target are being drilled to
depths of 1,000+ m on a 200 to 400 m grid spacing, to test a donut
shaped 40 msec IP chargeability anomaly within the La Ceniza Stock
(Figure 1). The IP anomaly is 1,300 m in diameter and defined to
depths of 500 m (depth limits of the IP survey). All assay results
from the La Ceniza target holes are pending except for hole
C11-115, which was reported previously (news release of March 31,
2011).
"With the first Mineral Resource completed and entirely open to
expansion it now appears Phase 3 drilling will move seamlessly into
Phase 4, where we are currently planning 130,000 m of core drilling
to complete deposit delineation and explore for additional
discoveries in the Cordero Porphyry Belt. Phase 4 which is fully
funded, (news release of May 19, 2011) will also target a second
mineralized belt 10 km to the north (the Porfida Norte Belt), for
similar bulk tonnage deposits. We are very pleased with the
exploration successes at Cordero, and believe we are seeing the
beginnings of a large, new high quality mining district in Mexico,"
states Ron Tremblay, President and CEO.
QA/QC Procedures
All drill holes are started with HQ diameter core and then when
necessary, 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 of the
samples are 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 core duplicates. AMEC
Americas Ltd., Vancouver has designed the QA/QC protocol from a
study and review of information provided to AMEC. IMC reviews the
QA/QC data. ActLabs, Chihuahua and Vancouver is conducting referee
lab replicate analyses on representative samples as recommended by
IMC.
The Cordero Mineral Resource presented in this press release was
prepared by Herb Welhener (SME registered member #3434330), Vice
President of Independent Mining Consultants, Inc., who is a
qualified person under NI 43-101. The supporting NI 43-101 mineral
resource report is being prepared for publication in August.
The project is under the direct supervision of Vic Chevillon,
MA, C.P.G., Vice President of Exploration for Levon who is a
qualified person (AIPG C.P.G #11054) within the context of National
Instrument 43-101 and has read and takes responsibility for this
News Release.
About Levon Resources Ltd.
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 Company also holds
certain interests in three mineral properties located in British
Columbia, Canada, namely the Congress property, the Goldbridge
property (also known as the BRX claims) and the Wayside claims, and
three mineral properties located in Nevada, U.S., namely the Eagle
claims and the Norma Sass and Ruf claims.
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, except as
required by applicable laws.
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
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