Levon Completes Phase 4 Exploration Drilling at Cordero, Intersecting Strong Mineralization From Surface Within the Aida Claim
26 February 2014 - 11:30PM
Marketwired Canada
Levon Resources Ltd. ("Levon" or "the Company")
(TSX:LVN)(PINKSHEETS:LVNVF)(BERLIN:LO9)(FRANKFURT:LO9) is pleased to report that
Phase 4 drilling was completed on February 13, 2014 at the Company's wholly
owned Cordero project near Hidalgo Del Parral, Chihuahua, Mexico. Twenty four
(24) core holes (13,072 metres (m)) were drilled on a 100 m drill grid, testing
the recently acquired Aida claim, (see news release dated July 10, 2013) which
is located in the center of the Cordero project. Assays for 14 of the 24 holes
have been received and are described in this release. The pending assays of the
remaining 10 holes will be reported when available, then all project drill data
will be forwarded to Independent Mining Consultants ("IMC") to prepare an
updated Cordero resource estimate.
The current exploration drill assay results reveal that strong bulk tonnage
silver (Ag), gold (Au), zinc (Zn), and lead (Pb) mineralization extends from
surface, over broad intervals within and near the Aida claim. Three (3) of the
newly reported exploration holes also intersected wide, higher grade
mineralization across mineralized volcanic feeder zones at depth within the
volcanic Cordero Felsic Dome Complex (the "Dome"). The mineralization is
revealed in the highlighted drill hole composite assays, and summary tables
described in this release.
Highlights include:
Dome Contact Zone Mineralization
Hole C13-253 (drill section (Sn) 443,200 m E) is a vertical hole on the north
flank of the Dome that cuts through the mineralized contact zone and its
limestone host rocks. C13-253 intersected 216 m (from 0 to 216m) of 34.7 g/t Ag
Eq., then 174 m (from 232 m to 406 m) of 33.6 g/t Ag Eq., then 98 m (from 422 to
520 m) of 95.1 g/t Ag Eq., then 60 m (634 m to 694 m) of 22.4 g/t Ag Eq., then
106 m (980 m to 1086 m) of 39.8 g/t Ag Eq. as summarized in Table 1.
Table 1. Hole C13-253 drill hole assay composites.
----------------------------------------------------------------------------
From To Interval Ag Eq. Ag Au Zn Pb
Hole ID (m) (m) (m) g/t g/t (g/t) (%) (%)
----------------------------------------------------------------------------
C13-253 0 216 216 34.7 23.333 0.059 0.167 0.212
----------------------------------------------------------------------------
Including
C 13-253 118 142 24 106.9 83.943 0.194 0.16 0.504
----------------------------------------------------------------------------
C13-253 232 406 174 33.6 15.114 0.02 0.35 0.352
----------------------------------------------------------------------------
Including
C 13-253 252 272 20 59.5 30.750 0.043 0.468 0.599
----------------------------------------------------------------------------
Including
C 13-253 308 342 34 51.7 21.871 0.018 0.634 0.524
----------------------------------------------------------------------------
Including
C 13-253 364 376 12 38.9 19.267 0.022 0.327 0.41
----------------------------------------------------------------------------
C13-253 422 520 98 95.1 37.643 0.032 1.48 0.804
----------------------------------------------------------------------------
Including
C 13-253 462 478 16 43.4 9.300 0.029 1.245 0.171
----------------------------------------------------------------------------
Including
C 13-253 484 512 28 275.1 109.136 0.062 4.083 2.505
----------------------------------------------------------------------------
C13-253 634 694 60 22.4 7.710 0.013 0.277 0.284
----------------------------------------------------------------------------
C13-253 980 1086 106 39.8 16.049 0.019 0.619 0.322
----------------------------------------------------------------------------
(i)(USD $6/t NSR cutoff grade, calculated at $25/oz Ag, $1.00/lb Zn and Pb.
Gold was calculated based on areas which have higher gold grades and have
been included in the tabulations).
The cross section of hole C13-253 incorporates the current geologic 3D modeling
shapes showing the Dome is mushroom shaped with its cap exposed at the surface,
and inter-layered limestone with varieties of dacite at depth. The low angle
inter-layered dacite sills, and the limestone in the contact zone are generally
mineralized, particularly along their mutual contacts.
Hole C13-261 (Sn 442,950 m E) is an angle hole drilled south across the Aida
claim. The hole also intersects mineralization from surface within the Dome cap,
and cuts into the southern mineralized Dome contact zone at depth. Hole C13-261
intersected 68 m (from 2 m to 70 m) of 30.4 g/t Ag Eq., then 84 m (from 96 m to
180 m) of 52.5 g/t Ag Eq., then 146 m (from 192 m to 338 m) of 26.1 g/t Ag Eq.
with other lessor intercepts down hole to 502 m summarized in Table 2.
Table 2. Hole C13-261 drill hole assay composites.
----------------------------------------------------------------------------
From To Interval Ag Eq. Ag Au Zn Pb
Hole ID (m) (m) (m) g/t g/t (g/t) (%) (%)
----------------------------------------------------------------------------
C13-261 2 70 68 30.4 22.311 0.046 0.108 0.156
----------------------------------------------------------------------------
Including
C13-261 14 32 18 83.0 62.751 0.104 0.23 0.436
----------------------------------------------------------------------------
C13-261 96 180 84 52.5 31.251 0.069 0.309 0.439
----------------------------------------------------------------------------
Including
C13-261 96 106 10 62.3 38.940 0.061 0.289 0.536
----------------------------------------------------------------------------
Including
C13-261 124 172 48 72.0 42.311 0.093 0.434 0.614
----------------------------------------------------------------------------
C13-261 192 338 146 26.1 9.941 0.071 0.348 0.226
----------------------------------------------------------------------------
Including
C13-261 194 208 14 36.8 18.257 0.027 0.443 0.273
----------------------------------------------------------------------------
Including
C13-261 256 280 24 49.3 17.083 0.052 0.656 0.559
----------------------------------------------------------------------------
C13-261 356 380 24 41.3 19.262 0.048 0.478 0.348
----------------------------------------------------------------------------
C13-261 400 416 16 18.5 9.325 0.032 0.208 0.128
----------------------------------------------------------------------------
C13-261 474 502 28 22.3 7.779 0.017 0.438 0.142
----------------------------------------------------------------------------
(i)(USD $6/t NSR cutoff grade, calculated at $25/oz Ag, $1.00/lb Zn and Pb.
Gold was calculated based on areas which have higher gold grades and have
been included in the tabulations).
Mineralized Dome Cap and Feeder Zones
Hole C13-258 (Sn 443, 200E) was drilled north across the Aida claim. Hole
C13-258 intersects 438 m (from 2 m to 440 m) of 19.5 g/t Ag Eq., then higher
grade mineralization at depth in Dome feeders through 94 m (from 456m to 550 m)
of 99.3 g/t Ag Eq, then 18 m (from 666 m to 6 84 m) of 36.7 g/t Ag Eq. as
summarized in Table 3.
Table 3. Hole C13-258 drill hole assay composites.
----------------------------------------------------------------------------
From To Interval Ag Eq. Ag Au Zn Pb
Hole ID (m) (m) (m) g/t g/t (g/t) (%) (%)
----------------------------------------------------------------------------
C13-258 2 440 438 19.5 11.481 0.034 0.175 0.112
----------------------------------------------------------------------------
Including
C13-258 46 56 10 36.8 27.060 0.034 0.093 0.239
----------------------------------------------------------------------------
C13-258 456 550 94 99.2 34.257 0.038 1.801 0.803
----------------------------------------------------------------------------
C13-258 666 684 18 36.7 13.633 0.018 0.463 0.423
----------------------------------------------------------------------------
(i)(USD $6/t NSR cutoff grade, calculated at $25/oz Ag, $1.00/lb Zn and Pb.
Gold was calculated based on areas which have higher gold grades and have
been included in the tabulations).
Hole C14-258 is collared in the mineralized Dome and cut through its mushroom
shaped cap and across recently discovered mineralized volcanic feeders beneath
the Dome in its stem. The volcanic feeders are significant since they are often
higher grade than the surrounding mineralization. The feeders appear to be
northeast trending mineralized dacite, and rhyolite dike zones beneath the Dome.
Early cross sections and 3D geologic modeling carries the dike feeders of a
northern lobe on the Dome covered by the Aida claim, across 400 m of strike
length so far. Drill hole geology illustrates the feeders are gradational
features with surrounding mineralized dacite, with mineralized Dome cap rocks
above.
Hole C13-257 (Sn 443,100 m E) is an angle hole drilled south across the Aida
claim. Hole C13-257 also cuts the Dome cap from surface and mineralized Dome
feeders at depth (direct link to figures 5, 6). Hole C13-257 intersected 36 m (0
m to 36 m) of 12.3 g/t Ag Eq., then 276 m (from 46 m to 322 m) of 49.0 g/t Ag
Eq., then within the feeder, 72 m (from 334 m to 406 m) of 85.4 Ag Eq., then 66
m (from 432 m to 498 m) of 48.3 g/t Ag Eq., then 42 m (from 506 m to 548 m) of
39.8 g/t Ag Eq. as summarized in Table 4.
Table 4. Hole C13-257 drill hole assay composites.
----------------------------------------------------------------------------
From To Interval Ag Eq. Ag Au Zn Pb
Hole ID (m) (m) (m) g/t g/t (g/t) (%) (%)
----------------------------------------------------------------------------
C13-257 0 36 36 12.3 7.333 0.067 0.061 0.067
----------------------------------------------------------------------------
C13-257 46 322 276 49.0 20.183 0.106 0.636 0.407
----------------------------------------------------------------------------
Including
C 13-257 96 112 16 40.9 9.175 0.086 1.114 0.142
----------------------------------------------------------------------------
Including
C 13-257 166 186 20 49.7 9.780 0.106 1.555 0.055
----------------------------------------------------------------------------
Including
C 13-257 250 260 10 44.3 20.540 0.035 0.408 0.476
----------------------------------------------------------------------------
Including
C 13-257 270 320 50 143.5 63.876 0.3 1.024 1.711
----------------------------------------------------------------------------
C13-257 334 406 72 85.4 32.209 0.092 1.203 0.821
----------------------------------------------------------------------------
C13-257 432 498 66 48.3 18.765 0.021 0.804 0.374
----------------------------------------------------------------------------
Including
C 13-257 454 486 32 76.0 31.752 0.029 1.148 0.609
----------------------------------------------------------------------------
C13-257 506 548 42 39.8 16.038 0.018 0.567 0.363
----------------------------------------------------------------------------
Including
C 530 13 530 542 12 72.3 27.200 0.028 1.04 0.728
----------------------------------------------------------------------------
(i)(USD $6/t NSR cutoff grade, calculated at $25/oz Ag, $1.00/lb Zn and Pb.
Gold was calculated based on areas which have higher gold grades and have
been included in the tabulations).
Tables 1 through 4 summarize wide drill composites in 4 of the 14 reported
holes. Table 5 is a summary of greater than 70 m drill composites in the
reported holes.
Table 5. Summary compilation of wide drill intercepts in the 14 reported
holes (greater than 70 m widths).
----------------------------------------------------------------------------
From To Interval Ag Eq. Ag Au Zn Pb
Hole ID (m) (m) (m) (g/t) (g/t) (g/t) (%) (%)
----------------------------------------------------------------------------
C13-253 0 216 216 34.7 23.333 0.059 0.167 0.212
----------------------------------------------------------------------------
C13-253 232 406 174 33.6 15.114 0.02 0.35 0.352
----------------------------------------------------------------------------
C13-253 422 520 98 95.1 37.643 0.032 1.48 0.804
----------------------------------------------------------------------------
C13-253 980 1086 106 39.8 16.049 0.019 0.619 0.3
----------------------------------------------------------------------------
C13-254 0 332 332 32.4 15.794 0.075 0.4 0.196
----------------------------------------------------------------------------
C13-255 262 402 140 34.0 13.001 0.052 0.621 0.192
----------------------------------------------------------------------------
C13-256 0 200 200 33.5 15.503 0.107 0.458 0.169
----------------------------------------------------------------------------
C13-257 46 322 276 49.0 20.183 0.106 0.636 0.407
----------------------------------------------------------------------------
C13-257 334 406 72 85.4 32.209 0.092 1.203 0.821
----------------------------------------------------------------------------
C13-258 2 440 438 19.5 11.481 0.034 0.175 0.112
----------------------------------------------------------------------------
C13-258 456 550 94 99.2 34.257 0.038 1.801 0.803
----------------------------------------------------------------------------
C13-259 148 220 72 41.3 18.641 0.085 0.667 0.185
----------------------------------------------------------------------------
C13-260 0 84 84 18.4 6.098 0.047 0.407 0.061
----------------------------------------------------------------------------
C13-260 238 310 72 38.6 14.784 0.029 0.684 0.263
----------------------------------------------------------------------------
C13-261 96 180 84 52.5 31.251 0.069 0.309 0.439
----------------------------------------------------------------------------
C13-261 192 338 146 26.1 9.941 0.071 0.348 0.226
----------------------------------------------------------------------------
C13-262 10 148 138 26.1 13.804 0.053 0.33 0.12
----------------------------------------------------------------------------
C13-264 0 124 124 28.1 16.308 0.066 0.252 0.152
----------------------------------------------------------------------------
C13-265 0 84 84 15.7 10.021 0.036 0.128 0.065
----------------------------------------------------------------------------
(i)(USD $6/t NSR cutoff grade, calculated at $25/oz Ag, $1.00/lb Zn and Pb.
Gold was calculated based on areas which have higher gold grades and have
been included in the tabulations).
Assay Reporting
-- The Ag, Au, Zn, Pb polymetallic assays include the final lab assays for
Ag, Au, Zn Pb from the core samples. All drill core was sawed and
sampled through 2 m continuous intervals and assayed.
-- Drill hole assay composites were calculated using the IMC and M3 metal
prices, criteria, projected recoveries, and cut offs used in their
calculation of the Cordero resource (see July 31, 2012 technical report,
as amended and restated May 10, 2013) and modeling in the PEA (see March
12, 2012 PEA, as amended and restated May 8, 2013). The PEA provides the
details of the NSR modeling. Management believes the metal prices used
in the PEA continue to be good long term estimates, and the prices used
are: USD$25/oz Ag, $1,000/oz Au, $1.00/ Pb Zn and Pb to calculate and
NSR/t value for each 2 m core sample interval. A USD$6 NSR/t cutoff over
10 m of assay continuity are the conventions used to pick the limits and
extent of drill composite intervals reported.
-- Calculated silver equivalents (g/t Ag Eq.) reported, are the simple
conversion of the NSR/t values to Ag Eq. g/t.
Mineralization Geology
Mineralization associated with the drill intercepts is similar to earlier drill
holes of the resource. The Ag, Au, Zn, Pb values are associated with
argentiferous galena, sphalerite, and pyrite, with sparse tetrahedrite.
Mineralization includes:
-- Porphyry style disseminated and stock work veined, argentiferous galena,
sphalerite, and pyrite, within dacite porphyry, dacite, rhyolite, and
associated intrusive contact breccias, hydrothermal breccias, and
diatreme breccias of the Dome.
-- Mineralized limestone in contact breccias, hornfels zones (contact
metamorphosed limestone) traces of higher grade metamorphosed garnet
skarn.
-- High grade manto replacement zones within limestone host rocks.
-- Early and late mineralized diatreme breccias, that cut the Dome and
limestone host rocks.
-- Through going late veins of calcite, barite, sphalerite, and
argentiferous galena
-- Later stage sphalerite rich stockwork veins.
At least seven episodes of mineralization have been identified within the Dome
through geologic cross cutting relationships exposed in the drill core, and this
complex mineralization is a key attribute of the system.
Drilling Objectives
The goal of the Phase 4 drilling program was to extend the mineralization across
the newly acquired Aida claim in order to expand the Cordero resource in a
future independent resource estimate update. The Aida claim covers 16 hectares
(measuring about 600 m by 300 m) and is surrounded by holes and drill intercepts
within the latest resource model.
The latest 24 exploration core holes (13,071 m) were drilled from October to
February 13, 2014, bringing total project drilling to 126, 917 m through 274
core holes since Levon's initial discovery in September, 2009.
The current mineral resource estimate at Cordero is summarized in Table 6.
Table 6. 2012 Cordero resource(i).
----------------------------------------------------------------------------
Combined Areas (above cutoff)
----------------------------------------------------------------------------
Resource Resource Million Ag Au Pb ZN
Date Class Tonnes (g/t) (g/t) (%) (%)
----------------------------------------------------------------------------
June 2012 Indicated 547.70 20.67 0.054 0.27 0.51
------------------------------------------------------------------
Inferred 134.33 21.12 0.035 0.23 0.41
----------------------------------------------------------------------------
-----------------------------------------------------------------
Contained Metal
-----------------------------------------------------------------
Resource Resource Silver oz. Gold oz. Lead Lbs. Zinc Lbs.
Date Class (millions) (millions) (billions) (Billions)
-----------------------------------------------------------------
June 2012 Indicated 363.9 0.945 3.3 6.1
-------------------------------------------------------
Inferred 91.2 0.152 0.7 1.2
-----------------------------------------------------------------
(i)(USD $6/t NSR cutoff grade, calculated at $25/oz Ag, $1.00/lb Zn and Pb.
Gold was calculated based on areas within the resource which have higher
gold grades and have been included in the tabulations).
Levon's most recent resource estimate (Table 6) is contained in a technical
report dated July 31, 2012, as amended and restated May 10, 2013, prepared by
IMC in collaboration with M3 is available for viewing on Levon's website and on
SEDAR. The Levon website (www.levon.com) and its links provide complete
background on the Cordero project.
Qualified Person
Vic Chevillon, AIPG QPG # 11054, the Company's VP, Exploration and a qualified
person as such term is defined in NI 43-101 of the Canadian Securities
Administrators has reviewed and approved this news release.
About Levon Resources
Levon is a well-funded gold and precious metals exploration Company, exploring
the company's 100% owned flagship Cordero bulk tonnage silver, gold, zinc, and
lead project near Hidalgo Del Parral, Chihuahua, Mexico.
ON BEHALF OF THE BOARD
"Ron Tremblay"
----------------------------------------
Ron Tremblay
President and Chief Executive Officer
Safe Harbour Statement - This news release contains "forward-looking
information" and "forward-looking statements" (together, the "forward looking
statements") within the meaning of applicable securities laws and the United
States Private Securities Litigation Reform Act of 1995, including our belief as
to the extent and timing of various studies including the PEA, and exploration
results, the potential tonnage, grades and content of deposits, timing and
establishment and extent of resources estimates. These forward-looking
statements are made as of the date of this news release and the dates of
technical reports, as applicable. Readers are cautioned not to place undue
reliance on forward-looking statements, as there can be no assurance that the
future circumstances, outcomes or results anticipated in or implied by such
forward-looking statements will occur or that plans, intentions or expectations
upon which the forward-looking statements are based will occur. While we have
based these forward-looking statements on our expectations about future events
as at the date that such statements were prepared, the statements are not a
guarantee that such future events will occur and are subject to risks,
uncertainties, assumptions and other factors which could cause events or
outcomes to differ materially from those expressed or implied by such
forward-looking statements.
Such factors and assumptions include, among others, the effects of general
economic conditions, the price of gold and silver, changing foreign exchange
rates and actions by government authorities, uncertainties associated with legal
proceedings and negotiations and misjudgments in the course of preparing
forward-looking information. In addition, there are known and unknown risk
factors which could cause our actual results, performance or achievements to
differ materially from any future results, performance or achievements expressed
or implied by the forward-looking statements. Known risk factors include risks
associated with project development; the need for additional financing;
operational risks associated with mining and mineral processing; fluctuations in
metal prices; title matters; uncertainties and risks related to carrying on
business in foreign countries; environmental liability claims and insurance;
reliance on key personnel; the potential for conflicts of interest among certain
of our officers, directors or promoters of with certain other projects; the
absence of dividends; currency fluctuations; competition; dilution; the
volatility of the our common share price and volume; tax consequences to U.S.
investors; and other risks and uncertainties. Although we have attempted to
identify important factors that could cause actual actions, events or results to
differ materially from those described in forward-looking statements, there may
be other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements. We are under no
obligation to update or alter any forward-looking statements except as required
under applicable securities laws.
Cautionary Note to United States Investors - The information contained herein
and incorporated by reference herein has been prepared in accordance with the
requirements of Canadian securities laws, which differ from the requirements of
United States securities laws. In particular, the term "resource" does not
equate to the term "reserve". The Securities Exchange Commission's (the "SEC")
disclosure standards normally do not permit the inclusion of information
concerning "measured mineral resources", "indicated mineral resources" or
"inferred mineral resources" or other descriptions of the amount of
mineralization in mineral deposits that do not constitute "reserves" by SEC
standards, unless such information is required to be disclosed by the law of the
Company's jurisdiction of incorporation or of a jurisdiction in which its
securities are traded. U.S. investors should also understand that "inferred
mineral resources" have a great amount of uncertainty as to their existence and
great uncertainty as to their economic and legal feasibility. Disclosure of
"contained ounces" is permitted disclosure under Canadian regulations; however,
the SEC normally only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in place tonnage and grade without
reference to unit measures.
Neither the Toronto Stock Exchange ("TSX") nor its Regulation Services Provider
(as that term is defined in the policies of the TSX) accepts responsibility for
the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Levon Resources Ltd.
IR Direct
604-682-2991
Levon Resources Ltd.
Ron Tremblay
President and Chief Executive Officer
Main Office Number: 604-682-3701
604.682.3600 (FAX)
www.levon.com
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