Levon Resources to drill 5,000 m at Cordero
Levon Resources Ltd (2) (C:LVN)
Shares Issued 121,671,693
Last Close 4/3/2017 $0.45
Tuesday April 4 2017 - News Release
Mr. Ron Tremblay reports
LEVON TO COMPLETE RESOURCE INFILL DRILLING TO TEST A STARTER PIT SCENARIO
Levon Resources Ltd. plans 5,000 metres (28 core holes) in close-spaced, infill drilling within the Cordero felsic dome portion of the 2014 Cordero resource, to test for near-surface, high-grade mineralization within the modelled open pit containing the 2014 resource, calculated by Independent Mining Consultants (IMC) (news release of Oct. 20, 2014). Preparations for the drill program are being completed for an April 2017 start up.
In mid-2013, Levon acquired the 16 hectare Aida claim in the centre of the 2012 Cordero resource (news release of July 10, 2013) and grid drilled the claim. IMC then updated the 2012 Cordero resource to include the Aida drill results and produce the 2014 Resource. The 2014 Resource has yet to be delineated by drilling and is open to expansion around most of its perimeter, (Figure 1) and at a depth within the modeled pit (news release of September 3, 2014).
In the face of low metal prices, Levon contracted IMC to study the possibility of the existence of a smaller starter pit within the 2014 Resource. IMC modeled several possible starter open pits. Aida drill results in a central portion of the mineralized Cordero Felsic Dome, document that the resource is exposed at surface and a higher grade feeder zone was intersected by the drilling (news release of February 26, 2014). With these drill results, and additional detailed geological mapping performed by Levon in 2016, together with the IMC starter pit modeling, the Company has designed infill drilling within the 2014 Resource to test for near surface higher grade material to improve a possible starter pit scenario, and further improve the stripping ratio by turning undrilled areas modelled as waste into resource. (Figure 1).
Once the 2017 drilling is complete, the 2014 Resource will be updated and in turn IMC will prepare a Preliminary Economic Assessment ("PEA") for the project, building on the 2012 PEA written before Levon purchased and drilled the Aida claim, which only accessed 30% of the modelled resource at that time.
Figure 1: Cordero 2017 Planned Core Drilling: http://media3.marketwire.com/docs/0883m.jpg
About Levon Resources Ltd.
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. Cordero hosts a world class Silver, Zinc, Lead, and Gold resource with indicated resources of 488.5 million ounces of Silver, 9.0 billion pounds of Zinc, 4.7 billion pounds of Lead, and 1.37 million ounces of Gold.
Levon's most recent mineral resource estimate is contained in a technical report prepared by IMC titled "Cordero Project September 2014 Mineral Resource Update, Chihuahua, Mexico" dated October 15, 2014, which was filed under the Company's profile at www.sedar.com.
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.
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CODE : LVN.V
Projects & res.Press
Asset profileContact Cpy
Levon is a silver and zinc development stage company based in Canada.
Levon holds various exploration projects in Canada.
Its main exploration properties are CONGRESS PROPERTY, EAGLE CLAIMS (CORRALL CANYON), NORMA SASS CLAIMS, RUF, BRX (GOLD BRIDGE AREA) and MT. POLLEY in Canada and CORDERO-SANSON in Mexico.
Levon is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 186.9 millions as of today (US$ 187.0 millions, € 141.7 millions).
Its stock quote reached its lowest recent point on January 23, 2009 at CA$ 0.05, and its highest recent level on April 21, 2011 at CA$ 2.38.
Levon has 198 821 000 shares outstanding.