Levon Reports Excellent Phase 2 Bulk Tonnage Ag, Au, Zn, Pb Drill Results, Open to Expansion in Two Discovery Zones at Cordero Project, Chihuhua, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/21/10 -- Levon Resources Ltd. (TSX VENTURE: LVN)(FRANKFURT: LO9)(BERLIN: LO9) is pleased to report the final Phase 2 drill assay results for 27 core holes in two zones at the Cordero silver, gold, zinc, lead bulk tonnage property, located 35 kilometres northeast of Hidalgo Del Parral, Chihuahua, Mexico. These results continue to expand the Pozo de Plata Diatreme and Cordero Porphyry discovery zones, which remain open in plan and at depth. Currently Phase 3 offset definition, delineation and exploration drilling is being laid out.
Highlights
Some of the significant drill intercepts include 118 metres grading 51 g/T Ag, 0.397 g/T Au, 0.41 % Zn, 0.96% P (117 g/T Ag equivalent) in hole C10-46 at the north edge of the Pozo de Plata drill grid and 100 metres grading 72.8 g/T Ag, 0.425 g/T, 0.97 % Zn, 1.11% Pb (162 g/T Ag equivalent) in hole C10-35 in a west part of the drill grid.
Vertical hole C10-60 was collared south of previously announced drill hole C10-39 at the southern edge of the drill grid. Starting from 4 metres depth, C10-60 intersected 100 metres that grades 31.7 g/T Ag, 0.08 g/T Au 0.34% Zn and 0.38% Pb, and a deeper interval starting at 228 metres of a 62 metre core interval grading 22.3 g/T Ag, .012 Au, 2.05 % Zn and 0.43% Pb, this intersection remains open to the south.
Table 1 lists calculated drill intercept composites for the 27 holes. Reported lengths (Table 1) are drill intervals only as true widths are unknown. Table 2 lists the hole locations.
Table 1. Drill intercept composites for the final 27 holes in the Pozo de
Plata and Porphyry zones of the Phase 2 Cordero drilling program.(i)
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from to length Ag Au Ag Eq.
Hole Zone (m) (m) (m) (g/T) (g/T) Zn % Pb % (g/T)(i)
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C10-21 Composites below cut off
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C10-27 Porphyry 88 96 8 21.3 0.042 0.52 0.22 46
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208 248 40 22.7 0.070 0.38 0.41 50
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276 292 16 20.5 0.005 2.77 0.40 113
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310 334 24 17.9 0.022 0.26 0.31 36
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C10-29 Porphyry 70 82 12 60.6 0.490 0.61 0.35 121
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116 148 32 149.7 0.030 1.48 1.72 245
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164 182 18 10.9 0.000 1.11 0.05 44
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214 272 58 16.3 0.027 0.82 0.17 47
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288 318 30 21.7 0.028 0.33 0.13 37
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384 406 22 22.0 0.062 0.89 0.07 54
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C10-35 Pozo de Plata 48 148 100 72.8 0.425 0.97 1.11 162
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168 202 34 33.7 0.158 0.40 0.49 70
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232 244 12 14.5 0.082 0.57 0.34 46
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324 336 12 17.4 -0.001 1.61 0.29 73
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C10-36 Pozo de Plata 0 40 40 19.6 0.122 0.14 0.23 39
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88 106 18 26.4 0.146 0.41 0.32 57
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C10-37 Pozo de Plata 22 30 8 47.5 0.167 0.38 0.43 82
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52 68 16 50.1 0.175 0.50 0.27 84
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94 128 34 96.7 0.370 0.91 1.40 189
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C10-38 Porphyry Composites below cutoff
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C10-40 Pozo de Plata 30 68 38 31.4 0.160 0.33 0.31 61
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92 120 28 19.5 0.166 0.38 0.24 49
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144 162 18 40.6 0.139 0.10 0.61 71
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182 236 54 111.2 0.578 0.74 1.65 220
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C10-42 Pozo de Plata 6 132 126 30.4 0.184 0.50 0.39 69
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C10-43 Pozo de Plata 312 348 36 25.8 0.022 1.16 0.40 73
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C10-44 Pozo de Plata 28 66 38 55.6 0.208 0.43 0.28 90
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96 110 14 15.0 0.078 0.21 0.14 30
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C10-45 Pozo de Plata 0 38 38 82.4 0.036 0.10 0.06 90
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108 118 10 148.2 0.042 2.37 0.79 243
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C10-46 Pozo de Plata 0 16 16 26.4 0.144 0.05 0.45 51
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96 140 44 18.9 0.055 0.20 0.25 36
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158 276 118 51.0 0.397 0.41 0.96 117
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C10-47 Pozo de Plata 30 68 38 31.0 0.053 0.47 0.41 60
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C10-48 Pozo de Plata 84 96 12 64.4 0.226 1.04 0.82 134
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110 122 12 58.4 0.268 0.37 0.92 114
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280 322 42 10.5 0.004 0.67 0.17 35
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334 358 24 7.6 0.004 0.77 0.22 37
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412 436 24 10.3 0.004 1.93 0.45 80
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C10-49 Pozo de Plata 290 314 24 12.5 0.183 0.45 0.36 48
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356 370 14 61.3 0.062 0.41 0.28 86
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C10-50 Pozo de Plata 148 208 60 14.9 0.108 0.24 0.21 35
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306 322 16 11.0 0.003 0.83 0.14 40
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C10-51 Pozo de Plata 66 182 116 31.2 0.191 0.51 0.40 70
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250 284 34 11.1 0.010 2.23 0.31 86
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C10-52 Pozo de Plata 0 10 10 36.5 0.039 0.18 0.28 53
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38 120 82 30.9 0.177 0.37 0.35 64
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166 218 52 18.0 0.028 1.28 0.39 69
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C10-53 Pozo de Plata 38 64 26 107.3 0.467 1.46 1.28 218
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78 108 30 18.8 0.096 0.29 0.25 41
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292 302 10 22.6 0.001 2.83 1.06 136
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C10-54 Pozo de Plata 46 58 12 102.6 0.180 0.56 1.33 170
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82 96 14 14.2 0.147 0.31 0.18 38
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118 166 48 39.1 0.141 0.65 0.63 86
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182 222 40 21.8 0.596 0.45 0.39 86
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C10-55 Pozo de Plata 74 104 30 57.7 0.335 0.76 0.81 126
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142 202 60 49.3 0.497 0.54 0.78 121
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218 240 22 11.9 0.129 0.39 0.24 39
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254 266 12 31.8 0.080 0.70 0.56 74
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C10-56 Pozo de Plata 2 18 16 12.7 0.101 0.16 0.23 31
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142 160 18 21.9 0.136 0.56 0.17 52
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C10-57 Pozo de Plata 90 196 106 35.2 0.195 0.72 0.56 86
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242 276 34 18.0 0.125 0.73 0.30 56
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C10-58 Pozo de Plata 2 150 148 26.0 0.094 0.24 0.31 48
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240 250 10 16.2 0.084 0.56 0.36 49
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318 336 18 13.3 0.003 1.29 0.41 63
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350 364 14 59.5 0.011 5.41 0.75 240
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C10-59 Porphyry 14 28 14 1.7 0.040 2.40 0.01 75
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324 342 18 60.7 0.105 3.71 1.41 217
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C10-60 Pozo de Plata 4 104 100 31.7 0.083 0.34 0.38 58
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228 290 62 22.3 0.012 2.05 0.43 96
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(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 30 g/T Ag
equivalent cut-off with inclusion of up to no more than 10 metres of
internal below cut-off values averaging not less than 15 g/T Ag equivalent.
DISCUSSION
Pozo de Plata Diatreme
The core of the Pozo de Plata drill grid (50-100 m hole centers) now covers an area 633 metres on northeast strike by 350 metres wide, and has been drilled generally to 325+ metre vertical depths with angle and vertical holes, some of which reach 500 m vertical depths.
All the holes in the grid have been drilled to offset visible mineralization estimated to be of significant grade mineralization from the core logging. We now know the visual estimates generally correlate well with the assay values. The mineralization is often exposed to the surface and the zone remains open to the north, south, west, and in some areas at depth.
Phase 2 drill results establish a tabular mineralized diatreme breccia zone along northeast trending, mineralized Tertiary rhyolite and dacite dike swarms, which have themselves been incorporated into the mineralized diatreme breccias by explosive diatreme, gas streaming style brecciation. Large blocks of limestone country rocks occur as septa and clasts within the diatremes. Footwall limestone country rocks enclose the diatreme breccia bodies along highly irregular, and locally pipe like contact surfaces. The areal extent of the diatremes has yet to be defined by drilling or mapping. Diatreme breccia is recessive-weathering and not well exposed at surface.
Though some sulfides are exposed at the surface, supergene weathering generally ranges to depths of 10 to 27 m. Hypogene sulfide mineralization is associated with galena, sphalerite, pyrite and a very fine grained black metallic sulfosalt (tetrahedrite? or argento pyrite?). Galena at Cordero typically displays curved cleavage faces common in Ag bearing galena and there is generally an excellent correlation of Ag and Pb in the assay values. Sulfide minerals occur as (1) diatreme clasts, (2) disseminated grains and massive accumulations in the diatreme breccia matrix and as (3) veins of massive sulfide (barite, sphalerite, galena, pyrite) that are cut by and also cut the diatreme breccias and breccia-dikes and (4) high grade replacement mineralization after large limestone clasts within the diatreme (as in hole C10-31, press release of May 13, 2010). Cross cutting relationships document a minimum of 5 pulses of mineralization, the youngest of which is discordant, massive sulfide veins (less than 1 to 5 cm widths) that cut and post date the diatreme(s).
Well mineralized diatreme breccia and breccia-dikes are also exposed in outlying exploration drill holes 300 m to the southwest of the Pozo de Plata Diatreme discovery drill grid (hole C09-1) and 425 m to the east (hole C10-32) in the Josefina Mine zone, both of which are interpreted as probable extensions of the discovery zone. Phase 3 offset and delineation drilling is planned to test the Pozo de Plata Diatreme mineralized zone up to and beyond these outlying holes.
Cordero Porphyry Zone
The Cordero Porphyry zone 1,350 m NE of the Pozo de Plata Diatreme, is distinguished by classic porphyry-style disseminated and stockwork vein mineralization with Ag, Zn, Pb, Au and newly recognized veinlet molybdenite mineralization at depth to the south.
An initial 1,200 m long NNW composite cross section fence of 7 angle core holes has been completed across the Cordero Porphyry target zone and assays of hole C10-27, C10-29, C10-38 and C10-59 are presented in table 1. Hole C10-41 (previously released-news release of June 1, 2010) at the north end of the drill hole fence is visually mineralized essentially through its entire 503.45m length) in several nested, rhyolite porphyry intrusives. The rhyolites are thought to be rooted in a larger mineralized stock at depth within an intrusive corridor between the Cordero Dome and the La Ceniza stock to the northeast.
Disseminated and stockwork vein sphalerite, galena, and locally very fine grained tetrahedrite and argento pyrite with sparse gangue minerals are the dominate mineralization. Abundance of veining and stockwork veining tends to increase with depth. The sulfide minerals are hosted within mostly pervasive and wide (several metres) phyllic alteration vein selvage zones, cutting pervasive phyllic and potassic alteration in the rhyolite stocks. The molybdenite bearing veinlets in the bottoms of holes to the south, are enveloped by selvages of strong potassic alteration, which is interpreted as direct evidence of a deeper Mo porphyry system (or mineralized shell), that cuts the overlying Ag, Au, Zn, Pb porphyry system (or shell) in the context of well known porphyry deposit, alteration zoning models. Phase 3 deeper drill tests are being designed.
'The Pozo de Plata Diatreme and felsic breccia-dike complex mineralization, including some high grade replacement mineralization are earmarks of a Penasquito type system exposed from surface. In the Cordero Porphyry zone the Ag, Au, Zn, Pb bulk tonnage, porphyry-style mineralization and recognition of moly veinlets and potassic selvage alteration at depth to the south adds a new exploration dimension in one target at Cordero,' comments Vic Chevillon, VP Exploration, Director, Levon.
'We are pleased at the complexity and evidence of multiple mineralization pulses that the core drilling has revealed, and now with the increasing scale of the project, we remain on track to expand the two discovery zones and the project with Phase 3 drilling,' adds Ron Tremblay, President, CEO, Levon.
Airborne Geophysics
Areoquest completed an airborne magnetic, EM, and radiometric survey over the Cordero Porphyry Belt in the south part of the property in May 2010, and final reports are being delivered. Preliminary results show the Pozo de Plata Diatreme, Cordero Dome and the La Ceniza and Sanson intrusive centers are underlain by a large magnetic high, plunging to the southwest, and associated with high potassic signatures from the radiometrics.
Ground Gravity Survey
The preliminary airborne results and interpretations, were followed up by ground gravity surveys over the Pozo de Plata and Dos Mil Diez Diatreme Complexes. The gravity data from McGee Geophysics, Reno, Nevada was inverted in 3D, and the results are being integrated into the 3D Exploration Model for final drill targeting to help guide the expansion drilling of the Pozo de Plata discovery zone, and define outlying mine-scale targets in the two diatreme complexes. Gravity lows coincide with mapped mineralized diatreme breccias, and elevated Ag, Au, Zn and Pb in soils and rock chips.
Phase 3 Exploration
Phase 3 drilling is being designed to grid drill, offset and delineate the Pozo de Plata Diatreme, and Cordero Porphyry zones, and to test the outlying exploration targets. Phase 3 exploration and drilling will be described further when all final geophysical data is available and integrated with the project data.
QA/QC Procedures and Reporting Parameters
All drill holes are HQ core drilled by HD Drilling of Mazatlan, Mexico. HQ diameter core samples were collected in continuous two-metre lengths and cut by sawing. All of the samples mentioned in this release were prepared and analyzed by ALS Chemex at its labs in Chihuahua, Mexico, and Vancouver, Canada respectively. Gold analyses were 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 by Robert Cameron, PGeo, CEO, Valley High Ventures.
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.
Table 2. Drill hole locations for the final 27 holes in the Pozo de Plata
and Porphyry zones of the Phase 2 Cordero drilling program (coordinates are
m in CONUS NAD 27 UTM Zone 13).
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Survey
HoleID X Y Z Length Depth Azimuth Dip
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C10-21 442053.7 3013297 1532.68 320.9 0 0 -90
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C10-27 443748.9 3014642 1561.93 385.05 0 270 -60
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C10-29 443762.7 3014298 1563.44 463 0 309 -60
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C10-35 442603.9 3014097 1546.26 494.1 0 0 -90
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C10-36 442654.3 3014296 1553.83 319.7 0 300 -60
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C10-37 442652.5 3014294 1553.65 420 0 0 -60
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C10-38 443509.3 3014876 1570.3 381.2 0 329 -60
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C10-40 442603.7 3014199 1548.62 490.9 0 0 -60
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C10-42 442654.4 3014246 1566.29 490.1 0 0 -60
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C10-43 443510.7 3014877 1582.2 417.3 0 145 -60
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C10-44 442604.1 3014247 1559.12 478.05 0 0 -60
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C10-45 443074.3 3014029 1567.5 332.1 0 170 -60
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C10-46 442755.1 3014249 1573.58 374 0 0 -60
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C10-47 442805.8 3014148 1570.93 285 0 0 -60
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C10-48 442553.7 3014093 1555.1 439.4 0 0 -60
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C10-49 442804.3 3014195 1573.84 455.5 0 0 -60
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C10-50 442553.7 3014150 1555.52 347.15 0 0 -60
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C10-51 442554.7 3014094 1555.17 418.1 0 180 -60
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C10-52 442504.4 3013902 1549.26 328.45 0 0 -60
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C10-53 442505.2 3013903 1549.15 423.1 0 180 -60
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C10-54 442655.3 3013999 1555.59 348.9 0 0 -60
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C10-55 442704.3 3014299 1569.58 342.65 0 0 -60
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C10-56 442503.1 3013996 1551.21 311.45 0 0 -60
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C10-57 442698.8 3014053 1559.45 503.05 0 0 -60
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C10-58 442598 3013903 1557 459.7 0 0 -60
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C10-59 443340 3015245 1576.9 406.8 0 0 -60
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C10-60 442598 3013903 1557 357.8 0 0 -90
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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