Levon Resources Ltd. ("Levon" or "the Company") (TSX:LVN)(OTCQX:LVNVF) announces that it plans 5,000m (28 core holes) in close spaced, infill drilling within the Cordero Felsic Dome portion of the 2014 Cordero resource (the "2014 Resource"), to test for near surface, high grade mineralization within the modeled open pit containing the 2014 Resource, calculated by Independent Mining Consultants ("IMC") (news release of October 20, 2014) (Figure 1). 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.