Levon Resources has confirmed that the Cordero 43-101 resource is now outlined by the offset grid drill program at the Cordero project, which is situated 35 km to the northeast part of Hidalgo Del Parral in Mexico.
The drill holes at the Cordero porphyry zone are being offset for extending the resource with step out drilling from 150 to 200 m and the resource stays open in every direction. The Cordero porphyry belt is outlined through the strike length of 15 km and width of 3 to 5 km along with the six tertiary subvolcanic and volcanic mineralized intrusive centers, which contain three, top diatreme centers. The resource is present in two intrusive centers at the inner part of the porphyry belt.
Levon would like to indicate that the NI 43-101 resource report included the drill holes for up to hole 160.
Three drills are working 24/7 and a replacement deep drilling rig has been brought to the location. The ongoing drill program comprises the final 2,000 m out of the 59,000 m phase III drilling campaign, which was commenced in October, 2010.
The focus of the phase IV continuation drilling will be to complete the definition drill program at the Cordero porphyry zone, Pozo de Plata, Josefina mine zone in the resource and Levon will drill test the remote mine scale targets in the Cordero porphyry belt, felsic dome diatreme felsic property that is 5 km to the southern part and the analogous Porfido Norte belt that is 10 km to the northern part. The company has engaged the Vancouver-based JS Geophysics to perform a third three-dimensional induced polarization (IP) surveys in the latest regions. California-based Core Geophysics is being hired to plan and complete a new close spaced, comprehensive magnetotellurics (MT) survey for discovering targets from the shallow to the deep mineralized and mapped intrusive centers for the phase IV drill testing.
The company received funding for its exploration, including $66 million from the bank and an anticipated burn rate of about $20 million for the subsequent 12 months.
Source: http://www.levon.com/