RobertJames
9 years ago
Levon Resources Ltd.(TSX: LVN) (FRANKFURT: LO9) (OTCQX: LVNVF) Announces Definitive Agreement to Acquire SciVac Ltd.
VANCOUVER, BC--(Marketwired - March 20, 2015) - Levon Resources Ltd. ("Levon") (TSX: LVN) (FRANKFURT: LO9) (OTCQX: LVNVF) and SciVac Ltd. ("SciVac") announced today that they have entered into an arrangement pursuant to which Levon will acquire 100% of the issued and outstanding ordinary shares of SciVac by way of a court-approved plan of arrangement (the "Arrangement").
"I am excited to announce this transaction with SciVac, as I believe it will generate tremendous value for Levon shareholders," stated Ron Tremblay, President and Chief Executive Officer of Levon. "In a difficult market for resource issuers, we have chosen to preserve capital while seeking to identify alternatives to create shareholder value. The acquisition of SciVac gives Levon ownership of Sci-B-Vac™, a commercial stage, potentially best in class hepatitis B vaccine which could address a significant market opportunity. Levon shareholders will also maintain an interest in Levon's existing business and assets by receiving shares of a newly formed company which will hold Levon's existing resource assets."
Pursuant to the Arrangement, Levon shareholders will receive one new common share of Levon (each a "New Levon Share") and 0.5 of a common share (each, a "Spinco Share") of 1027949 BC Ltd., a newly formed exploration company ("Spinco") in exchange for each common share of Levon (each a "Levon Share") held by them. Upon closing of the Arrangement, Levon shareholders will hold 100% of the issued and outstanding Spinco Shares and 31.6% of the issued and outstanding New Levon Shares, with the former holders of SciVac Shares holding the remaining 68.4% of the issued and outstanding New Levon Shares. In addition to acquiring all of the issued and outstanding shares of SciVac, Levon will retain CAD $27M in cash. All other assets and liabilities of Levon will be transferred to or will be assumed by Spinco. At the closing of the Arrangement, Levon expects that in addition to holding all of Levon's mineral properties, including Levon's flagship Cordero Project, SpinCo will have approximately $20.1M in working capital, including approximately $3M in cash, a $1.1M convertible debenture as well as 35,178,572 shares of Pershing Gold Corporation with current estimated value of $16M. SpinCo will also hold a $2M Mexican value added tax receivable that Levon expects will be recovered. The total of $22.1M represents approximately 48% of Levon's working capital as at December 31, 2014.
"SciVac is pleased to announce this transaction with Levon in furtherance of our goal of expanding market opportunities for SciVac products in development, including Sci-B-Vac, our third-generation hepatitis B vaccine," said Dr. Curtis Lockshin, Chief Executive Officer for SciVac. "Sci-B-Vac has already been approved in several countries, including Israel, where it has been provided to hundreds of thousands of newborn children. We intend to pursue marketing approvals for Sci-B-Vac in the United States and other territories worldwide, initially focused on at-risk populations such as End-Stage Renal Disease and HIV patients. In addition, we believe the transaction will permit SciVac to cultivate a pipeline of other therapeutics, utilizing novel treatment approaches in various disease areas with unmet needs."
SciVac is currently a privately owned company, of which approximately 45% of the shares are owned by OPKO Health, Inc. (NYSE: OPK). OPKO's CEO and Chairman, Dr. Phillip Frost, commented, "This transaction with Levon presented an opportunity to unlock meaningful value for OPKO shareholders via OPKO's ownership interest in SciVac. SciVac is a commercial-stage biotech leader in protein engineering whose flagship product, Sci-B-Vac, is a superior next generation hepatitis B vaccine. Sci-B-Vac has received approval for use in ten countries including Israel, where it captures half the market for neonatal hepatitis B vaccinations, and is offered to adults who do not respond to competing hepatitis B vaccines. It appears positioned to expand the billion dollar global hepatitis B vaccine market upon successful completion of the FDA approval process."
The board of directors of Levon has unanimously approved the transaction and all directors and officers of Levon, collectively holding approximately 10.08% of the number of Levon Shares and 76.94% of the number of options to purchase Levon Shares (the "Levon Options") anticipated to be entitled to vote at a special meeting to consider the Arrangement, have agreed to vote in favour of the Arrangement.
Arrangement Details
The Arrangement will be effected by way of a court-approved plan of arrangement and will require the approval of at least 2/3 of the votes cast by Levon's shareholders and optionholders at a special meeting expected to take place in April 2015 (the "Meeting"). The transaction is also subject to applicable regulatory approvals, including approval of the TSX, and the satisfaction of certain closing conditions customary in transactions of this nature.
The Arrangement will result, through a series of transactions, in:
•Levon shareholders receiving one New Levon Share and 0.5 of a Spinco Share for each Levon share currently held by them;
•holders of SciVac Shares receiving that number of New Levon Shares representing 68.4% of the issued and outstanding New Levon Shares in exchange for the acquisition by Levon of all of the issued and outstanding SciVac Shares;
•the change of Levon's name to "SciVac Inc."; and
•the change of Spinco's name to "Levon Resources Ltd."
Holders of outstanding Levon stock options may exercise their options until the effective time of the Arrangement, at which time they will be cancelled.
On completion of the Arrangement, Spinco will own and operate the existing business of Levon and Levon will own and operate the existing business of SciVac. Levon shareholders who receive New Levon Shares and Spinco Shares under the Arrangement will hold 100% of the issued and outstanding Spinco Shares and 31.6% of the issued and outstanding New Levon Shares, with the former holders of SciVac Shares holding the remaining 68.4% of the issued and outstanding New Levon Shares.
After taking into consideration, among other things, the terms of the Arrangement, the unanimous recommendation of a special committee of Levon directors established to review the Arrangement and discussions with its legal and financial advisors, Levon's board of directors has unanimously concluded that the Arrangement is in the best interests of Levon and has approved the Arrangement. Levon's board of directors intends to recommend in the management information circular to be mailed in connection with the Meeting that Levon's shareholders and optionholders vote in favour of the Arrangement.
Subject to SciVac's right to match, Levon's board of directors may terminate the arrangement agreement in favour of an unsolicited superior proposal upon payment of a US$1 million break fee to SciVac.
Advisors
Levon's legal counsel is Stikeman Elliott LLP and Dorsey & Whitney LLP. Cassel Salpeter & Co., LLC is Levon's financial advisor.
About Levon Resources Ltd.
Levon is a 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.
About SciVac Ltd.
SciVac Ltd., headquartered in Rehovot Israel, is in the business of developing, producing and marketing biological products for human healthcare. SciVac's flagship product Sci-B-Vac is a recombinant 3rd generation hepatitis B vaccine. SciVac also offers contract development and manufacturing services to the life sciences and biotechnology markets.
ON BEHALF OF THE BOARD
Ron Tremblay
President and Chief Executive Officer
RobertJames
10 years ago
Levon (TSX:LVN) Announces 848.5 Million Tonnes Grading 41.03 g/t Silver Equivalent Indicated Resource at Cordero...
...Calculated at $20 Per Ounce Silver, Including 488,494,796 Ounces Silver, 1,366,129 Ounces Gold, 9.0 Billion Pounds Zinc and 4.7 Billion Pounds Lead
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 3, 2014) - Levon Resources Ltd. (Levon or the Company) (TSX:LVN)(FRANKFURT:L09)(BERLIN:L09)(OTCQX:LVNVF) announces an updated resource estimate for the Company's 100% owned Cordero project located 35 kilometers northeast of Hildalgo Del Parral, Chihuahua, Mexico. The updated resource estimate reported in this news release is effective September 03, 2014, and takes into account all of the results of the Company's Phase 4 core drilling program completed to date.
The updated Cordero resource is constrained and tabulated within the geometry of a revised open pit, and includes an indicated resource containing 488,494,796 ounces (ozs) silver, 1,366,129 ozs gold, 9.0 billion pounds (B lbs) zinc and 4.7 B lbs lead in 848.5 million tonnes (M t) of material grading 41.03 silver equivalent grams per tonne (g/t) including 17.91 g/t silver, 0.05 g/t gold, 0. 479 percent (%) zinc, and 0.254 % lead, at a cut off grade of 15 g/t silver equivalent. The open pit resource geometry contains an additional inferred resource of 44,448,039 ozs silver, 84,746 ozs gold, 663,311 M lbs zinc, 396,532 M lbs lead within 92,158 million tonnes of material grading 31.4 g/t silver equivalent including 15.00 g/t silver, 0.029 g/t gold, 0.327 % zinc, and 0.195 % lead at a cut off grade of 15 g/t silver equivalent (Table 1). The open pit resource shell measures 2.5 kilometers by 1.6 kilometers and is 600 meters deep with a low overall strip ratio of 1.2:1 waste to mineralized material. A map and cross sections of the open pit may be viewed on Levon's website (www.levon.com).
A summary of the updated resource estimate is shown in Table 1. Resource grades are expressed as silver equivalents, which equate to projected recovered metals. Silver equivalent is calculated using the most recent metallurgical testing recoveries for each metal. The resource shell is defined based on the deductions for mining and operating costs per tonne, including estimated transportation and refining costs for each metal in a projected mill concentrate (Table 2). Silver equivalents are calculated at $20 / oz silver, $1250 / oz gold, 0.94 cents / lb zinc, and 0.95 cents / lb lead.
Table 1. Summary of the September 03, 2014 updated Cordero mineral resource.
Total Resource Contained Metal
Class
Cutoff
AgEq, g/t Tonnes
X1000
AgEq, g/t
Ag, g/t
Au, g/t
Zn, %
Pb, %
Ag oz
Au oz
Zn lbs
X1000
Pb lbs
X1000
Indicated 15 848,462 41.03 17.91 0.050 0.479 0.254 488,494,796 1,366,129 8,952,499 4,742,361
Inferred 15 92,158 31.39 15.00 0.029 0.327 0.195 44,448,039 84,746 663,311 396,532
Table 2. Silver equivalent calculation variables: metal prices, estimated recovery through a standard flotation mill with separate zinc and lead circuits, estimated away from property smelting and refining charges*.
Silver Equivalents Calculation Variables
% Metal Estimated smelter
Metal Metal Price Recovery and refining charges
Ag $ 20.00 85.0 $ 0.024/g
Au $ 1,250.00 18.0 $ 0.00/g
Zn $ 0.94 81.0 $ 0.32/lb
Pb $ 0.95 80.0 $ 0.42/lb
* Costs used to define the resource shell include $6.00/t process cost, $0.75/t G&A, $1.75/t mining cost and the estimated TCRC costs.
"We are pleased with the Company's progress at Cordero, which has advanced quickly from our original discovery in 2009 through four accelerated drill programs to reach the present resource estimate" states Ron Tremblay, President and CEO of Levon Resources Ltd. "The new resource estimate includes a 57% increase in the indicated silver resource over the Company's June 2012 resource estimate" ("Cordero Project June 2012 Mineral Resource Update" dated July 31, 2012 as amended May 10, 2013 prepared by Independent Mining Consultants, Inc. "IMC"). "The resource estimate includes data from holes in the Porphyry Zone and also the Phase 4 drill results from the Aida claim acquired in 2013, which consolidated 100% ownership of the district" (news release April 30, 2014). "The resource expansion across the claim confirms our projections. Owning the entire Cordero district with this large scale discovery is a major accomplishment for our team and Levon shareholders".
Resource Calculations
The Cordero updated resource estimate is tabulated within a revised open pit geometry and was developed from 244 drill holes encompassing 118,937 meters of core drilling, including the latest 41 holes (21,168 m) drilled at the Cordero Project since the Company's announcement of its previous resource estimate in June, 2012. The September 03, 2014 resource remains open to expansion through step out delineation and infill drilling, on strike and beneath the modeled open pit.
The updated Cordero resource estimate presented in this press release was prepared under the direction of Herb Welhner (SME registered member #3434330), Vice President of IMC, who is a qualified person under NI 43-101. IMC has utilized updated metal price projections, estimated metallurgical recoveries, production and processing cost estimates from M3 Engineering & Technology ("M3"), Tucson, Arizona. M3 has revised the prices and costs from their 2012 PEA study ("NI 43-101 Technical Report Preliminary Economic Assessment Chihuahua, Mexico", Issue Date: 8 May 2013, Effective Date: 12 March 2012) filed under Levon's profile at www.sedar.com) to include the recent pre-feasibility stage metallurgical results that improve metal recoveries (Table 2).
Levon expects to file a technical report with respect to the updated resource estimate within 45 days.
Vic Chevillon, Levon's Vice President and Director said "Cordero is a major discovery and a novel porphyry silver, gold, zinc, and lead type system from its alteration and metal zoning patterns. Additional upside potential exists proximal to the resource for contact replacement deposits, in areas yet to be delineated on the margins of the resource. There is also a younger porphyry controlled zinc system in the southwest, and younger porphyry copper and molybdenite mineralization in the northeast part of the resource that has been intersected in deep holes (1,200 m) beneath the presently modeled open pit. At this stage in the discovery, we are pursuing additional metallurgical test work within the new resource to further improve recoveries from early production benches and optimize a start -up operation."
Metallurgy
The latest metallurgical testing designed and managed by M3, and conducted by ALS Metallurgy, Vancouver, B.C., was a pre-feasibility scale study to optimize mill reagents in the modeled standard flotation mill. The mill has separate circuits for zinc and lead. The recoveries were improved over initial metallurgical testing, and gold is now included in the resource estimate.
Qualified Person
Vic Chevillon, AIPG QPG # 11054, the Company's VP, Exploration, Director 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.
Mr. Chevillon has verified the data disclosed in this news release and no limitations were imposed on his verification process. Other than as described below and in the Company's annual filings (which are available at www.sedar.com), there are no known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources at this point in time.
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.
For further information, contact the Company IR Direct at 604-682-2991604-682-2991, or main office number 604-682-3701604-682-3701.
ON BEHALF OF THE BOARD
Ron Tremblay, President and Chief Executive Officer
RobertJames
10 years ago
Levon Resources (TSX: LVN; OTCQX: LVNVF) Begins Trading on OTCQX®
NEW YORK, May 15, 2014 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, today announced that Levon Resources Ltd. (TSX: LVN; OTCQX: LVNVF), a mid-tier mineral exploration company, has been approved to trade on OTCQX®, the best marketplace with qualified companies.
Logo - http://photos.prnewswire.com/prnh/20110118/MM31963LOGO
Levon begins trading today on OTCQX under the symbol "LVNVF." U.S. investors can find current financial disclosures and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
"We are pleased to welcome Levon to the OTCQX marketplace," said R. Cromwell Coulson, President and CEO of OTC Markets Group. "Trading on OTCQX will enable Levon to leverage its existing Canadian disclosure to broaden its exposure to U.S. investors. We look forward to working with Levon as the company expands its visibility in the U.S. market."
"Trading on OTCQX is a natural step in the growth of Levon," commented Ron Tremblay, President and CEO of Levon Resources Ltd. "Levon is at an exciting stage in its development and rapid growth phase, and with the assistance of Euro Pacific Capital we look forward to elevating the awareness of the company to a broader U.S. shareholder base. With this new access, we are excited to start increasing our market visibility and sharing our vision with a larger audience of investors. We believe that Euro Pacific will broaden the company's access to both current and prospective U.S. shareholders. This should increase our exposure to U.S. investors with more efficient access and liquidity to our stock in the United States. We also believe that all shareholders will benefit from Euro Pacific's access to a larger number of retail and institutional investors."
Euro Pacific Capital, Inc. serves as Levon's Principal American Liaison ("PAL") on OTCQX, responsible for providing professional guidance on OTCQX requirements.
Levon Resources is exploring one of the world's largest silver resources at the company's 100%-owned Cordero Project in northwest Mexico. In less than four years, Levon has amassed a resource at Cordero containing 364 million ounces silver indicated plus 91 million ounces silver inferred. Further indicated resources of 945,000 ounces gold, 6.1 billion pounds zinc and 3.3 billion pounds lead have established Cordero as one of Mexico's premier polymetallic porphyry targets.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates Open, Transparent and Connected financial marketplaces for 10,000 U.S. and global securities. Through our OTC Link® ATS, we directly link a diverse network of broker-dealers that provide liquidity and execution services for a wide spectrum of securities. We organize these securities into marketplaces to better inform investors of opportunities and risks – OTCQX®, The Best Marketplace; OTCQB®, The Venture Stage Marketplace; and OTC Pink®, The Open Marketplace. Our data-driven platform enables investors to easily trade through the broker of their choice at the best possible price and empowers a broad range of companies to improve the quality and availability of information for their investors. To learn more about how we create better informed and more efficient financial marketplaces,
RobertJames
10 years ago
Levon (TSX:LVN) Intersects 308 m of 70.77 g/t Ag Eq Including 36 m of 255.96 g/t Ag Eq From Surface, in the Center of the Cordero Resource Chihuahua, Mexico
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 30, 2014) - Levon Resources Ltd. ("Levon" or "the Company") (TSX:LVN)(BERLIN:LO9)(FRANKFURT:LO9)(PINKSHEETS:LVNVF) is pleased to report final drill hole assays from the Phase 4 drilling completed February 13, 2014 on the recently acquired Aida claim (see news release dated July 10, 2013) 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 to 150 m line spacing drill grid, testing the Aida claim which is located in the center of the Cordero resource (Technical report dated July 31, 2012, as amended and restated May 10, 2013 ).
Assays from the first 14 holes of the drill program were reported previously (February 26, 2014 press release, as corrected in the April 28, 2014 press release).
The results from the remaining 10 holes confirm mineralization extends from surface and to depths of 700 to 1000+ m, revealing wide, higher grade mineralization within volcanic feeders beneath the Cordero Felsic Volcanic Dome Complex (the "Dome"). The drill results establish that the Dome is mushroom shaped and mineralized to the surface. The stem feeders appear to elongate northeast through the strike direction of the Dome, and extend through the 600 m strike length of the Aida claim. The feeders consist of mineralized dacite and rhyolite dikes, and composite stocks which are gradational with the upper reaches of the mineralized Dome.
Drilling Highlights
Hole C14-267.
Hole C14-267 is a vertical hole drilled down the feeder stem of the Dome on section 443,100 m E through the Dome cap mineralization, and returned 308 m of 70.77 grams per tonne silver equivalent (g/t Ag Eq) (or 1010.2 feet (ft) of 2.28 ounces per metric tonne (oz/t) Ag Eq) (from 12 m to 320 m hole depths) including 36 m of 255.96 g/t Ag Eq (or 118.1 ft. at 8.23 oz/t Ag Eq) (hole depths 236 m to 272 m).
Table 1. Hole C14-267 composited drill assay intersections.*
HoleID From
m To
m Interval
m Interval
ft g/t
Ag Eq. oz/t
Ag Eq. g/t
Ag g/t
Au %
Zn %
Pb
C14-267 12 320 308 1010.5 70.77 2.28 26.40 0.082 1.07 0.43
Including
C14-267 198 224 26 85.3 165.45 5.32 73.17 0.129 1.89 1.28
Including
C14-267 236 272 36 118.1 255.96 8.23 80.39 0.137 5.05 1.16
Including
C14-267 300 312 12 39.4 164.67 5.29 62.20 0.262 1.67 1.68
C14-267 384 456 72 236.2 46.73 1.50 14.44 0.02 0.65 0.50
C14-267 468 496 28 91.9 51.50 1.66 18.85 0.029 0.81 0.33
*(USD$6.00 NSR/t cutoff grade. Ag Eq calculated using $25/oz Ag, $1,000/oz Au, $1.00/lb Zn and Pb directly from the assays within the composited intervals).
Hole C14-266.
Hole C14-266 is collared on section 443,100 m E, 150 m south of C14-267 and is an angle hole (-60 degrees) drilled north intersecting 70 m of 26.11 g/t Ag Eq (229.6 ft of 0.84 oz/t Ag Eq) (0m to 70m hole depths) in the upper part of the Dome, and 268 m of 87.25 g/t Ag Eq (or 879 ft of 2.81 oz/t Ag Eq) (from 94 to 362 m) in the volcanic feeder beneath the Dome. The widest and highest grade intersection within the volcanic feeder in C14-266 is 46 m of 170.53 g/t Ag Eq (or 150.9 ft of 5.48 oz/t Ag Eq) (from 236m to 282m) with other wide 3+ oz/t Ag Eq intersections down hole (Table 2).
Table 2. Hole C14-266 composited drill assay intersections.*
HoleID From
m To
m Interval
m Interval
ft g/t
Ag Eq. oz/t
Ag Eq. g/t
Ag g/t
Au %
Zn %
Pb
C13-266 0 70 70 229.7 26.11 0.84 16.27 0.023 0.20 0.13
C13-266 94 362 268 879.3 87.25 2.81 37.42 0.067 0.99 0.73
Including
C13-266 116 142 26 85.3 119.94 3.86 59.87 0.052 1.22 0.90
Including
C13-266 172 228 56 183.7 101.06 3.25 50.54 0.065 0.86 0.89
Including
C13-266 236 282 46 150.9 170.53 5.48 64.26 0.134 2.27 1.41
Including
C13-266 294 312 18 59.1 193.65 6.23 75.59 0.16 2.27 1.81
C13-266 380 430 50 164.0 102.70 3.30 32.96 0.065 1.83 0.62
Including
C13-266 402 430 28 91.9 153.43 4.93 51.37 0.096 2.64 0.94
C13-266 448 462 14 45.9 74.97 2.41 30.54 0.019 0.99 0.60
*(USD$6.00 NSR/t cutoff grade. Ag Eq calculated using $25/oz Ag, $1,000/oz Au, $1.00/lb Zn and Pb directly from the assays within the composited intervals).
"Finding the mineralized volcanic feeder zones beneath the Cordero Volcanic Dome Complex, gives us a new perspective on the project. The feeders are higher grade, with some big geometry right in the middle of the existing resource, and are capped by nearly continuous mineralization that comes right to the surface. These results were a direct result of being able to purchase the Aida claim consolidating our 100 % ownership of the District," said Ron Tremblay, President, CEO. "The latest drill holes complete the Phase 4 discovery drilling at Cordero, we look forward to seeing how the results affect the global resource, and the modeled economics of the pit designs."
Geometry
The grid drilling indicates feeder zone map widths of about 130 m (425 ft) along the 443,100 m E drill section. Angle hole C13-257 is collared 300 m south of C14-266 and is -60 degrees drilled north along section 443,100 m E which intersected a southern part of the feeder. C13-257 returned 50 m of 150.89 g/t Ag Eq (or 164.0 ft. of 4.85 g/t Ag Eq) (270 to 320 m hole depths) and 72 m of 91.41 g/t Ag Eq (or 236.2 ft. of 2.94 oz/t Ag Eq) (334 m to 406 m hole depths) including 16 m of 268.2 g/t Ag Eq (or 52.5 ft. of 8.63 oz/t Ag Eq) (374 m to 390 m hole depths).
Hole C14-271. Hole C14-271 intersected the feeders about 160 m to the west on drill section 442,940 m E. Dome cap mineralization: 186 m of 52.71 g/t Ag Eq (or 610.2 ft of 1.69oz/t Ag Eq) (6 m to 192 m hole depths) and then intersected higher grade mineralization along the contact of the volcanic feeder zone with limestone host rocks over 32 m of 348 g/t Ag Eq (or 111.5 ft of 11.21 oz/t Ag Eq) (448 m to 482 m hole depths). The true width of the intersection is unknown.
Table 3. Hole C14-271 composited drill assay intersections.*
HoleID From
m To
m Interval
m Interval
ft g/t
Ag Eq. oz/t
Ag Eq. g/t
Ag g/t
Au %
Zn %
Pb
C14-271 6 192 186 610.2 52.71 1.69 26.98 0.087 0.36 0.45
C14-271 202 264 62 203.4 29.34 0.94 13.08 0.124 0.16 0.25
C14-271 290 308 18 59.1 16.90 0.54 6.17 0.04 0.21 0.13
C14-271 324 364 40 131.2 56.12 1.80 24.22 0.07 0.57 0.49
C14-271 448 482 34 111.5 348.57 11.21 161.02 0.176 3.63 2.95
Including
C14-271 460 480 20 65.6 570.08 18.33 262.96 0.257 5.99 4.84
*(USD$6.00 NSR/t cutoff grade. Ag Eq calculated using $25/oz Ag, $1,000/oz Au, $1.00/lb Zn and Pb directly from the assays within the composited intervals).
Hole C14-274. Hole C14-274 is a -70 degree angle hole drilled west from the C14-271 drill site on section 442,940 m E. C14-274 drilled across the contact of the Dome, and the Pozo de Plata Diatreme Complex portion of the resource drilling through the mineralized cap, and intersecting 230 m of 52.22 g/t Ag Eq (or 754.4 ft. of 1.68 opt Ag Eq) (10 m to 240 m hole depths), including higher grades in mineralized breccias within the Dome (e.g. 30 m of 112.01 g/t Ag Eq (or 98.4 ft. of 3.60 oz/t Ag Eq) (158m to 188 m hole depths) (Table 4).
Table 4. Hole C14-274 drill assay composites.*
HoleID From
m To
m Interval
m Interval
ft g/t
Ag Eq. oz/t
Ag Eq. g/t
Ag g/t
Au %
Zn %
Pb
C14-274 10 240 230 754.6 52.22 1.68 25.28 0.151 0.33 0.44
Including
C14-274 158 188 30 98.4 112.01 3.60 54.47 0.297 0.73 0.93
C14-274 288 312 24 78.7 68.78 2.21 32.37 0.243 0.31 0.66
C14-274 328 344.1 16.1 52.8 15.55 0.50 3.78 0.107 0.17 0.11
*(USD$6.00 NSR/t cutoff grade. Ag Eq calculated using $25/oz Ag, $1,000/oz Au, $1.00/lb Zn and Pb directly from the assays within the composited intervals).
Composite drill hole assays from the 24 hole drill program, drill maps and cross sections are posted on the Levon website for review (www.levon.com).
"The latest drill results are better than expected. Excellent down hole grade continuities of mineralization, are present in 22 of the 24 holes from surface. Wide, higher grade mineralized feeder zones in the center of the resource present a significant advance in the discovery drilling. Drill core geology and field evidence, indicate the Cordero resource is hosted within a chain of mineralized volcanoes, and related intrusives and diatremes that mineralized themselves during volcanism, forming locally mineralized constructional volcanic topography, which is still preserved. We believe these latest drill results are very positive for the project and its future," states Vic Chevillon, VP Exploration, Director.
Planned Resource Update
The drilling and 3D geologic modeling data are being assembled and forwarded to IMC for preparation of an updated Cordero resource estimate.
Assay Reporting
•The final lab assays for Ag, Au, Zn, Pb from the 2 m sawed and continuously sampled core samples are summarized in this release.
•Assays and calculated silver equivalent grams per metric tonne (g/t Ag Eq) are reported for the composited drill intersections in metres (m) and also in feet (ft), and troy ounces per metric tonne (oz/t Ag Eq).
•Drill hole assay composites were calculated using the metal prices and cut offs that Independent Mining Consultants (IMC), and M3 Engineering and Technology (M3) 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 Preliminary Economic Analysis (PEA) (see March 12, 2012 PEA, as amended and restated May 8, 2013). The PEA provides the details of the NSR/t cutoff grade modeling. Management believes the metal prices used in the PEA continue to be realistic long term estimates, and the prices used are: USD$25/oz Ag, $1,000/oz Au, $1.00/ Pb Zn and Pb.
•Composite intervals were selected using a USD $6 NSR/t cut-off which equates to about 10 g/t Ag Eq. Minimum down hole grade continuity is 10 m in any of the composites.
•The composites were calculated directly from the assays and represent in-situ Ag Eq.
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.
Levon's most recent mineral resource estimate is contained in a technical report prepared by IMC titled "Cordero Project June 2012 Mineral Resource Update, Chihuahua, Mexico" dated July 31, 2012, as amended and restated May 10, 2013,
RobertJames
10 years ago
Levon (TSX:LVN) Corrects Silver Equivalent Calculations in February 26, 2014 Press Release
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 28, 2014) - Levon Resources Ltd. ("Levon" or "the Company") (TSX:LVN) (PINKSHEETS:LVNVF) (BERLIN:LO9) (FRANKFURT:LO9) has identified calculation errors in the silver equivalent (Ag Eq) values for the composited drill hole intersections reported in its press release of February 26, 2014 (the "Press Release"). The silver equivalent calculations contained in the Press Release understated the actual calculated silver equivalent for the reported drill hole composites by approximately 5.4% due to an error in the metal prices used in the calculation.
The Ag Eq values in the Press Release were presented in a series of five tables, and certain of these values were mentioned in the accompanying text in the Press Release. The correct values appear in the tables below and will be posted for all the holes on the Levon website (www.levon.com). The corrected composite widths are unchanged and are reported in metres (m) and feet (ft), and calculated Ag Eq in grams per ton (g/t) Ag Eq, and ounces per ton (oz/t) Ag Eq.
To view Tables 1 - 5 that are associated with this release, please visit the following link: http://media3.marketwire.com/docs/941878-t1-5.pdf
Assay Reporting
•The final lab assays for Ag, Au, Zn, and Pb from the 2 m sawed and continuously sampled core intercepts are summarized in this press release.
•Assays and calculated silver equivalent grams per metric tonne (g/t Ag Eq) are reported for the composited drill intersections in metres (m) and also in feet (ft), and troy ounces per metric tonne (oz/t Ag Eq).
•Drill hole assay composites were calculated using the metal prices and cut offs that Independent Mining Consultants (IMC) and M3 Engineering and Technology (M3) 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 Preliminary Economic Analysis (PEA) (see March 12, 2012 PEA, as amended and restated May 8, 2013). The PEA provides the details of the NSR/t cutoff grade modeling. Management believes the metal prices used in the PEA continue to be realistic long term estimates, and the prices used are: USD$25/oz Ag, $1,000/oz Au, $1.00/ Pb Zn and Pb.
•Composite intervals were selected using a USD $6 NSR/t cutoff, which equates to about 10 g/t Ag Eq. Minimum down hole grade continuity is 10 m in any of the composites.
•The composites were calculated directly from the assays and represent in-situ Ag Eqs.
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.
Levon's most recent mineral resource estimate is contained in a technical report prepared by IMC titled "Cordero Project June 2012 Mineral Resource Update, Chihuahua, Mexico" dated July 31, 2012, as amended and restated May 10, 2013,
RobertJames
11 years ago
Levon Resumes(LVN.V) Phase 4 Drilling at Cordero
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 1, 2013) - Levon Resources Ltd. ("Levon" or "the Company") (TSX:LVN)(BERLIN:LO9)(FRANKFURT:LO9) is pleased to report resumption of Phase 4 drilling at the Company's wholly owned Cordero project. An initial 14,000 metres of core drilling is planned to test the recently acquired Aida claim, (announced August 15, 2013) located in a central part of the Cordero resource. Levon's purchase of the Aida claim consolidates the Company's ownership of 100% of the mineral rights in the district. The current Indicated mineral resource at Cordero includes 364 million (M) oz of Ag, 945,000 oz of Au, 6.1 billion (B) lbs of Zn, and 3.3B lbs of Pb [contained metal] (US $6 NSR cutoff grade was used, calculated at $25/oz Ag, $1.00/lb Zn and Pb. Gold was included in the tabulations based on areas within the resource which have higher gold grades). The indicated plus inferred resources are described in Levon's updated resource report (as amended May 10, 2013) for the Cordero Project completed by Independent Mining Consultants in collaboration with M3 Engineering and Technology of Tucson, AZ. (view at www.Sedar.com or www.Levon.com.)
The Cordero project is a bulk tonnage Ag, Au, Zn, Pb project located in Chihuahua State, Mexico, 35 km northeast of the town of Hidalgo Del Parral.
Levon is well funded for the exploration now underway as summarized in the company's Annual Report and financials available on the Company's website at www.Levon.com.
Qualified Person
Levon's projects are under the direct supervision of Vic Chevillon, MA, CPG, and Vice President of Exploration for Levon who is a qualified person (AIPG C.P.G #11054) within the context of National Instrument 43-101 and has read and takes responsibility for this News Release.
About Levon Resources
Levon is a gold and precious metals exploration Company, exploring the Cordero bulk tonnage silver, gold, zinc, and lead project near Hidalgo Del Parral, Chihuahua, Mexico. The Company also holds interests in three mineral properties located in British Columbia, Canada, and three mineral properties located in Nevada, USA.
ON BEHALF OF THE BOARD
NYBob
14 years ago
LEVON'S PHASE 2 DRILLING AT CORDERO RETURNS 114 M GRADING 126 G/T Ag, 0.485 g/t Au, 0.93 % Zn, 2.18 % Pb INCLUDING HIGHER GRADE LIMESTONE
May 13, 2010
http://www.levon.com/s/NewsReleases.asp?ReportID=399429&_Type=News-Releases&_Title=LEVONS-PHASE-2-DRILLING-AT-CORDERO-RETURNS-114-M-GRADING-126-GT-Ag-0.485-gt...
REPLACEMENT (MANTO) MINERALIZATION OF 26 M GRADING 410.1 G/T Ag, 1.057 G/T Au, 2.92 % Zn, 7.06 % Pb
View News Release in PDF Format
Levon Resources Ltd. ("Levon") (TSXV Symbol LVN.V) is pleased to report the latest available assay results for an additional 11 holes in the Phase 2 drill program at the Cordero silver, gold, zinc, lead porphyry district located 35 kilometres northeast of Hidalgo Del Parral, Chihuahua, Mexico. Highlights include:
* Hole C10-31 at the northern extension of the Pozo de Plata Diatreme drill grid has returned 114 m grading 126 g/T Ag, 0.485 g/T Au, 0.93 % Zn, 2.18 % Pb, including a newly discovered, higher grade limestone replacement (manto) type mineralization (26 m grading 410.1 g/T Ag, 1.057 g/T Au, 2.92 % Zn, 7.06 % Pb).
* Hole C10-39 at the present southwest corner of the drill grid returned 136 m grading 69.6 g/T Ag, 0.52 g/T Au, 0.91 % Zn, .97 % Pb in breccia dike and diatreme hosted mineralization.
Current analytical results are summarized in Table 1 for the available Phase 2 drill holes in the Pozo de Plata drill grid ( past Phase 2 holes were published in the Levon news release of April 7, 2010) and a potential extension in the Josephina Mine area 450 metres to the southeast. In Table 1 sample lengths are core intervals and true widths are unknown. Hole locations are in Table 2. The current drill hole map and north south drill sections in the Pozo de Plata drill grid are posted on Levon's website (http://www.levon.com/i/pdf/SG-13May2010.pdf)
Table 1: Summary of currently available Phase 2 drill assays
Hole Zone from (m) to (m) length (m) Ag (g/T) Au (g/T) Zn (%) Pb (%) Ag Eq (g/T)*
C10-23 Josephina 0 16 16 112.0 0.07 0.07 0.07 121
C10-23 Josephina 118 128 10 416.5 0.13 4.80 1.76 617
C10-23 Josephina 148 200 52 41.1 0.06 0.92 0.59 89
C10-23 Josephina 214 260 46 16.1 0.02 0.90 0.44 57
C10-23 Josephina 300 416 116 49.7 0.10 1.28 0.94 122
C10-24 Pozo de Plata Diatreme No high intervals
C10-25 Josephina 8 16 8 68.3 0.02 0.30 0.10 81
C10-25 Josephina 72 80 8 47.6 0.06 1.30 0.64 109
C10-26 Pozo de Plata Diatreme 0 18 18 16.3 0.25 0.09 0.46 49
C10-26 Pozo de Plata Diatreme 130 158 28 67.7 0.51 0.84 0.94 154
C10-26 Pozo de Plata Diatreme 224 270 46 148.9 0.45 2.04 1.99 297
C10-26 Pozo de Plata Diatreme 284 328 44 14.6 0.24 0.36 0.33 51
C10-28 Pozo de Plata Diatreme 28 46 18 37.8 0.11 0.66 0.57 81
C10-28 Pozo de Plata Diatreme 122 192 70 70.9 0.51 1.13 1.06 168
C10-28 Pozo de Plata Diatreme 278 300 22 14.0 0.20 0.30 0.28 44
C10-30 Pozo de Plata Diatreme 6 20 14 16.0 0.15 0.09 0.38 40
C10-30 Pozo de Plata Diatreme 136 322 186 28.1 0.22 0.51 0.43 70
C10-30 Pozo de Plata Diatreme 340 356 16 68.7 0.23 3.03 1.55 218
C10-31 Pozo de Plata Diatreme 14 32 18 29.4 0.18 0.21 0.38 58
C10-31 Pozo de Plata Diatreme 46 128 82 27.9 0.14 0.36 0.38 58
C10-31 Pozo de Plata Diatreme 158 272 114 126.0 0.49 0.93 2.18 249
C10-31 Incl. Pozo de Plata Diatreme 186 212 26 410 begin_of_the_skype_highlighting 186 212 26 410 end_of_the_skype_highlighting.1 1.06 2.92 7.06 772
C10-32 Josephina 230 288 58 91.8 0.10 1.99 1.09 188
C10-33 Pozo de Plata Diatreme 12 58 46 21.0 0.09 0.20 0.28 40
C10-33 Pozo de Plata Diatreme 94 110 16 28.2 0.11 0.31 0.39 56
C10-33 Pozo de Plata Diatreme 124 198 74 65.9 1.04 0.80 1.28 196
C10-33 Pozo de Plata Diatreme 224 246 22 47.8 1.08 0.19 0.87 151
C10-33 Pozo de Plata Diatreme 284 328 44 21.1 0.13 0.18 0.33 44
C10-34 Pozo de Plata Diatreme 16 62 46 17.2 0.07 0.35 0.21 38
C10-35 Pozo de Plata Diatreme Assays pending
C10-39 Pozo de Plata Diatreme 32 168 136 69.6 0.52 0.91 0.97 159
C10-39 Pozo de Plata Diatreme 232 274 42 22.9 0.26 0.10 0.38 55
C10-40 Pozo de Plata Diatreme Assays pending
*Silver equivalent calculated using the following metal prices: silver at $15 per ounce, gold at $1,000 per ounce, zinc at 90 cents per pound and lead at 90 cents per pound and assumed net metal recoveries (metallurgical and smelter deductions) of 70% for silver and gold and 50% for zinc and lead. Actual metal recoveries have not been determined.
Table 2: Drill Hole locations (co-ordinates in CONUS Nad 27, UTM zone 13)
HoleID Xm Ym Zm Length_m Azimuth Dip
C10-23 443074 3014029 1568 500.6 0 -60
C10-24 442755 3014092 1552 501.7 0 -60
C10-25 442926 3014038 1562 500.4 0 -60
C10-26 442706 3014146 1554 488.8 0 -60
C10-28 442754 3014145 1552 463.1 0 -60
C10-30 442752 3014199 1586 398.7 0 -60
C10-31 442698 3014250 1587 392.6 351 -60
C10-23 443074 3014029 1568 500.6 350 -60
C10-33 442700 3014200 1575 341.8 348 -60
C10-34 442600 3014100 1575 267.0 348 -60
C10-35 442600 3014100 1575 494.1 0 -90
C10-36 442650 3014300 1580 319.7 320 -60
C10-37 442650 3014300 1580 420.0 354 -60
C10-39 442600 3014050 1580 661.0 0 -60
C10-40 442600 3014200 1548 490.9 0 -60
C10-46 442750 3014250 1592 374.0 0 -60
C10-47 442800 3014150 1600 285.0 0 -60
C10-48 442549 3014100 1574 500.0 0 -60
Phase 2 drilling began January 12, 2010 and 42 holes have been drilled to date (15,000 meters, with two holes in progress) to follow up on 2009 Phase 1 drill results (reported in November 03, 2009 news release). HD Drilling, Mazatlan, Mexico has two core rigs on site drilling 24 hours a day.
Pozo de Plata Diatreme Complex
Phase 2 grid drilling is on 50 m centers and has offset the discovery hole C09-5 in an area that measures about 350m north south and 300 m east west with coherent Ag, Au, Zn, Pb drill intercepts often at, or near the surface to vertical depths of 300 m. To date 27 core holes have been drilled in the zone with assays returned from ALS Chemex Labs for 17 complete holes.
Ag, Au, Zn, Pb values are associated with fine to coarse grained, intergrown galena, sphalerite and very fine grained, possibly silver sulfides within diatreme breccia and discordant felsic breccia dikes that are also ultimately incorporated into the diatreme breccia. Newly discovered higher grade manto replacement mineralization is nearly massive and comprised of intergrown coarse galena and sphalerite, with accessory pyrite after limestone blocks and septa within the Diatreme. The mineralized zone remains open north, west and southwest, but may be closed off to the east by late mineral, dacite dikes and barren limestone encountered in holes C10-24 (Table 1) and C10-47 (assays pending).
Josephine Mine Diatreme - Southeast Extension
Holes C10-23, 25, 32 and 45 were drilled along an east west drill fence on 150 m hole centers to test for mineralized diatreme breccia at depth (Table 2). Holes 23 and 32 have returned several wide intervals of mineralization 300 m and 450 m (respectively) east of the Pozo de Plata drill grid that are hosted in Tertiary dacite breccia dikes, vein zones and mineralized diatreme breccia as projected (including 116 m grading 122 g/T Ag equivalents from 300 to 416 m in hole C10-23) (Tables 1 and 2). Hole 25 intersected rhyolite with several narrow intervals of mineralization and does not connect up the zones. Additional drilling is required to define the limits of the Josephina mineralization and completely test the areas between the zones. Assays for hole 45 are pending
Airborne Geophysics
This week Aeroquest of Mississauga, Ontario, Canada is mobilizing to Cordero to fly a combined airborne magnetic, EM, and radiometric survey to cover the entire Cordero Porphyry Belt, which now includes six known intrusive centers, including three diatreme complexes aligned within a northeast trending belt 15 km on strike and 3-5 km wide, and is covered by the Levon lands.
"With our continuing drill success, we intend to accelerate the programs as long as the drill results warrant, in order to realize the full discovery potential of the Cordero Porphyry Belt we are defining. In large bulk tonnage systems like Penasquito, which we believe is directly analogous, the mineralized geology should meet or exceed expectations and the test of the drill"... comments Ron Tremblay, President and CEO, Levon Resources. "Our immediate goal is to find additional outlying mineralization similar to the Pozo de Plata Diatreme discovery in diatreme complexes we have identified in Dos Mil Diez and the Molena de Viento Caldera Diatreme Complex that require offset grid drilling. We now know Cordero is a strong mineralized system and we need to see how far it goes, particularly to the southwest" adds Vic Chevillon, VP Exploration, Levon.
QA/QC Procedures and Reporting Parameters
HQ diameter core samples were collected in continuous two-metre lengths, from sawed core. Some core that appears barren has been split, not sawed. All of the samples mentioned in this release were transported to, prepared and analyzed by ALS Chemex at its labs in Chihuahua, Mexico, and Vancouver, Canada. 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. 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.
The project is under the direct supervision of Vic Chevillon, MA, CPG, Levon's Vice-President of exploration. 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 company to AMEC. Vic Chevillon who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
On the corporate level, after many years of service to Levon, Director Florian Riedl-Riedenstein has retired from the Board of Directors for personal reasons. Levon thanks Florian for his insight and leadership over the years.
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 Las Mesas gold-silver-lead-zinc project, Durango, 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.
For further information contact Levon Resources Ltd. at (604) 682-3701 begin_of_the_skype_highlighting (604) 682-3701 end_of_the_skype_highlighting, or log onto our website www.levon.com
LEVON RESOURCES LTD.
"Ron Tremblay"
____________________________________
Ron Tremblay
President and CEO
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. 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.
You can view the Previous News Releases item: Wed Apr 7, 2010, LEVON'S PHASE 2 DRILLING AT CORDERO PROJECT, MEXICO RETURNS 260 METRES GRADING 45.8 G/T SILVER, 0.34 G/T GOLD, 0.44% ZINC AND 0.61 % LEAD
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