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| Last: CDN$1.090 | Last: €0.820 | Last: US$1.050 |
Projects
Cordero Property
Norma Sass Property
Ruf Claims
Eagle Claims
Las Mesas Project
Congress Property
BRX / Wayside Claims
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Grass Roots Property Near Silver Standard's Pitarilla Project
Overview
Las Mesas is located in the state of Durango, Mexico near the well-known silver districts of Magistral del Oro and Indé. The property lies 45 km WNW of Silver Standard Resources' large Pitarilla Project (800,000 oz Ag in the preproduction and development feasibility stage).
Las Mesas is a large grassroots project centered on an altered portion of a NNW trending regional fault zone with an associated magnetic anomaly interpreted as a buried, mineralized intrusive center localized by the fault, beneath altered volcanics.
There are no historical prospects on the property. Las Mesas was identified by modern geologic reconnaissance mapping and initial rock chip sampling as part of a regional program in Durango conducted by La Cuesta International, Inc (LCI), who has a well known grassroots discovery track record (La Pitarrilla, Camino Rojo and others). The Las Mesas anomalies are within a central, 8 km long iron stained and altered area along the fault zone that requires additional mapping, rock sampling and follow-up.
Agreement with LCI to Acquire 100% Interest
In March, 2010, Levon entered into an option agreement with LCI to acquire 100% of the project. (See Agreement Details.) LCI includes Perry Durning and Bud Hillemeyer, exploration geologists who have conducted successful grassroots generative exploration in Mexico for the past 16 years. This team has made a number of deposit discoveries which have been developed into mines on the claims they staked.
Prospecting for Bulk Tonnage Drill Targets
Through the agreement, Levon will fund LCI's continued prospecting of the property, teamed with Levon's geologists, to identify drill targets for large scale, high grade and/or bulk tonnage Au, Ag, Pb, Zn deposits.
Background and Geology
LCI discovered unprospected alteration areas and mineralized outcrops at las Mesas that are interpreted as the surface expression of a robust mineralized hydrothermal system beneath the Upper Volcanic Sequence rhyolites of the region. Subsequent and independent of LCI's field work, reinterpretation of the government aeromagnetic data by Fritz Geophysics indicated the presence of a large, dike-like body intruded at depth along the Las Mesas fault. Surface alteration and geochemically anomalous mineralization is controlled by major northwest-trending faults creating a series of half grabens in the Peña and Ignacio Manuel Altamirano area. The faults cut Neogene age rhyolite tuff (ignimbrite), and the grabens are locally sites of felsic domes and basalt volcanism.
LCI identified weak-to-moderate silicification and argillic alteration for over 8 km of strike along the footwall of the northwest-trending, regional Las Mesas fault zone. LCI projects the alteration in the basal units of the Upper Volcanic Sequence rhyolite section may represent leakage from the waning stages of a robust mineral system (perhaps related to buried felsic intrusions) entirely preserved at depth and covered by post-mineral rhyolites and basin-fill conglomerates.
Agreement Details
The Lease Option to Purchase Agreement with LCI includes consulting service payments and staged, advanced royalty cash payments. Also 50,000 shares of Levon stock will be transferred to LCI to proceed beyond August 1, 2011 or on initiation of drilling, whichever comes first. Both companies have calibrated land payments to not be onerous, reflecting the early exploration stage of the project and to ensure maximum, in-ground exploration expenditures. If the LCI 100% owned property proceeds through the discovery stage and a mine is developed, LCI retains a 1 % NSR. Levon can purchase the property and the LCI NSR outright for a cash payment of USD$5,000,000. If Levon terminates the project, all data and the property will be returned to LCI unencumbered.
For further information, please view the Las Mesas Presentation.
 Click to enlarge |
| Location: | State of Durango, Mexico |
| Area: | 24,732 hectares (61,114 acres) |
| Minerals: | Gold, silver, lead, zinc |
| Ownership: | Option to purchase 100% |
| Status: | Grass roots exploration |
Overview
Las Mesas is located in the state of Durango, Mexico near the well-known silver districts of Magistral del Oro and Indé. The property lies 45 km WNW of Silver Standard Resources' large Pitarilla Project (800,000 oz Ag in the preproduction and development feasibility stage).
Las Mesas is a large grassroots project centered on an altered portion of a NNW trending regional fault zone with an associated magnetic anomaly interpreted as a buried, mineralized intrusive center localized by the fault, beneath altered volcanics.
There are no historical prospects on the property. Las Mesas was identified by modern geologic reconnaissance mapping and initial rock chip sampling as part of a regional program in Durango conducted by La Cuesta International, Inc (LCI), who has a well known grassroots discovery track record (La Pitarrilla, Camino Rojo and others). The Las Mesas anomalies are within a central, 8 km long iron stained and altered area along the fault zone that requires additional mapping, rock sampling and follow-up.
Agreement with LCI to Acquire 100% Interest
In March, 2010, Levon entered into an option agreement with LCI to acquire 100% of the project. (See Agreement Details.) LCI includes Perry Durning and Bud Hillemeyer, exploration geologists who have conducted successful grassroots generative exploration in Mexico for the past 16 years. This team has made a number of deposit discoveries which have been developed into mines on the claims they staked.
Prospecting for Bulk Tonnage Drill Targets
Through the agreement, Levon will fund LCI's continued prospecting of the property, teamed with Levon's geologists, to identify drill targets for large scale, high grade and/or bulk tonnage Au, Ag, Pb, Zn deposits.
Background and Geology
LCI discovered unprospected alteration areas and mineralized outcrops at las Mesas that are interpreted as the surface expression of a robust mineralized hydrothermal system beneath the Upper Volcanic Sequence rhyolites of the region. Subsequent and independent of LCI's field work, reinterpretation of the government aeromagnetic data by Fritz Geophysics indicated the presence of a large, dike-like body intruded at depth along the Las Mesas fault. Surface alteration and geochemically anomalous mineralization is controlled by major northwest-trending faults creating a series of half grabens in the Peña and Ignacio Manuel Altamirano area. The faults cut Neogene age rhyolite tuff (ignimbrite), and the grabens are locally sites of felsic domes and basalt volcanism.
LCI identified weak-to-moderate silicification and argillic alteration for over 8 km of strike along the footwall of the northwest-trending, regional Las Mesas fault zone. LCI projects the alteration in the basal units of the Upper Volcanic Sequence rhyolite section may represent leakage from the waning stages of a robust mineral system (perhaps related to buried felsic intrusions) entirely preserved at depth and covered by post-mineral rhyolites and basin-fill conglomerates.
Agreement Details
The Lease Option to Purchase Agreement with LCI includes consulting service payments and staged, advanced royalty cash payments. Also 50,000 shares of Levon stock will be transferred to LCI to proceed beyond August 1, 2011 or on initiation of drilling, whichever comes first. Both companies have calibrated land payments to not be onerous, reflecting the early exploration stage of the project and to ensure maximum, in-ground exploration expenditures. If the LCI 100% owned property proceeds through the discovery stage and a mine is developed, LCI retains a 1 % NSR. Levon can purchase the property and the LCI NSR outright for a cash payment of USD$5,000,000. If Levon terminates the project, all data and the property will be returned to LCI unencumbered.
For further information, please view the Las Mesas Presentation.
