jimmyt,
I have seen leaks fixed by the core trench method you described if the leak was due to water leaking under the dam. This is almost always a new pond that was not properly cored when built. A pond that has held water for 20 years and suddenly starts leaking seems like something else. I would be looking for causes such as a leaking drain structure, dead or removed trees that were on or near the levee, etc. If you are in a historically rare drought it could also be that a spring that formally supplied water to your pond has dried up and possibly collapsed and is now draining water away from the pond. If that is the case you may need to see the pond bottom to find the problem. I have found no "one cure fits all" for leaks. They often take quite a bit of investigating from an experienced pond builder.