I hate switching on GPS to use Cortana on my Lumia 520. About 30% battery goes with one hour of location services on. I hope that in Windows 10 we can access Cortana without switching on location (like Google Now) and make the phone more efficient.
Try disabling Location inside some other Apps that may be using it. 30% battery in one hour is way outside my experience with 520 and 521. I've always kept my Location on, but only let Apps use it that really need it...
You may have some other issue going on. Have you tried a Soft Reset? Are you maybe just turning Location on and then using the heck out of Cortana and some other Apps?
If Cortana is just in the background it should not be constantly pinging your Location so hard that it sucks 30% battery an hour.
There most likely is some other problem that needs to be addressed.
<edit> At a guess, are you using the Preview for Developers? There are many threads around about rapid battery drain on P4D...
You may just want to make a back up and use Lumia Software Recovery Tool to go back to Official, especially with Denim out or about to be out for your 520 (depending on location). Again... That P4D is known for hitting the battery on a lot of builds/models.