Alhambra Resources Ltd. (TSX VENTURE:ALH)(PINKSHEETS:AHBRF)(FRANKFURT:A4Y)
("Alhambra" or the "Corporation"), an international gold producer and explorer,
announces assay results for eight of 18 diamond drill holes ("DDH") completed at
its 100% owned Shirotnaia Gold Project ("Shirotnaia"). Diamond drilling has
intersected higher-grade gold mineralization (+1.0 grams per tonne gold ("g/t
Au")) over core intervals ranging from 6.4 metres ("m') to 135.6 m (down-hole).
These higher-grade intervals define a core gold mineralization zone interpreted
to be at least 1,200 m long enveloped by an aureole of lower grade (less than
1.0 g/t) gold mineralization with dimensions of 1,800 m by 750 m which remains
open in three directions and at depth. This release includes one of the best
drill holes to date on the project which entered strong mineralization from
surface and retuned an interval of 135.6 m averaging 1.12 g/t Au.
Shirotnaia is one of three advanced exploration project areas Alhambra is
exploring within its 9,800 square kilometre ("km2") (2.4 million acre) Uzboy
Gold Project located in north central Kazakhstan (see location map, Figure 1).
Shirotnaia is immediately adjacent to the multi-million ounce Aksu and Quartzite
Hills gold deposits currently being mined by KazakhGold Group Limited
("KazakhGold").
HIGHLIGHTS
-- The best mineralization intersected included: 1.12 g/t Au over 135.6 m,
1.47 g/t Au over 27.4 m, 1.73 g/t over 17.5 m and 1.56 g/t Au over 18.2
m,
-- Gold mineralization in the area is now outlined by four higher grade
(+1.0 g/t Au) zones, one measuring about 1,200 m in length and 6.4 m to
135.6 m in width (down-hole).
-- Seven of the holes returned intercepts with gold grades greater than 1.0
g/t Au and in four of the holes these grade intervals have core lengths
greater than 6.0 m,
-- 38 mineralized intervals (of variable widths) with gold grades of
greater than 0.2 g/t Au were intersected in the eight holes assayed (see
Table 1).
Mr. John J. Komarnicki, Alhambra's Chairman and Chief Executive Officer stated,
"These latest Shirotnaia results are very encouraging. The presence of 100
gram-meter intervals of gold from surface is a strong indication of upside
potential for Shirotnaia. We are now delivering considerable thickness of
potentially economic grades in several areas, and the strike length for this
higher-grade zone is now over a kilometre. We expect to see the Shirotnaia
resource grow and the grade to improve as our technical team continues with
exploration drilling. The Shirotnaia deposit is likely to be a significant gold
system on a standalone basis, and it is just one of a number of targets Alhambra
will advance over the next year."
DRILLING PROGRAM SUMMARY
The 2012 diamond drilling program consisted of 18 core holes totaling 3,691 m.
The average depth of the holes was 205 m. Of the 18 holes completed, assay
results for eight holes totaling 1,408 m have been received and are being
reported (see Table 1 and Figures 2 and 3).
The assay results for the remaining 10 core holes will be reported once the
remaining assay results have been received and are interpreted.
The objective of this core drilling program was to confirm and extend the
previously identified higher grade gold mineralization zones along strike and to
depth (see News Releases dated March 10, 2010 and April 28, 2011). This
objective was achieved. The geological model of the Shirotnaia gold
mineralization includes an interpreted higher grade (+1.0 g/t Au) zone that is
about 1,200 m long and ranges from 6.5 m to 25.0 m wide. Several parallel zones
of gold mineralization have been intersected next to the main zone of
higher-grade gold mineralization (see Figure 2). The higher-grade core is
interpreted to have more of an E-W strike than the broader mineralized zone,
which is orientated NE-SW. The higher grades are probably controlled by shear
zones and are generally related to pervasively silicified rocks. The mineralized
zone dips generally to the NW at an angle of 60 degrees to 70 degrees,
steepening on the southwest limb. There are several NW trending offsets in the
lodes that exhibit much steeper plunges, which host the richest and widest
intervals of mineralization.
These significant new results reflect the benefits of the structural geology and
comprehensive geological modeling that have been underway. This work continues
in order to further improve understanding of grade controls. It is expected that
future drill targeting will benefit from these results.
The fact that these intervals of +1.0 g/t Au mineralization cluster into several
parallel trends is a strong indicator of mineralization continuity.
The most significant intervals that were received are summarized in more detail
below:
The best mineralized interval reported was in DDH 28-09 which yielded 135.6 m @
1.12 g/t Au from surface and 18.2 m @ 1.56 g/t Au (including 11.2 m @ 2.26 g/t
Au). This hole also bottomed in mineralization at 210.0 m. The broad
intersection at the top of this hole identified a NW striking jog of the main
higher-grade zone, possibly drilling along the long axis of a newly discovered
lode. The second intercept extended the main zone itself by 50 m down dip (see
Figure 3).
DDH 32-03 targeted the southern parallel higher-grade zone and successfully
extended it with 40 m along strike to the NE. The best mineralized interval from
this hole returned 27.4 m @ 1.47 g/t Au.
DDH 92-09 successfully extended the northern parallel higher-grade zone by about
60 m in depth. The best mineralized interval from DDH 92-09 returned 17.5 m @
1.73 g/t Au (including 8.90 m @ 2.63 g/t Au).
DDH 24-04, situated 90 m south of the main zone, identified another fragment of
a higher grade zone parallel to the main zone with an intercept of 6.4 m @ 1.26
g/t Au.
Table 1 - Summary Drilling Results
---------------------------------------------------------------------------
Inter- Grade Mineral-
Sec- Azi- From To val Au ization
tion DDH# Length muth Dip (m) (m) (m) (g/t) Type
---------------------------------------------------------------------------
92 DDH 92-09 260.2 145 -60 62.60 66.60 4.00 0.63 Sulphide
---------------------------------------------------------------------------
100.00 117.50 17.50 1.73 Sulphide
---------------------------------------------------------------------------
including 100.00 101.60 1.60 3.48 Sulphide
---------------------------------------------------------------------------
and including 108.60 117.50 8.90 2.63 Sulphide
---------------------------------------------------------------------------
including 109.60 112.60 3.00 6.69 Sulphide
---------------------------------------------------------------------------
175.50 181.50 6.00 0.20 Sulphide
---------------------------------------------------------------------------
208.70 211.70 3.00 1.01 Sulphide
---------------------------------------------------------------------------
221.80 226.80 5.00 0.25 Sulphide
---------------------------------------------------------------------------
100 DDH 100-04 150.0 145 -80 1.20 39.30 38.10 0.46Transition
---------------------------------------------------------------------------
including 10.20 12.70 2.50 1.19 Oxide
---------------------------------------------------------------------------
and including 14.70 17.70 3.00 1.12 Oxide
---------------------------------------------------------------------------
92.10 101.10 9.00 0.40 Sulphide
---------------------------------------------------------------------------
117.50 120.50 3.00 0.27 Sulphide
---------------------------------------------------------------------------
145.70 148.90 3.20 0.31 Sulphide
---------------------------------------------------------------------------
24 DDH 24-04 175.5 145 -60 1.20 6.00 4.80 0.23 Oxide
---------------------------------------------------------------------------
15.00 19.00 4.00 0.29 Sulphide
---------------------------------------------------------------------------
39.80 45.10 5.30 0.50 Sulphide
---------------------------------------------------------------------------
50.10 53.10 3.00 0.60 Sulphide
---------------------------------------------------------------------------
59.10 63.10 4.00 0.33 Sulphide
---------------------------------------------------------------------------
66.10 79.60 13.50 0.69 Sulphide
---------------------------------------------------------------------------
including 70.20 76.60 6.40 1.26 Sulphide
---------------------------------------------------------------------------
including 70.20 72.60 2.40 2.59 Sulphide
---------------------------------------------------------------------------
88.00 95.00 7.00 0.33 Sulphide
---------------------------------------------------------------------------
101.00 106.10 5.10 0.71 Sulphide
---------------------------------------------------------------------------
112.00 117.00 5.00 0.63 Sulphide
---------------------------------------------------------------------------
including 112.00 114.00 2.00 1.10 Sulphide
---------------------------------------------------------------------------
32 DDH 32-04 200.5 145 -60 102.30 106.50 4.20 0.34 Sulphide
---------------------------------------------------------------------------
DDH 32-03 132.0 145 -60 8.50 16.10 7.60 0.22 Oxide
---------------------------------------------------------------------------
25.10 54.10 29.00 0.18Transition
---------------------------------------------------------------------------
57.10 129.50 72.40 0.68 Sulphide
---------------------------------------------------------------------------
including 100.10 127.50 27.40 1.47 Sulphide
---------------------------------------------------------------------------
including 100.10 111.10 11.00 2.18 Sulphide
---------------------------------------------------------------------------
and including 116.10 127.50 11.40 1.30 Sulphide
---------------------------------------------------------------------------
28 DDH 28-09 210.0 145 -85 0.00 135.60 135.60 1.12 Sulphide
---------------------------------------------------------------------------
including 8.00 33.60 25.60 1.21Transition
---------------------------------------------------------------------------
and including 52.20 72.20 20.00 1.30 Sulphide
---------------------------------------------------------------------------
and including 81.20 84.20 3.00 2.46 Sulphide
---------------------------------------------------------------------------
and including 93.00 101.80 8.80 3.04 Sulphide
---------------------------------------------------------------------------
and including 107.80 132.60 24.80 1.57 Sulphide
---------------------------------------------------------------------------
141.60 159.80 18.20 1.56 Sulphide
---------------------------------------------------------------------------
including 145.60 156.80 11.20 2.26 Sulphide
---------------------------------------------------------------------------
164.80 168.60 3.80 1.03 Sulphide
---------------------------------------------------------------------------
180.40 210.00 29.60 0.42 Sulphide
---------------------------------------------------------------------------
24 DDH 24-21 149.6 145 -65 21.20 25.20 4.00 0.21Transition
---------------------------------------------------------------------------
28.20 33.20 5.00 0.19Transition
---------------------------------------------------------------------------
65.20 75.00 9.80 0.21 Sulphide
---------------------------------------------------------------------------
77.00 85.50 8.50 0.59 Sulphide
---------------------------------------------------------------------------
including 80.00 83.00 3.00 1.19 Sulphide
---------------------------------------------------------------------------
104.90 106.90 2.00 1.16 Sulphide
---------------------------------------------------------------------------
139.70 143.70 4.00 0.42 Sulphide
---------------------------------------------------------------------------
7 DDH 07-15 130.5 145 -65 22.40 29.00 6.60 0.35 Sulphide
---------------------------------------------------------------------------
32.00 37.40 5.40 0.28 Sulphide
---------------------------------------------------------------------------
41.40 58.40 17.00 0.33 Sulphide
---------------------------------------------------------------------------
including 51.40 55.40 4.00 0.81 Sulphide
---------------------------------------------------------------------------
63.10 81.10 18.00 0.21 Sulphide
---------------------------------------------------------------------------
91.10 104.10 13.00 0.32 Sulphide
---------------------------------------------------------------------------
including 95.10 96.10 1.00 1.79 Sulphide
---------------------------------------------------------------------------
116.10 128.10 12.00 0.23 Sulphide
---------------------------------------------------------------------------
The intervals set out in the above table are not true widths and the assay
results are uncut. Intercepts are calculated using a 0.15 g/t cut-off without
upper cut, and with not more than 2 m of internal waste.
SHIROTNAIA REGIONAL SETTING AND MINERALIZATION
Shirotnaia is just one target within Alhambra's 9,800 km2 mineral license which
is located in the world-class Central Asia-Chinese Altayshan Gold Belt that
sweeps across northern Kazakhstan. This mega-trend of important gold deposits
hosts orogenic type gold deposits, such as Vasilkovskoe, Aksu and Quartzite
Hills. On the eastern side of Alhambra's license, the Corporation controls at
least 50 kilometres ("kms") of an emerging gold trend that extends from North
Balusty south to Shirotnaia and beyond; crossing the southern border of
Alhambra's license. The multi-million ounce Aksu and Quartzite Hills gold
deposits, which are currently being mined by KazakhGold Group Limited are
located approximately three kms southeast of Alhambra's Shirotnaia project area.
Along this trend, Alhambra controls the North Balusty, Dombraly, Kerbay and
Shirotnaia zones of gold mineralization. Shirotnaia and Dombraly are the most
advanced of these targets, but much work remains to be done on this eastern
trend.
At Shirotnaia, gold mineralization consists of several numerous NE-SW to E-W
orientated zones of intensive hydrothermal alterations occurring within a
structurally controlled low grade aureole which is at least 1,800 m long, 750 m
wide and remains open to the north, northeast and southwest as well as at depth.
Four zones of gold mineralization are presently identified in the explored part
of the aureole.
The gold mineralization at Shirotnaia is hosted in a sequence of mostly
dacite-andesitic volcanic and volcaniclastic rocks with rare sediment horizons.
There is an oxidized zone to an average depth from surface of about 20 m and a
transition zone about 16 m thick below that, underlain by primary gold
mineralization.
DRILLING AND SAMPLING PROCEDURES
For the core drilling, an NQ diamond drilling core barrel was utilized and
average core recovery was 100%. The core was split by the drilling contractor
under the supervision of the Corporation's geologists with one half sampled for
assay and another half left for references. Every meter of core was sampled and
the exact borders of the sampling interval were determined according to the
lithological contacts. The average sample weight was 2.6 kilograms.
Sample preparation was completed by Stewart Assay and Environmental Laboratories
located in Kyrgyzstan using the following procedure: samples were crushed to
minus 2 mm, mixed and split into two 200 gram sub-samples. One sub-sample was
pulverized to - 200 mesh and the other sub-sample was retained for reference
purposes. A 30 gram sample of the -200 mesh material was used for fire assay
atomic absorption finish. Stewart Assay and Environmental Laboratories is
independent of Alhambra and is accredited to International Standard Organization
("ISO") 17025 for certain relevant assay methodologies.
QUALITY ASSSURANCE QUALITY CONTROL
The Kyrgyzstan Stewart Assay and Environmental Laboratories, as a part of the
worldwide ALS Group, have stringent quality assurance and quality control
("QA/QC") procedures. Alhambra also follows a rigorous QA/QC program consisting
of inserting standards, blanks and duplicates into the sample stream submitted
to the laboratory for analysis to ensure that the sampling and analysis of all
samples is conducted in accordance with the best possible practices.
Elmer B. Stewart, MSc. P. Geol., a technical consultant, is the Corporation's
nominated Qualified Person. Mr. Stewart has reviewed but not confirmed the
technical information contained in this news release.
ABOUT ALHAMBRA
Alhambra is a Canadian based international exploration and gold production
corporation with NI 43-101 gold resources as per ACA Howe International UK and
Micromine Consulting Services UK as noted below:
----------------------------------------------------------------------------
Measured (M) Indicated (I)
----------------------------------------------------------------------------
Project Grade Grade
----------------------------------------------------------------------------
Tonnes (g/t) Ounces Tonnes (g/t) Ounces
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Uzboy (1) 14,317,200 1.52 700,000 7,009,500 1.22 275,500
----------------------------------------------------------------------------
Dombraly (2) - - 559,000 1.22 22,000
----------------------------------------------------------------------------
Shirotnaia (3) - - 2,900,000 0.76 71,000
----------------------------------------------------------------------------
TOTAL 14,317,200 1.52 700,000 10,468,500 1.09 368,500
----------------------------------------------------------------------------
----------------------------------------------------------------------------
M + I Inferred
----------------------------------------------------------------------------
Project Grade Grade
----------------------------------------------------------------------------
Tonnes (g/t) Ounces Tonnes (g/t) Ounces
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Uzboy (1) 21,326,700 1.42 975,500 11,258,200 1.17 421,700
----------------------------------------------------------------------------
Dombraly (2) 559,000 1.22 22,000 9,317,000 1.01 301,000
----------------------------------------------------------------------------
Shirotnaia (3) 2,900,000 0.76 71,000 34,577,000 0.58 645,000
----------------------------------------------------------------------------
TOTAL 24,785,700 1.34 1,068,500 55,152,200 0.77 1,367,700
----------------------------------------------------------------------------
(1) Effective as of Dec 31/07 as per ACA Howe per news release dated Apr 8/08 at
a 0.40 g/t cut-off.
(2) Effective as of Nov 27/11 as per ACA Howe per news release dated Feb 7/12
using natural cut-off grades of 0.13 g/t, 0.1 g/t and 0.2 g/t for the low grade
stockpile, pit infill and in-situ mineralized zones respectively.
(3) Effective as of Jan 9/12 as per ACA Howe per news release dated Feb 28/12
using cut-off grades of 0.1 g/t for oxide gold mineralization and 0.2 g/t for
transitional and primary gold mineralization respectively.
Alhambra holds exploration and exploitation rights to a 2.4 million acre (9,800
km2), 100% owned license called the Uzboy Project, located in the Northern
Kazakhstan Metallogenic Province, which hosts numerous world-class gold
deposits. Over 100 mineral targets, including three advanced exploration areas,
are contained within the Uzboy Project.
Alhambra common shares trade in Canada on The TSX Venture Exchange under the
symbol ALH, in the United States on the Over-The-Counter Pink Sheets Market
under the symbol AHBRF and in Germany on the Frankfurt Open Market under the
symbol A4Y. The Corporation's website can be accessed at
www.alhambraresources.com.
Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking
statements" as such term is used in applicable Canadian and US securities laws.
These statements relate to analyses and other information that are based on
forecasts of future results, estimates of amounts not yet determinable and
assumptions of management. In particular, there is no certainty that additional
drilling will be conducted nor that additional resources or increased gold grade
will be realized and other factors and events described in this news release
should be viewed as forward-looking statements to the extent that they involve
estimates thereof. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always, using words
or phrases such as "expects" or "does not expect", "is expected", "anticipates"
or "does not anticipate", "plans, "estimates" or "intends", or stating that
certain actions, events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact and should be
viewed as "forward-looking statements". Such forward looking statements involve
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Corporation to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such risks and other factors
include, among others, conducting additional drill programs, identifying
additional resources or increasing gold grade, availability of capital to fund
exploration projects; political, social and other risks inherent in carrying on
business in a foreign jurisdiction and such other business risks as discussed
herein and other publicly filed disclosure documents. Although the Corporation
has attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results not
to be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate as actual results and future events could
vary or differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements contained in this news release.
Forward looking statements are made based on management's beliefs, estimates and
opinions on the date the statements are made and the Corporation undertakes no
obligation to update forward-looking statements and if these beliefs, estimates
and opinions or other circumstances should change, except as required by
applicable law.
This news release contains forward-looking statements based on assumptions,
uncertainties and management's best estimates of future events. When used
herein, words such as "intended" and similar expressions are intended to
identify forward-looking statements. Forward-looking statements are based on
assumptions by and information available to the Corporation. Investors are
cautioned that such forward-looking statements involve risks and uncertainties.
Actual results may differ materially from those currently anticipated. The
forward-looking statements contained herein are expressly qualified by this
cautionary statement.
Note: To view Figures 1, 2 and 3 associated with this release, please click the
following link: http://media3.marketwire.com/docs/alh1114.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Alhambra Resources Ltd.
Ihor P. Wasylkiw
VP & Chief Information Officer
+1 (403) 508-4953
Alhambra Resources Ltd.
John J. Komarnicki
Chairman & CEO
+1 (403) 228-2855
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