Alhambra Resources Ltd. (TSX VENTURE:ALH) ("Alhambra" or the "Corporation"), an
international gold explorer and producer, announces that the Corporation has
received the results of an initial independent National Instrument ("NI") 43-101
gold resource estimate (the "Estimate") for Alhambra's 100% owned Dombraly gold
deposit ("Dombraly"). Dombraly 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).
The Estimate was prepared by ACA Howe International UK ("ACA Howe") and
Micromine Consulting Services UK ("MCS"). The Estimate includes all exploration
data up to December 31, 2010. The final technical report will be filed within
the regulatory required 45 days on SEDAR at www.sedar.com and will be posted on
the Corporation's website.
HIGHLIGHTS
-- The Estimate represents the maiden NI 43-101 gold resource estimate for
the Dombraly project,
-- 301,000 ounces ("ozs") of Inferred current mineral resources contained
in 9.3 million tonnes grading 1.01 grams per tonne gold ("g/t Au") have
been identified (see Table 1),
-- An additional 22,000 ozs of Indicated current mineral resources
contained in 0.60 million tonnes grading 1.22 g/t Au were identified
(see Table 1).
The Estimate, as summarized in Table 1, includes the results of 23 diamond drill
holes (5,835 metres ("m")) and 37 reverse circulation ("RC") holes (880 metres).
Due to the timing of the Estimate, the Estimate does not incorporate the
analytical results for the 32 hole (5,528 m) core drilling program which was
completed at the end of October 2011. These drill samples are in the process of
being assayed at the Stewart laboratory in Kyrgyzstan and will be news released
once assayed and interpreted.
Mr. John J. Komarnicki, Alhambra's Chairman and Chief Executive Officer stated,
"We are pleased with the result of this initial resource estimate given that it
is based on limited drilling data. Once the assay results from the 2011 drilling
program have been received, we will then be able to formalize our next steps in
identify additional resources at Dombraly."
RESOURCE ESTIMATE HIGHLIGHTS
The reader's attention is drawn to the following Canadian Institute of Mining
and Metallurgy ("CIM") definitions:
'Inferred Mineral Resource' is that part of a Mineral Resource for which
quantity and grade or quality can be estimated on the basis of geological
evidence and limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based on limited information
and sampling gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes.
An 'Indicated Mineral Resource' is that part of a Mineral Resource for which
quantity, grade or quality, densities, shape and physical characteristics, can
be estimated with a level of confidence sufficient to allow the appropriate
application of technical and economic parameters, to support mine planning and
evaluation of the economic viability of the deposit. The estimate is based on
detailed and reliable exploration and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes that are spaced closely enough for geological and grade
continuity to be reasonably assumed.
NI 43-101 requires it to be stated that mineral resources that are not mineral
reserves do not have demonstrated economic viability.
The Estimate was prepared by ACA Howe International UK ("ACA Howe") and
Micromine Consulting Services UK ("MCS") and has an effective date of November
27, 2011. Contributors to the preparation of the Estimate included Mr. J.N. Hogg
MSc., MAIG, Senior Geologist with MCS and Mr. L. McGarry BSc., FGS, Geologist
with ACA Howe. Inputs for economic cut-off calculations for resource reporting
were prepared by Mr. B. S. Brady, P.Eng., Senior Associate Mining Engineer with
ACA Howe, in consultation with his senior colleagues.
The in-situ gold mineralization at Dombraly is hosted in a sequence of volcanics
and sediments that have been oxidized to an average depth of 90 metres ("m")
which is underlain by primary sulphide hosted gold mineralization. A thin
transition zone, which also hosts gold mineralization, occurs between the oxide
and primary (being un-oxidized sulphide) zones of gold mineralization. Due to
the various styles of gold mineralization, ACA Howe estimated the natural
cut-off grade for the oxide and primary styles of gold mineralization.
Table 1 - Dombraly Resource Estimate (using natural cut-off grades of 0.13
g/t Au, 0.1 g/t Au and 0.2 g/t Au for the low grade stockpile, pit infill
and in-situ mineralized zones respectively):
----------------------------------------------------------------------------
Resource Category Tonnes Grade (g/t) Ounces
----------------------------------------------------------------------------
Indicated 559,000 1.22 22,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 9,317,000 1.01 301,000
----------------------------------------------------------------------------
ACA Howe and MCS completed studies according to NI 43-101 and best practice
guidelines. Resource modeling and estimations being completed used the industry
accepted Micromine 2012, 3d modeling software package.
Indicated category resources are reported to be contained in the low grade
stockpile and pit infill. Of the 301,000 ozs in the Inferred resource category,
143,000 ozs (48%) are reported to be contained in the oxide material. Primary
material accounts for 132,000 ozs (44%) while the remaining 24,000 ozs (8%) is
transitional material.
Dombraly mineralization is comprised of a low grade stockpile, pit infill zone
and in-situ structurally controlled mineralization types. Mineralization was
modeled using natural cut-off grades of 0.13 g/t Au, 0.1g/t Au and 0.2g/t Au for
the low grade stockpile, pit infill zone and in-situ mineralized zones
respectively.
Several mineralized domains were modeled for this Estimate, namely:
-- Low grade stockpile
-- Pit infill material
-- In-situ near surface oxide Au domain
-- Ten in-situ mineralized structure domains
For this Estimate, grade interpolation was performed using the inverse distance
weighted method. Resources are reported using an economic marginal cut-off,
determined by use of simple block revenue factor methodology and a two year
trailing average gold input price.
Tables 2 and 3 as noted below set out the Dombraly Estimate for oxide,
transitional and primary gold material types by category and material type as
reported by ACA Howe and MCS at various cut-offs.
Table 2 - Dombraly Resource Estimate (at various cut-off grades for oxide,
transitional and primary zones respectively):
----------------------------------------------------------------------------
Tonnes Au Au Au
-----------------------------------------------------
CUT-OFF MATERIAL t g/t g Oz
----------------------------------------------------------------------------
0.3 Oxide 4,404,000 1.14 5,006,000 161,000
----------------------------------------------------------------------------
0.3 Transitional 588,000 1.25 735,000 24,000
----------------------------------------------------------------------------
0.3 Primary 3,410,000 1.18 4,036,000 130,000
----------------------------------------------------------------------------
0.3 TOTAL 8,402,000 1.16 9,777,000 315,000
----------------------------------------------------------------------------
0.2 Oxide 4,829,000 1.06 5,112,000 164,000
----------------------------------------------------------------------------
0.2 Transitional 646,000 1.16 749,000 24,000
----------------------------------------------------------------------------
0.2 Primary 3,671,000 1.12 4,099,000 132,000
----------------------------------------------------------------------------
0.2 TOTAL 9,146,000 1.09 9,960,000 320,000
----------------------------------------------------------------------------
0.1 Oxide 5,158,000 1.00 5,160,000 166,000
----------------------------------------------------------------------------
0.1 Transitional 715,000 1.06 758,000 24,000
----------------------------------------------------------------------------
0.1 Primary 4,003,000 1.04 4,143,000 133,000
----------------------------------------------------------------------------
0.1 TOTAL 9,876,000 1.02 10,061,000 323,000
----------------------------------------------------------------------------
Table 3 - Dombraly Resource Estimate (using cut-off grades of 0.10 g/t Au
and 0.20 g/t Au for the low grade stockpile, pit infill and in-situ
mineralized zones respectively):
----------------------------------------------------------------------------
Low grade stockpile Total Resources
----------------------------------------------------------------------------
Tonnes Au(3) Au Au
----------------------------------------
CUT-OFF(1) MATERIAL CLASS(2) t g/t g Oz
----------------------------------------------------------------------------
Indicated 473,000 1.26 597,000 19,000
---------- ----------------------------------------------------
0.10 g/t Oxide Inferred 963,000 1.07 1,033,000 33,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Pit Infill Total Resources
----------------------------------------------------------------------------
Tonnes Au(3) Au Au
----------------------------------------
CUT-OFF(1) MATERIAL CLASS(2) t g/t g Oz
----------------------------------------------------------------------------
Indicated 86,000 0.97 83,000 3,000
---------- ----------------------------------------------------
0.20 g/t Oxide Inferred 908,000 0.82 747,000 24,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
In-situ Total Resources
----------------------------------------------------------------------------
Tonnes Au(3) Au Au
----------------------------------------
CUT-OFF(1) MATERIAL CLASS(2) t g/t g Oz
----------------------------------------------------------------------------
0.10 g/t Oxide Inferred 2,700,000 0.99 2,700,000 87,000
----------------------------------------------------------------------------
0.20 g/t Transitional Inferred 646,000 1.16 750,000 24,000
----------------------------------------------------------------------------
0.20 g/t Primary Inferred 3,671,000 1.12 4,099,000 132,000
----------------------------------------------------------------------------
0.10 g/t Total Inferred 7,446,000 1.02 7,601,000 244,000
----------------------------------------------------------------------------
(1) Cut-off value used here represents economic cut-off determined from
block revenue factor calculation methodology and input gold price of
US$1,394/oz.
(2) Class represents resource category under CIM and Joint Ore Reserves
Committee ("JORC") reporting guidelines.
(3) Top cuts of 10 g/t Au and 6 g/t Au have been applied to in situ domains
A and F gold assay data respectively. Top cuts of 10 g/t Au and 5 g/t Au
applied to waste dump (lower), and pit infill domains respectively.
ACA Howe and MCS reported resources using economically derived cut-off grades
from simple block revenue factor methodology. Cut-off grades used for reporting
are 0.1 g/t Au for oxide material, and 0.2 g/t Au for transitional and primary
material types respectively.
Inputs for oxide material are based upon actual mining cost data from Alhambra's
nearby 100% owned Uzboy open pit operation audited by ACA Howe, and estimated
costs for transitional and primary material taken from recent Preliminary
Economic Assessment ("PEA") studies undertaken on Uzboy.
Key input data for cut-off calculation include:
-- Gold price - US$1,394/oz
-- Mining Method - open pit
-- Oxide processing method - heap leach
-- Transitional and primary processing method - gravity carbon in leach
("CIL")
-- Recovery - Oxide 70%; Transitional/Primary 85%
-- Oxide mining cost - US$1.00/tonne (low grade stockpile and pit
infill)/US$1.70/tonne (in-situ)
-- Transitional and Primary mining costs - US$1.95/tonne
-- Processing costs - US$3.85/tonne (oxide), US$6.47/tonne (transitional
and primary)
Based on the geological model, exploration grid, search ellipsoid ranges,
composite sizes and mining method, the data used in the Estimate was block
modeled with a block size of 5 metres ("m") x 10 m x 5 m for the in-situ
mineralization and 5 m x 5 m x 5 m for pit infill and low grade stockpile.
The gold grade was interpolated into the block model on a domain basis as the
assay results for Dombraly were composited to 1 m intervals. Top cuts were
applied and inverse distance weighted method of interpolation technique was used
at different search radius until all blocks with each domain received an
interpolated grade.
At the end of 2011, the gold mineralization at Dombraly was open in all
directions. Extensions of the zones were drilled in 2011 and the assay results
are pending.
Saga Creek Gold Corporation LLP ("Saga Creek"), a 100% owned subsidiary of the
Corporation, is responsible for the exploration activities conducted on
Dombraly. Saga Creek employs approximately 320 people in its exploration and
mining related activities and contributes significantly to the local economy.
Mr. J.N. Hogg, MSc., MAIG, Senior Geologist and Qualified Person with MCS and
Mr. J.G. Langlands, BSc, FGS, FIMMM, CEng., Principal Geologist and Qualified
Person with ACA Howe, have reviewed and approve the technical information
contained in this news release.
Elmer B. Stewart, MSc., P. Geol., a technical consultant, is the Corporation's
nominated Qualified Person. Mr. Stewart has reviewed the technical information
contained in this news release.
(i)United States investors are advised that current Mineral Resources are not
current Mineral Reserves and do not have demonstrated economic viability. All
figures are rounded to reflect the relative accuracy of the estimate and in
keeping with "best practice principles".
ABOUT ALHAMBRA
Alhambra is a Canadian based international exploration and gold production
corporation with operations in the Republic of Kazakhstan. 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 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 the
additional assays from the 2011 drilling program or the formalizing next steps
will identify additional resources 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 differentfrom any future results, performance
or achievements expressed or implied by such forward-looking statements. Such
risks and other factors include, among others, identifying additional resources,
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.
To view Figure 1 - Uzboy Project - Location Map, please visit the following
link: http://media3.marketwire.com/docs/207alh_fig1.pdf
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