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Alhambra Expands Shirotnaia Discovery and Drills 135.6 Metres at 1.12 g/t Gold

Date : 11/14/2012 @ 7:00PM
Source : Marketwired
Stock : Alhambra Resources Ltd. (A4Y)
Quote : 0.597  0.0 (0.00%) @ 9:20AM
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Alhambra Expands Shirotnaia Discovery and Drills 135.6 Metres at 1.12 g/t Gold

Alhambra Resources Ltd. (XE:575629)
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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.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.

Contacts: 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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