Alhambra Begins Drilling at Dombraly
Mon Aug 30, 8:30 AM
ca.news.finance.yahoo.com
CALGARY, ALBERTA--(Marketwire - Aug. 30, 2010) - Alhambra Resources Ltd. (TSX VENTURE: ALH.V)(PINK SHEETS: AHBRF.PK)(FRANKFURT:A4Y) ("Alhambra" or the "Corporation") is pleased to announce that it has begun its summer drilling program on its 100% owned Dombraly Zone ("Dombraly") (see location map, Figure 1).
The objective of the 2010 exploration program at Dombraly is to continue core and non-core drilling on the oxide and sulphide zones of gold mineralization, to test the depth extensions of the known zones of gold mineralization, to locate new zones of gold mineralization in close proximity to Dombraly and to validate the gold mineralization and grade of the former stockpile and open pit back-fill. Alhambra's focus is to further define the extent and continuity of the gold mineralization at Dombraly, leading to a National Instrument ("NI") 43-101 compliant resource estimate (see News Release dated May 10, 2010). As such, Alhambra has engaged the independent geological and mining consultants, ACA Howe International Limited on the drilling program in preparation for the resource estimate.
Mr. John J. Komarnicki, Alhambra's Chairman and Chief Executive Officer stated, "Dombraly is one of our 2010 exploration targets and we are very excited about this drilling program as it will allow us to reclassify our old Soviet resource and reserve data which has been acknowledged by the Kazakhstan State Reserve Committee into a western compliant NI 43-101 resource estimate, as it should."
The drilling program at Dombraly commenced the week of August 23, 2010 and will consist of approximately 8,900 meters ("m") of core and non-core drilling. The three different types of drilling which will be conducted and the approximate meterages are as follows:
-- 3,500 m of diamond drilling,
-- 4,400 m of rotary air-blast ("RAB") drilling, and
-- 1,000 m of reverse-circulation ("RC") drilling.
Approximately 2,000 m of the planned 3,500 m of diamond drilling will be drilled at the northern flank of the Dombraly main zone of gold mineralization (see Figure 2). As previously reported, this area shows a mineralized zone intersected by diamond drilling up to 27 m wide averaging 5.98 grams per tonne gold ("g/t Au") plunging to the north. A possible extension of the shallow oxide mineralization to the north will also be targeted. Diamond drill holes totaling approximately 1,500 m will be drilled just south of the known zones of gold mineralization where the gold mineralization is open-ended. This drilling will aid in outlining the possible continuation of the gold mineralization.
RAB drilling of a gold mineralized zone south of the stockpile as well as another possible mineralized zone located about 1 kilometre northeast of the open pit is planned to follow-up gold anomalies in both rock and soil. Previously reported grab rock samples in these areas returned up to 5.6 g/t Au (see Figure 2).
The gold mineralization of the existing stockpile and associated open pit back-fill generated by a small mining cooperative in the mid 1980s will be drilled via RC drilling to validate and reclassify Soviet resource and reserve data which, Alhambra anticipates, will be included in the NI 43-101 resource estimate (Note: Soviet resources and reserves are not compliant with NI 43-101 and although meaningful, no resources or reserves have been, to date, defined at Dombraly).
Alhambra will announce the results of this drill program upon receipt and interpretation of drill assays.
As a part of Alhambra's 11,000 square kilometre mineral license on the Central Asia-Chinese Altayshan Gold Belt traversing northern Kazakhstan, the Corporation controls at least 50 kilometres ("kms") of a rapidly emerging significant gold trend that extends from the gold mineralization exposed at North Balusty in the north to Shirotnaia in the south and includes the Dombraly gold deposit and gold mineralization exposed at Kerbay (see Figure 3 and previous news releases made by Alhambra regarding North Balusty, Shirotnaia and Kerbay). This gold trend extends south of Alhambra's license and hosts the multi-million ounce Aksu and Quartzite Hills gold deposits held by KazakhGold Group Limited located approximately 3 kms southeast of Alhambra's Shirotnaia Project.
ABOUT DOMBRALY
Dombraly is one of Alhambra's 2010 drilling targets within the Corporation's 100% owned, 2.7 million acre, Uzboy Project located in north central Kazakhstan (see location map, Figure 1). Dombraly is located approximately 90 kms southeast of Alhambra's Uzboy gold deposit and 60 kms north of the city of Stepnogorsk, Alhambra's Kazakhstan operating base. It is a former producing open pit gold mine.
ABOUT ALHAMBRA
Alhambra is a Canadian based international exploration and gold production corporation celebrating its eighth year of operations in the Republic of Kazakhstan. Alhambra holds exploration and exploitation rights to a 2.7 million acre (11,000 km2), 100% owned, license called the Uzboy Project, located in the prolific Charsk Gold Belt which hosts numerous world-class gold deposits. Over 100 mineral targets, including 5 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.
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.
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, statements concerning the anticipated exploration drilling program and other factors or events described in this news release should be reviewed as forward-looking statements to the extent they involve estimates thereof.
Such forward looking statements including but without limitation, future investment decisions regarding securities of the Corporation 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, costs and timing of exploration, inability to reclassify Soviet resources and reserves and outline the continuity of gold mineralization, availability of capital to fund exploration; political, social and other risks inherent in carrying on business in a foreign jurisdiction, the effects of a recessionary economy 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 events or results to differ materially from those described in forward-looking statements, there may be factors that cause actions, events or results not to be as anticipated, estimated of 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 should these beliefs, estimates and opinions or other circumstances change, except as required by applicable law. Investors are cautioned that such forward-looking statements involve risks and uncertainties. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
To view Figures associated with this press release, please visit the following link: media3.marketwire.com
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
Ihor P. Wasylkiw
Alhambra Resources Ltd.
VP & Chief Information Officer
+1 (403) 508-4953
John J. Komarnicki
Alhambra Resources Ltd.
Chairman & CEO
+1 (403) 228-2855
+1 (403) 228-2865 (FAX)
www.alhambraresources.com |
