CALGARY, April 19 /CNW/ - Alhambra Resources Ltd. (TSX-V: ALH)
("Alhambra" or the "Corporation") is pleased to announce it has received an
independent National Instrument 43-101 ("NI 43-101") compliant report (the
"Dot Report") for its 100% porphyry copper project (the "Dot Property")
located in central British Columbia. A complete copy of the Dot Report has
been filed on Sedar and may be reviewed in its entirety at www.sedar.com.
The Dot Report is entitled "TECHNICAL REPORT ON 2006 GROUND GEOPHYSICAL
PROGRAM AND PREVIOUS EXPLORATION, INCLUDING DIAMOND DRILLING, DOT PROPERTY,
BRITISH COLUMBIA, NICOLA MINING DIVISION." It is dated April 6, 2007 and was
prepared by Aurora Geosciences Limited ("Aurora"). Gary Vivian P.Geol and
David White GIT of Aurora are Independent Qualified Persons as defined by NI
43-101 Standards of Disclosure for Mineral Projects.
- The Dot Property covers four significant and undeveloped zones of
Copper+Silver+Molybdenum+Gold mineralization in the southern portion
of the Guichon Creek batholith.
- A historic compliant possible resource of 9.84 million tonnes at
0.46% Copper and 3.03 grams per tonne ("g/t") Silver has been
estimated for the property.
- In 2006, a 21.0 km ground geophysical program delineated four
additional exploration targets.
- The proposed 2007 exploration program is estimated to be
C$1.1 million and includes mapping, geophysical surveys and
diamond drilling of previously defined zones of copper
"We are extremely pleased to have the Dot Property as an asset of
Alhambra. The advanced nature of this property indicates the potential for a
new area within the Guichon Creek batholith to host significant copper
porphyry deposits," said Elmer B. Stewart, President and Chief Operating
Officer for Alhambra. "Although Alhambra is currently focused on gold
exploration and production in Kazakhstan, the Dot Property provides an
interesting additional opportunity for Alhambra and its shareholders."
History of Property
The Dot Property is located 50 kilometers ("kms") south of the City of
Kamloops, 20 kms southeast of the Highland Valley porphyry copper district in
British Columbia (see Figure 1 at the following link:
http://files.newswire.ca/483/Alhambra_Figures.doc) and 12 kms northeast of the
Craigmont mine. It is comprised of 105 mineral claims on 49 contiguous claim
units (4,250 acres).
Alhambra earned a 51% working interest in the Dot Property in 1997 and in
May 2006 was successful in acquiring the remaining 49% of the Dot Property.
Included in this transaction was the acquisition of a 100% interest in a group
of claims surrounding the Dot Property. This acquisition expanded the size of
the area held around the mineralized zones and increased the potential to find
new zones of mineralization. The Dot Property is free and clear of any
Management is currently assessing the alternatives available to optimize
shareholder value with respect to the Dot Property, including but not limited
to, joint venture or farmout opportunities or potentially structuring a new
public vehicle for the exploration of the Dot Property. In this manner,
management of Alhambra hopes to fully realize the potential of the Dot
Property, without detracting from Alhambra's gold activities.
The four zones of copper mineralization located to date on the Dot
Property are classified as porphyry-style and show many similarities with the
Bethlehem copper deposit located in the Highland Valley mining district.
Copper mineralization consisting of native copper, chalcocite, bornite,
chalcopyrite, and malachite is hosted in a broad northwest-trending zone of
altered granodiorite and occurs as disseminations, along fractures and in
veins. The zones of copper mineralization located to date show strong
potassic+phyllic+argillic alteration. Higher-grade copper mineralization is
typically associated with silicification, increased fracture density and where
fractures show strong crosscutting relationships.
The Dot Property is located near the southeastern margin of the Guichon
Creek batholith and is underlain by medium-grained hornblende monzodiorite to
granodiorite of the Highland Valley phase and coarser-grained granodiorite and
younger porphyry intrusive rocks, possibly of Chataway, Skeena, or Bethsaida
affinity (see Figure 1 at the following link:
http://files.newswire.ca/483/Alhambra_Figures.doc). Aplite dykes intrude along
broad northwest trending fault zones and were intersected by the drilling in
the Northwest and Southeast zones. These dykes show a spatial association with
Historical Resource Estimates
A qualified person has not done sufficient work to classify the
historical estimates as current mineral resources. Alhambra is not treating
the historical estimate as current mineral resources and the historical
estimate should not be relied upon.
The historical resource estimates were completed by persons who would
have been considered to be qualified persons at that time. The persons who
prepared the historical resource estimates are not considered to be
independent qualified persons as defined by the Canadian Institute of Mining
and Metallurgy ("CIMM") and NI 43-101 Standards as such rules and standards
were not in force at the time the historical estimates were prepared.
The resource estimates were completed using the Inverse Distance Squared
method ("IDS") and a specific gravity of 2.65 t/m(3). Based on the historical
resource estimate, a possible resource of 1.29 million metric tonnes grading
0.56% copper was estimated for the Northwest Zone and a possible resource of
8.54 million metric tonnes grading 0.44% copper was estimated for the
Aurora has reviewed the historical resource estimates and states "The Dot
Property shows a collective non NI 43-101 compliant inferred resource of
9.84 million tonnes at 0.46% Copper and 3.03 g/t Silver." Aurora also states,
"The historical resource estimate presented by the Corporation is a reasonable
interpretation of the quantity and grade of the mineralization present based
on the amount of drilling completed on the various zones of mineralization".
Regional Structural Setting
The copper deposits within the Highland Valley mining district are hosted
in a series of north and northwest striking regional scale structural zones. A
similar structural trend is evident on the Dot Property and hosts the four
zones of copper mineralization.
The lower Vimy Zone was discovered at the turn of the 20th century. The
Dot Property and its immediate surrounding area was subjected to a
considerable amount of exploration during the 1960's and 1970's after
discovery of the porphyry copper deposits of the Highland Valley mining
district. This work resulted in the discovery of the Northwest Zone. Diamond
drilling by Alhambra in 1996 and 1997 resulted in the discovery of the
Southeast and Copper Zones of mineralization.
In 2006, Alhambra completed a geophysical survey consisting of Induced
Polarization ("IP"), VLF-Electromagnetic and Total Magnetic Field surveys over
the Northwest and Southeast Zones of copper mineralization (see Figure 2 at
the following link: http://files.newswire.ca/483/Alhambra_Figures.doc).
The following summarizes the historical exploration results for the four
zones of copper mineralization located on the Property.
1. Northwest Zone
The Northwest Zone is a northwest trending, steeply to sub-vertical
northeast dipping zone containing disseminated, fracture and vein controlled
native copper, chalcocite, bornite, chalcopyrite and malachite mineralization.
The zone has a minimum strike length of 270 meters ("m"), a width of up to
55 m and has been drill tested to a depth of 200 m. The mineralization in this
zone remains open along strike and down dip.
2. Southeast Zone
The Southeast Zone is located several hundred meters southeast of the
Northwest Zone. This zone has a minimum strike length of 450 m, a width of
100 m, and has been drilled to a depth of 175 m. The mineralization remains
open along strike to the southeast and down dip. Bornite is the dominant
Drill hole 96-11 is the deepest hole on the Dot Property and intersected
the following intervals of molybdenum mineralization.
From (m) To (m) Interval (m) Molybdenum (%)
160.6 165.7 5.1 0.061
185.0 211.4 26.4 0.075
including 5.0 0.293
227.7 236.0 8.0 0.602
3. Copper Zone
This zone is located 100 m west of the Southeast zone and has a minimum
strike length of 140 m, a width of 68 m and has been drilled to a depth of
130 m. The mineralization is open at depth and along strike to the southeast.
4. Lower Vimy Zone
This zone occurs 200 m east of the Northwest zone and is exposed in
outcrop for approximately 100 m. This zone is estimated to be 25 m wide.
Historical exploration consists of trenching, drilling and two short adits
into small high grade lenses of chalcopyrite, bornite and copper carbonate
Alhambra is a Canadian based gold exploration and production corporation
engaged in the exploration of and production from its 100% owned Uzboy
Project. Alhambra is currently in its sixth year of operations in the Republic
Alhambra common shares trade on The TSX Venture Exchange under the symbol
ALH 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., President of Alhambra, is the
Corporation's nominated Qualified Person responsible for monitoring the
supervision and quality control of the programs completed within the Uzboy
Project. Mr. Stewart has reviewed and verified the technical information
contained in this news release.
The TSX Venture Exchange Inc. has neither approved nor disapproved
the information contained herein.
This press release includes certain "forward-looking statements" within
the meaning of the United States Private Securities Litigation Reform Act of
1995. All statements, other than statements of historical fact, included
herein, including without limitation, statements regarding potential
mineralization, exploration results and timing and future plans, actions,
objectives and achievements of Alhambra, are forward-looking statements.
Resource estimates also are forward-looking statements as they constitute
certain estimates and assumptions as to the mineralization that would be
encountered if a deposit is developed and mined. Forward-looking statements
involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially
from Alhambra's expectations include fluctuations in gold prices and currency
exchange rates; uncertainties relating to interpretation of drill results and
the geology, continuity and grade of mineral deposits, the possibility of
adverse developments in the financial markets generally, and other risks and
uncertainties disclosed under the heading "Caution Regarding Forward-Looking
Statements" and in other information released by Alhambra and filed with the
appropriate regulatory agencies.
For further information:
For further information: Elmer B. Stewart, President & Chief Operating
Officer, (403) 228-2855; Ihor P. Wasylkiw, Chief Information Officer, (403)
508-4953; Jim Clarke, Investor Relations, (888) 290-1335 (Toll Free)