Alhambra Resources Ltd.

Alhambra Resources Ltd.

February 01, 2006 08:30 ET

Alhambra Discovers Significant New Gold-Silver Mineralization

CALGARY, ALBERTA--(CCNMatthews - Feb. 1, 2006) - Alhambra Resources Ltd. (TSX VENTURE:ALH) ("Alhambra" or the "Company") is pleased to announce the discovery of significant gold-silver mineralization in the Mamay zone, as a result of its recently completed 2005 trenching and sampling program. The Mamay zone is one of five advanced exploration areas Alhambra is exploring and one of the 110 identified exploration targets within its 11,000 km2 (2.7 million acres) Uzboy Project. The Mamay zone is located about 100 kilometers south of the Company's 100% Uzboy West gold deposit.

Mr. Elmer Stewart, President and COO of Alhambra stated, "In addition to expanding the dimensions of the Uzboy West gold deposit and positive results from the 2005 production testing program, we are very excited about the exploration results in the Mamay zone due to the presence of both base metals and gold-silver mineralization. This is of significant importance to us as it confirms our belief in the exploration potential of the Uzboy Project. In addition to the continued exploration of the Uzboy West gold deposit, Mamay will be one of our primary exploration targets in 2006."

Due to these results, Alhambra will expand its initial exploration program in 2006 in excess of US$ 3.0 million versus US$ 2.5 million spent in 2005. This will be further refined over the course of the next few months.

Summary Exploration Results

Gold and Silver

Fifteen trenches, located at intervals ranging from 50 to 200 metres ("m"), were sampled. See Figure - 1 showing the location of the trenches and the intervals which showed the presence of gold and silver. In some cases the oxidized bed rock was not reached because of the undulating contact between rock and the overlying recent (and barren) clay beds. These trench intervals remain untested and will be further explored by drilling.

The minimum surface dimensions of the gold-silver mineralization outlined in the Mamay zone are 800 m by 250 m and the zone is open to the northwest. Vertical extent of mineralization will be explored by diamond drilling scheduled for the summer of 2006.

Base Metals

The locations of three diamond drill holes, drilled in 1997, ranging in depth from 150 m to 171 m, are shown on Figure - 1. Based on historical records, fine-grained sphalerite-pyrite mineralization is reported to occur throughout these holes. These cores were analyzed by spectral methods and yielded the following significant mineralized intervals:

DDH # From, m To, m Interval, m Zn, % Cu, % Au, g/t
M 97-1 59.40 78.20 18.80 1.16 0.22 0.03
93.80 133.80 40.00 1.32 0.38 0.27
M 97-2 9.80 41.00 31.20 0.82 0.12 0.005
126.00 169.00 43.00 0.86 0.09 0.04
M 97-3 6.20 154.00 147.80 1.70 0.14 0.18

The descriptions of the core and the analytical results of these diamond drill holes are historical in nature and have not been verified by the Company.

Geochemical analysis of trench samples show that in Trench 13 a strong zinc anomaly of greater than 500 parts per million ("ppm") coincides fairly closely with the gold-silver mineralization. The grade and distribution of zinc will be evaluated in more detail by the 2006 exploration drilling program.

Detailed Exploration Results

The detailed trenching results of the weighted average grades (using a 0.2 g/t cutoff for gold) of the mineralized intervals in the trenches located in the south portion of the zone are outlined as follows:

Trench ID From (m) To (m) Interval (m) Au Grade (g/t) Ag Grade (g/t)
Tr - 1 6.00 26.00 20.00 1.06 15.88
62.00 116.00 54.00 0.35 7.42
Tr - 2 1.00 33.00 32.00 0.56 11.97
48.00 52.00 4.00 0.58 17.50
Tr - 3 26.00 45.00 19.00 0.54 14.90
Tr - 4 0.00 36.00 36.00 1.12 14.21
60.00 71.00 11.00 0.70 9.09
Tr - 5 2.00 42.00 40.00 1.87 22.91
Tr - 6 70.00 160.00 90.00 0.38 NR
Tr - 7 0.00 26.00 26.00 0.37 6.74
32.00 47.00 15.00 0.30 2.62
Tr - 8 0.00 40.00 40.00 0.87 21.99
Tr - 9 63.00 67.00 4.00 0.54 3.63
Tr - 10 133.00 142.00 9.00 0.42 21.99
Tr - 11 8.00 33.00 25.00 0.63 1.10
104.00 117.00 13.00 0.35 0.81
Tr - 12 1.00 6.00 5.00 0.45 3.40
Tr - 13 57.00 62.00 5.00 0.29 2.20
80.00 93.00 13.00 0.26 27.69
Tr - 14 21.00 61.00 40.00 0.44 2.64
Tr - 15 66.00 75.00 9.00 0.40 4.89
135.00 149.00 14.00 0.40 0.25

- NR - Assay Not Received

Sampling Procedures

The trenches were mapped and sampled at one-metre intervals. Due to the depth of recent clay deposits, at some locations, bedrock was not reached. The samples weights ranged between four and seven kilograms. Sample preparation and atomic absorption analysis was completed by Chemical and Analytical Laboratory Quartz LLP located in Stepnogorsk using the following procedure: samples were pulverized in a jaw crusher to minus 1 mm, mixed and split into two 0.75 kilogram sub-samples. One sub-sample is ground to -200 mesh and the other sub-sample is retained for reference purposes. A 10 gram sample of the -200 mesh material is used for atomic absorption and spectral analysis and the balance is retained for future reference purposes. Chemical and Analytical Laboratory Quartz is certified in the Republic of Kazakhstan but does not have an International Standard Organization rating.

There is a map of the 2005 Mamay Trench Location available on the CCNMatthews website at:

Quality Control

Alhambra follows a rigorous Quality Assurance/Quality Control program consisting of inserting standards, blanks and duplicates into the sample stream submitted to the laboratory for analysis.

Elmer B. Stewart, MSc. P. Geol., President of Alhambra, is the Company's nominated Qualified Person responsible for monitoring the supervision and quality control of the programs completed on the Uzboy property. Mr. Stewart has reviewed and verified the technical information contained in this news release.

Alhambra is a Canadian based international exploration company celebrating its fourth year of operations in the Republic of Kazakhstan. It is engaged in the exploration and development of gold properties.

Alhambra shares trade in Canada on The TSX Venture Exchange under the symbol ALH. The Company's website can be accessed at

This news release contains statements about expected or anticipated results that are forward looking in nature and, as a result, are subject to certain risks and uncertainties, such as technical issues, new legislation, competitive and general economic factors and conditions, uncertainties resulting from potential delays, changes in plans, the occurrence of unexpected events and the Corporation's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbor for future looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.

The TSX Venture Exchange Inc. has neither approved nor disapproved the information contained herein.

Contact Information

  • Alhambra Resources Ltd.
    Elmer B. Stewart
    President & Chief Operating Officer
    (403) 228-2855
    Alhambra Resources Ltd.
    Ihor P. Wasylkiw
    Chief Information Officer
    (403) 508-4953
    Alhambra Resources Ltd.
    Jim Clarke
    Investor Relations
    1 (888) 290-1335