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Resource Clips


Posts tagged ‘Alhambra Resources Ltd (ALH)’

Alhambra reports Kazakhstan Gold Assays up to 17.29 g/t over 4m

April 24th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningAlhambra Resources Ltd TSXV:ALH announced assays from the Dombraly Gold Deposit of its Uzboy Project in Kazakhstan. Results include

2.01 g/t gold over 9 metres (including 13.3 g/t over 1 metre)
1.35 g/t over 10.3 metres
1.5 g/t over 6 metres
1.02 g/t over 17 metres
1.66 g/t over 8.2 metres
0.56 g/t over 55.6 metres
1.16 g/t over 14.8 metres
2.48 g/t over 11.5 metres
17.29 g/t over 3.9 metres (including 111 g/t over 0.6 metres)
4.4 g/t over 14.1 metres (including 6.34 g/t over 9.1 metres)
15.48 g/t over 2 metres
3.57 g/t over 14.7 metres
9.95 g/t over 1.5 metres
1.07 g/t over 9.5 metres

Chairman/CEO John Komarnicki commented, “These drill results continue to support our interpretation that the gold mineralization at Dombraly has the potential to increase significantly. In our opinion, the discovery of these new zones of gold mineralization combined with the significant extension of previously known mineralization supports an initial 2012 Dombraly exploration program of seven core drill holes (2,200 metres) which will be focused on further defining the upside potential of Dombraly.”

View Company Profile

Read more about Alhambra Resources

Contact:
John J. Komarnicki
Chairman/CEO
403.228.2855

or Ihor P. Wasylkiw
VP/Chief Information Officer
403.508.4953

by Ted Niles

Alhambra reports Kazakhstan Gold Results up to 17.15 g/t over 3m

December 14th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningAlhambra Resources Ltd TSXV:ALH announced assays from the Shirotnaia area of its Uzboy Project in Kazakhstan. Highlights include

17.15 g/t gold over 3 metres
(including 50.1 g/t over 1 metre)
1.35 g/t over 31.5 metres
(including 2.77 g/t over 12.6 metres)
4.83 g/t over 9 metres
(including 10.52 g/t over 4 metres)
1.19 g/t over 28 metres
(including 5.24 g/t over 3 metres)
2.33 g/t over 13 metres
(including 4.11 g/t over 7 metres)
1.43 g/t over 21.3 metres
(including 1.68 g/t over 16.8 metres)

Chairman/CEO John J. Komarnicki stated, “We are very excited with the drill results being released today as they have not only intersected many higher-grade intervals of gold mineralization, but have also expanded the known area of gold mineralization. Shirotnaia is one of our priority exploration targets and will continue to be so in 2012. These positive results are now being incorporated into a National Instrument 43-101 resource estimate which is expected in the first quarter of 2012.”

View Company Profile

Contact:
Ihor P. Wasylkiw
VP/Chief Information Officer
403.508.4953

John J. Komarnicki
Chairman/CEO
403.228.2855

by Greg Klein

Back On Its Feet

November 23rd, 2011

Alhambra Builds On Kazakhstan Gold

By Ted Niles

For now, Ihor Wasylkiw calls Alhambra Resources Ltd TSX:ALH a “one-trick pony.” Why? “Only one resource report,” the VP and Chief Information Officer replies. That would be for the Uzboy gold deposit, which has 975,500 ounces gold measured and indicated, 421,700 ounces inferred and is already a producer. “But by 1Q 2012,” Wasylkiw declares, “we will be a three-trick pony.”

The Uzboy gold deposit comprises but a fraction of the 9,800-square kilometres of contiguous property, called the Uzboy project, the company holds in Kazakhstan. Located on the Charsk Gold Belt, Wasylkiw estimates that the Uzboy project is roughly 10 times the size of New York City. This is a mixed blessing, as focus becomes an issue. “The challenge is to develop it in my lifetime,” Wasylkiw says. “We have 100 areas where we have gold. Of those 100 areas, we have been focused on six to eight of them. Of those six to eight, three are advanced project areas.”

Alhambra Builds On Kazakhstan Gold

Alhambra has been concentrating on the Dombraly and Shirotnaia projects and expects to have initial resource estimates for both in 1Q of next year, along with a resource and preliminary economic assessment upgrade at the Uzboy gold deposit—hence the three-trick pony. Dombraly and Shirotnaia are past-producing mines located on the southeast portion of the property, with Shirotnaia located three kilometres north of Kazakhgold’s Aksu mine, which has reported resources of 15 million ounces gold.

Results from the 2011 drill programs at both projects are pending. However, highlights of the 2010 campaign at Dombraly (released May 20) include

  • 1.01 grams per tonne gold over 16 metres
  • 2.06 g/t over 10.3 metres
  • 40.5 g/t over 1 metre

January 5 results from Shirotnaia include

  • 4.32 g/t over 36 metres (including 16.8 g/t over 9 metres)
  • 2.13 g/t over 20 metres

Alhambra has also been making strides at the Uzboy gold deposit. November 7 assays include

  • 2.82 g/t gold over 22.9 metres (including 3.51 g/t over 18 metres)
  • 0.97 g/t over 29 metres (including 11.4 g/t over 1 metre)
  • 1.53 g/t over 41.9 metres (including 31.7 g/t over 1 metre)
  • 0.95 g/t over 46 metres

Wasylkiw says of the Uzboy assays, “We’re very excited about these results for numerous reasons. One of the big objectives of this program with these deep holes was to step out from where we had been drilling to get a better understanding of a deeper down-dip plunge that we had seen in the gold mineralization. These holes have confirmed that indeed there is a significant down-dip extension. We’ve extended that extension by more than 50% vertically. This is the last piece of the puzzle that our independent geological consultants needed to be able to update our resource report.”

We have had to reprove ourselves. It’s working, but it takes time —Ihor Wasylkiw

While the new resource report and updated scoping study will pave the way for increased production at the Uzboy gold deposit—the company reported $16 million in revenue for 2010 from the sale of 12,663 ounces of gold—Wasylkiw considers the overall increase of the company’s resources the most important task for the moment. He says, “When we get our updated resource report for Uzboy, combined with our resource reports for Dombraly and Shirotnaia, we will no longer be a 1.5-million-ounce company. We will be a factor greater than that. [Then] the valuation of our assets will be an area of greater focus than this deep discount that we have been getting because of the challenges that we’ve had over the course of the last year or two.”

Those challenges include, most notably, the loss of the project in November 2008 due to a legal ruling by Kazakhstan’s lower courts invalidating the property’s 2002 purchase agreement. That decision was overturned seven months later by the country’s Supreme Court, but the damage was lasting. “We went from a three-quarter-billion-dollar company down to about $10 million,” laments Wasylkiw. “As a result of that we have had to reprove ourselves. It’s working, but it takes time. When you’re in Kazakhstan not everything works perfectly.”

Wasylkiw is quick to add that Kazakhstan has been independent for only 20 years. “But we applaud the government for all that it is doing to develop the economic structure. It is leading to a greater enhancement of and a further refinement in the amount of foreign capital that is coming into the mining sector.”

He concludes, “We all know that once you hit a critical mass of around two to three million ounces, that’s when you become a somebody. Right now we’re one and half, so technically we’re not there yet, but we’ll be there in the first quarter. The bottom line is that we are significantly undervalued. And for any people that are GARP (growth-at-a-reasonable-price) investors, I don’t believe that they can ignore us.”

At press time, Alhambra had 104.1 million shares trading at $0.41 for a $42.7 million market cap. Other projects of note at Uzboy include Zhanatobe, Kerbay, North Balusty and Vasilkovskoe East.

Alhambra VP Ihor Wasylkiw on Kazakhstan gold assays of 2.82 g/t over 22.9m

November 8th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningAlhambra Resources Ltd TSXV:ALH announced results from the Uzboy gold project in north-central Kazakhstan. Assays include

2.82 g/t gold over 22.9 metres (including 3.51 g/t over 18 metres)
0.97 g/t over 29 metres (including 11.4 g/t over 1 metre)
1.53 g/t over 41.9 metres (including 31.7 g/t over 1 metre)
3.31 g/t over 8.2 metres
1.16 g/t over 6 metres
0.95 g/t over 46 metres (including 2.16 g/t over 8 metres)

The Uzboy deposit has an NI 43-101 mineral resource estimate of 975,500 ounces gold in the measured and indicated categories, and 421,700 ounces inferred.

VP and Chief Information Officer Ihor Wasylkiw tells ResourceClips.com, “Alhambra has a very, very large position in Kazakhstan, called the Uzboy project. The Uzboy project itself is a 2.4-million-acre property or 9,800-square kilometres. I think it’s in the neighbourhood of about 10 or 12 times the size of New York City. So, it’s a large area, and within that we have 100 areas where we have gold. Of those 100 areas, we have been focused on six to eight of them. Of those six to eight, three are advanced project areas. Of those three, one—namely the Uzboy gold deposit—has an actual operating mine and has a current 43-101 resource report.

What these holes have shown us and have confirmed is that indeed there is a significant down-dip extension—Ihor Wasylkiw

“The main objective that we have at Uzboy is to continue delineation drilling to further expand and enhance the 43-101 resource report. The last one was done in December 2007. The assay results that we just announced are but a small fraction of a program that we had been doing since 2010, which carried over into 2011. We did a 42-core-hole program, of which we had these seven outstanding deep holes that we weren’t able yet to get out into the public domain.

“We’re very excited about these results for numerous reasons,” Wasylkiw continues. “One of the big objectives of this program with these deep holes was to step out from where we had been drilling to get a better understanding of a deeper down-dip plunge that we had seen in the gold mineralization. What these holes have shown us and have confirmed is that indeed there is a significant down-dip extension. As a result of this drilling, we’ve extended that extension by more than 50% vertically. Some of the intercepts that we’ve had tell us that there is a lot of interesting upside opportunity and potential there, because we’ve had multiple intervals of mineralization. This is the last piece of the puzzle that our independent geological consultants, ACA Howe, needed in order to be able to update our resource report.

“Not only are they generating an updated resource report, but they’re also generating an updated preliminary economic assessment. Along with the old resource report, the scoping study that was done is again a number of years old, and it was done at $850-per-ounce gold. We all know that that’s quite an old number. Given the time that our consultants have indicated that they will need to update the resource estimate and to complete the updated PEA, that will be a 1Q 2012 releasable item.

“We have been for a number of years and currently are mining the top-layer oxide,” Wasylkiw adds. “In the last scoping study, ACA Howe indicated that at that time we would—by implementing a new grind/flotation-type facility—be able to significantly increase our production to approximately 200,000 to 250,000 ounces of gold a year. In order to be able to achieve that, a new facility would have to be built. At the time [of the original PEA] the facility costs were in the neighbourhood of $80 million. To build a facility such as that, not only do you need the capital, but it’s going to take time. The [original] timeline was in and around a minimum of 24 months, but probably pushing 30 to 34 months. But in order to be able to progress with that we have to get from our consultants the updated resource and the updated PEA, because that will help with timelines and the next steps.

“We’re very excited about the project. We have one of the largest contiguous properties in the world, so the opportunities are huge. The challenge we have is to be able to focus only on a few projects to grow those resources. Because we all know that once you hit a critical mass of around two- to three-million ounces of resources, that’s when you become a somebody. And right now we’re at 1.5 million ounces—so we’re not technically there yet, but we will be in 1Q 2012. So we’re excited about the opportunities, and we’re excited about the growth prospects.”

Wasylkiw concludes, “The bottom line is that we are significantly undervalued. And for any people that are GARP (growth-at-a-reasonable-price) investors, I don’t believe that they can ignore us, looking at the compelling valuation.”

View Company Profile

Contact:
John J Komarnicki
Chairman/CEO
403.228.2855

or Ihor P Wasylkiw
VP/Chief Information Officer
403.508.4953

by Ted Niles

Alhambra reports Kazakhstan Gold Assays up to 1.53 g/t over 41.9m

November 7th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningAlhambra Resources Ltd TSXV:ALH announced results from the Uzboy gold project in north-central Kazakhstan. Assays include

2.82 g/t gold over 22.9 metres (including 3.51 g/t over 18 metres)
0.97 g/t over 29 metres (including 11.4 g/t over 1 metre)
1.53 g/t over 41.9 metres (including 31.7 g/t over 1 metre)
3.31 g/t over 8.2 metres
1.16 g/t over 6 metres
0.95 g/t over 46 metres (including 2.16 g/t over 8 metres)

The Uzboy deposit has an NI 43-101 mineral resource estimate of 975,500 ounces gold in the measured and indicated categories, and 421,700 ounces inferred.

VP and Chief Information Officer Ihor Wasylkiw tells ResourceClips.com, “Alhambra has a very, very large position in Kazakhstan, called the Uzboy project. The Uzboy project itself is a 2.4-million-acre property or 9,800-square kilometres. I think it’s in the neighbourhood of about 10 or 12 times the size of New York City. So, it’s a large area, and within that we have 100 areas where we have gold. Of those 100 areas, we have been focused on six to eight of them. Of those six to eight, three are advanced project areas. Of those three, one—namely the Uzboy gold deposit—has an actual operating mine and has a current 43-101 resource report.

What these holes have shown us and have confirmed is that indeed there is a significant down-dip extension—Ihor Wasylkiw

“The main objective that we have at Uzboy is to continue delineation drilling to further expand and enhance the 43-101 resource report. The last one was done in December 2007. The assay results that we just announced are but a small fraction of a program that we had been doing since 2010, which carried over into 2011. We did a 42-core-hole program, of which we had these seven outstanding deep holes that we weren’t able yet to get out into the public domain.

“We’re very excited about these results for numerous reasons,” Wasylkiw continues. “One of the big objectives of this program with these deep holes was to step out from where we had been drilling to get a better understanding of a deeper down-dip plunge that we had seen in the gold mineralization. What these holes have shown us and have confirmed is that indeed there is a significant down-dip extension. As a result of this drilling, we’ve extended that extension by more than 50% vertically. Some of the intercepts that we’ve had tell us that there is a lot of interesting upside opportunity and potential there, because we’ve had multiple intervals of mineralization. This is the last piece of the puzzle that our independent geological consultants, ACA Howe, needed in order to be able to update our resource report.

“Not only are they generating an updated resource report, but they’re also generating an updated preliminary economic assessment. Along with the old resource report, the scoping study that was done is again a number of years old, and it was done at $850-per-ounce gold. We all know that that’s quite an old number. Given the time that our consultants have indicated that they will need to update the resource estimate and to complete the updated PEA, that will be a 1Q 2012 releasable item.

“We have been for a number of years and currently are mining the top-layer oxide,” Wasylkiw adds. “In the last scoping study, ACA Howe indicated that at that time we would—by implementing a new grind/flotation-type facility—be able to significantly increase our production to approximately 200,000 to 250,000 ounces of gold a year. In order to be able to achieve that, a new facility would have to be built. At the time [of the original PEA] the facility costs were in the neighbourhood of $80 million. To build a facility such as that, not only do you need the capital, but it’s going to take time. The [original] timeline was in and around a minimum of 24 months, but probably pushing 30 to 34 months. But in order to be able to progress with that we have to get from our consultants the updated resource and the updated PEA, because that will help with timelines and the next steps.

“We’re very excited about the project. We have one of the largest contiguous properties in the world, so the opportunities are huge. The challenge we have is to be able to focus only on a few projects to grow those resources. Because we all know that once you hit a critical mass of around two- to three-million ounces of resources, that’s when you become a somebody. And right now we’re at 1.5 million ounces—so we’re not technically there yet, but we will be in 1Q 2012. So we’re excited about the opportunities, and we’re excited about the growth prospects.”

Wasylkiw concludes, “The bottom line is that we are significantly undervalued. And for any people that are GARP (growth-at-a-reasonable-price) investors, I don’t believe that they can ignore us, looking at the compelling valuation.”

View Company Profile

Contact:
John J Komarnicki
Chairman/CEO
403.228.2855

or Ihor P Wasylkiw
VP/Chief Information Officer
403.508.4953

by Ted Niles

Alhambra reports Kazakhstan Gold Assays up to 4.32 g/t over 36m

January 5th, 2011

Alhambra Resources Ltd ALH:CA announced results from the Shirotnaia Zone of its Uzboy Project in Kazakhstan. Assays include 4.32 g/t gold over 36 metres (including 16.8 g/t over 9 metres), 1.53 g/t over 5 metres, 1.01 g/t over 3 metres and 2.13 g/t over 20 metres (including 3.53 g/t over 5 metres).

Chairman/CEO John Komarnicki commented, “These very encouraging results continue to support our interpretation that the three zones of gold mineralization discovered at Shirotnaia have the potential to be the northern extension of the multi-million ounce Aksu and Quartzite Hills gold deposits located immediately south of Shirotnaia. In our opinion, the combination of the hydrothermal alterations and distinct zones of widespread gold mineralization supports an extensive exploration program in 2011 consisting of diamond drilling and reverse circulation drilling which will be focused on further defining both the potential and dimensions of Shirotnaia.”

View Company Profile

Contact:
John J. Komarnicki
Chairman/CEO
403.508.4953

or Ihor P. Wasylkiw
VP/Chief Information Officer
403.228.2855

by Ted Niles