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Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to
announce additional results from the 2010 surface core drilling program at
its Lucky Queen property in the Keno Hill silver district, Yukon Territory.
Building on Alexco's previous work, the 2010
exploration drilling, which was designed to confirm the continuity of high
grade mineralized zones down plunge of the historical Lucky Queen mine, has
continued to intersect silver-rich, locally native silver-bearing
mineralization. The historical Lucky Queen mine was the highest grade silver
producer in the Keno Hill district, producing approximately 11 million ounces
of silver at an average grade of approximately 89 ounces per ton silver.
Drilling in 2010 has confirmed the presence and continuity of high grade
sulfide, sulfosalt and native silver zones of
variable thickness, below and southwest of the historical workings. The
mineralized zone remains open down plunge.
Highlights
-- Complete assay results have been received for all 13 holes drilled in
the area of the historical Lucky Queen mine, located in the eastern part
of the Keno Hill district, in 2010. Results include the following:
-- DDH K10-278 cut two intervals grading 1,878 grams per tonne silver
(54.8 ounces per ton), 0.140 grams per tonne gold, 0.3% lead and
0.7% zinc over 1.12 meters from 231.55 to 232.67 meters and 1,756
grams per tonne silver (51.2 ounces per ton), 0.079 grams per tonne
gold, 4.9% lead and 3.3% zinc over 1.33 meters from 245.37 to 246.70
meters.
-- DDH K10-279 cut an interval grading 1,960 grams per tonne silver
(57.2 ounces per ton), 0.080 grams per tonne gold, 0.7% lead and
0.2% zinc or over 0.87 meters from 246.18 to 247.05 meters.
-- DDH K10-269 cut an interval grading 1,096 grams per tonne silver
(32.0 ounces per ton), 0.187 grams per tonne gold, 2.0% lead and
5.7% zinc over 1.26 meters from 231.17 to 232.43 meters.
Lucky Queen 2010 Drilling and Past
Production
The historical Lucky Queen mine, in
production from 1927 to 1932, was the highest grade silver producer in the
Keno Hill district, producing approximately 11 million ounces of silver from
123,500 tons of ore for an average recovered production grade of 88.7 ounces
of silver per ton. Drilling by Alexco since 2006
has intersected high-grade silver intervals in multiple drill holes in the
vicinity of the historical Lucky Queen mine. All thirteen 2010 Lucky Queen
holes were drilled to define the geometry of what appears to be a gently
southwest plunging extension of the Lucky Queen deposit; the currently
identified new zone of mineralization measures approximately 200 meters by 75
meters, beginning just southwest of the historical workings, and remains open
down plunge The zone is defined by 11 Alexco drill
holes, 8 of which were drilled between 2007 and 2009. Previously reported
drill intercepts include 2,120 grams per tonne
silver (61.8 ounces per ton silver) over 4.23 meters at the southwest end of
the newly discovered zone (see news release dated November 3, 2009 entitled
"Alexco Announces Additional 2009 Drill
Results from Lucky Queen, Keno Hill District: Drilling Intersects 4.23 meters
of 61.8 Ounces per Ton Silver") and up to 17,380 grams per tonne silver (507.0 ounces per ton) over 1.12 meters
drilled in the upper portion of the same zone (see news release dated October
23, 2007 entitled "Alexco Announces High Grade
Silver Intercept from Lucky Queen at Keno Hill").
A composite table listing the 2010 Lucky
Queen surface drill holes is available for review, along with a long section
showing drill hole pierce points on the main Lucky
Queen vein, on the Company website at www.alexcoresource.com.
A 3D model of the extension of the Lucky
Queen deposit is currently being constructed in preparation for a resource
estimate scheduled for completion in early calendar 2011.
Notes
True widths have not been determined for
the above reported drill intercepts.
The 2010 exploration drill program and
sampling protocol has been reviewed, verified and compiled by Alexco's geologic staff under the oversight of Stan Dodd,
Vice President, Exploration for Alexco and a
Qualified Person as defined by National Instrument 43-101 ("NI
43-101"). A rigorous quality control and quality assurance protocol is
used on the project, including blank, duplicate and standard reference
samples in each batch of 20 samples that were delivered to the lab. Drill
core samples were shipped to either Agat Labs or
ALS Minerals Labs at Whitehorse, Yukon Territory for preparation, with fire
assay and multi-element ICP analyses done at either Agat
Labs facility at Mississauga, Ontario or ALS Minerals facility in North
Vancouver, British Columbia. The scientific and technical information about Alexco's mineral projects contained in this news release
has also been reviewed and verified by Mr. Dodd.
Keno Hill Silver District History
Between 1921 and 1988, the Keno Hill
Silver District produced more than 217 million ounces of silver with average
grades of 40.5 ounces per ton silver, 5.6% lead and 3.1% zinc (Yukon
Government's Minfile database). The historical
production grades would rank Keno Hill in the top 3% by grade of today's
global silver producers. The Keno Hill district is the second-largest
historical silver producer in Canada.
About Alexco
Alexco's business is to unlock value and manage
risk at mature, closed or abandoned mine sites through integration and
implementation of the Company's core competencies which include management of
environmental services, execution of mine reclamation and closure operations
and if appropriate, rejuvenation of exploration and development of new mining
opportunities.
Some statements in this news release
contain forward-looking information concerning the Company's anticipated
results and developments in the Company's operations in future periods,
planned exploration and development of its properties, plans related to its
business and other matters that may occur in the future, made as of the date
of this press release. Forward-looking statements may include, but are not
limited to, statements with respect to future remediation and reclamation
activities, future mineral exploration, the estimation of mineral reserves
and mineral resources, the realization of mineral reserve and mineral
resource estimates, the timing of activities and the amount of estimated
revenues and expenses, the success of exploration activities, permitting time
lines, requirements for additional capital and sources and uses of funds.
Forward-looking statements are subject to a variety of known and unknown
risks, uncertainties and other factors which could cause actual events or
results to differ from those expressed or implied by the forward-looking
statements. Such factors include, among others, risks related to actual
results of remediation and reclamation activities; actual results of
exploration activities; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of gold,
silver and other commodities; possible variations in ore bodies, grade or
recovery rates; failure of plant, equipment or processes to operate as
anticipated; accidents, labour disputes and other
risks of the mining industry; and delays in obtaining governmental approvals
or financing or in the completion of development activities.
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