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VANCOUVER, BRITISH COLUMBIA--(Marketwire -
Feb. 16, 2011) - Alexco Resource Corp. (News - Market indication)(NYSE Amex:AXU)
("Alexco" or the "Company") is pleased to announce
results from 2010 core drilling at its Flame & Moth property, within the
Keno Hill Silver District in Canada's Yukon Territory. This new
discovery is a "blind" discovery, the result of a district-wide
structural geology study, and is located at depth adjacent to the recently
constructed Keno District mill. To date, 13 holes have intersected
the northeast-trending Flame & Moth structure over a strike length of
approximately 400 meters centered on the current mill site and down dip 300
meters below surface.
Highlights
Complete
assay results have been received for all 13 holes drilled that reached target
depth near the Flame & Moth prospect, located in the central part of the
Keno Hill district. Results include the following:
- DDH K10-320 cut an
interval grading: 1,712 grams per tonne silver (49.9 ounces per
ton), 1.500 grams per tonne gold, 8.0% lead, 9.8% zinc over
4.26 meters from 219.76 to 224.02 meters.
- DDH K10-285 cut an
interval grading: 1,336 grams per tonne silver (39.0 ounces per
ton), 0.141 grams per tonne gold, 15.7% lead, 1.7% zinc over
1.13 meters from 199.47 to 200.60 meters.
- DDH K10-264 cut an
interval grading: 693 grams per tonne silver (20.2 ounces per
ton), 0.390 grams per tonne gold, 2.2% lead, 3.8% zinc over
4.64 meters from 250.35 to 254.99 meters.
- DDH K10-299 cut an
interval grading: 542 grams per tonne silver (15.8 ounces per
ton), 0.201 grams per tonne gold, 2.4% lead, 6.1% zinc over
2.47 meters from 237.66 to 240.13 meters.
- DDH K10-305 cut an
interval grading: 523 grams per tonne silver (15.2 ounces per
ton), 0.193 grams per tonne gold, 0.2% lead, 0.7% zinc over
1.94 meters from 326.21 to 328.15 meters.
- DDH K10-271 cut an
interval grading: 722 grams per tonne silver (21.1 ounces per
ton), 0.130 grams per tonne gold, 0.8% lead, 2.0% zinc over
0.72 meters from 323.60 to 324.32 meters.
Based on
these encouraging results, the Flame & Moth area, along with the
Bermingham area on Galena Hill (see news release dated January 24, 2011 entitled
"Alexco Identifies New 6.4 to 8.9 Meter Wide Silver Mineralized Zone at
Bermingham, Keno Hill, Yukon"), is considered a primary exploration
target for Alexco at Keno Hill in 2011.
2010
Flame & Moth Geology and Results
The
Flame & Moth structural zone was recognized as a potentially significant
feature in late 2009 as part of Alexco's ongoing, district-wide structural
geology study, when regional mapping defined it as a major through-going
fault zone displaying significant lithologic offset. Even though the
Flame & Moth area has seen minimal historical silver production (1,590
tons grading 18.3 ounces per ton silver, 1.1% lead and 0.9% zinc) and limited
exploration, this category of mineral-bearing structure is considered the
most favorable for hosting significant resources, similar to the Hector
Calumet structural zone located on Galena Hill. As a result, the area
was selected for drilling in 2010. As indicated by the Alexco drilling,
the Flame & Moth structural zone typically exceeds 10 meters in width
and locally contains significant sulfide mineralization including galena,
sphalerite, arsenopyrite and massive pyrite. High-grade silver values
occur either associated with galena, similar to other occurrences and mines
in the district, or across entire structural widths regardless of sulfide
mineralogy, as observed in drill hole K10-0320. Drilling occurred over a
400 meter strike length along the Flame & Moth structure to depths up to
300 meters below surface. Mineralization remains open in both directions
along strike and down dip as well as up dip to the southwest. This newly
discovered, largely unexplored area is considered a priority target for
Alexco in 2011.
Notes
True
widths have not yet 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,
Senior Geologist with Alexco and a Qualified Person as defined by National
Instrument 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.
Composite
tables and drill hole location maps for the 2010 Keno Hill core drilling
programs, including Flame & Moth, are available for review on the Company
website at www.alexcoresource.com.
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 news
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,
future mine construction and development activities, future mine operation
and production, the timing of activities, 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 exploration and development activities; actual
results of mining activities; actual results of consulting activities; actual
results of remediation and reclamation activities; conclusions of economic
evaluations; changes in project parameters as plans continue to be refined;
future prices of silver, gold, lead, zinc and other commodities; possible
variations in mineable resources, grade or recovery rates; failure of plant,
equipment or processes to operate as anticipated; accidents, labour disputes
and other risks of the mining industry; First Nation rights and title;
continued capitalization and commercial viability; global economic
conditions; competition; and delays in obtaining governmental approvals or
financing or in the completion of development
activities. Forward-looking statements are based on certain assumptions
that management believes are reasonable at the time they are made. In
making the forward-looking statements included in this news release, the
Company has applied several material assumptions, including, but not limited
to, the assumption that market fundamentals will result in sustained silver,
gold, lead and zinc demand and prices.
For
more information, please contact
Alexco Resource Corp.
Clynton R. Nauman
President and Chief Executive Officer
604-633-4888
604-633-4887 (FAX)
info@alexcoresource.com
www.alexcoresource.com
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