VANCOUVER, BRITISH COLUMBIA--(Marketwire -
Nov. 1, 2010) - Alexco Resource Corp. (TSX:AXR)(NYSE Amex:AXU)
("Alexco" or the "Company") is pleased to announce
the balance of results from its 2010 core drilling program in the Onek
historical mine area, Keno Hill Silver District in Canada's Yukon
Territory. Exploration and infill drilling in the area of the
historical Onek underground and open pit mine continues to confirm that
significant widths of indium-bearing zinc-silver and silver-zinc
mineralization extends at least 400 meters along strike, 220 meters
down dip, and remains open to the southwest and down plunge. Although
not yet drilled off, the Onek deposit is emerging as a distinctly zoned
body, with high silver grades in the upper portion of the deposit and
zinc-indium rich mineralization at depth. A resource estimation for the
Onek deposit is underway while drilling is ongoing.
Highlights
Complete and partial assay results have been received for all 20 holes
drilled in the area of the historical Onek mine, located in the eastern
part of the Keno Hill district. Initial results from 18 of the 20 holes
were reported in the news release dated October 6, 2010 entitled
"Alexco Intersects 10.4 Meters of 44.3 Ounces per Ton Silver,
Expands Onek Zinc-Silver Deposit at Keno Hill". Additional results
now received include the following:
-- DDH K10-240 cut an interval grading: 303.2 grams per tonne silver (8.8 ounces per ton), 0.802 grams per tonne gold, 2.27% lead, 20.75% zinc and 535 parts per million indium over 3.52 meters from 24.99 to 28.51 meters, within a broader zone grading 118.0 grams per tonne silver (3.4 ounces per ton), 0.589 grams per tonne gold, 0.86% lead, 11.20% zinc and 258 parts per million indium over 11.38 meters from 24.99 to 36.37 meters. -- DDH K10-265 cut an interval grading: 229.6 grams per tonne silver (6.7 ounces per ton), 0.639 grams per tonne gold, 4.40% lead, 15.03% zinc and 155 parts per million indium over 4.97 meters from 66.93 to 71.90 meters. -- DDH K10-239 cut an interval grading: 142.8 grams per tonne silver (4.2 ounces per ton), 0.828 grams per tonne gold, 0.36% lead, 2.92% zinc and 701 parts per million indium over 5.12 meters from 16.30 to 21.42 meters. -- DDH K10-241 cut an interval grading: 397.4 grams per tonne silver (11.6 ounces per ton), 0.556 grams per tonne gold, 3.18% lead, 22.30% zinc and 231 parts per million indium over 0.93 meters from 90.06 to 90.99 meters.
These
additional drill results continue to confirm the presence of high-grade
zinc-silver-lead and local gold and indium mineralization in the area
of the historical Onek mine, as first reported in the news release of
October 6, 2010. Building on past drilling results and historical
information, it has become clear that mineralization at Onek is
strongly zoned, with higher silver-to-zinc ratios prevalent in the
upper portion of the deposit and predominately zinc rich material,
including indium, down dip. The 2010 drill program at Onek was
primarily designed to test the upper, more silver-rich mineralization
as defined in the historical resource by the property's former owner,
United Keno Hill Mines Limited ("UKHM") and to better
delineate the transition from silver rich to zinc dominated
mineralization identified in earlier drill programs conducted by Alexco
in 2007 and 2008 (see news release dated September 6, 2007 entitled
"Alexco Announces Discovery of High Grade Zinc Mineralization with
Silver at Onek Deposit Located Near the Bellekeno Historic Mine Area;
Keno Hill District" and news release dated July 2, 2008 entitled
"Alexco Announces Initial 2008 Drill Results at Keno Hill:
Exploration and Infill Drilling at Onek Prospect Confirms Zinc-Silver
Mineralization").
Anomalous indium mineralization is commonly associated with the Onek
zinc-silver mineralized zones. Pulp samples of mineralized intercepts
from 36 of the 42 Alexco 2007 and 2008 Onek drill holes were previously
submitted for indium analysis to Acme Labs of Vancouver, B.C. Of the 36
drill holes, 25 contain significant indium grades, based on a minimum
of 1.0 meters of at least 50 parts per million indium. These intercepts
include 5.71 meters grading 430 ppm indium (DDH K-08-152; 225.55 to
226.60 meters), 5.50 meters grading 415 ppm indium (DDH K-07-069;
161.20 to 166.70 meters) and 1.29 meters grading 773 ppm indium (DDH
K-08-134; 207.73 to 209.02 meters).
Onek Drilling, Production and Historical Resource
The 2010 Onek drilling, covering a strike length in excess of 400
meters along the Onek structural zone, has confirmed an upper,
silver-rich zone of mineralization and a lower zinc rich zone within
and adjacent to the historical Onek mine where reported past production
totaled 93,000 tons averaging 13.77 ounces per ton silver, 5.54% lead
and 3.43% zinc. An historical resource estimate for the area
encompassing the existing underground workings was calculated by the
staff of UKHM in approximately 1997. This historical resource estimate,
including proven, probable and inferred mineralization, totals 85,734
tons grading 12.63 ounces per ton silver, 4.71% lead, 16.41% zinc and
0.01 ounces per ton gold. Although believed by Alexco management to be
relevant and reliable, this historical resource estimate pre-dates
National Instrument 43-101 ("NI 43-101") and is not compliant
with NI 43-101 resource categories. Alexco plans to complete an interim
NI 43-101 compliant resource estimate from data collected from Onek
through October 2010, primarily to rank the deposit as part of an
ongoing district-wide strategic development plan. The importance of the
Onek deposit is enhanced by its proximity to the newly constructed
Bellekeno mill, ease of underground access, and the identification of
newly defined areas of the deposit with significant silver credits.
Additionally, the deposit remains to the southwest and down dip.
An updated composite table listing those Onek 2010 drill holes having
complete and partial assay results is available for review along with a
drill hole location map on the Company website at www.alexcoresource.com.
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, Vice President, Exploration for Alexco and a
Qualified Person as defined by 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. All drill core samples were shipped to
Agat Labs at Whitehorse, Yukon Territory for preparation, with fire
assay and multi-element ICP analyses done at Agat Labs facility at
Mississauga, Ontario. The scientific and technical information about
Alexco's mineral projects contained in this news release has also been
reviewed and verified by Mr. Dodd.
Continued 2010 District Exploration
Alexco continues exploration work at Keno Hill, including a second
phase drill program at Onek. Currently there are five surface core
drills, one underground core drill and one reverse circulation drill
operating throughout the district. Other properties/areas seeing
continued exploration include Bellekeno, Bermingham, Flame & Moth,
Galkeno and the McQuesten Valley. Additional surface core drilling is
also planned for the Elsa/Husky and Silver King areas later this year.
The Keno Hill exploration program is currently projected to continue in
to the winter, and a decision will be made in November or December
regarding the number of drills to be retained for continuing
winter-spring operations in 2011.
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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