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Alexco Resource Corp. is pleased to announce
that step-out surface exploration drilling conducted to the southwest of the
newly commissioned Bellekeno Mine has successfully located high grade
lead-silver mineralization approximately 130 meters down plunge from the
existing Bellekeno resource. The Bellekeno deep drilling program was completed as part of Alexco's planned 2010 25,000 meter drilling program in
the Keno Hill Silver District in Canada's Yukon Territory. The one drill hole
for which assay results have been received targeted the silver rich
"48" vein at depth and within a stratigraphic
sequence not previously tested at Bellekeno. For
these reasons, the Company attaches considerable significance to this new
discovery.
Highlights
Complete assay results have been
received from one of two holes drilled down plunge from the Bellekeno resource area. Results include the following:
-- DDH K10-260 cut an interval grading: 2,729.0 grams per tonne silver
(79.6 ounces per ton), 0.472 grams per tonne gold, 52.16% lead and 6.29%
zinc over 0.40 meters from 508.15 to 508.55 meters within a wider
interval grading 690.1 grams per tonne silver (20.1 ounces per ton),
0.303 grams per tonne gold, 13.56% lead and 9.62% zinc over 1.91 meters
from 508.15 to 510.06 meters.
2010 Bellekeno
Surface Drilling - Deep Southwest Target
The 2010 Bellekeno
deep drilling program focused on a distal but broad target developed in an
untested stratigraphic zone with suspected
structural conditions similar to that hosting silver-lead-zinc mineralization
within the Bellekeno deposit. The successful hole
penetrated the "48" vein approximately 130 meters down plunge from
the southernmost zone of the existing resource. A companion hole to K10-260
has been recently completed to accurately ascertain the strike and dip of the
newly discovered extension of the "48" vein. Assay results are not
yet available for this hole.
Results from the deep surface drilling
are currently being used to guide approximately 160 meters of underground
development off the "800 level" (deepest active level in the
existing mine). This new development will serve as a drill platform for close
spaced definition drilling and, if warranted, calculation of additional
resource in the area of the new discovery. The current resource at the Bellekeno Mine stands at 401,000 tonnes
grading 921 grams silver, 9.4% lead and 6.5% zinc as outlined in 2009 (see
news release dated November 11, 2009 entitled "Alexco
Completes Positive Bellekeno Mine Development Plan,
Silver Wheaton Concurs - Initiation of Construction Approved").
2010 Bellekeno
Surface Drilling - 99 Zone "Up Plunge" Target
A separate phase of surface exploration
drilling at Bellekeno, designed to test the
"up plunge" extension of the existing resource in the area of the
99 Zone, was also completed. This program, located approximately 800 meters
northeast of the deep southwest target, consisted of three shallow drill
holes all of which intersected the "48" and "50" veins
where anticipated. Mineralization consisted mainly of oxidized siderite with
local sub-ore grade silver intercepts.
The surface drill programs at Bellekeno complement an ongoing 5,000 meter underground
exploration drill program testing potential down dip extensions of the 99 and
Southwest resource zones. Results from this work will be used to update the
current resource estimate planned for the second quarter of calendar 2011.
A composite table listing those 2010 Bellekeno surface drill holes having complete assay
results is available for review along with a long section showing drill hole
pierce points on the "48" vein 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. 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.
Continued 2010 District Exploration
Alexco continues exploration work within the
Keno Hill district with ongoing surface core drilling at the historical Husky
mine area. Core drilling programs for 2010 have been completed in the areas
of the historical Lucky Queen, Silver King, Onek, Galkeno and Bermingham mines and the Flame & Moth prospect
located adjacent to the new Bellekeno mill. A
reverse circulation drill program in the McQuesten
Valley, designed mainly to capture stratigraphic
information, was also completed earlier this month.
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.
Contact:
Contacts:
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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