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Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to
announce results from 2010 follow-up core drilling at the Onek
historical mine area, Keno Hill Silver District in Canada's Yukon Territory.
Follow-up exploration drilling southwest of the historical Onek underground and open pit mine has extended the zone
of significant indium-bearing zinc-silver and silver-zinc mineralization an
additional 100 meters along strike, bringing the total strike length of
mineralization to a minimum of 500 meters. The zone extends down dip a
minimum of 220 meters and remains open both down dip and along strike to the
southwest. As reported earlier this year (see news release dated November 1,
2010 entitled "Alexco Receives Balance of
Assays from Onek Zinc - Silver Deposit; Indium
Association Confirmed"), 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 estimate for the Onek deposit is currently
being prepared.
Highlights
Complete assay results have been
received for the final 4 holes drilled southwest of the historical Onek mine, located in the eastern part of the Keno Hill
Silver District. Results include the following:
-- DDH K10-309 cut an interval
grading: 1,080 grams per tonne silver (31.5
ounces per ton),
0.346 grams per tonne gold, 0.6% lead, 24.8% zinc
and
204 parts per
million indium over 1.25 meters from 105.62 to 106.87
meters.
-- DDH K10-308 cut an interval
grading: 1,100 grams per tonne silver (32.1
ounces per ton),
0.620 grams per tonne gold, 18.8% lead, 6.3% zinc
and
23 parts per million
indium over 1.06 meters from 118.94 to 120.00
meters.
-- DDH K10-306 cut an interval
grading: 296 grams per tonne silver (8.6
ounces per ton), 0.560 grams per tonne gold, 2.0% lead, 35.6% zinc and
453 parts per
million indium over 5.46 meters from 92.75 to 98.21
meters.
-- DDH
K10-311 cut an interval grading: 233 grams per tonne
silver (6.8
ounces per ton),
0.520 grams per tonne gold, 3.2% lead, 13.2% zinc
and
138 parts per
million indium over 0.33 meters from 156.88 to 157.21
meters in a broader
zone grading 42.9 grams per tonne silver (1.3
ounces
per ton), 0.188
grams per tonne gold, 0.4% lead, 5.4% zinc and 60
parts
per million indium
over 4.59 meters from 152.89 to 157.21 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 reported in the news release of October 6, 2010 entitled "Alexco Intersects 10.4 Meters of 44.3 Ounces per Ton
Silver, Expands Onek Zinc-Silver Deposit at Keno
Hill". 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 successful 2010 drill program at Onek was
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 dominant material.
Onek Drilling, Production and Historical Resource
Drilling at Onek
by Alexco now covers a strike length in excess of
500 meters along the Onek mineralized structural
zone, located 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 for Onek, 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 extents of the deposit remain
open.
Other Miscellaneous 2010 Drilling
Results
NE Onek/Keno
Hill Drilling
Five step-out holes were drilled in late
2010 on Keno Hill, exploring for possible extensions of the Onek mineralized structural zone. The holes were located
between 300 and 800 meters northeast of the historical Onek
mine, and approximately 600 meters from the center of the currently
identified Onek deposit. Three of the five holes
encountered anomalous silver grades ranging between 1.1 and 2.3 ounces per
ton silver over drill widths of up to 2.13 meters. This area is currently
being evaluated for possible follow-up drilling in 2011.
Preliminary McQuesten
Valley Drilling
A reverse circulation drill program
covering three areas within the McQuesten Valley
was completed in October. The primary goals of the program were to determine
depth to bedrock and obtain stratigraphic information to assist in geologic
modeling. Thirty-four holes were drilled with depths ranging from 3.05 to
114.30 meters. Approximately 45% of the holes reached bedrock with one
(KR10-005) intersecting 1.52 meters grading 1.2 ounces per ton silver hosted
in schist and quartzite. Evaluation of the results is in progress.
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 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 ALS Minerals Labs at Whitehorse, Yukon
Territory for preparation, with fire assay and multi-element ICP analyses
done at 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.
An updated composite table listing the Onek and NE Onek 2010 drill
holes is available for review, along with drill hole location maps, 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 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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