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Alexco Resource Corp
Symbol AXR
Shares Issued 101,229,087
Close 2017-11-06 C$ 1.60
Market Cap C$ 161,966,539
Recent Sedar Documents

Alexco drills 5.01 m of 2,464 g/t Ag at Bermingham

2017-11-07 07:17 ET - News Release

Mr. Clynt Nauman reports

ALEXCO COMPLETES 2017 SURFACE EXPLORATION PROGRAM, EXPANDS BERMINGHAM SILVER DEPOSIT, ADVANCES UNDERGROUND DEVELOPMENT

Alexco Resource Corp. has released results from its 2017 surface exploration drilling program in the vicinity of the Bermingham deposit in the Keno Hill silver district (KHSD) in Canada's Yukon Territory. Numerous significant silver-rich intercepts have been received from 28 of the 37 holes drilled in two target areas proximal to the Bermingham resource, and a third shallower new exploration target area approximately 200 metres to the northeast. True width intercepts ranging from 5.15 m grading 1,547 grams/tonne (49.73 ounces/tonne) silver in hole K-17-0658 and 5.01 m grading 2,464 g/t (79.23 ounces per ton) Ag in drill hole K-17-0643, along with numerous other significant intercepts demonstrate expansion of the Bermingham deposit along strike and down plunge. True width intercepts up to 4.20 m grading 2,518 g/t (80.95 ounces per ton) Ag in hole K-17-0663 approximately 200 m to the northeast of the high-grade Bear vein represent a new discovery which remains open along strike.

Alexco chairman and chief executive officer Clynt Nauman commented: "Two important conclusions come from our 2017 exploration work. First, we can be pretty confident that the Bermingham silver resource (currently estimated to contain an indicated 17 million ounces of silver) will be expanded; and second, the deposit is clearly open at depth where strong structures and related mineralization project into increasingly favourable stratigraphy. As we systematically expand drilling coverage, our understanding of the interconnected mineralized vein systems at Bermingham is becoming one of local very high-grade shoots such as the Bear vein where our current preliminary economic assessment mine plan identifies 220,000 potentially minable tonnes grading 1,276 g/t Ag, sitting within more extensive zones of lower-grade mineralization with true widths up to 8.62 m thick grading more than 600 g/t Ag as identified in recent drill hole K-17-0653. This pattern of mineralization very much reflects a large hydrothermal system with distinct similarities to the adjacent historic Hector-Calumet deposit. Furthermore, with our exploration model becoming ever more refined, we are actively generating and ranking new silver targets across the Keno Hill silver district which we will start to test in 2018."

Geology and drilling

The 2017 Bermingham surface drill program was completed in early September with 37 holes totalling 13,832 metres of diamond core drilling. This drilling was conducted at relatively wide spacing in three zones to further explore structural targets adjacent to, or along strike of, the existing Bermingham deposit resource that includes 858,000 tonnes with an average grade of 628 g/t silver totalling 17.3 million ounces of silver in the indicated category (see news release dated Dec. 8, 2016).

The three target zones were:

  • The SW zone, targeting the Bermingham, Bermingham footwall and Bear veins within a 100 by 200 m window of previously unexplored structure located immediately to the southwest of the Arctic zone resource in the footwall of the Mastiff cross fault;
  • The Mid zone, a fault bounded panel of the Bermingham vein adjacent to and below the planned mining zone and in the hangingwall of the Bear and Bermingham footwall vein resource areas;
  • The NE zone, a fault offset panel of the Bear vein in the footwall of the Ruby B fault, located 200 m northeast of the current resource area.

Bermingham drill composite assay interval highlights

Refer to the table for drill hole details. All true widths are calculated from modelled vein attitude and drill hole intercept orientation.

In the SW zone:

  • K-17-0658 intersected the Bear vein grading 1,547 g/t (49.73 ounces per ton) Ag over a true width of 5.15 m from 375.40 m.
  • K-17-0668 intersected the Bermingham vein grading 1,447 g/t (46.53 ounces per ton) Ag over a true width of 4.18 m from 352.25 m, including an interval of 6,730 g/t (216.38 ounces per ton) Ag over a true width of 0.66 m from 355.10 m.
  • The hole also intersected the Bear vein grading 1,469 g/t (47.24 ounces per ton) Ag over a true width of 2.21 m from 370.25.
  • K-17-0653 intersected the Bermingham vein grading 1,678 g/t (53.96 ounces per ton) Ag over a true width of 3.40 m from 350.48 m.
  • K-17-0641 intersected the Bermingham vein grading 1,190 g/t (38.26 ounces per ton) Ag over a true width of 2.44 m from 341.33 m.
  • K-17-0645 intersected the Bermingham vein grading 2,056 g/t (66.10 ounces per ton) Ag over a true width of 1.09 m from 347.27 m.
  • K-17-0662 intersected the Bermingham vein grading 2,757 g/t (88.64 ounces per ton) Ag over a true width of 1.03 m from 305.11 m.
  • K-17-0664 intersected the Bermingham vein grading 6,620 g/t (212.84 ounces per ton) Ag over a true width of 0.53 m from 359.50 m.

In the Mid zone below the planned mine blocks:

  • K-17-0643 intersected the Bermingham vein grading 2,464 g/t (79.23 ounces per ton) Ag over a true width of 5.01 m from 399.40 m, including a 0.70 m true width interval grading 12,003 g/t (385.91 ounces per ton) Ag from a depth of 404.20 m.

In the NE zone:

  • K-17-0659 intersected the Bear vein grading 1,214 g/t (39.02 ounces per ton) Ag over a true width of 5.05 m from 311.50 m, that included 3,180 g/t (102.24 ounces per ton) Ag over a true width of 0.14 m from 311.50 m, and 2,096 g/t (67.38 ounces per ton) Ag over a true width of 2.65 m from 314.30 m.
  • K-17-0663 intersected the Bear vein grading 2,518 g/t (80.95 ounces per ton) Ag over a true width of 4.20 m from 331.80 m, that included 8,905 g/t (286.30 ounces per ton) Ag over a true width of 1.10 m from 334.50 m.
  • K-17-0669 intersected the Bear vein grading 704 g/t (22.64 ounces per ton) Ag over a true width of 3.76 m from 321.07 m, that included 2,567 g/t (82.54 ounces per ton) Ag over a true width of 0.97 m from 325.19 m.
  • K-17-0671 intersected the Bermingham vein grading 10,126 g/t (325.55 ounces per ton) Ag over a true width of 0.21 m from 271.05 m.

The emerging geological picture at Bermingham is one of a complex system of interconnected mineralized vein shoots related to a strong hydrothermal fluid system. The 2017 program confirms the occurrence of high-grade silver intervals along the known 700 m strike length of the Bermingham vein system where mineral deposition has occurred preferentially in a north-northeast orientation and where local structural -- stratigraphic conditions controlled the distribution of high- and lower-grade areas.

The Bermingham system remains open at depth where it enters the same stratigraphy that hosted the adjacent Hector-Calumet mine which historically produced 96 million ounces silver. Current results confirm that the mineralized system is well developed at depth with significant intersections such as the Bear vein in the southwestern extension of the Arctic zone at a vertical depth of 425 m below surface with an intercept of 1,355 g/t (43.56 ounces per ton) Ag over true width of 1.24 m in drill hole K-17-0660.

The opportunity to follow this well-developed mineralized system to depth will ultimately be tested from underground as the proposed mine is developed.

Four exploration holes were completed near the intersection of the Ruby and Townsite veins adjacent to the historically producing Ruby mine (approximately 260 m to the northeast of the Bermingham area). These produced an intersection of 1,040 g/t (33.4 ounces per ton) Ag over a true width of 1.18 m from 131.05 m in hole K-17-0642 and represents a possible Ruby vein offset in an untested northeast extension of the historic Ruby mine approximately 400 m from the current Bermingham resource area.

The mineralogy of the Bermingham system is characterized by the presence of a complex silver bearing mineral assemblage including pyrargyrite (ruby silver), freibergite, argentiferous galena, stephanite, polybasite and wire silver in a dominantly sideritic gangue. The mineralized structures exhibit textures indicative of prolific fluid flow, hydro-brecciation and fluid boiling during several pulses of mineral deposition and fault movement.

Bermingham underground development

Following receipt of an amended Class IV permit in August, 2017, underground activity to establish and drive an approximate 580 m decline to the Bermingham deposit commenced. At present the 3.7 m by 3.7 m ramp has been advanced approximately 135 m and is targeted for completion in the first quarter of 2018. Once complete, a 5,000 m underground drill program will target infill and extension drilling of the proposed Bear vein and other potential mining zones including areas which have been identified as a result of the 2017 surface exploration program. Work to advance the Bermingham ramp is continuing into the winter and is being carried out by Alexco's underground operations group supported by on-site geologists and engineers. A total of approximately 30 employees are dedicated to this project.

Notes

The 2017 exploration drill program and sampling protocol have been reviewed, verified and compiled by Alexco's geologic staff under the supervision of Alan McOnie, vice-president, exploration, for 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 delivered to the assay lab. Drill core samples were direct shipped to ALS Minerals Lab at Whitehorse, Yukon, for preparation, and to the ALS Minerals facility in North Vancouver, B.C., for fire assay, multielement ICP and overlimit analyses.

The disclosure of all other scientific and technical information contained in this news release regarding projects on Alexco's mineral properties has also been reviewed and approved by Alan McOnie, FAusIMM, Alexco's vice-president, exploration, a qualified person as defined by National Instrument 43-101.

About Alexco Resource Corp.

Alexco Resource holds the historical high-grade Keno Hill silver district located in Canada's Yukon Territory. Employing a unique business model, Alexco also provides mine-related environmental services, remediation technologies, and reclamation and mine closure services to both government and industry clients through the Alexco Environmental Group, its wholly owned environmental services division.

                                            2017 BERMINGHAM ASSAY COMPOSITES

Hole        From (m)   To (m)  Interval (m)  Est. true width (m) (1)  Ag (g/t)  Ag (oz/t)   Pb (%)   Zn (%)   Au (g/t)

K-17-0636    467.82   471.40          3.58                 3.15           406      13.04     0.69     1.38       0.20
Including    471.11   471.40          0.29                 0.26         3,720     119.60     2.01     3.41       1.19
K-17-0641    250.49   254.08          3.59                 3.05            50       1.60     0.30     1.44       0.04
             340.55   346.35          5.80                 4.93           699      22.46     1.19     1.68       0.11
Including    341.33   344.20          2.87                 2.44         1,190      38.26     2.21     3.30       0.17
             357.08   360.37          3.29                 2.80           123       3.95     0.19     0.59       0.03
Including    357.08   357.57          0.49                 0.31           661      21.25     0.38     2.39       0.21
             366.33   370.84          4.51                 2.82           679      21.84     3.21     1.19       0.09
Including    369.52   370.84          1.32                 0.83         2,270      72.98    10.30     2.39       0.22
             374.26   398.20         23.94                14.96           241       7.76     0.49     0.79       0.03
Including    377.00   377.50          0.50                 0.31           800      25.72     0.16     0.26       0.19
and          382.20   384.72          2.52                 1.57           498      16.01     0.23     1.92       0.06
and          390.60   391.47          0.87                 0.54         1,350      43.40     2.19     4.20       0.16
             405.42   406.15          0.73                 0.46            53       1.70     0.00     0.14      -0.01
K-17-0645    284.30   285.05          0.75                 0.61            75       2.40     0.21     1.15       0.08
             291.40   291.65          0.25                 0.20            82       2.64     0.76     0.02       0.27
             347.27   348.62          1.35                 1.09         2,056      66.10     1.02     1.59       0.33
Including    348.30   348.62          0.32                 0.26         8,180     263.00     2.86     0.09       0.72
             396.85   398.18          1.33                 0.73         1,941      62.41     5.16     1.14       0.23
Including    396.85   397.90          1.05                 0.58         2,380      76.52     5.77     1.27       0.28
             402.50   411.85          9.35                 5.46           311      10.01     0.74     0.23       0.06
Including    403.40   405.84          2.44                 1.42           929      29.88     1.36     0.17       0.09
K-17-0651    324.15   327.20          3.05                 2.50           475      15.26     1.72     0.97       0.09
Including    325.30   325.90          0.60                 0.49         2,160      69.45     7.99     1.91       0.34
             334.55   334.85          0.30                 0.25            95       3.04     0.81     0.28       0.01
             359.00   360.30          1.30                 1.21            88       2.83     0.40     0.60       0.01
             365.00   365.60          0.60                 0.35         2,400      77.16     1.48     0.68       0.25
             372.70   374.45          1.75                 1.02         1,030      33.12     2.34     0.38       0.14
Including    372.70   373.65          0.95                 0.55         1,730      55.62     4.16     0.49       0.21
K-17-0653    350.48   361.18         10.70                 8.62           783      25.17     0.82     0.76       0.10
Including    350.48   354.70          4.22                 3.40         1,678      53.96     1.83     1.13       0.19
and          360.25   360.78          0.53                 0.43         1,625      52.25     0.19     0.33       0.14
             428.00   429.50          1.50                 0.88         1,279      41.11     0.35     0.08       0.28
Including    428.00   428.75          0.75                 0.44         2,520      81.02     0.31     0.15       0.53
K-17-0657    400.15   401.25          1.10                 0.90           114       3.67     0.49     2.10       0.21
             449.36   449.43          0.07                 0.06         1,600      51.44     1.83     2.03       0.16
             456.75   460.70          3.95                 2.54           547      17.60     0.86     0.37       0.17
Including    457.70   460.15          2.45                 1.58           777      24.97     1.12     0.40       0.10
K-17-0658    328.50   329.95          1.45                 1.18           946      30.40     1.12    12.50       0.19
Including    328.50   329.20          0.70                 0.57         1,800      57.87     2.13    24.90       0.26
             375.40   383.35          7.95                 5.15         1,547      49.73     8.00     0.56       0.18
K-17-0660    473.45   473.90          0.45                 0.28           105       3.38     0.98     3.09       0.10
             478.55   490.80         12.25                 7.60           321      10.33     1.50     0.31       0.09
Including    485.00   487.00          2.00                 1.24         1,355      43.56     5.30     0.11       0.32
K-17-0662    302.97   306.58          3.61                 3.25           972      31.26     1.31     1.57       0.11
Including    305.11   306.26          1.15                 1.03         2,757      88.64     3.78     2.41       0.21
             308.75   309.56          0.81                 0.73            65       2.10     0.19     1.32       0.07
             317.75   319.40          1.65                 1.29            51       1.65     0.07     0.06       0.01
             323.00   324.75          1.75                 1.37           537      17.26     1.37     0.83       0.06
Including    323.85   324.75          0.90                 0.70         1,011      32.52     2.46     1.42       0.11
K-17-0664    359.50   361.55          2.05                 1.89         1,950      62.70     5.62     3.62       0.13
Including    359.50   360.08          0.58                 0.53         6,620     212.84    17.80    12.10       0.40
             381.40   389.35          7.95                 5.97           221       7.11     0.63     0.40       0.03
Including    386.56   387.30          0.74                 0.56         1,415      45.49     4.45     0.86       0.12
K-17-0668    344.57   347.95          3.38                 3.18           343      11.02     1.17     0.22       0.04
Including    344.57   344.90          0.33                 0.31           833      26.78     2.12     0.26       0.10
and          347.85   347.95          0.10                 0.09         7,530     242.10    27.50     2.56       0.30
             352.25   356.70          4.45                 4.18         1,447      46.53     0.96     2.78       0.08
Including    352.25   352.45          0.20                 0.19         7,110     228.60     4.43     5.35       0.49
and          355.10   355.80          0.70                 0.66         6,730     216.38     4.40     7.40       0.29
             358.80   363.80          5.00                 4.70           119       3.82     0.28     1.61       0.02
             367.05   373.08          6.03                 4.70           726      23.35     1.59     3.98       0.06
Including    370.25   373.08          2.83                 2.21         1,469      47.24     3.23     8.20       0.11
K-17-0672    391.25   399.10          7.85                 6.88           500      16.09     0.65     0.66       0.16
Including    391.25   395.50          4.25                 3.72           786      25.27     1.04     0.57       0.25
K-17-0674    385.65   386.32          0.67                 0.47           107       3.44     0.80     0.71       0.03
             392.11   393.70          1.59                 1.11           718      23.10     1.33     4.19       0.12
Including    392.57   393.70          1.13                 0.79           984      31.65     1.81     5.73       0.16
             428.00   434.30          6.30                 4.35           176       5.67     1.53     2.28       0.17
Including    429.92   430.34          0.42                 0.29         1,350      43.40     8.68    10.25       0.37
K-17-0643    399.40   406.00          6.60                 5.01         2,464      79.23     2.28     1.34       0.37
Including    399.40   401.70          2.30                 1.61         1,384      44.50     4.72     2.28       0.22
and          404.20   405.20          1.00                 0.70    1    2,003     385.91     0.52     0.41       1.54
             460.35   461.55          1.20                 0.84            37       1.19     0.02     0.01       0.07
K-17-0652    410.90   412.15          1.25                 0.95            74       2.36     0.10     0.02       0.06
             425.07   435.10         10.03                 7.02           310       9.96     1.19     0.47       0.10
Including    425.07   425.20          0.13                 0.09         2,370      76.20    10.15     1.80       0.21
             450.20   450.45          0.25                 0.18         2,320      74.59    11.30     0.02       0.21
             456.75   457.20          0.45                 0.33            32       1.03     0.03     0.02       0.02
             467.00   467.50          0.50                 0.37         3,900     125.39     0.47     0.15       0.64
K-17-0670    378.47   382.30          3.83                 2.73           857      27.54     0.23     1.10       0.17
Including    378.47   379.22          0.75                 0.53         4,219     135.64     0.65     4.90       0.80
             393.01   393.53          0.52                 0.37            49       1.57     0.04     1.76       0.18
             396.82   401.38          4.56                 3.25           207       6.67     1.49     1.64       0.04
Including    397.53   398.00          0.47                 0.33         1,530      49.19    12.60    11.80       0.19
             426.53   427.01          0.48                 0.35           331      10.64     3.11     0.59       0.07
K-17-0646    203.00   205.54          2.54                 1.94           290       9.33     0.27     0.65       0.06
Including    203.00   203.30          0.30                 0.23         1,870      60.12     1.61     0.67       0.18
             210.90   215.24          4.34                 3.32           157       5.03     0.55     0.40       0.03
Including    214.90   215.24          0.34                 0.26           702      22.57     4.25     0.77       0.13
             284.40   284.98          0.58                 0.24           377      12.12     0.07     0.46       0.11
K-17-0650    216.27   217.18          0.91                 0.64           100       3.21     0.73     1.07       0.06
             228.30   229.20          0.90                 0.63           796      25.59    11.45     0.30       0.06
             232.50   233.36          0.86                 0.46            92       2.96     0.17     0.58       0.02
             237.12   238.00          0.88                 0.47           659      21.19     4.66     0.35       0.08
K-17-0656    299.73   304.20          4.47                 3.67            36       1.15     0.21     0.21       0.01
             377.00   378.20          1.20                 0.93            50       1.59     0.03     0.04       0.01
K-17-0659    291.93   292.70          0.77                 0.71         3,240     104.17     6.67     0.69       0.22
             296.20   297.05          0.85                 0.78            53       1.71     0.33     0.40       0.03
             311.50   318.00          6.50                 5.06         1,214      39.02     2.47     2.52       0.20
Including    311.50   311.68          0.18                 0.14         3,180     102.24    11.50     2.32       0.23
and          314.30   317.70          3.40                 2.65         2,096      67.38     3.61     4.31       0.32
K-17-0661    303.56   307.37          3.81                 3.24           394      12.68     1.98     1.54       0.08
Including    303.56   306.87          3.31                 2.82           377      12.14     1.99     1.10       0.05
             359.70   362.27          2.57                 1.75            53       1.70     0.16     0.77       0.04
K-17-0663    331.80   337.35          5.55                 4.20         2,518      80.95     2.57     3.14       0.30
Including    331.80   332.35          0.55                 0.42           766      24.63     1.58     6.82       0.56
and          334.50   335.95          1.45                 1.10         8,905     286.30     8.56     5.34       0.82
K-17-0665    316.00   317.60          1.60                 1.37           390      12.53     1.75     1.39       0.05
             333.75   340.25          6.50                 4.81            80       2.56     0.55     0.64       0.08
             344.95   345.63          0.68                 0.50            60       1.94     0.22     1.81       0.05
K-17-0667    399.32   400.18          0.86                 0.69            49       1.58     0.40     0.03       0.01
K-17-0669    283.22   283.77          0.55                 0.51            56       1.81     0.21     0.91       0.04
             287.60   288.22          0.62                 0.57            49       1.57     0.38     1.56       0.30
             321.07   326.62          5.55                 3.76           704      22.64     1.92     2.70       0.09
Including    325.19   326.62          1.43                 0.97         2,567      82.54     7.00     9.07       0.30
K-17-0671    271.05   271.27          0.22                 0.21        10,126     325.55    24.86     1.15       1.34
             278.51   281.22          2.71                 2.60            18       0.59     0.18     0.85       0.00
             289.86   290.73          0.87                 0.63           138       4.44     2.04     0.26       0.06
K-17-0673    312.80   313.08          0.28                 0.24            38       1.21     0.33     0.68       0.05
             317.61   319.65          2.04                 1.72            93       3.00     0.14     1.96       0.01
K-17-0642    131.05   132.42          1.37                 1.18         1,040      33.44     1.43     2.03       0.17

(1) Estimated true width calculated from modelled vein attitude and drill hole intercept orientation.
Intervals calculated at plus 600 g/t Ag with a maximum of two m unmineralized internal dilution.

We seek Safe Harbor.

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