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Alexco Resource Corp
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Alexco Resource drills 5.8 m of 41.9 oz/t Ag in Yukon

2013-01-14 07:42 ET - News Release

Mr. Clynton Nauman reports

ALEXCO FURTHER EXPANDS FLAME & MOTH DEPOSIT, ROBUST SILVER GRADES AND THICKNESSES CONTINUE; NEW DISCOVERY ADDS ADDITIONAL POTENTIAL

Alexco Resource Corp. has further expanded the mineralized area of its Flame and Moth deposit within the Keno Hill silver district in Yukon upon completion of final results from the 2012 resource definition drilling program. Silver grades to 41.9 ounces per ton silver over 5.8 metres, and 23.3 ounces per ton silver over 10.9 metres true thicknesses continue to underscore the robust nature of the deposit, which still remains open down plunge and down dip to the south and west. The previously published Flame and Moth estimated resource comprises an indicated resource of 11,054,000 ounces silver and an inferred resource of 3,882,000 ounces silver (see news release dated June 28, 2012, entitled, "Alexco Announces Initial Resource Estimates for Flame and Moth and Bermingham"). Results from the initial phase of the 2012 drilling program confirmed and expanded silver mineralization approximately 100 metres up dip of the previously defined indicated resource, as well as identifying a second mineralized structure approximately 10 metres from the main vein (see news release dated Oct. 9, 2012, entitled, "Alexco Expands Flame and Moth Deposit: Results Up to 71 Ounces per Ton Silver Over 2.9 Meters, Mineralized Intervals to 7.4 Meters Grading 25.7 Ounces per Ton Silver, and Accompanying Gold, Lead and Zinc").

A revision of the Flame and Moth resource estimate is undergoing final review, with completion anticipated by the end of the first quarter of 2013. The results from the final 14 drill holes completed to target in 2012, with 4,634 metres of drilling, will extend and redefine the resource to the southwest and increase confidence in the resource both northeast and southwest of the Mill fault (which bisects the deposit), bringing the total plan extent of the mineralized zone to approximately 600 metres along strike and 350 metres down dip. The deposit remains open to the south and east, and also westerly up dip toward surface at the northern extent of existing drilling. In addition, exploration drilling has identified a new discovery similar in appearance to the Flame vein some 600 metres to the west-southwest of the Flame and Moth deposit. Here, a single drill hole intersected 10.7 ounces per ton silver, 1.7 per cent lead and 0.5 per cent zinc over a 0.85-metre interval, significantly expanding the area of potential mineralization likely related in some manner to the Flame and Moth deposit.

Alexco's president and chief executive officer, Clynt Nauman, said: "These final 2012 drill results from the Flame and Moth deposit area continue to demonstrate the continuity of thickness, the locally high silver grades, and the presence of gold with base metals in a mineralizing system that remains open. Following an updated resource analysis, in 2013 Alexco plans to start baseline geotechnical, metallurgical and environmental work, as well as preliminary engineering of the Flame and Moth deposit. This work will form the basis of a longer-term development strategy in the Keno Hill silver district where we already have one mine in production, two additional mines slated for production in 2013, and a large tailings retreatment project currently in the final stages of preliminary economic analysis."

For ease of discussion, the Flame and Moth deposit is now divided into two zones, the Lightning zone and the Christal zone, respectively southwest and northeast of the Mill fault. Selected 2012 final drill results for these two zones include the following significant composite or individual assay intervals (above 30 grams per tonne silver):

Lightning zone:

  • K-12-0432 intersected mineralized vein material over 10.94 metres true width from 309.91 metres with a composite assay of 798 grams per tonne (23.3 ounces per ton) silver, 1.01 grams per tonne gold, including 0.13 metre true width from 311.54 metres with an assay of 2,830 grams per tonne (82.5 ounces per ton) silver, 2.76 grams per tonne gold, and 0.89 metre true width from 314.57 metres with an assay of 2,990 grams per tonne (87.2 ounces per ton) silver, 1.47 grams per tonne gold.
  • K-12-0450 intersected mineralized vein material over 4.83 metres true width from 297.47 metres with a composite assay of 729 grams per tonne (21.3 ounces per ton) silver, including 0.23 metre true width from 298.42 metres with an assay of 2,460 grams per tonne (71.8 ounces per ton) silver.
  • K-12-0457 intersected mineralized vein material over 4.99 metres true width from 279.70 metres with a composite assay of 450 grams per tonne (13.1 ounces per ton) silver, including 0.46 metre true width from 279.70 metres with an assay of 2,050 grams per tonne (59.8 ounces per ton) silver.
  • K-12-0482 intersected mineralized vein material over 2.87 metres true width from 234.10 metres with a composite assay of 439 grams per tonne (12.8 ounces per ton) silver, including 0.21 metre true width from 236.91 metres with an assay of 2,230 grams per tonne (65.0 ounces per ton) silver.

Christal zone:

  • K-12-0481 intersected mineralized vein material over 5.84 metres true width from 253.24 metres with a composite assay of 1,436 grams per tonne (41.9 ounces per ton) silver, 1.04 grams per tonne gold, including 0.47 metre true width from 254.48 metres with an assay of 2,470 grams per tonne (72.0 ounces per ton) silver 4.02 grams per tonne gold, and 0.47 metre true width from 254.99 metres with an assay of 2,220 grams per tonne (64.8) silver, 2.70 grams per tonne gold, and 0.74 metre true width from 257.52 metres with an assay of 5,120 grams per tonne (149.3 ounces per ton) silver, 1.09 grams per tonne gold.
  • K-12-0467 intersected mineralized vein material over 4.29 metres true width from 201.29 metres with a composite assay of 525 grams per tonne (15.3 ounces per ton) silver.

2012 Flame and Moth geology update and results

The completion of these additional 14 drill holes in the lower part of the mineralized zone bring the total drilling at the Flame and Moth prospect to 21,245 metres in 94 holes since discovery in 2010. The objective of the 2012 program was to provide confidence in the continuity of mineralization in order to progress engineering and environmental mine planning studies during 2013, as well as extend the deposit in both a lateral and up-dip direction.

The 2012 results have essentially confirmed the grades and thickness of the mineralized vein within the Lightning and Christal zones as previously announced, and the increased drill density will also allow the definition of some higher-grade silver and gold zones. In the Lightning zone, 2012 results have expanded the zone of silver mineralization over a vertical distance of approximately 100 metres located above the previously defined indicated resource; in this upper area, a subparallel vein was also delineated with mineralization in each structure averaging about three to 3.4 metres true width with average silver grades of 13 to 20 ounces per ton (see news release dated Oct. 9, 2012, entitled, "Alexco Expands Flame and Moth Deposit: Results Up to 71 Ounces per Ton Silver Over 2.9 Meters, Mineralized Intervals to 7.4 Meters Grading 25.7 Ounces per Ton Silver, and Accompanying Gold, Lead and Zinc"). This work also extended the strike extent of the Lightning zone over a distance of approximately 50 metres to the southwest. In the Christal zone, 2012 results have provided confidence of continuity and grade with 30- to 40-metre intercept drill spacings in the resource area, and also shown the vein structure developed to at least 400 metres below surface in one hole, although here it is less strongly mineralized.

Notes

Updated composite assay tables, along with a drill hole location map and a long section plot, for 2012 drill holes completed at the Flame and Moth prospect are available for review on the company's website.

The 2012 exploration drill program and sampling protocol has 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 shipped to ALS Minerals Labs at Whitehorse, Yukon, for preparation, with fire assay and multielement ICP analyses completed at the ALS Minerals facility in North Vancouver, B.C. The disclosure of scientific and technical information about Alexco's mineral projects contained in this news release has also been reviewed and approved by Mr. McOnie.

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