The mining newspaper for Alaska and Canada's North

Mining Explorers 2014: Alexco Resource Corp.


President and CEO: Clynton Nauman

Executive Vice President and COO: Brad Thrall

Vice President, Exploration: Alan McOnie

Alexco Resource Corp. owns the Bellekeno silver-zinc-lead mine, as well as a number of other mineral properties within historical Keno Hill Silver District of central Yukon Territory.

Bellekeno began commercial production at the beginning of 2011, but was temporarily suspended late in 2013 due to lower silver prices.

The company said developing additional feed for the mill from the property's Flame & Moth deposit is a key to lowering costs and restarting operations.

To this end, Alexco's 2014 exploration budget for Keno Hill is roughly C$5 million, including a surface drill program focused primarily on defining the potential limits of mineralization and adding immediate resources at the Flame & Moth deposit, and further defining the nearby Flame & Moth West discovery.

The Flame & Moth deposit occurs in two zones separated by a fault, and while the current potentially mineable portion has a strike length of about 600 meters, results from drilling in 2013 show the mineralization extends for at least 900 meters.

The deposit averages four to five meters in thickness, with some areas up to 11 meters thick.

Drilling results released in 2013 included 28 ounces per ton of silver over 5.6 meters true thickness at the southwest extent of the deposit.

Alexco, which had originally planned to complete 10,500 meters of drilling, increased the program to 14,000 meters as a result of early season drill efficiency.

A large portion of this drilling focused on the southwest extensions to the Flame Vein, where 2013 drilling demonstrated that mineralization extends at least an additional 220 meters beyond the existing resource.

Satellite deposits such as Flame West, where there have been intercepts of up to 28.7 oz/t silver over a true thickness of 0.85 meters, are also drill targets for 2014.

In addition to drilling, Alexco is carrying out initial exploration along trend of the Flame & Moth deposit northeast of the mill, where there is little existing geologic information because of surficial cover.

Additional surface exploration work was completed at Bermingham, an exploration target in the area of the historical Birmingham Mine, in the Keno Hill District.

Cash and short-term deposits: C$6.3 million (at June 30, 2014)

Working capital: C$11.7 million (at June 30, 2014; closed a C$8 million financing in August)

Market capitalization: C$62.9 million (Sept. 9, 2014)

200 Granville Street • Suite 1150, Vancouver, BC Canada V6C 1S4

Tel: 604-633-4888 • Fax: 604-633-4887


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