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Alexco Reports Results from 2014 Resource Extension Drilling Program at Bermingham Deposit

Alexco Resource Corp. today announced results from the 2014 resource extension drilling program at its Bermingham deposit in the Keno Hill Silver District in Canada's Yukon Territory.

The Bermingham deposit, which has a current indicated resource of 3.8 million ounces of silver and a current inferred resource of 1.2 million ounces of silver, is located approximately five kilometers east of the Flame & Moth deposit and the district mill. Bermingham is adjacent to the historical Hector-Calumet mine which produced 96 million ounces of silver at a reported average grade of approximately 1,090 grams per tonne.

In 2014, an additional 2,667 meters of drilling was completed in eight holes to both infill and extend Bermingham mineralization to the northeast, towards the Hector-Calumet deposit. Results from this drilling include drill hole K-14-0537 which intercepted 6.39 meters (true width) with a composite silver grade of 5,667 grams per tonne (gpt) silver (165.3 ounces per ton (opt)), which included 1.81 meters (true width) assaying 18,270 gpt (532.9 opt) silver. Three other holes within 200 meters of drill hole K-14-0537 intercepted between 529 gpt and 714 gpt silver over true widths ranging from 3.03 meters to 7.97 meters as outlined in the highlights below. Overall, work in 2014 has systematically extended mineralization at Bermingham approximately 400 meters northeasterly beyond the existing Etta Zone resource, and steadily toward the inferred unique stratigraphic and structural setting occupied by the adjacent Hector-Calumet mine. A new resource estimate for Bermingham is expected to be completed in early 2015.

Alexco President and Chief Executive Officer Clynt Nauman commented, "The exceptional 2014 results from work at the Bermingham deposit, including hole K-14-0537 which is the best hole ever drilled by Alexco at Keno Hill, are the result of systematic exploration over a number of years. These exploration results appear to be leading us toward previously unknown and untested ground on one of the most productive structures in the entire silver district. Much more work is warranted, the geology and structural setting is complex, but the address is as good as it gets in the Keno Hill Silver District. The potential for another significant silver discovery of Flame & Moth tenor and size is clearly evident from our 2014 success."

2014 Bermingham Drill Assay Highlights

  • K-14-0524 intercepted the Bermingham structure over a true width of approximately 7.97 meters from 236.40 meters with a composite silver grade of 545 gpt (15.9 opt), that included 0.41 meter true width from 237.00 meters that graded 3,260 gpt (95.1 opt) silver, 0.25 meter true width from 237.50 meters that graded 1,400 gpt (40.8 opt) silver, and 0.58 meter true width from 244.30 meters that graded 1,600 gpt (46.7 opt) silver.
  • K-14-0531 intersected the Bermingham Vein over 4.90 meters true width from 233.00 meters with a composite assay value of 529 gpt (15.4 opt) silver that included 0.45 meter true width from 233.00 meters that graded 951gpt (27.7 opt) silver, and 0.28 meter true width from 237.56 meters that graded 3,260 gpt (95.1 opt) silver.
  • K-14-0537 intersected the Bermingham Vein over 6.39 meters true width from 280.00 meters with a composite assay value of 5,667 gpt (165.3 opt) silver that included 1.81 meters true width from 284.35 meters that averaged 18,270 gpt (532.9 opt) silver, with a high individual assay value of 58,529 gpt (1,707.1 opt) silver and 1.81 gpt gold over a true width of 0.31 meter from 285.1 meters.
  • K-14-0538 intersected the Bermingham Vein over 3.03 meters true width from 271.83 meters with a composite assay value of 714 gpt (20.8 opt) silver that included 0.41 meter true width from 275.00 meters that graded 4,850 gpt (141.5 opt) silver.

A systematic program of exploration drilling at Bermingham since 2009 has identified high grade silver mineralization. Generally this mineralization has been over 4 to 26 meters thick located in broader zones of lower grade mineralization, while also being located within 1.2 kilometers of the historical Hector-Calumet mine which produced a reported 96 million ounces of silver. The vein style mineralization at Bermingham is located in a series of fault offset panels in which significant silver mineralization has developed within several broad intervals that can now be traced over an 800 meter strike length. Within this zone, Alexco previously identified silver resources in the Etta Zone (in the hangingwall of the post-mineral Mastiff Fault), and mineralized material in the Arctic Zone (in the footwall of the fault) along a 400 meter strike length to a depth of approximately 350 meters. In 2012, a resource estimate outlined 3.8 million ounces of indicated silver resource and a further 1.2 million ounces of inferred silver resource within the Etta Zone (see news release dated June 28, 2012 entitled "Alexco Announces Initial Resource Estimates for Flame & Moth and Bermingham"). To the northeast of this, the fault offset Arctic Zone extension was also determined to be significantly mineralized.

The 2014 drilling program infilled and extended the Arctic Zone mineralization to the northeast, and identified that further significant potential exists deeper, but still within surface drilling depth, in the Hector-Calumet mine host stratigraphy.

The Bermingham mineralized system remains open in all directions, especially to the northeast where linkage to the Hector-Calumet mine remains to be resolved, but also to the southwest where there remains a kilometer of untested ground between the Bermingham prospect and the historical Coral Wigwam prospect.

Tables showing 30 gpt silver cutoff composite assay grades (restricted to include a maximum of two meters unmineralized internal dilution) which have been used to identify the mineralized zones, with all intervals adjusted to reflect true thickness, are appended to this news release.

Source: http://www.alexcoresource.com/

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