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Alexco Resource Reports Additional Drilling Results from Bermingham Property in Yukon

Alexco Resource Corp. (TSX:AXR)(NYSE Amex:AXU) has announced additional results from the 2010 surface core drilling program at its Bermingham property in the Keno Hill silver district, Yukon Territory.

Building on Alexco's recognition of a "blind" mineralized structural zone in the area of the historic Bermingham mine in 2009, follow up work in 2010 has confirmed the presence of significant silver mineralization with minor base metals beginning approximately 150 meters from surface and extending at least 200 meters down plunge where it remains open. The mineralized structure is also recognized at depth over approximately 200 meters of strike extent where it similarly remains open to the southwest. Six of the holes drilled in 2010 to initially test the target structure intersected significant silver grades over drill widths ranging from 6.38 to 8.92 meters within a structural zone up to 20 meters wide. The historical Bermingham mine is located on Galena Hill approximately 1,500 meters southwest of the historical Hector Calumet mine, the district's largest historical silver producer. Mineralization at Bermingham occurs on the southwest extension of the same structural zone that hosted the Hector Calumet ore deposit, which produced approximately 96 million ounces of silver at an average grade of 35 ounces per ton.

Highlights

  • Complete assay results have been received for all eight 2010 holes drilled to target depth in the area of the historical Bermingham mine, located on Galena Hill, Keno Hill silver district, in 2010. Results include the following:

    • DDH K10-307 cut an interval grading 689 grams per tonne silver (20.1 ounces per ton), 0.066 grams per tonne gold, 1.8% lead and 2.5% zinc over 8.08 meters from 249.40 to 257.48 meters including intervals grading 1,615 grams per tonne silver (47.1 ounces per ton), 0.114 grams per tonne gold, 6.4% lead and 7.8% zinc over 1.41 meters from 251.45 to 252.86 meters and 1,405 grams per tonne silver (41.0 ounces per ton), 0.131 grams per tonne gold, 1.9% lead and 3.0% zinc over 2.04 meters from 255.44 to 257.48 meters.

    • DDH K10-315 cut an interval grading 681 grams per tonne silver (19.9 ounces per ton), 0.068 grams per tonne gold, 1.8% lead and 1.1% zinc or over 7.64 meters from 314.00 to 321.64 meters including 1,648 grams per tonne silver (48.4 ounces per ton), 0.167 grams per tonne gold, 3.2% lead and 1.7% zinc or over 1.69 meters from 314.00 to 315.69 meters.

    • DDH K10-290 cut an interval grading 542 grams per tonne silver (15.8 ounces per ton), 0.102 grams per tonne gold, 1.6% lead and 0.9% zinc over 8.03 meters from 213.56 to 221.59 meters.

    • DDH K10-301 cut an interval grading 206 grams per tonne silver (6.0 ounces per ton), 0.048 grams per ton gold, 0.9% lead and 0.2% zinc over 6.38 meters from 386.18 to 392.56 meters including 801 grams per tonne silver (23.4 ounces per ton), 0.086 grams per tonne gold, 3.0% lead and 0.5% zinc or over 1.29 meters from 386.18 to 387.47 meters.

    • DDH K10-319 cut an interval grading 229 grams per ton silver (6.7 ounces per ton), 0.082 grams per tonne gold, 0.3% lead and 1.5% zinc over 8.92 meters from 303.50 to 312.42 meters including 651 grams per tonne silver (19.0 ounces per ton), 0.222 grams per tonne gold, 0.5% lead and 3.3% zinc over 1.74 meters from 308.78 to 310.52 meters.

Bermingham 2010 Drilling

Exploration drilling at Bermingham focused on an area southwest of the historical Bermingham underground workings and open pit and southwest of the Mastiff fault, a northwest-trending, post-mineral structure. Historical exploration drilling in the area is limited to mainly shallow overburden drill holes. This new zone of mineralization, initially identified in 2009 (see news release dated December 15, 2009 entitled "Alexco Identifies 20 Meter Wide Mineralized Structural Zone at Bermingham, Keno Hill Silver District, Yukon"), currently measures approximately 200 meters along strike and approximately 200 meters down dip with mineralization open both along strike to the southwest and down dip. Mineralization occurs along the southwest extension of the structural zone that hosted the historical Hector Calumet mine, the largest silver producer in the Keno Hill district. Nine holes were drilled in the Bermingham area in 2010. Six of the nine holes intersected significant mineralization with the remaining three holes either being lost (K10-0296) or encountering a post mineral fault prior to reaching or before completely crossing the targeted structure (K10-0310; K10-0293). Based on these new results the Bermingham area is considered a priority area for exploration in 2011.

NE Galena Hill 2010 Drilling Results

Ten drill holes were completed northeast of the historical Hector Calumet, mainly in the Galkeno area, during 2010. Eight of the holes contained anomalous silver intercepts with values typically ranging from 1 to 10 ounces per ton silver over widths up to 3.98 meters. Further evaluation of this area is planned at a future date.

Additional Silver King 2010 Drilling Results

Initial drill results from Silver King, located at the western end of the historical Keno Hill district, included assay results up to 1.42 meters grading 16.6 ounces per ton silver (see news release dated July 6, 2010 entitled "Alexco Updates Bellekeno Mine Construction Progress, Keno Hill Silver District Exploration Results"). Assays for the remaining drill holes include intercepts of 1.06 meters grading 21.0 ounces per ton silver (DDH K-10-0232) and 1.03 meters grading 22.9 ounces per ton silver (DDH K-10-0246). The Silver King property includes a historical resource of proven, probable and inferred mineralization totaling 115,971 tons grading 43.89 ounces per ton silver, 1.38% lead and 0.16% zinc. As required under National Instrument 43-101 ("NI 43-101"), Alexco advises that this historical resource estimate is based on determinations made by the staff of the previous property owner, United Keno Hill Mines Limited, in approximately 1997. Although believed by Alexco management to be relevant and reliable, this historical resource estimate pre-dates NI 43-101 and is not compliant with NI 43-101 resource categories. Silver King is currently being evaluated for underground development and further exploration.

Source: Alexco Resource Corp.

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