Alexco Resource (AXU) Reports Encouraging Initial Data from New Flame & Moth Prospect
Tweet
Share
E-mailGet Alerts AXU Hot Sheet
Join SI Premium – FREE
Alexco Resource Corp. (AMEX: AXU) reports final results from the 2011 drilling program at its recently discovered Flame & Moth prospect, located immediately adjacent to Alexco's milling complex within the Keno Hill Silver District in Canada's Yukon Territory. Overall, the drilling has increased confidence in the continuity and thickness of silver mineralization at Flame & Moth, with results to date returning average grades from 16 to 21 ounces per ton silver over true widths averaging 5.5 meters within the mineralized Flame Vein structure. The structure is now traced with confidence along a 500 meter strike length to a depth of 350 meters below surface. In addition, within the thicker zones of mineralization noted below, higher grade intervals ranging from approximately 30 ounces per ton silver over 1.15 meters to more than 100 ounces per ton silver over 0.14 meters are present. The mineralization is open at depth and down-plunge. Mineralization also remains open up-plunge between 150 meters depth and the bedrock surface present beneath extensive alluvial gravels.
2011 Flame & Moth Geology Update and Results
The above results complete the reporting of 2011 drilling at the Flame & Moth prospect, discovered in 2010 at depth adjacent to the recently constructed Bellekeno mill. These are in addition to those previously announced (see news release dated September 7, 2011 entitled "Alexco Intersects 6.04 Meters of 31.5 Ounces Per Ton Silver at Flame & Moth, Significantly Expands Mineralized Zone"). Alexco has now drilled a total of 11,143 meters in 46 diamond drill holes (with 38 of these reaching target depths) since the discovery of blind mineralization, with 7,155 meters completed in 2011.
The northeast-trending, moderately southeast dipping mineralized Flame Vein structure has now been identified over a total strike length of approximately 500 meters within two fault offset segments. The deepest drill intersect is 350 meters below surface and the structure is open at depth down-plunge and along strike. The up-dip portion of the structure between approximately 150 meter depth and bedrock surface also remains undrilled. The mineralized section of the Flame & Moth structure varies between 2.3 and 11.7 meters true width and averages approximately 5.5 meters.
Mineralization within the structure comprises multiphase quartz and siderite containing significant and locally massive, galena, sphalerite, pyrite and pyrrhotite with associated silver sulphosalts, arsenopyrite and chalcopyrite mineralization. Gold is locally present within the vein structure, with gold grades to 2.1 grams per tonne over intervals up to 1.03 meters as present in K-11-0362 from 266.90 meters. The continuity and consistency in silver grade of the vein mineralization has now been confirmed at approximately 60 meter drill centers and provides a sufficient level of confidence for Alexco to proceed to an estimate calculation to be undertaken by SRK Consulting (Canada) Inc. during the second quarter of 2012.
The discovery of this significant new blind deposit in the Keno Hill silver district gives Alexco confidence that continued exploration investment will continue to successfully add new resources, as the geology of the district becomes better understood.
2011 Flame & Moth Geology Update and Results
The above results complete the reporting of 2011 drilling at the Flame & Moth prospect, discovered in 2010 at depth adjacent to the recently constructed Bellekeno mill. These are in addition to those previously announced (see news release dated September 7, 2011 entitled "Alexco Intersects 6.04 Meters of 31.5 Ounces Per Ton Silver at Flame & Moth, Significantly Expands Mineralized Zone"). Alexco has now drilled a total of 11,143 meters in 46 diamond drill holes (with 38 of these reaching target depths) since the discovery of blind mineralization, with 7,155 meters completed in 2011.
The northeast-trending, moderately southeast dipping mineralized Flame Vein structure has now been identified over a total strike length of approximately 500 meters within two fault offset segments. The deepest drill intersect is 350 meters below surface and the structure is open at depth down-plunge and along strike. The up-dip portion of the structure between approximately 150 meter depth and bedrock surface also remains undrilled. The mineralized section of the Flame & Moth structure varies between 2.3 and 11.7 meters true width and averages approximately 5.5 meters.
Mineralization within the structure comprises multiphase quartz and siderite containing significant and locally massive, galena, sphalerite, pyrite and pyrrhotite with associated silver sulphosalts, arsenopyrite and chalcopyrite mineralization. Gold is locally present within the vein structure, with gold grades to 2.1 grams per tonne over intervals up to 1.03 meters as present in K-11-0362 from 266.90 meters. The continuity and consistency in silver grade of the vein mineralization has now been confirmed at approximately 60 meter drill centers and provides a sufficient level of confidence for Alexco to proceed to an estimate calculation to be undertaken by SRK Consulting (Canada) Inc. during the second quarter of 2012.
The discovery of this significant new blind deposit in the Keno Hill silver district gives Alexco confidence that continued exploration investment will continue to successfully add new resources, as the geology of the district becomes better understood.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Boeing names Ryan Shedd as new SVP and controller
- Nuvectis Pharma (NVCT) files $200M mixed shelf
- Lazard Global Total Return fund declares $0.1534 monthly distribution
Create E-mail Alert Related Categories
Corporate NewsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
