Alexco Intersects 4.3 Meters (True Width) of 3,605 Grams Per Tonne Silver at Bermingham, Completes Underground Infill/Exploration Drill Program

- September 17th, 2018

Alexco Resource Corp (TSX:AXR,NYSE-American:AXU) today released results from fifteen drill holes which essentially completes the 2018 resource infill and extension drilling campaign at the high grade Bermingham deposit in the Keno Hill Silver District in Canada’s Yukon Territory.

Alexco Resource Corp (TSX:AXR,NYSE-American:AXU) today released results from fifteen drill holes which essentially completes the 2018 resource infill and extension drilling campaign at the high grade Bermingham deposit in the Keno Hill Silver District in Canada’s Yukon Territory. The existing Bermingham resource comprises an indicated 858,000 tonnes averaging 628 grams per tonne (“g/t”) silver (“Ag”), containing 17.3 million indicated ounces of silver. A total of approximately 8,600 meters (“m”) of underground and surface drilling was completed at Bermingham in 2018. Results from this work will be included in an updated Bermingham resource estimate to be completed prior to month end.

Highlights

In the 2018 program, 24 holes were completed underground from the Bermingham exploration decline and 12 holes completed from surface for a total of  8,582 m of HQ diamond core drilling that includes five holes (620 m) that were abandoned, and three holes for which assays are not yet available. This release summarizes the results from eleven underground and four surface drill holes completed for 4,243 m for which assays are available. Overall, the drill holes were designed primarily to provide infill intercepts at spacings of 10 – 15 m centers in order to demonstrate geological and grade continuity in the upper levels of the planned mine development on the high-grade Bear Vein indicated resource, and to also intersect adjacent sub-parallel mineralized vein sets to extend the current resource.

These most recent results continue to confirm continuity of significant high grade silver mineralization in each of the main mineralized vein zones as follows:

  • Intercepts on the Bear Vein included 4.29 m true width at 3,605 g/t (115.91 ounces per tonne (“oz/t”)) Ag in hole BMUG18-018; 5.99 m true width at 1,013 g/t (32.56 oz/t) Ag in hole BMUG18-022; and 0.98 m true width at 6,952 g/t (223.52 oz/t) Ag in hole K-18-0702;
  • Intercepts on the Bermingham Footwall Vein included 3.96 m true width at 3,348 g/t (107.64 oz/t) Ag in hole BMUG18-016, and 2.27 m true width at 4,480 g/t (144.03 oz/t) Ag in hole K-18-0702;
  • Intercepts in the Bermingham Main Vein included 4.10 m true width at 1,575 g/t (50.65 oz/t) Ag in hole BMUG18-019; and
  • Intercepts on the West Dipping Vein set included 1.37 m true width at 1,372 g/t (44.12 oz/t) Ag in hole BMUG18-016, 2.49 m true width at 1,253 g/t (40.27 oz/t) Ag in hole BMUG18-017, and 1.32 m true width at 1,982 g/t (63.73 oz/t) Ag in hole BMUG-024.

Alexco Chairman and CEO Clynt Nauman commented, “These results serve to reconfirm our confidence in the continuity and tenor of silver mineralization in what now appears to be one of the larger silver mineralizing systems in the Keno Hill Silver District. With these results in hand, we will immediately update the Bermingham deposit resource estimate, while also anticipating that the 2018 closer spaced drilling may result in some of the Indicated Resource  converting to Reserves in our upcoming prefeasibility study scheduled for release in October.”

Drill Composite Assay Interval Highlights

BMUG18-016 11.16 m interval (8.03 m true width) from 214.64 m at 1,775 g/t (57.1 oz/t) Ag, 4.48% lead (“Pb”), 2.43% zinc (“Zn”); that includes the 5.51 m interval (3.96 m true width) from 214.64 m at 3,348 g/t (107.6 oz/t), 8.53% Pb, 4.51% Zn.
BMUG18-018 6.17 m interval (4.29 m true width) from 112.5 m at 3,605 g/t (115.9 oz/t) Ag, 13.63% Pb, 2.48% Zn.
BMUG18-019 6.97 m interval (4.10 m true width) from 211.55 m at 1,575 g/t (50.65 oz/t) Ag, 2.71% Pb, 1.68% Zn.
BMUG18-022 12.35 m interval (5.99 m true width) from 155.65 m at 1,013 g/t (32.56 oz/t) Ag, 3.76% Pb, 1.36% Zn.
K-18-0702 7.67 m interval (4.51 m true width) from 316.15 m at 1,496 g/t (48.09 oz/t) Ag, 6.38% Pb, 2.03% Zn; and 7.37 m (4.33 m true width) from 328.45 m at 2,421 g/t (77.84 oz/t) Ag, 6.67% Pb, 5.42% Zn.
BMUG18-023 5.43 m interval (4.03 m true width) from 207.57 m at 3,784 g/t (121.66 oz/t) Ag, 1.67% Pb, 2.97% Zn.

Details of the drill holes are shown in Table 1. Composite assay grades and intervals, calculated at a 30 g/t Ag cutoff restricted to include a maximum of two meters unmineralized dilution, used to identify the mineralized zones are shown in Table 2.

Notes

The 2018 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 (“NI 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 deliver to the assay lab.  Drill core samples were direct shipped to ALS Minerals Lab at Whitehorse, Yukon for preparation, and to the ALS Minerals facility in North Vancouver, British Columbia for fire assay, multi-element ICP and overlimit analyses.

The disclosure of all other scientific and technical information contained in this news release regarding projects on Alexco’s mineral properties have been reviewed and approved by Mr. Alan McOnie, FAusIMM, Alexco’s Vice President, Exploration, who is a Qualified Person as defined by NI 43-101 – Standards of Disclosure for Mineral Projects.

About Alexco

Alexco owns the majority of the historic high-grade Keno Hill Silver District in Canada’s Yukon Territory as detailed in its preliminary economic assessment (the “PEA”) entitled “Preliminary Economic Assessment of the Keno Hill Silver District Project, Yukon, Canada”, which is dated March 29, 2017, with an effective date of January 3, 2017, which anticipates the sequential development of four high grade silver deposits over an eight year mine life producing more than one million tonnes with an average grade of 843 grams per tonne silver, 3.3% lead and 4.6% zinc. Silver production is anticipated to be approximately 3.5 million ounces per year. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Alexco also operates a wholly-owned subsidiary business, Alexco Environmental Group, that provides mine-related environmental services, remediation technologies and reclamation and mine closure services to both government and industry clients in North America and elsewhere.

Please visit the Alexco website at www.alexcoresource.com

Some statements (“forward-looking statements”) in this news release contain forward-looking information concerning Alexco’s anticipated results and developments in Alexco’s operations in future periods, planned exploration and development of its properties, plans related to its business and other matters that may occur in the future, made as of the date of this news release.  Forward looking statements may include, but are not limited to, statements with respect to the future remediation and reclamation activities, future mineral exploration, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, future mine construction and development activities, future mine operation and production, the timing of activities and reports, the amount of estimated revenues and expenses, the success of exploration activities, permitting time lines, requirements for additional capital and sources and uses of funds. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results and timing of exploration and development activities; actual results and timing of mining activities; actual results and timing of environmental services activities; actual results and timing of remediation and reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of silver, gold, lead, zinc and other commodities; possible variations in mineable resources, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; First Nation rights and title; continued capitalization and commercial viability; global economic conditions; competition; and delays in obtaining governmental approvals or financing or in the completion of development activities. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements included in this news release, Alexco has applied several material assumptions, including, but not limited to, the assumption that Alexco will be able to raise additional capital as necessary, that the proposed exploration and development will proceed as planned, and that market fundamentals will result in sustained silver, gold, lead and zinc demand and prices. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Alexco expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.

APPENDICES

Table 1 – Drill Hole Details

Hole Easting Northing Elevation (m) Collar Azimuth Collar Inclination Length (m) Date Completed
BMUG18-014 479022.43 7086942.453 1163.422 134.0 -32.0 302.00 25/06/18
BMUG18-016 479022.388 7086942.523 1163.466 139.5 -26.0 255.00 7/07/18
BMUG18-017 479025.797 7086928.39 1161.188 146.5 -31.0 241.50 5/07/18
BMUG18-018 479026.346 7086929.137 1161.453 137.5 -24.0 243.00 16/07/18
BMUG18-019 479022.517 7086942.561 1163.529 133.0 -24.0 231.00 19/07/18
BMUG18-021 479022.484 7086942.549 1163.617 135.0 -18.0 184.50 27/07/18
BMUG18-022 479025.52 7086928.273 1161.371 148.5 -34.5 255.00 3/08/18
BMUG18-023 479022.616 7086942.449 1163.129 131.0 -29.5 246.00 6/08/18
BMUG18-024 479026.675 7086929.03 1161.357 130.0 -25.5 157.50 8/08/18
BMUG18-025 479022.746 7086942.607 1162.786 141.0 -36.0 208.50 18/08/18
BMUG18-026 479026.56 7086929.221 1161.235 130.5 -33.0 265.50 26/08/18
K-18-0699 479190.799 7086682.152 1354.479 312.0 -75.0 411.50 21/07/18
K-18-0702 479191.0202 7086683.201 1354.633 321.0 -72.5 401.00 30/07/18
K-18-0703 479191.7304 7086682.102 1354.685 327.0 -79.0 422.15 7/08/18
K-18-0704 479192.3904 7086682.866 1354.574 350.0 -71.0 419.00 16/08/18

Table 2 – Assay Composites

Hole From (m) To (m) Interval (m) Est True Width (m)1 Ag (g/t) Ag (oz/t) Pb (%) Zn (%) Au (g/t) Vein2
BMUG18-014 136.63 145.50 8.87 5.21 144 4.62 0.39 1.19 0.17 BR
Including 136.63 136.95 0.32 0.19 1,190 38.26 2.71 1.69 0.15
148.05 161.90 13.85 10.45 152 4.90 0.43 0.80 0.12 WD
Including 153.07 153.65 0.58 0.44 1,500 48.23 1.82 1.17 0.79
245.20 245.85 0.65 0.43 250 8.04 0.13 0.02 0.21 BM FW
264.00 264.30 0.30 0.23 3,860 124.10 15.95 0.52 0.30 BM FW Splay
289.35 297.00 7.65 3.23 885 28.44 1.69 2.13 0.24 BM
Including 292.50 295.50 3.00 1.27 2,142 68.85 3.64 4.58 0.43
BMUG18-016 124.07 126.95 2.88 1.81 53 1.71 0.38 0.22 0.14 BR splay
129.37 130.24 0.87 0.55 4,203 135.12 1.26 1.27 0.47 BR
Including 129.87 130.24 0.37 0.23 9,830 316.04 2.75 2.50 1.12
136.50 137.45 0.95 0.60 69 2.22 0.14 1.86 0.13 BR splay
140.83 142.24 1.41 0.89 41 1.32 0.09 0.87 0.01 BR splay
163.10 165.00 1.90 1.37 1,372 44.12 1.63 0.69 0.08 WD
168.00 170.10 2.10 1.51 1,060 34.09 7.95 3.74 0.06 WD splay
Including 169.20 170.10 0.90 0.65 2,430 78.13 18.45 8.34 0.16
210.00 210.37 0.37 0.27 1,220 39.22 3.26 0.14 0.15 BM FW splay
214.64 225.80 11.16 8.03 1,775 57.08 4.48 2.43 0.19 BM FW
Including 214.64 220.15 5.51 3.96 3,348 107.64 8.53 4.51 0.37
And 222.33 223.05 0.72 0.52 843 27.10 0.55 0.32 0.06
229.26 235.58 6.32 6.16 629 20.24 2.73 1.07 0.10 WD2
Including 229.26 234.75 5.49 5.35 717 23.05 3.06 1.16 0.10
238.50 246.00 7.50 7.31 43 1.39 0.25 0.63 0.03 WD2 splay
BMUG18-017 138.28 140.92 2.64 1.44 508 16.34 1.16 0.79 0.09 BR
Including 140.40 140.92 0.52 0.28 2,340 75.23 5.47 3.14 0.27
145.50 145.87 0.37 0.20 46 1.49 0.33 0.37 0.50 BR splay
164.21 168.16 3.95 2.49 1,253 40.27 0.18 4.80 0.15 WD
Including 165.84 168.16 2.32 1.46 2,084 67.00 0.25 7.19 0.26
213.85 215.03 1.18 0.85 2,743 88.18 2.50 4.03 0.18 BM FW
Including 214.20 215.03 0.83 0.60 3,860 124.10 3.29 1.66 0.25
217.68 221.55 3.87 2.78 1,052 33.82 0.90 2.13 0.10 BM FW
224.40 229.50 5.10 4.79 512 16.47 2.85 3.75 0.06 WD2
Including 226.50 228.65 2.15 2.02 1,036 33.31 5.17 6.96 0.11
BMUG18-018 112.50 118.67 6.17 4.29 3,605 115.91 13.63 2.48 0.24 BR
189.00 191.56 2.56 1.87 301 9.67 0.89 0.40 0.04 WD
Including 189.00 189.60 0.60 0.47 694 22.31 0.54 0.38 0.07
195.00 196.60 1.60 1.26 666 21.42 0.76 1.10 0.05 FW
204.55 207.00 2.45 1.37 975 31.34 0.98 1.64 0.06 BM FW splay
Including 206.25 206.60 0.35 0.20 6,680 214.77 5.43 5.40 0.34
209.78 216.85 7.07 3.95 382 12.29 0.85 1.07 0.09 BM
Including 209.78 210.22 0.44 0.25 526 16.91 1.94 0.28 0.03
And 213.00 216.85 3.85 2.15 468 15.04 1.02 1.46 0.14
BMUG18-019 114.70 115.57 0.87 0.64 691 22.21 4.17 0.18 0.08 BR
Including 115.25 115.57 0.32 0.23 1,765 56.75 10.95 0.17 0.17
126.00 130.20 4.20 3.07 1,338 43.03 1.06 3.66 0.09 BR splay
138.35 138.65 0.30 0.23 961 30.90 2.08 0.25 0.10 WD splay
148.68 149.05 0.37 0.29 541 17.39 0.14 1.70 0.15 WD
200.65 202.50 1.85 1.44 90 2.89 0.07 0.18 0.02 BM FW
211.55 218.52 6.97 4.10 1,575 50.65 2.71 1.68 0.16 BM
Including 211.55 212.45 0.90 0.53 741 23.82 0.47 0.29 0.04
And 216.95 218.52 1.57 0.92 6,476 208.21 11.18 6.46 0.66
221.20 222.00 0.80 0.47 47 1.51 0.36 0.09 0.01 BM splay
BMUG18-021 103.50 104.15 0.65 0.52 530 17.04 2.69 1.49 0.04
109.50 113.77 4.27 3.41 360 11.56 1.08 0.77 0.01 BR
Including 113.06 113.27 0.21 0.17 3,610 116.06 2.45 2.81 0.12
118.50 119.37 0.87 0.69 63 2.03 0.21 0.64 0.01 BR splay
123.18 124.65 1.47 1.17 247 7.94 0.06 0.98 0.01 BR splay
Including 123.18 123.87 0.69 0.55 429 13.79 0.10 1.82 0.03
169.50 170.05 0.55 0.38 263 8.46 2.61 0.09 0.03 BM splay
BMUG18-022 155.65 168.00 12.35 5.99 1,013 32.56 3.76 1.36 0.15 BR
Including 160.50 165.08 4.58 2.22 2,584 83.08 9.34 2.96 0.34
231.80 240.30 8.50 5.58 754 24.23 2.34 2.49 0.22 BM FW
Including 231.80 239.22 7.42 4.87 828 26.63 2.51 2.39 0.21
243.00 245.42 2.42 1.59 191 6.14 0.48 0.37 0.05 BM FW splay
BMUG18-023 117.75 123.50 5.75 4.07 338 10.85 1.11 1.01 0.06 BR
Including 117.75 119.09 1.34 0.95 1,231 39.58 3.83 2.82 0.20
127.62 131.15 3.53 2.50 65 2.10 0.65 0.74 0.02 BR splay
150.95 151.80 0.85 0.68 147 4.73 0.84 0.41 0.01 WD splay
153.80 154.65 0.85 0.68 146 4.69 0.08 1.21 0.02 WD splay
207.57 213.00 5.43 4.03 3,784 121.66 1.67 2.97 0.08 BM FW
Including 208.30 211.16 2.86 2.13 7,122 228.96 3.04 4.97 0.31
224.49 225.83 1.34 0.99 79 2.54 0.21 0.17
229.50 231.00 1.50 0.82 336 10.79 0.41 0.75 0.20
BMUG18-024 103.79 106.65 2.86 2.11 563 18.11 0.42 0.17 0.06 BR
Including 103.79 105.00 1.21 0.89 1,241 39.90 0.48 0.12 0.10
111.82 117.00 5.18 3.82 50 1.61 0.04 0.48 0.03 BR splay
121.39 122.45 1.06 0.78 73 0.04 1.06 0.07 BR splay
127.00 127.95 0.95 0.70 70 2.24 0.16 0.83 0.06 BR splay
136.50 138.11 1.61 1.32 1,982 63.73 2.63 2.16 0.20 WD
Including 137.80 138.11 0.31 0.25 9,940 319.58 13.05 11.10 0.96
BMUG18-025 153.00 163.06 10.06 5.48 879 28.27 0.92 0.59 0.19 BR
Including 153.90 155.45 1.55 0.84 2,818 90.60 1.65 0.43 0.70
And 158.94 159.25 0.31 0.23 11,721 376.82 7.71 0.01 0.61
168.56 169.23 0.67 0.49 2,824 90.81 0.71 0.04 0.18 WD splay
Including 168.56 169.23 0.67 0.49 2,824 90.81 0.71 0.04 0.18
BMUG18-026 117.35 139.44 22.09 13.29 501 16.11 1.94 1.39 0.16 BR
Including 117.35 119.75 2.40 1.44 1,650 53.05 5.00 3.22 0.51
And 122.05 122.51 0.46 0.28 1,100 35.37 2.72 1.68 0.10
And 129.33 133.50 4.17 3.57 886 28.49 3.59 2.87 0.12
And 136.73 138.23 1.50 1.29 980 31.50 5.41 1.94 0.45
153.76 158.36 4.60 3.98 53 1.70 0.14 0.66 0.02 WD splay
232.50 239.72 7.22 4.24 300 9.65 1.38 0.69 0.14 BM FW
Including 232.50 233.03 0.53 0.31 808 25.98 2.05 2.54 0.16
And 235.50 236.20 0.70 0.41 933 29.99 4.44 0.65 0.13
K-18-0699 356.52 363.57 7.05 3.74 242 7.79 0.86 0.95 0.07 BM FW
Including 361.08 363.57 2.49 1.32 576 18.53 1.99 1.81 0.08
K-18-0702 290.98 292.22 1.24 0.83 131 4.21 0.16 0.07 0.29 BM
295.40 298.90 3.50 2.34 104 3.36 0.30 0.32 0.18 BM
309.45 323.82 14.37 8.45 974 31.30 3.56 1.75 0.10 BM FW
Including 312.15 312.75 0.60 0.35 3,590 115.42 2.56 13.05 0.39
And 316.15 323.82 7.67 4.51 1,496 48.09 6.38 2.03 0.14
328.45 335.82 7.37 4.33 2,421 77.84 6.67 5.42 0.33 BM FW
Including 330.83 334.70 3.87 2.27 4,480 144.03 11.55 9.76 0.52
383.32 385.40 2.08 0.98 6,952 223.52 17.13 0.20 0.68 BR
Including 383.32 384.81 1.49 0.70 9,675 311.07 23.84 0.21 0.94
K-18-0704 335.25 338.00 2.75 1.54 750 24.12 2.10 0.68 0.17 BM
Including 335.25 335.77 0.52 0.29 3,820 122.82 10.30 2.41 0.60
361.25 366.50 5.25 2.70 505 16.25 3.53 0.74 0.11 BM FW
Including 361.25 365.95 4.70 2.42 559 17.96 3.91 0.75 0.13
369.70 370.05 0.35 0.18 969 31.15 2.86 0.62 0.08 BM FW splay
375.55 382.75 7.20 3.71 505 16.24 1.03 2.15 0.02 BM FW splay
Including 375.55 377.29 1.74 0.90 1,974 63.46 3.57 7.77 0.20
399.20 400.76 1.56 0.81 127 4.08 0.27 0.16 0.06 BM FW splay
406.55 408.43 1.88 0.64 641 20.60 3.13 0.60 0.12 BR
Including 406.55 407.45 0.90 0.31 1,295 41.64 6.50 1.13 0.23
Table 2 Bermingham Assay Composites
Calculated at 30 g/t Ag cut-off with a maximum of two metres unmineralized internal dilution.
Calculated at 400 g/t Ag cut-off with a maximum of two metres unmineralized internal dilution.
Greater than 100 oz/t (3,110 g/t) Ag
1 Estimated True Width from modelled vein attitude and drill hole intercept orientation.
2 Correlated Vein : BM = Bermingham, BM FW = Bermingham Footwall Vein, BR = Bear Vein, WD = West Dipping Vein.

SOURCE Alexco Resource Corp.

For further information: Clynton R. Nauman, Executive Chairman and Chief Executive Officer, Lisa May, Director of Investor Relations, Phone: (778) 945-6577, Email: lmay@alexcoresource.com

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