Stock up huge today as AXR with 30 million cash and only 60 million shares out annouced they got the ok for the lucky queen and onek mines! That will compliment the already producing belkeno mine (with just produced near record quarter) On top of this add the new resource estimate for the 4th mine flame and moth which doubled the resource on just this deposit to 23 million ozs of  516 GPT ag!

Heres the news..

Alexco Resource Corp. has released a new, updated mineral resource estimate for the Flame & Moth discovery within the Keno Hill silver district in Yukon, substantially increasing its previously estimated indicated silver resource. Since publishing the initial resource estimate (see news release dated June 28, 2012, entitled, "Alexco Announces Initial Resource Estimates for Flame & Moth and Bermingham"), Alexco has drilled 8,752 metres in 43 holes to expand the Flame & Moth indicated silver resource from 11.1 million ounces to 22.9 million ounces, while increasing the indicated resource grade 14 per cent to 516 grams per tonne, or 16.6 ounces per ton silver.

 

                    UPDATED RESOURCE ESTIMATE SUMMARY                                                                      Silver                   Class             Silver   Gold   Lead   Zinc       (troyDeposit           (1,2,3)     Tonnes   (g/t)  (g/t)    (%)    (%)     ounces)Flame                                                                       & Moth(4)      Indicated   1,378,000    516   0.42   1.72   5.70  22,859,000                Inferred     107,000    313   0.27   0.86   4.21   1,081,000Notes:1. The effective date of these mineral resource estimates is Jan. 30, 2013. 2. Mineral resources are not mineral reserves and do not have demonstratedeconomic viability. All numbers have been rounded to reflect the relative accuracy of the estimates. 3. Reported at a contained metal value cut-off grade of $185 per tonne (96U.S. cents to $1) using consensus long-term metal prices and recoveries developed for the nearby Bellekeno deposit (silver $24 (U.S.) per ounce, recovery 96 per cent; lead 85 U.S. cents per pound, recovery 97 per cent; zinc 95 U.S. cents per pound, recovery 88 per cent; gold $1,400 (U.S.) per ounce, recovery 72 per cent). 4. Silver grades capped at 3,000 grams per tonne; lead capped at 15 per cent; zinc capped at 20 per cent; gold grades not capped.

 

The updated resource estimate now incorporates a total of 21,245 metres of drilling that has been completed since 2010, and provides an 82-per-cent increase in indicated tonnes to approximately 1.4 million and a 14-per-cent increase in indicated resource grade over that of the initial Flame & Moth estimated resource.

Alexco president and chief executive officer Clynt Nauman said: "At nearly 22.9 million ounces of indicated silver resource, the Flame & Moth deposit silver inventory is more than twice as large as the original premining 11.0-million-ounce Bellekeno mine indicated silver resource, which is now in its third year of production. Looked at on the basis of a 500 g/t silver cut-off grade, the Flame & Moth deposit contains more than 500,000 tonnes of 861 g/t silver and 0.6 g/t gold accompanied by more than 9 per cent combined lead and zinc. The thickness of mineralization, the continuity of the deposit, its robust grade and the fact that this deposit comes to surface under approximately 20 metres of gravels opens up a number of potential development options for this important discovery. Furthermore, the deposit remains open down dip and down plunge to the south. As a result of this success, we are initiating engineering and baseline studies on the Flame & Moth deposit. In the meantime, we are forging ahead with our plans to commence production from our second and third mines, Onek and Lucky Queen, where we recently received a quartz mining licence and anticipate award of a water licence in the near future."

 

  RESOURCE ESTIMATE SENSITIVITY TO VARYING CONTAINED METAL VALUE CUT-OFF                 VALUES AND A SILVER GRADE CUT-OFF CRITERIAContained                                                                   metal                                                                 Silvervalue                                Silver   Gold   Lead   Zinc       (troycut-off            Class      Tonnes   (g/t)  (g/t)    (%)    (%)     ounces)$130           Indicated   1,486,000    488   0.40   1.62   5.45  23,299,000                Inferred     168,000    250   0.25   0.76   3.34   1,350,000$185           Indicated   1,378,000    516   0.42   1.72   5.70  22,859,000                Inferred     107,000    313   0.27   0.86   4.21   1,081,000$260           Indicated   1,213,000    561   0.45   1.88   6.05  21,886,000                Inferred      71,000    379   0.30   0.99   4.91     866,000Silver                                                                      grade                                                                 Silvercut-off                            Silver    Gold    Lead   Zinc       (troy(g/t)             Class    Tonnes    (g/t)   (g/t)     (%)    (%)     ounces)400           Indicated   710,000     747    0.55    2.38   6.34  17,060,000               Inferred    28,000     513    0.37    1.10   4.55     469,000500           Indicated   515,000     861    0.62    2.71   6.42  14,250,000               Inferred     6,000     750    0.35    2.25   3.45     147,000600           Indicated   388,000     964    0.68    3.00   6.44  12,015,000               Inferred     4,000     838    0.37    2.70   4.02     114,000

 

Flame & Moth deposit geology, 2013 proposed work program

The Flame & Moth resource model comprises the north-northeast-striking, moderately southeast-dipping Flame vein that is divided into two segments by the northwest-striking Mill fault. The structure hosting the Flame vein mineralization is characterized by broad structural zones, ranging between two metres and 33 metres in true thickness. The mineralization comprises multiphase quartz and siderite veining up to 11.7 metres true width developed within the host fault structure, and locally contains massive galena, sphalerite, pyrite and pyrrhotite, with associated silver sulphosalts, arsenopyrite and chalcopyrite. Gold is locally present at grades up to 6.85 grams per tonne. The existing deposit has a surface trace of approximately 600 metres and has been drilled to a depth of 350 metres from surface.

The Flame & Moth resource was estimated using Isatis block modelling software in multiple passes in five-by-five-by-three-metre blocks using inverse distance squared. Grade estimates were based on capped one-metre composited assay data. Capping levels were set to 3,000 grams per tonne for silver while lead and zinc were capped at 15 per cent and 20 per cent, respectively, for both portions of the Flame vein. Gold values were not capped. Blocks were classified as indicated mineral resources if at least two drill holes and six composites were found within a 60-by-60-metre search ellipse. All other interpolated blocks were classified as inferred mineral resources.

In 2013, Alexco plans to initiate baseline geotechnical, metallurgical and environmental work as well as preliminary engineering on the Flame & Moth deposit. This work is expected to include studies of future potential production options in context with existing mines and other opportunities in the district.

The Flame & Moth deposit remains open to the south and east, and also westerly up dip toward surface at the northern extent of existing drilling. Continued exploration drilling is planned in 2013, targeting further expansion of the deposit as well as following up a newly discovered mineralized vein located more than 600 metres to the southwest along a similar structural trend.

Notes

The Flame & Moth resource estimate update has been complete by David Farrow, PGeo (B.C.), of GeoStrat Consulting Services Inc., a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and independent of Alexco for purposes of National Instrument 43-101, based upon data that were reviewed, verified and compiled by Alexco's geologic staff under the supervision of Alan McOnie, vice-president, exploration, for Alexco and also a qualified person as defined by National Instrument 43-101. The mineral resource is classified following the CIM Definition Standards for Mineral Resources and Mineral Reserves (December, 2005), in accordance with the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and with National Instrument 43-101 guidelines. A National Instrument 43-101-compliant technical report is in the process of being prepared in support of the Flame & Moth mineral resource estimate, which Alexco expects will be filed on SEDAR no later than 45 days from the date hereof.

The disclosure of scientific and technical information about Alexco's mineral projects contained in this news release has also been reviewed and approved by Mr. Farrow and Mr. McOnie.