Vancouver – Alexco Resource (AXR-T) has moved another step closer to acquiring the assets of two companies that hold title to past-producing properties and exploration lands in the historic Keno Hill silver district of the Yukon Territory.
Through a wholly owned environmental subsidiary, Alexco received court approval for the purchase from the receivers of the former owners, which means the company can proceed with reclamation activities and apply for a water license.
Alexco has a two-fold strategy at Keno Hill. The company’s environmental subsidiary will receive income and cash flow from the ongoing care and maintenance at the mine-site. The company gets possession of exploration properties in a district that has historically been one of the highest grade silver producers in North America.
Between 1941 and 1980, the Keno Hill district produced more than 217 million oz. silver with average grades of 40.52 oz. silver, 5.62% lead and 3.14% zinc. The exploration lands controlled by Alexco contain numerous documented mineral deposits and prospects, including 35 mines with a history of production.
Alexco’s largest shareholder NovaGold Resources (NG-T, NG-X) intends to work with Alexco to explore for silver and gold deposits throughout the mining district. NovaGold’s core asset is the advanced Galore Creek copper-gold deposit in northwestern British Columbia.
Alexco is a recently listed company whose core business is to “unlock value and manage risk at mature, closed or abandoned mine-sites” through environmental and remediation services and “rejuvenation of exploration and development activity.”
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