Alexco posts $1.2m net income in Q1
As it continues to advance the historic Keno Hill silver property in the Yukon, Alexco Resource Corp. reports a net income of $1.2 million for the first quarter of this year. In Q1 2018 the company recorded a loss of $3.6 million.
The company has adopted a two phase development plan for Keno Hill. Phase one work begins this month and will focus on surface and mill capital improvements. The start of phase two is dependent on the timing and certainty of the Bermingham water use licence.
The second phase will focus on underground development of the Bellekeno and Flame and Moth deposits, mill commissioning and final underground development of the Bermingham deposit. (Permits and authorizations for future ore production from the Bellekeno, Flame & Moth, Lucky Queen, and Onek deposits have already been granted.)
Alexco has also filed the preliminary feasibility study for the Keno Hills property. Details of the PFS are contained in the March 28, 2019, news release available at www.AlexcoResource.com.
The Keno Hill project has probable reserves of 1.2 million tonnes grading 804 g/t silver for 30.5 million contained oz. The indicated resource (including reserves) are 6.9 million tonnes at 378 g/t silver for 83.6 million oz. The inferred resource is 1.8 million tonnes at 455 g/t silver for 23.9 million contained oz. of silver.
Wholly owned subsidiary Alexco Environmental Group had a Q1 2019 gross profit of $1.5 million on revenues of $7.2 million. During the quarter, AEG and JDS Energy and Mining created a joint venture to acquire the abandoned Mount Nansen mine site from the federal government, which has agreed to pay for remediating the site.
(This article first appeared in the Canadian Mining Journal)