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MCQUESTEN PROPERTY
Alexco and its subsidiaries also own a 70% interest in the McQuesten property (30% owned by Eagle Plains Resources Ltd.), located in the Yukon Territory just a few kilometers northwest of the Keno Hill Mining District. The McQuesten claims are in part contiguous with and partially surrounded by Alexco's Keno Hill claims. The property benefits from excellent infrastructure, with access via the all-weather Yukon Silver Trail Highway near the town of Mayo.
In 2003, NovaGold completed a 3,000-meter diamond drill program on the McQuesten property, drilling 17 core holes targeting widespread gold-bearing skarn-style mineralization developed along a 1.4-kilometer zone. Mineralized intervals were encountered in many of the drill holes and are broadly continuous along strike. Gold grades are related to widespread skarn development and the proximity to a series of thin felsic dikes encountered in the drilling and earlier trenching.
Mineralization is characterized by arsenopyrite, chalcopyrite, scheelite and trace visible gold. Highlights from 2003 drilling include MQ03-09, which intercepted 7.7 meters grading 5.81 g/t gold and 7.8 meters grading 3.68 g/t gold, and MQ03-17, which intercepted 9.0 meters grading 1.03 g/t gold and 10.8 meters grading 1.94 g/t gold.
Keno Hill's proximity will enhance economics for further exploration of the McQuesten property. Work at McQuesten will be integrated with the Keno Hill program, including geology, airborne geophysics, drilling and geochemistry.
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