#Silver charts next big move imminent $slv Alexco Resources $axu chart

Silver 10 year chart

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Silver 6 month chart

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Alexco Resources updates mining estimated jumps more than 8%. This chart looks very promising. Candle over the 200 day ma.

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Alexco Resources axu / axr weekly chart
The stock is a bit exuberant but expect only a short term correction (1 to 2 week sideways action). 2 months out it is likely to have touched $5+
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News release January 31st 2013
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Alexco Expands Flame & Moth Indicated Resource to 22.9 Million Ounces of Silver; Resource Grade Increased, Deposit Remains Open
January 31, 2013 Alexco Resource Corp. (NYSE-MKT:AXU, TSX:AXR) today released a new, updated mineral resource estimate for the Flame & Moth discovery within the Keno Hill Silver District in Canada’s Yukon Territory, 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 meters 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% to 516 grams per tonne (gpt), or 16.6 ounces per ton (opt) silver.

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 pre-mining 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 gpt silver cut-off grade, the Flame & Moth deposit contains more than 500,000 tonnes of 861 gpt silver and 0.6 gpt gold accompanied by more than 9% 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 meters 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 License and anticipate award of a Water License in the near future.”