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Summary of Resources
The following table sets forth the estimated resources for Alexco's mineral properties within the Keno Hill District:
| Date Posted: February 20, 2012 |
| Category1,2,8 |
Property |
Tonnes |
Ag
(g/t) |
Au
(g/t) |
Pb
(%) |
Zn
(%) |
Contained Ag (oz) |
| |
| Indicated |
Bellekeno3 |
315,300 |
923 |
0.5 |
8.8% |
6.6% |
9,421,000 |
| Lucky Queen4 |
124,000 |
1,227 |
0.2 |
2.6% |
1.7% |
4,891,000 |
| Onek5 |
585,000 |
194 |
0.7 |
1.2% |
13.7% |
3,648,000 |
Total Indicated -
Sub-Surface Deposits |
1,024,300 |
544 |
0.5 |
3.7% |
10.1% |
17,960,000 |
| Elsa Tailings6 |
2,490,000 |
119 |
0.1 |
1.0% |
0.7% |
9,526,000 |
Total Indicated -
All Deposits |
3,514,300 |
243 |
0.2 |
1.8% |
3.4% |
27,486,000 |
| |
| Inferred |
Bellekeno3 |
111,100 |
320 |
0.3 |
3.1% |
17.9% |
1,143,000 |
| Lucky Queen4 |
150,000 |
571 |
0.2 |
1.4% |
0.9% |
2,753,000 |
| Onek5 |
236,000 |
203 |
0.4 |
1.1% |
11.5% |
1,540,000 |
| Total Inferred |
497,100 |
340 |
0.3 |
1.6% |
9.7% |
5,436,000 |
| |
Historical
Resources |
Silver King7 |
|
|
|
|
|
|
| - Proven, probable and indicated |
98,998 |
1,354 |
n/a |
1.6% |
0.1% |
4,310,000 |
| - Inferred |
22,581 |
1,456 |
n/a |
0.1% |
n/a |
1,057,000 |
Notes:
1. All mineral resources are classified following the CIM Definition Standards for Mineral Resources and Mineral Reserves (November 2010), in accordance with the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and the guidelines of NI 43-101.
2. Mineral resources are not mineral reserves and do not have demonstrated economic viability. All numbers have been rounded to reflect the relative accuracy of the estimates.
3. The resource estimates for Bellekeno are based on the geologic resource estimate made effective November 9, 2009, supported by the technical report dated December 2, 2009 entitled "Bellekeno Project -- Updated Preliminary Economic Assessment Technical Report". The Bellekeno indicated resources are as at December 31, 2011, and reflect the geologic resource less estimated subsequent depletion from mine production.
4. The resource estimates for Lucky Queen have an effective date of July 27, 2011, and are supported by disclosure in the news release dated July 27, 2011 entitled "Alexco Announces Initial Resource Estimates for Lucky Queen and Onek" and by a technical report filed on SEDAR dated September 8, 2011 entitled "Technical Report on the Lucky Queen Deposit, Lucky Queen Property, Keno Hill District, Yukon".
5. The resource estimates for Onek have an effective date of July 27, 2011, and are supported by disclosure in the news release dated July 27, 2011 entitled "Alexco Announces Initial Resource Estimates for Lucky Queen and Onek" and by a technical report filed on SEDAR dated September 8, 2011 entitled "Technical Report on the Onek Deposit, Onek Property, Keno Hill District, Yukon".
6. The resource estimate for the Elsa Tailings has an effective date of April 22, 2010, and is supported by the technical report dated June 16, 2010 entitled "Mineral Resource Estimation, Elsa Tailings Project, Yukon, Canada".
7. Historical resources for Silver King were estimated by United Keno Hill Mines Limited, as documented in an internal report entitled "Mineral Resources and Mineable Ore Reserves" dated March 9, 1997. The historical resources were estimated based on a combination of surface and underground drill holes and chip samples taken on the vein and calculated using the polygonal (block) method and the 1997 CIM definitions for resource categories. These estimated historical resources include a total of 55,674 tonnes classified as proven and probable reserves and 43,324 tonnes classified as indicated resources, plus an additional 22,581 tonnes classified as inferred resources. Though believed by Alexco management to be relevant and reliable, this estimate of historical resources has not been verified by Alexco, pre-dates NI 43-101 and is not compliant with NI 43-101 resource categories. Verification of the estimate would require new drill holes into a statistically significant number of the historical resource blocks and/or a combination of on-vein sampling. A qualified person has not done sufficient work to classify this estimate of historical resources as current, nor is Alexco treating this historical estimate as a current mineral resource.
8. The disclosure regarding the summary of estimated resources for Alexco's mineral properties within the Keno Hill District has been reviewed and approved by Thomas Fudge, P.E., Senior Vice President, Engineering and Corporate Development of Alexco and a Qualified Person as defined by NI 43-101.
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