Reserves and Resources
Exploration remains an essential component to the Alexco business model. In recent years our team of skilled geologists has seen tremendous exploration success resulting in significant growth of the Flame & Moth and Bermingham deposits.
Our primary focus remains on expanding existing deposits while concurrently exploring and developing our project pipeline within the Keno Hill Silver District.
Summary of Mineral Reserves Estimates
|
Deposit3 |
Category |
Tonnes |
Ag (g/t) |
Pb (%) |
Zn (%) |
Au (g/t) |
Contained Metal (000 oz Ag) |
Contained Metal (000 oz Au) |
Contained Metal (M LBS Pb) |
Contained Metal (M LBS Zn) |
|---|---|---|---|---|---|---|---|---|---|---|
|
Bellekeno |
Probable |
12,809 |
936 |
13.00 |
7.30 |
0.00 |
385 |
0 |
4 |
2 |
|
Bellekeno Surface Stockpile |
Probable |
3,397 |
1,150 |
21.70 |
4.50 |
0.00 |
126 |
0 |
2 |
0 |
|
Lucky Queen |
Probable |
70,648 |
1,269 |
2.71 |
1.56 |
0.13 |
2,883 |
0 |
4 |
2 |
|
Flame and Moth |
Probable |
721,322 |
672 |
2.69 |
6.21 |
0.49 |
15,590 |
11 |
43 |
99 |
|
Bermingham |
Probable |
630,173 |
899 |
2.26 |
1.30 |
0.13 |
18,209 |
3 |
31 |
18 |
|
Total |
Probable |
1,438,349 |
804 |
2.64 |
3.84 |
0.31 |
37,193 |
14 |
84 |
122 |
Notes:
- Mineral Reserves are reported herein based on an NSR cutoff value using estimated metallurgical recoveries, assumed metal prices and smelter terms, which include payable factors, treatment charges, penalties, and refining charges.
- Tonnage and grade measurements are in metric units. Contained gold and silver ounces are reported as troy ounces.
- The Bellekeno, Lucky Queen, Flame & Moth and Bermingham deposits are incorporated into the current mine plan supported by disclosure in the news release dated May 26, 2021 entitled “Alexco Announces 22% Increase to Silver Reserves; Updated Technical Report Demonstrates Robust Economics at Keno Hill”.
- Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.
Summary of Indicated and Inferred Mineral Resources
|
Category |
Deposit |
Tonnes |
Ag (g/t) |
Au (g/t) |
Pb (%) |
Zn (%) |
Contained Ag (oz) |
|---|---|---|---|---|---|---|---|
|
Indicated |
Bellekeno |
213,000 |
620 |
n/a |
5.5 |
5.5 |
4,246,000 |
|
|
Lucky Queen |
132,300 |
1,167 |
0.2 |
2.4 |
1.6 |
4,964,000 |
|
|
Flame & Moth |
1,679,000 |
498 |
0.4 |
1.9 |
5.3 |
26,883,000 |
|
|
Onek |
700,200 |
191 |
0.6 |
1.2 |
11.9 |
4,300,000 |
|
|
Bermingham |
1,562,700 |
939 |
0.2 |
2.6 |
1.7 |
47,210,000 |
|
Total Indicated |
4,287,200 |
635 |
0.3 |
2.2 |
5.0 |
87,603,000 |
|
|
Inferred |
Bellekeno |
302,000 |
359 |
n/a |
2.5 |
5.4 |
3,486,000 |
|
|
Lucky Queen |
257,900 |
473 |
0.1 |
1.0 |
0.8 |
3,922,000 |
|
|
Flame & Moth |
365,200 |
356 |
0.3 |
0.5 |
4.3 |
4,180,000 |
|
|
Onek |
285,100 |
118 |
0.4 |
1.2 |
8.3 |
1,082,000 |
|
|
Bermingham |
843,400 |
735 |
0.2 |
2.0 |
1.3 |
19,930,000 |
|
Total Inferred |
2,053,600 |
494 |
0.2 |
1.6 |
3.3 |
32,600,000 |
|
Notes:
- All Mineral Resources are classified following the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014) of NI 43-101.
- Indicated Mineral Resources are inclusive of Probable Mineral Reserves estimates.
- 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.
- The Mineral Resource estimates comprising Lucky Queen and Flame & Moth, Onek and Bermingham are supported by disclosure in the news release dated May 26, 2021 entitled “Alexco Announces 22% Increase to Silver Reserves,; Updated Technical Report Demonstrates Robust Economics at Keno Hill” and the Technical Report filed on SEDAR dated May 26, 2021 with an effective date of April 1, 2021.
- The Mineral Resource estimate for the Bermingham deposit is based on Mineral Resource estimates having an effective date of November 30, 2021.
- The Mineral Resource estimate for the Lucky Queen, Flame & Moth and Onek deposits have an effective date of January 3, 2017.
The Mineral Resource estimate for the Bellekeno deposit is based on an internal Mineral Resource estimate completed by Alexco Resource Corp. and externally audited by SRK Consulting Inc., having an effective date of January 01, 2021. This Mineral Resource estimate has been depleted to reflect all mine production from Bellekeno to the end of December 2020 and does not reflect any depletion from production that occurred in 2021.
Summary of Historical Resource Estimates
|
|
Tonnes |
Ag (g/t) |
Au (g/t) |
Pb (%) |
Zn (%) |
Contained Ag (oz) |
|
|---|---|---|---|---|---|---|---|
|
Historical Resources
|
Silver King1,2 |
||||||
|
Proven, probable and indicated |
99,000 |
1,354 |
n/a |
1.6% |
0.1% |
4,310,000 |
|
|
Inferred |
22,500 |
1,456 |
n/a |
0.1% |
n/a |
1,057,000 |
|
Notes:
- Historical resources for Silver King were estimated by UKHM, 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) model and the 1997 CIM definitions for 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 (as defined by NI 43-101) has not done sufficient work to classify this estimate of historical resources as current Mineral Resources or Mineral Reserves, nor is Alexco treating this historical estimate as current Mineral Resources or Mineral Reserves.
The disclosure regarding the summary of historical Mineral Resources for Alexco’s mineral properties within the Keno Hill District has been reviewed and approved by Neil Chambers, P.Eng., Chief Mine Engineer and a Qualified Person as defined by NI 43-101.
