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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

CategoryPropertyTonnesAg (g/t)Au (g/t)Pb (%)Zn (%)CONTAINED Ag (Oz)
ProbableBellekeno40,109843-11.8%6.3%1,087,000
Lucky Queen70,7171,2440.122.6%1.4%2,828,000
Flame & Moth704,2116720.492.7%5.7%15,215,000
Bermingham362,3439720.132.6%1.3%11,323,000
Total Mineral Reserves1,177,3808040.343.0%4.1%30,453,000

Notes:

  1. “All mineral reserves for this table have the effective date of March 28, 2019 and are classified following the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014), in accordance with the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and the guidelines of NI 43-101.
  2. All numbers have been rounded to reflect the relative accuracy of the estimates.
  3. The Bellekeno, Lucky Queen, Flame & Moth and Bermingham deposits are incorporated into the current mine plan supported by disclosure in the news release dated March 28, 2019 entitled “Alexco Announces Positive Pre-Feasibility Study for Expanded Silver Production at Keno Hill Silver District” and the technical report filed on SEDAR dated February 13, 2020 with an effective date of March 28, 2019.
  4. The disclosure regarding the summary of probable mineral reserves for Alexco’s mineral properties within the Keno Hill District has been reviewed and approved by Neil Chambers, P.Eng., Mine Superintendent and Qualified Person as defined by NI 43-101.

Summary of Indicated and Inferred Resource Estimates

Category1,2,3,7,8PropertyTonnesAg (g/t)Au (g/t)Pb (%)Zn (%)CONTAINED Ag (Oz)
IndicatedBellekeno2,4&5
Lucky Queen2,4&6
Flame & Moth2,4&6
Onek4&6
Bermingham2,4&7
262,000
132,300
1,679,000
700,200
1,102,300
585
1,167
498
191
930
n/a
0.2
0.4
0.6
0.1
3.5%
2.4%
1.9%
1.2%
2.4%
5.3%
1.6%
5.3%
11.9%
1.7%
4,928,000
4,964,000
26,883,000
4,300,000
32,959,000
Total Indicated Sub-Surface Deposits3,875,8005940.32.0%5.3%74,034,000
 Elsa Historical Tailings72,490,0001190.11.0%0.7%9,527,000
Total Indicated All Deposits6,365,8004080.31.5%3.3%83,561,000
InferredBellekeno4&5
Lucky Queen4&6
Flame & Moth4&6
Onek4&6
Bermingham4&7
243,000
257,900
365,200
285,100
509,400
428
473
356
118
717
n/a
0.1
0.3
0.4
0.2
4.1%
1.0%
0.5%
1.2%
1.7%
5.1%
0.8%
4.3%
8.3%
1.5%
3,344,000
3,922,000
4,180,000
1,082,000
11,743,000
Total Inferred1,660,6004550.21.6%3.7%24,271,000

Notes:

  1. All mineral resources, except the Elsa Historical Tailings Resource, are classified following the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014) of NI 43-101.
  2. Indicated mineral resources are inclusive of mineral reserves estimates.
  3. Mineral resources are not all mineral reserves and do not have demonstrated economic viability. All numbers have been rounded to reflect the relative accuracy of the estimates.
  4. The mineral resource estimates comprising Bellekeno, Lucky Queen and Flame & Moth, Onek and Bermingham are supported by disclosure in the news release dated March 28, 2019 entitled “Alexco Announces Positive Pre-Feasibility Study for Expanded Silver Production at Keno Hill Silver District” and the technical report filed on SEDAR dated February 14, 2020 with an effective date of March 28, 2019.
  5. The mineral resource estimate for the Bermingham and Bellekeno deposits are based on mineral resource estimates having an effective date of March 28, 2019. The Bellekeno deposit has been depleted to reflect all mine production from the Bellekeno mine to date.
  6. The mineral resource estimate for the Lucky Queen, Flame & Moth and Onek deposits have an effective date of January 3, 2017.
  7. The mineral 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”. The Elsa Historical Tailings Resource is classified following the CIM Definition Standards for Mineral Resources and Mineral Reserves (December 2005) of NI 43-101.
  8. The disclosure regarding the summary of estimated mineral resources for Alexco’s mineral properties within the Keno Hill District has been reviewed and approved by Dr. Gilles Arseneau, P.Geo (Lucky Queen, Flame & Moth, and Onek deposits), Cliff Revering, P.Eng (Bermingham deposit, and David Farrow, P.Geo. PrSciNat (Bellekeno deposit), Qualified Persons as defined by NI 43-101.

Summary of Historical Resource Estimates

  TonnesAg (g/t) Au (g/t) Pb (%)Zn (%)Contained Ag (oz)
Historical Resources Silver King1      
Proven, probable and indicated99,0001,354n/a1.6%0.1%4,310,000
Inferred22,5001,456n/a0.1%n/a1,057,000

Notes:

  1. 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.
  2. 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., Mine Superintendent and a Qualified Person as defined by NI 43-101.
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