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:

  1. 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.
  2. Tonnage and grade measurements are in metric units. Contained gold and silver ounces are reported as troy ounces.
  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 May 26, 2021 entitled “Alexco Announces 22% Increase to Silver Reserves; Updated Technical Report Demonstrates Robust Economics at Keno Hill”.
  4. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.

 

Summary of Indicated and Inferred Resource Estimates

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

1,102,300

930

0.1

2.4%

1.7%

32,959,000

Total Indicated

3,826,800

596

0.34

2.1%

5.4%

73,352,000

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

509,400

717

0.2

1.7%

1.5%

11,743,000

Total Inferred

1,719,600

442

0.2

1.4%

3.9%

24,413,000

Notes:

  1. All Mineral Resources 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 Probable Mineral Reserves estimates.
  3. 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.
  4. The Mineral Resource estimates comprising 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 13, 2020 with an effective date of March 28, 2019.
  5. The Mineral Resource estimate for the Bermingham deposit is based on Mineral Resource estimates having an effective date of March 28, 2019.
  6. 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.

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:

  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.

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.