GoldMinerPulse Report: Alexco Resource Corp. Metal Value



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Alexco Resource Corp. (AXR) NI 43-101 Metal Value Report

Substantially all of the Alexco's exploration and development activities during the three months ended December 31, 2010 have been conducted on its Keno Hill Silver District properties. The Keno Hill Silver District is located in Yukon Territory approximately 330 kilometers north of Whitehorse in the vicinity of the villages of Mayo and Keno City and lies within the traditional territory of the First Nation of Na-Cho Nyak Dun ("FNNND"). Alexco is party to a Comprehensive Cooperation and Benefits Agreement with the FNNND, setting out common understandings, obligations and opportunities arising from all of the Corporation's activities within the Keno Hill district including exploration, care and maintenance, district closure activities and mine production. [Source: Quoting from the December 31, 2010 MD&A ]

[Source: Quoting from the October 3, 2008 News Release ]: October 3, 2008 Vancouver, British Columbia -- Alexco Resource Corp. (TSX:AXR, AMEX:AXU) ("Alexco" or the "Company") is pleased to announce that it has entered into a silver purchase agreement with Silver Wheaton Corp. (NYSE, TSX:SLW) ("Silver Wheaton") under which Silver Wheaton will purchase 25% of the life of mine silver produced by Alexco from its Keno Hill Silver District in Canada's Yukon Territory....

Alexco will receive an up-front deposit payment from Silver Wheaton of US$50 million, plus a further payment of the lesser of US $3.90 (increasing by 1% per annum after the third year of full production) and the prevailing market price for each ounce of silver delivered. US$15 million of the up-front payment will be made in two tranches within the next 30 to 90 days as certain conditions are completed. The US$15 million will fund ongoing underground development, definition drilling and continued exploration of the Bellekeno resource as well as other work required to refine and complete engineering studies. The remaining US$35 million will be paid on a monthly draw-down basis to build out the Bellekeno mine infrastructure and processing facility, commencing once Alexco has made a positive development decision and subject to certain other conditions including Alexco having sufficient committed funds available to complete construction and achieve production within specified time frames.

[Source: Quoting from the December 31, 2010 MD&A ]: Other Keno Hill District Properties: Silver King, Lucky Queen, Onek, Flame & Moth and Bermingham historic mine areas as well as new targets within the district not directly associated with former mines and which had been identified as a result of work done on regional stratigraphy and correlation of structural observations.

The Alexco Resource Corp. website is at www.alexcoresource.com.

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Yukon Water Board site tracking Alexco water use licence application

GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-11-29.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

Alexco Resource Corp. Metric Summary
General MetricValue on 2012-02-03
In Situ Metal Value per Share (MVpSh)US$26.79
Average Ore Value per TonneUS$426.46
Metal Value Leverage (MVL)3.51
Market Capitalization as a Percentage of Metal Value28.5%
Recent Closing Stock PriceC$7.59
[note 1]
Fully Diluted Share Count64.36 M
[note 2]
Percentage In Situ Proven + Probable Reserve0%
Percentage In Situ Measured + Indicated Resource82%
Percentage In Situ Inferred Resource18%
Silver Specific Metrics
MetricValue on 2012-02-03
Silver Reserves + Resources33.82 M oz
Average Silver Ore Grade260.2 g/t
Market Capitalization per oz of Silver In SituUS$14.54
( C$14.44 )
Silver Equivalent Ounces Estimate51.26 M oz
Market Capitalization per oz of Silver EquivalentUS$9.59
( C$9.53 )
 

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

Metal Summary Based on Closing Prices on 2012-02-03
Metric / MetalGoldSilverLeadZinc
Total Counts (reserves + resources)32.61 K oz33.82 M oz75.16 K t170.93 K t
Metal Prices in US$ (from 2012-02-03)$1,725.90 / oz$33.63 / oz$1.00640 / lb$0.96490 / lb
Metal Value per Share (MVpSh)
Shown in US$. Based on fully diluted share count
$0.87$17.67$2.59$5.65
Percentage of Total Metal Value3.26%65.97%9.67%21.09%
Metal Value Percentage Proven + Probable0%0%0%0%
Metal Value Percentage Measured + Indicated84%84%89%72%
Metal Value Percentage Inferred16%16%11%28%

The above metal value totals derive from the following projects.

Project/Deposit/Mine Summary Based on Closing Prices on 2012-02-03
Project Location Metal Value per
share (% total)
Average
Ore Value
US$/t
GoldSilverLeadZincPP%MI%I%
BellekenoYukon, Canada$8.80 ( 32.8% )US$1,237.216.64 K oz11.46 M oz35.32 K t42.76 K t084%16%
OnekYukon Territory, Canada$7.02 ( 26.2% )US$550.5816.20 K oz5.19 M oz9.62 K t107.29 K t073%27%
Elsa TailingsYukon Territory, Canada$6.63 ( 24.7% )US$171.298.01 K oz9.53 M oz24.90 K t17.43 K t0100%0
Lucky QueenYukon Territory, Canada$4.34 ( 16.2% )US$1,019.431.76 K oz7.65 M oz5.32 K t3.46 K t064%36%

 

Bellekeno

Alexco achieved the most significant milestone in its corporate history, declaring commercial production to have commenced as of January 1, 2011 at the Bellekeno silver-lead-zinc underground mine and ore processing complex, located in the Keno Hill Silver District in Canada's Yukon Territory. Commissioning was completed with both mine and mill achieving operating throughput averaging 250 tonnes per day of ore for 30 days, and this activity also satisfied the initial completion test under Alexco's silver purchase agreement with Silver Wheaton Corp. ("Silver Wheaton"). In early December, 2010, Alexco announced the execution of lead and zinc offtake agreements with Glencore Ltd., Stamford and initiated shipments of concentrate from Bellekeno, and by December 31, 2010 had shipped 326 tonnes of lead and zinc concentrate to a North American smelter. [Source: Quoting from the December 31, 2010 MD&A ]

Latest NI43-101 Report: BELLEKENO PROJECT – UPDATED PRELIMINARY ECONOMIC ASSESSMENT TECHNICAL REPORT
2009-12-02 (363 pages).

Updates: Mineral Resources, Summary of Resources webpage (viewed November, 2011).

Project Location: Yukon, Canada.

Average Ore Value (all estimate types): US$1,237.21

Indicated

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$0.155.57 K oz0.500 g/t346.50 K t
Silver$5.3910.32 M oz926.000 g/t346.50 K t
Lead$1.1031.88 K t  92,000.000 g/t346.50 K t
Zinc$0.7622.87 K t  66,000.000 g/t346.50 K t

Estimate notes: Resource estimates updated based on the March 31, 2010 MD&A filing which provided an updated mineral resource estimate for Bellekeno on p. 3 of 18.

Inferred

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$0.031.07 K oz0.300 g/t111.10 K t
Silver$0.601.14 M oz320.000 g/t111.10 K t
Lead$0.123.44 K t  31,000.000 g/t111.10 K t
Zinc$0.6619.89 K t  179,000.000 g/t111.10 K t

Estimate notes:


 

Elsa Tailings

Latest NI43-101 Report: Mineral Resource Estimation Elsa Tailings Project Yukon, Canada
2010-06-16 (91 pages).

Updates: Mineral Resources, Summary of Resources webpage (viewed November, 2011).

Project Location: Yukon Territory, Canada.

Average Ore Value (all estimate types): US$171.29

Indicated

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$0.218.01 K oz0.100 g/t2.49 M t
Silver$4.989.53 M oz119.000 g/t2.49 M t
Lead$0.8624.90 K t  10,000.000 g/t2.49 M t
Zinc$0.5817.43 K t  7,000.000 g/t2.49 M t

Estimate notes:


 

Lucky Queen

Latest NI43-101 Report: Technical Report on the Lucky Queen Deposit, Lucky Queen Property, Keno Hill District, Yukon
2011-09-08 (62 pages).

Updates: Mineral Resources, Summary of Resources webpage (viewed November, 2011).

Project Location: Yukon Territory, Canada. View the Brewery Creek property on a Google Map.

Average Ore Value (all estimate types): US$1,019.43

Indicated

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$0.020.80 K oz0.200 g/t124.00 K t
Silver$2.564.89 M oz1,227.000 g/t124.00 K t
Lead$0.113.22 K t  26,000.000 g/t124.00 K t
Zinc$0.072.11 K t  17,000.000 g/t124.00 K t

Estimate notes:
NSR $185 cut-off.

Inferred

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$0.030.96 K oz0.200 g/t150.00 K t
Silver$1.442.75 M oz571.000 g/t150.00 K t
Lead$0.072.10 K t  14,000.000 g/t150.00 K t
Zinc$0.041.35 K t  9,000.000 g/t150.00 K t

Estimate notes:


 

Onek

Latest NI43-101 Report: Technical Report on the Onek Deposit, Onek Property, Keno Hill District, Yukon
2011-09-08 (62 pages).

Updates: Mineral Resources, Summary of Resources webpage (viewed November, 2011).

Project Location: Yukon Territory, Canada.

Average Ore Value (all estimate types): US$550.58

Indicated

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$0.3513.17 K oz0.700 g/t585.00 K t
Silver$1.913.65 M oz194.000 g/t585.00 K t
Lead$0.247.02 K t  12,000.000 g/t585.00 K t
Zinc$2.6580.15 K t  137,000.000 g/t585.00 K t

Estimate notes:

Inferred

MetalMVpShContained Metal QuantityOre GradeOre Quantity
Gold$0.083.04 K oz0.400 g/t236.00 K t
Silver$0.801.54 M oz203.000 g/t236.00 K t
Lead$0.092.60 K t  11,000.000 g/t236.00 K t
Zinc$0.9027.14 K t  115,000.000 g/t236.00 K t

Estimate notes:

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