West Keno

Property Overview

The western 12 kilometers (“km”) of the 35 km wide, high-grade Keno Silver District has seen the most intensive exploration and mining, including the major discoveries at the Bermingham and Flame & Moth silver deposits by Alexco Resources (“Alexco”). The Company’s holdings in the western Keno Hill silver district occur along extensions of major structural corridors that host Alexco's Silver King, Elsa, and Hector-Calumet deposits, which are some of the largest silver producers in the district. The largest deposits in the district are hosted primarily in the Keno Hill quartzite and Triassic greenstones along major structural corridors where the structural setting allows for the development of significant Keno Hill type high-grade silver-lead-zinc rich vein deposits.

The advanced-stage Formo target area hosts the historic Formo mine, which produced silver at various times since the 1930s from high-grade vein structures that graded an average of 5,092 g/t silver1. At least three vein structures, hosted primarily in greenstones below the main Keno Hill quartzite unit, have been identified at Formo in underground sampling, drilling and trenching. The deposit setting for Formo is geologically similar to the greenstone hosted Sadie Ladue mine (12.7 Moz of silver at 1,781 g/t Ag) and Keno Hill mine (12.6 Moz of silver at a grade of 1,520 g/t Ag), two of the district’s highest grade deposits1.

Modelling reveals at least three well-defined mineralized shoots of high-grade silver grading over 1,000 g/t silver. These mineralized shoots remain open to expansion at depth and along strike and extensions of these shoots will be the focus of future drilling. Sampling from the main mineralized shoot under the historic Formo open pit shows an average grade of 7,459 g/t Ag Eq over 45 m lateral width in 5 samples, on the 2800 level, 33 m lateral width grading 1,795 g/t Ag Eq on the 2700 level and 44 m lateral width grading 2,258 g/t Ag Eq on the 2600 level with mineralization open to expansion at depth.

Sampling on the 2600 level also shows two additional high-grade mineralized shoots along the southwest-northeast trend of the main mineralized structure. The first zone includes 25 m lateral width averaging 3,078 g/t Ag Eq. ending in mineralization and open to the southeast and to depth. Adjacent to this are two zones of mineralization of 69 m grading 580 g/t Ag Eq. and 70 m 850 g/t Ag Eq on the 2700 and 2600 levels connecting to the main central shoot. A second 4 m wide zone ending in high-grade mineralization on the 2600 level averages 3,092 g/t Ag Eq. and is also open to expansion laterally to the northeast and to depth.

The Silver Queen target area is located at the western end of the Keno Hill silver district adjacent to Alexco's Silver King mine, which produced 11 million ounces of silver at an average grade of 1,800 g/t1 in the 1920s and 30s (See Figure 2 Map and Figure 3 Long Section). Production at Silver King came from both underground and open pit mine sources hosted in Keno Hill quartzite.

Work by Metallic Minerals at Silver Queen has included the completion of soil sampling, detailed surface magnetic and VLF geophysics, reprocessing and interpretation of regional geophysics, and 3D modelling. The geophysical surveys indicate a 400m wide resistive body of potential quartzite and grit dominant lithology that is overlain by anomalous soil geochemistry that may indicate the presence of the projected structural corridor. New processing and interpretation of regional geophysics shows a spatial relationship between deep structural features at Keno Hill and some of the largest deposits in the district with a similar pattern seen at Silver Queen.

1)Cathro, R. J. (Bob). Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory. Geoscience Canada, [S.l.], Sept. 2006. ISSN 1911-4850

References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects

Western Keno Hill Silver District Schematic Sections

Figure 2

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