Taylor Deposit

Resources

The following table lists the Measured, Indicated and Inferred Mineral Resources for the Taylor Deposit. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

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Measured
Cut-off ZnEq (%)  Short Tons  ZnEq (%)  Pb (%)  Zn (%)  Ag (opt)  Cu (%)
25 372,000 32.5 12.8 14.1 5.9 0.3
20 703,000 27.7 11.1 12.0 4.8 0.3
15 1,260,000 23.0 9.4 9.9 4.0 0.2
10 2,793,000 17.2 7.1 7.4 2.9 0.2
6 5,533,000 12.4 5.2 5.4 2.1 0.1
5 6,832,000 11.1 4.6 4.8 1.8 0.1
4 8,613,000 9.7 4.0 4.2 1.6 0.1
3 10,961,000 8.4 3.5 3.6 1.4 0.1
2 12,792,000 7.6 3.1 3.2 1.3 0.1
1 13,367,000 7.3 3.0 3.1 1.2 0.1

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Indicated
Cut-off ZnEq (%)  Short Tons  ZnEq (%)  Pb (%)  Zn (%)  Ag (opt)  Cu (%)
25 2,938,000 33.0 13.2 15.1 5.1 0.3
20 5,996,000 27.4 11.2 12.2 4.4 0.3
15 11,961,000 22.4 9.2 9.7 3.7 0.3
10 24,264,000 17.1 7.1 7.4 2.9 0.2
6 47,334,000 12.6 5.2 5.3 2.2 0.2
5 55,398,000 11.6 4.8 4.9 2.0 0.1
4 63,840,000 10.6 4.4 4.5 1.9 0.1
3 72,637,000 9.8 4.1 4.1 1.7 0.1
2 80,778,000 9.0 3.8 3.8 1.6 0.1
1 85,565,000 8.6 3.6 3.6 1.5 0.1

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Measured + Indicated
Cut-off ZnEq (%)  Short Tons  ZnEq (%)  Pb (%)  Zn (%)  Ag (opt)  Cu (%)
25 3,310,000 32.9 13.2 15.0 5.2 0.3
20 6,699,000 27.5 11.2 12.2 4.4 0.3
15 13,221,000 22.4 9.2 9.8 3.7 0.3
10 27,057,000 17.1 7.1 7.4 2.9 0.2
6 52,867,000 12.6 5.2 5.3 2.2 0.2
5 62,231,000 11.5 4.8 4.9 2.0 0.1
4 72,453,000 10.5 4.4 4.4 1.8 0.1
3 83,597,000 9.6 4.0 4.0 1.7 0.1
2 93,570,000 8.8 3.7 3.7 1.6 0.1
1 98,933,000 8.4 3.5 3.5 1.5 0.1

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Inferred
Cut-off ZnEq (%)  Short Tons  ZnEq (%)  Pb (%)  Zn (%)  Ag (opt)  Cu (%)
25 3,283,000 35.1 11.5 16.0 8.0 0.2
20 5,270,000 30.3 10.3 13.0 7.3 0.2
15 8,402,000 25.4 8.8 10.5 6.4 0.2
10 14,845,000 19.6 7.0 7.8 5.0 0.2
6 28,902,000 13.8 5.0 5.4 3.7 0.2
5 33,480,000 12.7 4.6 4.9 3.4 0.2
4 38,627,000 11.6 4.2 4.4 3.1 0.1
3 44,779,000 10.5 3.8 3.9 2.9 0.1
2 51,617,000 9.4 3.4 3.5 2.6 0.1
1 58,225,000 8.5 3.1 3.2 2.3 0.1

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For a table of drill hole results included in the resource estimate, please click here.

Results are based on a ZnEq grade calculated with the following metal prices: $1.00/lb for zinc; $0.95 for lead; and $20/oz for silver. It is recognized for the Taylor Deposit that while Zn and Pb contribute approximately equally to the resource calculations, we have chosen to report Zn equivalents for calculation of the cut-off grade and the equivalents grade for the resource. Base Case highlighted.

The resource is based on assay results from 96 holes totaling 358,250 feet (109,189 meters) of drilling, which have all intersected sulfide vein or strata-bound carbonate replacement sulfide mineralization within the Taylor Deposit. The updated Mineral Resource estimate and mine plan was prepared by AMC Mining Consultants (Canada) Ltd. (“AMC”) of Vancouver, B.C.

Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of mineral resources will be converted to Mineral Reserves. Inferred Mineral Resources are based on limited drilling which suggests the greatest uncertainty for a resource estimate and that geological continuity is only implied. Additional drilling will be required to verify geological and mineralization continuity and there is no certainty that all of the Inferred Resources will be converted to Measured and Indicated Resources. Quantity and grades are estimates and are rounded to reflect the fact that the resource estimate is an approximation.

Mineral Resource Estimation Parameters

The Taylor Deposit Mineral Resource update was carried out using both Ordinary Kriging (OK) and Inverse Distance Squared (ID²) estimations. Tonnages and grades of lead, zinc and silver were estimated for six separate lithological domains. Sample data was composited to 10 feet in length for the Concha, Scherrer, Epitaph and Taylor Deeps domains. Drill core sample data that was used for estimation of the shallower Trench Vein System and the Sub-Taylor Deeps domains were composited to nominal five-foot lengths because of their comparatively narrow dimensions. The compositing process honored lithological domain boundaries. In all cases boundaries between domains were treated as “hard”, meaning that grades from adjacent domains were not used to influence the estimation of grades within a given domain.

Mineral Resources were classified as Measured, Indicated and Inferred. For a block to be classified as Measured, it was necessary that a minimum of 16 (16) composites were located within 250 feet of the block centroid; for a block to be classified as Indicated, it was necessary that a minimum of eight (8) composites were located within 500 feet of the block centroid and for a block to be classified as Inferred, it was necessary that a minimum of two (2) composites be located within 750 feet of the block centroid or three (3) composites within 1,500 feet of the block centroid.

Qualified Person

The QP for the Mineral Resource estimate is G. Z. Mosher, P.Geo, an associate of AMC. The Mineral Resource estimate has been prepared under the guidelines of National Instrument 43-101 (“NI 43-101”) for reporting of Mineral Resources.

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