Western Alaska Minerals Announces the Commencement of Drilling at Its Waterpump Creek High-grade Silver-lead-zinc Deposit; Increases Land Position
TUCSON, ARIZONA, US – May 25, 2022 - Western Alaska Minerals (the "Company" or "WAM") is pleased to announce the opening of its Illinois Creek Camp and the commencement of drilling at the Waterpump Creek high-grade silver-lead-zinc carbonate replacement deposit (CRD) in western Alaska. This year’s drilling is primarily focused on extending mineralization from the bonanza WPC21-09 drill hole at Waterpump Creek which cut 9.1 meters true thickness of 522 g/t silver, 14.4% lead and 22.5% zinc, or 1886 g/t silver equivalent (AgEq). The 2021 drill results demonstrated an open 500 meter by 200+ meter-wide manto of CRD mineralization developed at or near the shallow east-dipping thrust contact between thick dolomites and overlying schists.
One of the Company’s drill rigs has begun drilling a 50-meter offset down-dip (east) of the WPC21-09 intercept and a second Company drill rig has begun drilling 50 meters to the south of the down-dip hole.
More Core Drilling Ltd., based in Stewart, British Columbia, has again been contracted to provide drilling services to WAM. Three Hercules C-130 flights during the last month have mobilized drill supplies, equipment, and camp upgrade materials to the Camp for the 2022 season.
Additional known Anaconda prospects Khotol Ridge and Paw Print, located to the north and east of WAM’s Illinois Creek and Round top properties, totaling 6,080 acres, have been acquired. Both prospects have stratigraphy similar to Water Pump Creek and were acquired based on Company Technical Advisor Peter Megaw’s understanding of the belt-like nature of CRD districts around the world, each with multiple deposits.
- The 2022 program is primarily focused on completing 4,000 meters of drilling in the Waterpump Creek target area with additional drilling at Last Hurrah to further explore the deep IP anomaly.
- An extensive CSAMT survey by Zonge Inc. of Tucson, Arizona, is set for early June to further define targets for additional drilling along the 8 km trend connecting the Waterpump Creek CRD target with the Last Hurrah prospect and the existing Illinois Creek Ag/Au resource.
- Additional drilling based on the CSAMT survey is planned pending adequate funding.
- To support increased exploration and potential ‘shoulder season’ drilling, a major expansion and upgrade of the Illinois Creek Camp is ongoing.
- Initial drill results are anticipated in late June.
The qualified person who reviewed and approved the technical disclosure in this release is Stuart Morris, P. Geo., a qualified person as defined under NI43-101.
WAM began trading as a Tier 1 company listed on the TSX-V in November, 2021, and maintains corporate offices in Alaska and Arizona. WAM has reassembled and fully controls all claims in the historic Illinois Creek Mining District located in western Alaska near the Yukon River, covering 55,360 acres (86.5 square miles). The District was originally discovered by Anaconda Minerals Co. in the early 1980's. Since 2010, the Company and its private precursory company Western Alaska Copper & Gold Company has been engaged in exploring and advancing its interests in the district and now controls a diversified portfolio of five deposits that contain gold, silver, copper, lead, and zinc.
On behalf of the Company
Chairman & CEO
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Forward Looking Information
Certain statements made, and information contained herein may constitute "forward looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management's expectations. Forward-looking statements and information may be identified by such terms as "anticipates", "believes", "targets", "estimates", "plans", "expects", "may", "will", "could" or "would". Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guaranteeing of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
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