TUCSON, ARIZONA, US – April 2, 2024 - Western Alaska Minerals (the "Company" or "WAM") (TSXV: “WAM”) is pleased to announce the publication and filing of its updated NI 43-101 report (the “Technical Report”) in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) on the Illinois Creek (“IC”) Project, Alaska, USA. The Technical Report, titled “Illinois Creek Project Update, Illinois Creek Mining District, Western Alaska, USA” dated April 2, 2024 (effective date of February 20, 2024) has been prepared by Bruce Davis, PhD, FAusIMM, Jack DiMarchi, CPG, Principal Geologist, and Deepak Malhotra, PhD, SME-RM, and is available on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile.

"The updated NI 43-101 report confirms the outstanding high-grade silver-lead-zinc initial resource at Waterpump Creek, a distal zone of the Illinois Creek carbonate replacement deposit (“CRD”). Our attention now turns to validating the substantial scale potential of the CRD through advanced modeling on the LH and Warm Springs targets," stated Kit Marrs, President and CEO of WAM.

Revised Initial Inferred Mineral Resource Estimate at the WPC Zone

The Technical Report provides an updated and revised mineral resource estimate for the Waterpump Creek (“WPC”) zone from the initially reported estimate in the February 22, 2024 News Release, which was tabulated using the incorrect silver equivalent formula used to determine cut-off. Table 1 below shows the revised mineral resource for the WPC zone. Changes to the mineral resource statement are not considered material at the mineral resource estimate cut-off grade of 200 g/t, equaling < 0.5% change to tonnes and grade.  Table 2 below shows the sensitivity of the mineral resource to the cut-off grade, which is only materially different from the estimate in the February 22, 2024 news release at cut off grades of 800 g/t and higher.   

Table 1.  Waterpump mineral resource estimate grades at an AgEqR grade of 200 g/t.

Table 2.  Waterpump mineral resources grade sensitivity table at various cut-off grades. 

1. The effective date of the Mineral Resource is February 20, 2024. The QPs for the Mineral Resource are Dr. Bruce Davis, FAusIMM and Susan Lomas, P. Geo of Lions Gate Geological Consulting Inc. (LGGC).
2. CIM Definition Standards were used for mineral resource classification and in accordance with CIM MRMR Best Practice Guidelines. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. It is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
3. AgEqR reporting cut-off grade calculation is based on estimated recoveries from preliminary metallurgical test work of 75% Ag, 70% Pb, and 84% Zn and metal prices of US$24.00/oz Ag, US$1.00/lb Pb, and US$1.30/lb Zn and cost inputs suitable for underground extraction method.  The AgEqR calculation is AgEqR = (Ag g/t x 0.75) + (Pb%/100 × 1998.99) + (Zn%/100 × 3118.47).
4. The AgEq and ZnEq grade calculations used in the table above are based on the same metal prices (as point #3 above) and are not subject to recovery.

Authors and Qualified Persons Statement

The NI 43-101 Technical Report was completed by Bruce Davis, PhD, FAusIMM, BD Resource Consulting Inc.; Jack DiMarchi, CPG, Principal Geologist, Core Geoscience LLC; and Deepak Malhotra, PhD, SME-RM, Forte Dynamics.

Bruce Davis, Jack DiMarchi, and Deepak Malhotra are “qualified persons” as defined by NI 43-101 standards and have reviewed the technical content of this news release and have approved its dissemination.

About WAM

Our mission is to advance a mineable and scalable CRD, ultimately reshaping the mineral landscape of western Alaska and establishing a new CRD district.

WAM’s 100% owned claims cover 73,120 acres (114.25 square miles or 29,591 hectares), approximately 45 km east of an ocean barge-compatible section of the Yukon River. WAM’s intact mineralized CRD system encompasses the (past producing) Illinois Creek gold-silver mine, the Waterpump Creek high-grade silver-lead-zinc deposit, open to the north, and the Honker gold prospect.  Twenty-five kilometers northeast of the Illinois Creek CRD lies the Round Top copper and the TG North CRD prospects.  All prospects were originally discovered by Anaconda Minerals Co. in the early 1980's.  Since 2010, WAM, along with its precursor company, Western Alaska Copper & Gold, reassembled the Anaconda land package and has been engaged in exploring the district.

Headquartered in both Alaska and Arizona, WAM brings together a team of seasoned professionals with a shared vision of pioneering new frontiers in mineral exploration.  Our strategic approach is underpinned by cutting-edge technology, innovative techniques, and a deep understanding of the geological intricacies of the region.

“Kit Marrs”

Kit Marrs

President & CEO

Phone: 520-200-1667

For further information please contact:

Vanessa Bogaert, Director of Corporate Communications/IR at vanessa@westernalaskaminerals.com

Or visit our website at: www.westernalaskaminerals.com.

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 the 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.