TUCSON, ARIZONA, US – July 24, 2023 - Western Alaska Minerals (the "Company" or "WAM") (TSX-V: WAM) is pleased to report its first assay results from the initial phase of its second-year drilling program on the 100% owned Waterpump Creek (“WPC”) Carbonate Replacement Deposit (“CRD”).

Highlights

• Infill drill hole WPC23-0029 intersected two high grade zones (Table 1):
  • 19.4 meters of 158 gpt Ag (5.1 opt), 5.3% Pb and 11.5% Zn from 145.1 to 164.5 meters;
    • Including 3.0 meters of 253 gpt Ag (8.1 opt), 9.7% Pb and 15.9 % Zn from 145.1 to 148.1 meters.
• 2.9 meters of 173 gpt Ag (5.6 opt), 6.7% Pb and 13.9% Zn from 176.0 to 178.9 meters.
• The hole was lost due to (sandy, dolomitic) drilling conditions and left in mineralization.
• 2023 drilling at Waterpump Creek confirms continuous mantos of massive sulfide. (Figure 1).
• Infill drilling will provide sufficient data points to enable (the Company) to move toward a preliminary resource estimate at WPC (subject to independent review).

“Drilling at Waterpump Creek continues to produce impressive assay results that reinforce the high-grade nature of this part of the CRD system,” states Kit Marrs, CEO of Western Alaska Minerals. “This infill hole in particular, expands the width by 28 meters, and contains grades and textures that closely resemble those found in WPC22-18, suggesting continuity of a major system”.

Summary

Hole WPC23-0029 was part of a 3-drill hole in-fill program at WPC which intersected two zones of CRD style mineralization (Figure 2). Detailed description of these intercepts were previously reported (see Press Release of July 6, 2023).

This hole was completed 28 meters east of hole WPC22-18, which intersected what is believed to be a feeder chimney with multiple high-grade zones of mineralization (see Press Release of September 22, 2022).

Hole WPC23-0029 ended in an 8 cm section of (open) mineralization, consisting of sphalerite and galena, hosted within recrystallized dolostone at 279.2 meters. At this point, the hole was lost, and it is unknown whether this mineralization continues at depth. Assay results are pending for the core recovered at the end of the hole. (Figure 2).

Table 1. Drill intercepts within hole WPC23-0029.

*All intercepts are core length and are close to true width

A lower third intercept described in our Press Release of July 6, 2023 is not included here due to poor recovery over that sample interval and likely not representative the entire sample length (Figure 2).

Table 2. Hole Location table.

Figure 1. Plan map showing the 2023 completed drill holes.

Figure 2. D-D’ Cross section displaying the drill trace for hole WPC23-0029.

Waterpump Creek Drilling: Discussion

The results reported in this release and the results of the 4 other WPC holes drilled in 2023 (see Press Release of July 6, 2023) combined with the results from the previous 26 drill holes in the Waterpump Creek structural zone confirm the continuous nature of massive sulfides 30 to 75 meters wide and 495 meters in length plunging gently to the south.

Phase II Drilling: Last Hurrah Target

At the time of this release, a drill continues to turn at the Last Hurrah target, believed to be offset relative to WPC to the south-southwest by the Illinois Creek fault. Last Hurrah was identified by geology, previous drill results and a geophysical anomaly which appears analogous to that seen at Waterpump Creek.

Update on 3D IP Geophysical Program

The ultra high-resolution geophysical program, covering 54 km is now complete. Modeling and interpretation are underway. The Company expects the results to help vector drill targeting.

Qualified Person

The qualified person who reviewed and approved the technical disclosure in this release is Andrew West, Certified Professional Geologist, a qualified person as defined under National Instrument 43-101. Mr. West is the Vice President for Western Alaska Minerals with a MS in Geology and 30 years of experience in mineral resources, mine, and exploration. He is a Certified Professional Geologist with the American Institute of Professional Geologists (AIPG CP-11759).

His review verified the data disclosed, including geology, sampling, analytical and QA/QC data underlying the technical information in this news release, including reviewing the reports of ALS, methodologies, results, and all procedures undertaken for quality assurance and quality control in a manner consistent with industry practice.

Quality Assurance/Quality Control

Quality Assurance/Quality Control of drill sample assay results are monitored by WAM staff through a quality assurance/quality control (“QA/QC”) protocol which includes the insertion of blind standard reference materials, blanks, and duplicates samples at regular intervals.

Core logging and sampling is completed at the Illinois Creek mine camp in Alaska. Drill core is logged under an established procedure using GeoSpark commercial logging software. Core interval selected for assay are sawn lengthwise in half. One half of the core interval is bagged and labeled for assay. The remainder is stored on site for reference.

The bagged core samples are transported to ALS Minerals laboratory in Fairbanks, Alaska, USA, for sample submission. ALS Minerals Fairbanks is a satellite sample preparation facility accredited under ALS Minerals. The ALS Minerals Fairbanks shipped the samples to ALS Minerals in North Vancouver, B.C., Canada, for sample preparation and analysis. ALS Minerals North Vancouver is an independent laboratory certified under ISO 9001:2008 and accredited under ISO/IEC 17025:2005 by the Standards Council of Canada. ALS Minerals includes its own internal quality control samples comprising certified reference materials, blanks, and pulp duplicates.

At ALS the half-core samples were weighed (WEI-21), dried if excessively wet (DRY-21), coarse jaw crushed to 70% passing 6 mm (CRU-21), fine jaw crushed to 70% passing 2 mm (CRU-31), riffle split to 250 g subsamples (SPL-21) and pulverized to 85% passing 75 μm (PUL-31). Crushed duplicates were created by riffle splitting crushed samples into two parts.

The gold content is determined by fire assay of a 30-gram charge with an AA finish (Au-AA23). Silver, lead, copper, and zinc along with other elements are analyzed by ICP utilizing a four-acid digestion (ME-ICP61). Over-limit samples for silver, lead, copper, and zinc are determined by using either an ore grade four-acid digestion and ICP-ES finish (ME-OG62) or ore-grade titration analysis (VOL50 or VOL70) for very high-grade samples.

ALS Laboratory’s also performs its own internal QA/QC procedures to assure the accuracy and integrity of results. Parameters for ALS’ internal and WAM’ external blind quality control samples are acceptable for the elements analyzed. WAM is unaware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

About WAM

WAM is an Alaska and Arizona based company, listed on the TSX-V and focused on discovery of high-grade, district-scale ore systems in the historic Illinois Creek Mining District located in western Alaska. WAM’s 100% owned claims cover 73,120 acres (114.25 square miles or 29,591 hectares), roughly 45 km from the Yukon River. The District encompasses at least five deposits containing gold, silver, copper, lead, and zinc and was originally discovered by Anaconda Minerals Co. in the early 1980's. Since 2010, WAM, along with precursor Western Alaska Copper & Gold Company, has reassembled the Anaconda property package and been engaged in exploring the District.

On behalf of the Company

“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 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.