WAM.V · 2023-07-06 12:00:00

Western Alaska Minerals Extends Waterpump Creek Mineralization Visual Report on Successful Initial Step-Out Drilling

Drill Results

Western Alaska Minerals Extends Waterpump Creek

Mineralization

Visual Report on Successful Initial Step-Out Drilling

TUCSON, AZ / July 6, 2023 / Western Alaska Minerals (the "Company" or "WAM")

(TSXV:WAM) is pleased to report that 2023 drilling continues to hit thick, visually impressive

multi-stage massive sulfides in initial step-out and infill holes on its 100% owned Waterpump

Creek ("WPC") Carbonate Replacement Deposit ("CRD").

Highlights

• Step-out drilling (see Figure 1):

o WPC23-0030: Two zones intersected (82.3m and 8.1m thick) of mixed base-

metals sulfide and oxides.

▪ Extends WPC zone 45 meters south.

o WPC23-0032 confirms the location of the Illinois Creek fault, which

potentially offsets the southerly continuation of the WPC -Last Hurrah

mineralization trend to the west.

• Infill drilling (see Table 1):

o WPC23-0029 intersected three zones (19.5m, 2.4m, and 2.1m thick) drilled

28m east of hole WPC22-18 (multiple high-grade zones intersected including

101.7m grading 160 g/t Ag, and 18.5m grading 355 g/t Ag).

o WPC23-0033 intersected one zone (6.1m thick), drilled 30m east of WPC22-

17 (multiple high-grade zones intersected including 9.8m grading 428 g/t Ag,

and 48.8m grading 144 g/t Ag).

Summary

Textures and mineralogy in holes WPC23-0029, WPC23-0030, and WPC23-0033 are visually

similar and lie at comparable depths to the progression of silver-rich mineralized intercepts cut in

2022, indicating successful infill drilling and extension of the WPC body.

• Five holes have been drilled, totaling 1,706 meters.

• WPC23-0031 intersected a 3.1m oxidized zone from 160.3 to 163.4 meters with

significant alteration to the dolomite host unit, further defining the western edge of the

WPC mineralization.

• Two rigs are currently turning on the "Last Hurrah" target to the south, exploring for the

fault offset of the Waterpump system.

• Full Waterpump Creek results and technical details can be found on the website .

" Overall, what we see in these holes confirms the continuity of the Waterpump Creek massive

sulfide body. Notably, they also unveil its potential extension towards the south aligning with the

ongoing direction of our drilling efforts." said Kit Marrs, CEO of Western Alaska Minerals.

Table 1. Previously reported 2022 Drill intercepts of holes proximal to the 2023 Waterpump

Creek infill holes.

Drill Hole

From To Thickness Ag Ag Zn Pb

(meters) (meters) (meters) g/t Oz/t % %

WPC22-

125.5 174.3 48.8 144 4.6 9 5.5

including 125.5 135.3 9.8 428 13.8 15.9 14.1

including 160.6 164.7 4.1 417 13.4 14.8 18.3

WPC22-

147.2 248.9 101.7 160 5.1 5.4 5.3

including 158.6 165.8 7.2 349 11.2 7.3 9.7

including 191.7 195 3.3 358 11.5 7.2 10.6

including 223.8 242.3 18.5 355 10.8 2.2 13.5

WPC22-

166.6 178 11.4 284 9.1 14.8 10.9

including 166.6 175 8.4 322 10.6 12.1 12.8

including 166.6 168.2 1.6 474 15.2 24.7 14.3

including 173.9 175 1.1 883 28.4 12.2 45.2

WPC22-

185.2 205.9 20.7 171 5.5 9.4 5.8

including 187.8 189.7 1.9 272 8.7 22.3 7.6

including 193.4 196.1 2.7 297 9.5 2.8 10.6

WPC22-

161.6 184.3 22.7 293 9.4 9 20.3

including 161.6 168.6 7 557 17.9 16.7 21.8

WPC22-

207 216.5 9.5 118 3.8 3.5 8.7

WPC22-

245.7 300.3 54.6 187 6 6.2 5.1

including 271.1 274.6 3.5 1223 39.3 32.5 8.1

including 292.6 300.3 7.7 311 10 10.1 1.8

Extending the WPC Mineralized Zone

Three of the five holes intersected massive sulfide and mixed sulfide-oxide mineralization,

apparently confirming and extending the known high-grade mineralized body (see Press Release

of December 7, 2022 ) 45 meters south. The Company expects the assay results to allow for a

future mineral resource estimate.

Targeting beyond Waterpump Creek

With the completion of these initial Waterpump Creek in-fill and step-out holes, the two drills on

site are now exploring for the continuation of the Waterpump Creek mineralization across a post-

mineral fault. The target is named "Last Hurrah." The preliminary results of the ongoing 3D

distributed array IP/resistivity (3DIP) geophysical survey are aiding our drill targeting at Last

Hurrah (see "3D IP Survey and Inversion Modeling" section below).

Hole WPC23-0029 Highlights

• Located 28 meters east-southeast of hole WPC22-18, which cut 101.7m of massive and

semi-massive sulfides grading 160 g/t Ag, 5.3% Pb, and 5.4% Zn and interpreted as a

feeder chimney (see Press Release of September 22, 2022 ).

• Upper intercept (19.4m) visually resembles the high-grade zones in the interpreted

WPC22-18 chimney (see Photo 1 below).

• All three intercepts show classic multi-phase CRD-style massive sulfide mineralization

with multi-generation silver-rich galena, sphalerite, and pyrite mineralization phases.

• Similar mineralization has now been cut at similar elevations in 11 contiguous drill holes

indicating a continuous elongate body 30 to 75 meters wide, now extended to 495 meters

in length (See Figures 1 and 2).

• The hole 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.

Photo 1. Core photos for the sulfide intercept in hole WPC23-0029 showing the entire length of

the upper intercept from 145.08 to 164.54 and two close-up photos showing abundant galena and

sphalerite mineralization in WPC23-0029 (top photos) compared to WPC22-018 (bottom photo).

Hole WPC23-0030 Highlights

• Collared from the same location as WPC22-22 and drilled at a -70° angle to the south-

southwest to test the southern extent of the three zones of massive and semi-massive

sulfides intersected in WPC22-22 (see Press Release of December 7, 2022 and assay

results in Table 1 above).

• Intersected continuous sulfide or gossan mineralization from 218.5 to 300.8 meters

(82.3m). A lower gossan zone was cut from 316.1 to 324.2 meters (8.1m; Figure 2).

• The lower gossan intercept extends the known lower manto 45 meters farther south,

giving a total strike length of CRD mineralization of 495m.

Hole WPC23-0033 Highlights

• Located 30 meters east of hole WPC22-17, which intersected 48.8m of massive and

semi-massive sulfides grading 144 ppm Ag, 5.5% Pb, and 9.0% Zn (see Press Release of

September 22, 2022 and Table 1).

• Intersected primary sulfide mineralization from 176.2 to 182.3 meters (inclusive of a

1.2m void) that includes 0.5 and 1.42m of massive sulfide replacement mineralization

separated by 2.9m of dolostone laced with sulfide veins (see Photo 2).

Photo 2. Core photo showing sphalerite and galena mineralization at 182.2m in WPC23-0033

(top photo) and similar mineralization at 131.0m in WPC22-17 (bottom photo).

Hole WPC23-0031

• Located 50 meters north of hole WPC22-17, which intersected 48.8m of massive and

semi-massive sulfides (see Press Release of September 22, 2022 ).

• Cut altered wallrocks resemble those flanking massive sulfides along the axis of the WPC

body.

Hole WPC23-0032

• Drilled from the same location as WPC23-0030 (and WPC22-22) at -60° to test south

farther along strike of the WPC mineralization from WPC23-0030.

• Hit the Illinois Creek fault, which appears to have cut out the prospective carbonate

stratigraphy (see Figure 1).

• The fault marks the southern edge of the WPC mineralized zone and supports targeting

the offset mineralization at the Last Hurrah prospect.

Figure 1. Plan map displaying the 2023 completed drill holes in blue in relation to the expanding

Waterpump Creek zone. Note the Last Hurrah ("LH") Target Area in the offset fault.

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