Western Alaska Minerals Files Ni 43-101 Technical Report FOR the High-Grade Waterpump Creek Silver-Lead-Zinc Initial Resource, Illinois Creek Project
NEWS RELEASE
WESTERN ALASKA MINERALS FILES NI 43-101 TECHNICAL REPORT
FOR THE HIGH-GRADE WATERPUMP CREEK SILVER-LEAD-ZINC INITIAL
RESOURCE,
ILLINOIS CREEK PROJECT
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 , 202 4) has been prepared by Bruce Davis, P hD, FAusIMM, Jack DiMarchi, CPG, Princ ipal
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.
Tonnes Ag
(g/t)
Pb
(%)
Zn
(%)
AgEq
(g/t)
ZnEq
(%)
Ag
(Moz)
AgEq
(Moz)
Pb
(Mlb)
Zn
(Mlb)
ZnEq
(Mlb)
2,380,000 279 9.87 11.28 980 26.4 21.4 74.9 517 591 1,383
Table 2. Waterpump mineral resources grade sensitivity table at various cut-off grades.
AgEqR
Cut-off
(g/t)
Tonnes Ag
(g/t)
Pb
(%)
Zn
(%)
AgEq
(g/t)
ZnEq
(%)
Ag
(Moz)
AgEq
(Moz)
Pb
(Mlb)
Zn
(Mlb)
ZnEq
(Mlb)
100 2,390,000 278 9.83 11.24 976 26.3 21.4 75 518 592 1,385
150 2,390,000 279 9.84 11.25 977 26.3 21.4 75 518 592 1,384
200 2,380,000 279 9.87 11.28 980 26.4 21.4 74.9 517 591 1,383
250 2,370,000 280 9.90 11.31 983 26.5 21.3 74.8 517 590 1,381
300 2,340,000 283 9.99 11.38 991 26.7 21.3 74.5 515 587 1,376
400 2,270,000 289 10.21 11.52 1008 27.1 21 73.5 510 576 1,357
500 2,180,000 294 10.42 11.67 1025 27.6 20.6 71.8 501 561 1,327
600 2,040,000 301 10.71 11.84 1047 28.2 19.8 68.7 482 533 1,268
800 1,110,000 323 11.69 12.82 1133 30.5 11.6 40.5 287 314 748
1000 70,000 446 15.16 15.97 1471 39.6 0.9 3.1 22.1 23.3 58
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
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", "e stimates", "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 r isks, 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.