Western Alaska Minerals Reports 337 G/T (10.8 OZ/T) Silver, 16.7% Zinc and 10.0% Lead over 11.5 Meters IN WPC22-11 Drilled Prior to the 101 Meter WPC22-18 Discovery Hole at Waterpump Creek
NEWS RELEASE
WESTERN ALASKA MINERALS REPORTS 337 g/t (10.8 OZ/t) SILVER, 16.7% ZINC and 10.0%
LEAD OVER 11.5 METERS IN WPC22-11 DRILLED PRIOR TO THE 101 METER WPC22-18
DISCOVERY HOLE AT WATERPUMP CREEK
TUCSON, ARIZONA, US – August 2 , 2022 - Western Alaska Minerals (the "Company" or
"WAM") is pleased to announce the first assay results for massive Carbonate Replacement
Deposit (“CRD”) sulfide mineralization cut in the Waterpump Creek target area at its 100%
owned Illinois Creek Project in western Alaska. The results reported here are from drillholes
WPC22-07, 08, 11 and 13 ; all drilled prior to the 47 m and 101m intercepts cut in drillholes
WPC22-17 and 18 for which visual observations were reported last week ( See News Release of
July 20, 2022).
The hole highlighted herein is WPC22-11, which cut 11.5m of massive sul fide grading 337 g/ t
(10.8 oz/t) silver; 16.7% zinc and 10.0% lead, including 3.1m grading 565 g/t (18.2 oz/t) silver;
8.9% zinc and 15.0% lead.
The assays (Table 1 below) confirm the high silver, lead and zinc values expected based on
previously reported visual mineralogical observations (See News Release of July 5, 2022 ).
Holes WPC 22- 17 and 18, for which assays are pending, show similar mineralogy over their
47m and 101m thicknesses, respectively. Drilling continues at 50m spacing.
Additionally, visual observations confirm WPC22-20, located 50 meters south and 30 meters
east of WPC22 -18, hosts t wo intervals of massive sulfide mineralization: 11.4 meters from
166.6-178.0; and 20.7 meters from 185.2 -205.9. The m ineralization appears similar to that
observed in WPC22-18.
“These high-grade assays confirm our visual sulfide identifications and really whet our appetite
for the results from the similar looking, but much thicker intercepts we reported last week
from Holes 17 and 18 ”, said Kit Marrs, President and CEO of Western Alaska Minera ls. “Those
holes, along with the newly announced visual intercept in WPC22 -20, further define an
emerging mineralization trend now over 300m long. We are very excited a bout the near-term
potential for drilling out a preliminary bonanza-grade silver resource with base metal credits
high enough to cover operating costs.”
Kit Marrs continued, “I would like to thank Dr. Peter Megaw for his support and technical
input into the company’s recognition of the major CRD potential at Illinois Creek. Peter’s input
has been invaluable in helping formulate our strategic planning and to better identify the
world-wide analogues and the commonalties with other CRD deposits.”
Table 1. Assay results – WPC22-07, 08, 11 and 13
Drill hole
From
(meters)
To
(meters)
Thickness
(meters)
Est. True
Thickness
(meters)
Ag
g/t
Ag
Oz/t
Zn
%
Pb
%
AgEq
g/t*
WPC22-07 136.4 142.5 5.1 5.1 459 14.8 12.1 14.8 1340
WPC22-07 150.1 164.4 14.3 14.3 54 1.7 10.3 1.9 504
WPC22-08 114.6 125.5 10.9 9.9 157 5.0 9.9 6.4 720
WPC22-11 139.1 150.6 11.5 11.3 337 10.8 16.7 10.0 1259
WPC22-11 152.7 156.3 3.6 3.5 151 4.9 22.3 5.1 1130
WPC22-13 150.1 152.9 2.8 2.6 1304 41.9 2.5 37.1 2434
WPC22-13 158.4 160.8 2.4 2.2 820 26.4 15.0 13.0 2041
* Silver Equivalent (AgEq) based on assumed prices of $22/oz Ag, $1.00/lb Pb, and $1.30/lb Zn and assumed recoveries of 95% for all metals
The massive sulfide intervals encountered at Waterpump Creek all show massive sphalerite
and argentiferous galena in a matrix of secondary dolomite like that reported from previous
drilling (See News Releases of July 5, 2022 , and November 15, 2021 ). Each intercept shows
multiple sulfide mineralization stages with alternating zinc -dominant sphalerite-rich and lead-
dominant galena-rich sulfide mineralization zones. Historic assays and the assays disclosed in
this release show a strong silver/lead correlation with approximately 1 oz/ton silver (31.1 g/t)
per 1% lead.
The grades and thicknesses encountered to-date in both the historic drill holes of Anaconda
and NovaGold and the five initial drill intercepts of WAM at Waterpump Creek point to
exceptional grade potential for the growing discovery . Grades vary considerably between Ag -
rich lead -dominant mineralization and Ag -poor zinc -dominant mineralization . These sulfide
intercepts show a weigh ted average grade of just over 350 g/t Ag, 14.6 % Zn and 9.4% Pb .
Note that these results do not include any assay results for the exceptionally thick visual
intervals encountered in WPC22 -17 and 18 and released on July 2 0, 2022 , nor WPC22 -20,
mentioned in this release.
CRD Discussion
To better understand the implication of WAM’s ongoing CRD exploration at Waterpump Creek
and the greater Illinois Creek District, a brief discussion on CRD’s geometries, zoning and scale
is attached as Appendix 1 to this news release and a more detailed disc ussion will be available
on the Company website later this week.
Waterpump Creek Drilling: Analysis To-Date
The mineralization forms an elongate body roughly 30 -60+ meters wide plunging gently to the
south in the footwall dolomite adjacent to the WPC Creek structure. The overall architecture
defined in the 2022 CSAMT profiles, indicates this structure is the western margin of a graben -
like depression roughly 500 to 600 meters wide that down -drops and drapes the overlying
chlorite and graphite schist pa ckage onto the underlying dolomite section . Current drilling is
focused on following the dolomite along this western margin as it continues south and folds
into the depression.
Figure 1 (below) shows an EW cross-section (7105150N) through mineralization in WPC22-07.
Mineralization replaces the dolomite along the fold hinge of the dolomite as it is draped or
faulted into the Waterpump Creek graben . Alteration forms a halo around the massive
mineralization often as bleached dolomite a long with quartz , dolomite, and calcite veins.
Fluorescent fugitive calcite veins are often concentrated peripherally at or near the top side of
the massive mineralization and form a local vector of up to 50-100 meters around the massive
sulfide.
Figure 1. Cross-section (7105150N)
Figure 2 (below) is a longitudinal section along the axis of 2022 Wa terpump Creek drilling. The
mineralized body plunges to the south at roughly 20 degrees along the western margin of the
Waterpump Creek graben. Mineralization thickens dramatically south of 7105050N and could
be changing from manto form mineralization to a vertical chimney. Ongoi ng drilling should
further define the geometries of the mineralized body.
Figure 2. Longitudinal Cross-section down the axis of the Waterpump Creek manto
Figure 3 (below) is a pierce point plan map of 2022 drilling at Waterpump Creek. The plan map
shows the limits of the current drilling and thicknesses of the massive sulfide manto as it
strikes south from the WPC21 -09 discovery hole . Mineralization to the north is offset along a
NW trending post mineral fault. WPC22 -14 and 15 drill ed over and under the horizon
respectively as the manto progresses south. Exceptionally thick intercepts in WPC22-17 and 18
are shown and visual results were recently released (See News Release of July 20, 2022). Follow-
up drilling along the extensions of the manto from WPC22-18 is ongoing.
Recently drilled WPC2 2-20 is located 50 meters south and 30 meters east of WPC22 -18.
WPC22-20 hosts two intervals of massive sulfide mineralization. The mineralization appears
similar to that observed in WPC22-18.
Core from WPC22-17, 18 and 20 is currently being processed and assays are pending.
Figure 3. Pierce point Plan Map of the Waterpump Creek manto
CSAMT Geophysical Program
In addition to the ongoing two rig drill program, a major system -wide CSAMT (controlled -
source audio -magnetotellurics) program has been completed covering the roughly 8 km
distance between the Illinois Creek oxide mineralization, the Last Hurrah area and the
Waterpump Creek target area. Inversion modeling of the CSAMT sections is ongoing.
Importantly, preliminary results show a complex interplay of stacked thrusts and high -angle
syn-mineral faul ts. The Waterpump Creek structure , which appears to be the major ore
control at Waterpump Cre ek, is apparent over at least 6 km of strike within the CSAMT
sections south from Waterpump Creek through Last Hurrah to just east of the major East IC
manto/gossan.
A preliminary geologic re -interpretation is shown in Figure 4 (below) based on the initial
CSAMT inversions . A follow -up press release is planned highlighting additional high quality
CRD replacement mineralization targets on the property once the final inversions and
interpretation is complete.
Figure 4. Preliminary Geologic interpretation based on the 2022 CSAMT program
Qualified Person
The qualified person who reviewed and approved the technical disclosure in this release is
Stuart Morris, P. Geo., a qualified person as defined under National Instrument 43 -101. Mr.
Morris is an independent consultant with a MS in Economic Geology and 40 plus years of
experience in mineral resources, mine, and exploration He is a Registered Geologist with the
British Columbia Association of Professional Engineers and Geoscientist s (BC-APEG) No.
135066 and with the Arizona State Board of Technical Registration No. 16289.
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 proced ures undertaken for quality assurance and quality
control in a manner consistent with industry practice . A ll technical matters were consistent
and accurate according to his professional judgement.
Quality Assurance/Quality Control
Quality Assurance/Quality Control of drill sample assay results are independently monitored
through a quality assurance/quality control (“QA/QC”) protocol which includes the insertion of
blind standard reference materials, blanks, and duplicates at regular intervals.
All logging and sampling procedures are completed at WAM’s core handling facilities located
at the Illinois Creek mine camp in Ala ska. Drill core is logged under an established procedure
using Geospark commercial logging software, then diamond sawn on site . Half drill -core
samples are then securely transported to ALS facilities in Fairbanks , Alaska from Illinois Creek
under a strict chain of custody protocol. Sample pulps are then sent to ALS’s lab in Vancouver,
Canada, f or analysis. Gold content is determined by fire assay of a 30 -gram charge with ICP
finish. Silver, lead, copper, and zinc along with other elements are analyzed by ICP methods
utilizing a four-acid digestion. Over -limit samples for silver, lead, copper, and zinc are
determined by ore -grade titration analyses. ALS Inc. is independent of Western Alaska
Minerals and its affiliates.
ALS 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 began trading on the TSX -V in November 2021 and maintains corporate offices in Alaska
and Arizona. WAM 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 or 22,403
hectares). This district was originally discovered by Anaconda Minerals Co. in the early 1980's.
Since 2010, WAM and its private precursor company Western Alaska Copper & Gold Inc. has
reassembled the Anaconda property package and been engaged in exploring the district. The
district encompasses at least five deposits containing gold, silver, copper, lead, and zinc.
The Company currently has approximately 19,240,000 common shares issued and outstanding
and 238,643 proportional shares issued and outstanding. Each proportional share is convertible
to 100 common shares at the request of the shareholder and in the discretion of the Company.
Because of these conversion rights, for market capitalization and financial analysis purposes, it
is appropriate to convert the proportional shares to common shares and add the product of the
conversion to the current number of common shares outstanding. When doing so, the sum of
the approximate number of common shares (19,240,000) and converted proportional shares
(23,864,300) equals 43,104,300 shares . Further information regarding the Company’s share
structure is available upon request.
On behalf of WAM
“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 "forw ard 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 t hat 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 estimat ion, timing and amount of future exploration and development, capital
and operating costs, the availability of financing, the receipt of regulatory approvals,