Western Alaska Minerals Commences Field Operations, Prepares for Drilling

Rhea-AI Summary

Western Alaska Minerals (WAM) announced the start of field operations at its Illinois Creek property, with drilling expected to commence around June 8, 2024. The company successfully raised C$8.7M between April and May to fund the operations. This marks the third drilling season focused on a high-grade silver-zinc-lead carbonate replacement deposit (CRD). The 2024 objectives include identifying mineralized linkages to a past-producing gold mine located 6km away. Initial resource estimates suggest 75Moz at 980g/t AgEq. Crews began mobilizing on May 14, 2024, to prepare the site and support logistics.

Positive

• Successfully raised C$8.7M between April and May 2024.
• Drilling operations set to start on June 8, 2024.
• Initial resource estimates infer 75Moz at 980g/t AgEq.
• Third drilling season focused on a high-grade CRD.
• Efficient mobilization of crews and logistical preparation since May 14, 2024.

Negative

• No concrete data on drilling results or timelines beyond June 8, 2024.
• Financial performance hinges on successful identification of mineralized linkages.
• Operational risks associated with remote location and logistical challenges.

TUCSON, AZ / ACCESSWIRE / May 30, 2024 / Western Alaska Minerals (the "Company" or "WAM") (TSXV:WAM) is pleased to announce that, in preparation for the 2024 drill season, crews have mobilized to the Illinois Creek camp on its 100% owned Illinois Creek property.

CEO Kit Marrs stated, "We are thrilled to put the proceeds of our recently completed (concurrent) financings to immediate use in the field. C$8.7M in gross proceeds were raised between April and May and we are on track to begin drilling on approximately June 8^th.

Mr. Marrs continues, "This year's program will mark Western Alaska Minerals' third drilling season focusing on the carbonate replacement deposit (CRD). Since intercepting >500g/t silver over 9.1m (true width) late in the 2021 season, we have delineated a very high-grade silver-zinc-lead ‘arm' or ‘tentacle' of the system. Our initial NI 43-101 resource estimate, published in February of this year, infers 75Moz at 980g/t AgEq. CRD projects typically involve expansive systems with interconnected elements or parallel mineralized ‘tentacle' shaped deposits. The discovery of one deposit suggests the likelihood of others nearby. As such, our 2024 goal is to step out and uncover mineralized linkages to the past-producing open pit gold mine, 6km to the southwest".

Crews mobilized on May 14th to open camp, begin clearing the airstrip, and prepare the drill pads for the newly generated CRD expansion targets at LH and Warm Springs. Supply flights are on schedule to bring in personnel, including the geo-technical team and equipment within a week.

More information on the technical strategy will follow.

Please click here to view a special CRD presentation with a keynote from WAM's Technical Advisor, Dr. Peter Megaw, held on May 1^st, 2024.

Looking north to WAM's 4400' airstrip, serviceable by C130 Hercules aircraft, located on its 100% owned Illinois Creek claims in Western Alaska. Photo taken May 15^th, 2024.

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.

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

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.

SOURCE: Western Alaska Minerals Corp

View the original press release on accesswire.com

FAQ

When will Western Alaska Minerals start drilling operations in 2024?

Western Alaska Minerals plans to begin drilling around June 8, 2024.

How much funding did Western Alaska Minerals raise for 2024 operations?

Western Alaska Minerals raised C$8.7M between April and May 2024.

What is the focus of Western Alaska Minerals' 2024 drilling season?

The 2024 drilling season focuses on identifying mineralized linkages in a high-grade silver-zinc-lead carbonate replacement deposit (CRD).

What are the initial resource estimates for Western Alaska Minerals' CRD?

The initial resource estimates suggest 75Moz at 980g/t AgEq.

What preparations have Western Alaska Minerals made for the 2024 drill season?

Crews mobilized on May 14, 2024, to open camp, clear the airstrip, and prepare drill pads.