Ongoing Drilling At The Waterpump Creek Deposit

TUCSON, AZ - Western Alaska Minerals reported additional visual observations of core from its ongoing drilling at the Waterpump Creek carbonate replacement deposit (CRD). Visual observations for WPC22-01 thru 13 were released previously (See News Release of July 5, 2022). Assay results from WPC22-07, 08, 11 and 13 are pending and expected shortly. Ongoing exploration drilling focused on extending the Waterpump Creek bonanza carbonate replacement mineralization has intersected 101.7 and 47 meters of massive sulfide and banded dolomite sphalerite mineralization in drillholes WPC22-018 and WPC22-017, respectively. Both holes are vertical drill holes.

The 47-meter thick WPC22-17 intercept lies just over 200 meters south and 30 meters west of WAM's 2021 discovery drillhole WPC21-09. The 101.7-meter intercept in WPC22-18 was drilled another 50 meters south of WPC22-17 and is the thickest to date at the Waterpump Creek deposit. True thickness of the WPC22-18 intercept is not determinable at this time but the exceptionally long interval may indicate high-angle chimney-style mineralization linking the manto-form mineralization encountered previously. This relationship is commonly seen in CRD's but additional drilling is needed to understand the geometry encountered in these two holes and their relationship to earlier massive sulfide intercepts.

While the Company finds these visual results to be encouraging, it cautions that the significance of the observations reported here will not be known until assays are received and reviewed. There is not a resource estimate for Waterpump Creek and the presence or absence of an economically viable orebody cannot be determined until significant additional work is completed.

The mineralized intervals encountered in 2022 drilling to-date show zones of massive sphalerite and argentiferous galena in a matrix of secondary dolomite alternating with banded dolomite-rich replacement mineralization. In some drill holes, internal zones of oxidized gossan with small voids are present.

Multiple phases of mineralization are apparent, and zones of lead-dominant and zinc-dominant mineralization are intermingled throughout sections of the core. Silver cannot be determined visually, but handheld XRF analyzer indicates the galena carries significant silver. Historic assays show a strong correlation between silver and lead with each 1% lead associated with approximately 1oz/tonne silver.

Initial 2022 drilling in 2022 was undertaken at 25 meters spacings to better define the trend and tenor of mineralization surrounding the bonanza grade 2021 WPC drill results. The approach was successful, so drilling has now moved to sections spaced 50-meters apart, and to date has tracked the replacement body over 250 meters in length with mineralization open in several directions.

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 package onto underlying dolomite section. Current drilling is focused on following the dolomite along this western margin as it continues south and folds into the depression.