Michael Fox host of the Prospector Podcast, interviews Kit Mars, President and CEO of Western Alaska Minerals (TSX-V: WAM). Kit discussed the company's project in Western Alaska, specifically the Illinois Creek mining district, which was initially discovered by Anaconda Copper Company in the 1980s. Kit mentioned that the project has advanced significantly since then, with two resources and a long carbonate replacement deposit system. The company went public in November 2021 and has been advancing the project since then. Kit also shared his thoughts on the recent mining finance summit in Beaver Creek, Colorado, stating that the sentiment was more optimistic than the previous year. Michael and Kit discussed the current state of precious metals and the market, noting that gold and silver prices have increased significantly. Kit highlighted the recovery of the metals market, particularly among producers, and mentioned a notable presentation by John Hathaway from Sprott, who provided a measured and insightful analysis of the gold market and macro economy.
Warm Springs Drilling Project Results and Future Plans
Michael and Kit discussed the impressive results from their Warm Springs drilling project. Kit explained that Warm Springs is a target they've been wanting to test for at least two and a half years, and the drilling was the first time they've hit this style of mineralization. The drilling has proven their model, showing that Illinois Creek represents the more proximal to a buried, intrusive, but proximal meaning higher temperature, gold, silver, and copper mineralization. Kit also mentioned that they have five more holes worth of assays to come, with results expected every couple of days. They plan to tie the picture together geologically and with geochemistry through the assays, and anticipate another news flow by the end of next week. Kit also mentioned an upcoming airborne geophysical survey, which they haven't had a chance to look at yet.
Water Pump Creek Project Economics and Illinois Creek Mine
Kit discussed the preliminary economics of the Water Pump Creek project, noting that the high silver prices could potentially make it a standalone operation. He also mentioned the Gold and Silver resource at the past-producing Illinois Creek mine, which could be revisited with updated metal prices. Kit expressed optimism about the upcoming news flow and the market's positive direction, looking forward to the development of their targets in the coming year.
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 CRD system encompasses a 373K oz AuEq NI 43-101-compliant indicated and 152K oz AuEq Inferred resource* at the past producing Illinois Creek gold-silver mine*, and the Waterpump Creek high-grade silver-lead-zinc deposit with an inferred resource estimate of 74.9Moz at 980 G/T AgEq*, open to the north. Within the same CRD system sits the Honker gold vein 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. WAM’s 100% owned claims and uplands mining lease 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. 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.
