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.
