The following is a transcript of Western Alaska Mineral Corp. AMA session on October 3th 2024

CEO.CA would like to welcome Kit Marrs, Co-Founder, CEO and President of Western Alaska Minerals Corp. to today’s Ask Me Anything session. Kit, can we start with a quick overview of the company?

We are a post-discovery company, having gone public on the TSX-V in Q4 2021. Prior to that we explored the district privately for 10 years. There’s a long history of discovery in the (Illinois Creek Mining) District starting in the 1980s by Anaconda Minerals. We own the claims 100%, no royalties, all on state of Alaska land (aka mining friendly part of Alaska).

We are unveiling a large carbonate replacement system (CRD), beginning with a super high-grade silver resource of 75Moz of 980g/t silver-equivalent (inferred, published Feb 2024), named Waterpump Creek, one of the cornerstones of our company. A very high margin deposit. Waterpump Creek is by no means the end of the story.

8km away from the silver resource lies another resource from the past-producing Illinois Creek mine, which still hosts 357,000 oz of gold and 13.4 million oz of silver in the indicated and inferred resource categories. The mine went fallow in the 1990s due to gold prices dipping below $300.

Western Alaska's 2024 drill program tested two targets between these deposits at either end of the mineralized trend – Warm Springs, about 1,400 meters east of Illinois Creek and LH, south of Waterpump Creek. We made a new discovery zone at WS, intercepting the first gold-copper and silver intercepts with our first drill holes this year.

Thank you Kit. Can you tell us what the Warm Springs drill results mean for the Illinois Creek project? 

This year's drilling at Warm Springs has proven our theory of a massive alteration system at Illinois Creek. Mineralization encountered an upper zone of gold-copper mineralization like Illinois Creek, which lies 1,400 meters to the west, and a deeper zone of strong silver-zinc-lead mineralization more akin to Waterpump Creek, which is about 6,000 meters to the north.

The Warm Springs area has yielded unprecedented drill results, revealing multiple zones of intensely altered rock with evidence of repeated silica-rich fluid intrusions. Despite modest interval widths, these findings are significant. The alteration characteristics mirror both the Illinois Creek oxide gold mine and the Waterpump Creek silver CRD resource, potentially linking these two areas separated by eight kilometers. This newly identified zone stretches 720 meters north to south, suggesting a substantial mineralized system.

What is the difference between the gold intercepts and the silver intercepts? 

The gold intercepts are both close to surface and deeper, with copper hits as well. These mirror the past-producing mine. The silver intercepts are deeper, with nice grades (680g/t Ag), suggesting a lot of exploration upside. 

Can you please tell us what is Peter Megaw’s theory?

This area has no outcrop; it lies along a predominant structure. The intense silicification and multi-phase brecciation / mineralization show that it’s a very big system. We’re ~1.5km from IC pit gold-silver up high in the system (similar to IC) and (silver-lead-zinc) below so maybe we have another silver-lead-zinc zone to explore. “look for complexity and that’s where you find the mineralization”. -Dr. Peter Megaw, WAM Technical Advisor.

Great thank you and what do you know now about the geology at Warm Springs?

 This is a pyrite system; it looks like a parallel structure to the IC mine itself. We still have a lot of expansion potential (understatement). It’s a complex system. #1 you have the strong alteration aka silicification 2-3 pulses or phases. #2 then the brecciation comes with the enormous pressure that fractures the rocks. The later phase appears to be mineralized. 

So what are the next steps?

 Once we get the results we’ll understand which direction to go from the section. Stay tuned for an updated 3D model - pending assays, geophysical modeling.

What is the key takeaway? 

We’ve proven we have 8km between WS and WPC – a truly large system.

Thank you for that Kit. Can you provide a geological explanation of CRDs?

Carbonate Replacement Deposits (CRDs) form as metal-rich fluids infiltrate and transform carbonate rocks. These systems typically exhibit a temperature-dependent zonation: copper, gold, and some silver precipitate from hotter fluids near the source, while silver, lead, and zinc deposit as the fluids cool further away. This pattern creates a continuous mineralized horizon stretching from the fluid source to its farthest extent, a phenomenon known as original continuity.

Very interesting. Now Kit the market was hoping for a hit at the LH zone. Can you tell us what happened there? 

The target appeared to be a 1.4 km extension, past a southern fault of Waterpump Creek. The geochemistry, geophysics, and the structures all pointed to a look-alike to WPC. Unfortunately, it did not behave the same way. We did trenching and drilling, and while we did not hit economic mineralization, we think the structure is now vertical, versus flat-lying mantos. The target is by no means dead, it requires further investigation. The 2024 airborne EM geophysics now shows clear indications of the WPC structure open to the north. Thus, if all goes well, 2025 drilling will test the northern extension. 

Thanks so much Kit! Any closing remarks for our investors?

Yes, I would like to share that the key takeaway is that Western Alaska boasts a high-grade discovery with potential for a giant, continuous CRD deposit, backed by a proven team and existing resources in a mining-friendly part of Alaska we are excited and we look forward to the large-scale potential this project holds.

Additional Key Takeaways:

  1. Waterpump Creek: High-grade silver zone potentially extending northward (per recent airborne EM data)
  2. Warm Springs: New discovery suggesting an additional CRD 'spoke', more assays pending
  3. LH: Remains a viable target south of Waterpump Creek, warranting further testing

Thank you, CEO and thank you to our investors who took the time to join me today!

CEO.CA would like to give a big thanks to Kit and our investors for joining us today! A transcript of today’s session will be available shortly. Have a wonderful day everyone!