Western Alaska Minerals (TSXV:"WAM") has completed the first tranche of its previously announced private placement, issuing 2.38 million common shares at $4.10 per share for gross proceeds of $9.75 million. Gross proceeds of this financing tranche will be used to fund the extension of the company's 2022 exploration program through year-end.
The core focus of the 2022 program remains step-out drilling of the Waterpump Creek carbonate replacement deposit (CRD) to gauge the overall footprint of the bonanza silver-zinc-lead mineralization encountered in 2021 and further explored in 2022.
Located due north of the Illinois Creek airstrip in Alaska, the Waterpump Creek deposit contains a historical resource (non NI 43-101 compliant) of 166,000 tonnes at 297 g/t silver, 16.1% lead, and 5.5% zinc. A modern resource estimate will be completed once the 2021-22 drilling has been completed.
Earlier this month, the company reported the first assay results for massive CRD sulphide mineralization cut in the Waterpump Creek target area. One hole intersected 11.5 metres of massive sulphide grading 337 g/t silver, 16.7% zinc and 10% lead, including 3.1 metres grading 565 g/t silver, 8.9% zinc and 15% lead.
Proceeds of the financing will additionally be used to further explore along trend in the Last Hurrah area based on the recently completed system-wide controlled-source audio-magnetotellurics (CSAMT) program.
Funds will also be used to initiate metallurgical studies, continue Yukon River access route and environmental baseline studies, fund expenditures in anticipation of the 2023 drill program, and general corporate purposes.
For more information, visit www.westernalaskaminerals.com.
April 18, 2024
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