Western Alaska Mining (WAM.V) has confirmed drilling at the Illinois Creek District has started on June 2nd using a new heavy duty drill rig which should improve the drill efficiency and the core recovery. The company will follow up on the high-grade discovery at the Waterpump Creek prospect where Western Alaska defined a 450 meter strike length.
There are two main objectives for this drill program. First of all, Western Alaska will complete some infill drill holes proximal to the main interval of the 2022 drill season and these infill holes should be sufficient for the company to publish a maiden inferred resource by the end of this year (we are aiming for 3-4 million tonnes of rock at an average grade of 800-900 g/t silver-equivalent). Secondly, the drill rig will also complete some step out holes to expand on the results it encountered last year. The main focus for the expansion drill program will be on southern extension of Waterpump Creek and will subsequently shift its focus to the Last Hurrah area.
The inferred resource estimate which should be completed by the end of this year should help to underpin Western Alaska’s current implied market cap of C$110M.
Disclosure: The author has a long position in Western Alaska Minerals. Please read our disclaimer.
