2022 drilling focused on bargain Waterpump zinc-silver target north of 60 Mining News – May 6, 2022
On May 5, Western Alaska Minerals Corp. announced that it had raised C$5 million (US$3.9 million) to fund its 2022 exploration program at the Illinois Creek project in Alaska, which is expected to start later this month.
The 49,000+ acre property in the Illinois Creek Mining District is home to the former Illinois Creek Mine; Waterpump, a replacement carbonate deposit rich in zinc and silver, lies about four miles northeast of the Illinois Creek open pit; Honker, a high-grade gold target approximately six miles north of the historic mine; and Round Top, a large porphyry copper deposit about 10 miles to the northeast.
The at least 6,000 meters of drilling planned for this year will focus on incremental drilling of the bonanza-grade silver-lead zinc mineralization mined last year at Waterpump Creek.
Based on previous exploration by Anaconda Minerals Company and Novagold Resources Inc., Waterpump Creek hosts 166,000 tonnes of historic resources averaging 295 grams per metric ton silver, 16.1% lead and 5 .5% zinc.
Western Minerals confirmed the strength of the mineralization with nine holes drilled at Waterpump last year. Highlights of this drilling include:
• 16.7 meters (15.7 meters true thickness) grading an average of 256 grams per metric ton of silver, 0.7% zinc and 6.4% lead at a depth of 23.2 meters in the hole WPC21-02.
• 1.5 meters (1.4 meters true width) grading an average of 1,337 g/t silver at a depth of 50.9 metres; and 9.7 meters (9.1 meters true thickness) grading an average of 89 g/t silver, 6.3% zinc and 7.7% lead at a depth of 63.1 meters in the hole WPC21-03.
• 11.9 meters (11.2 meters true width) grading an average of 149 g/t silver and 2% zinc at a depth of 35.6 meters in hole WPC21-05.
• 10.5 meters (9.1 meters true width) grading an average of 522 g/t silver, 22.5% zinc and 14.5% lead at a depth of 109.4 meters in hole WPC21 -09.
A reinterpretation of stratigraphic relationships in the Illinois Creek District suggests that the potential for silver-zinc-lead transformation at Waterpump Creek may be greater than previously recognized.
Approximately 4,000 meters of the first 6,000 holes planned in 2022 will focus on immediate outings at Waterpump Creek to assess the overall footprint of mineralization encountered in hole WPC21-09.
The remainder will test a 6,000 meter long Waterpump Creek-Last Hurrah-Illinois Creek carbonate replacement deposit trend.
A controlled source audio-frequency magnetotelluric (CSAMT) geophysical survey due to start by mid-May will help target along this trend.
To fund the 2022 program, Western Alaska Minerals completed a C$5 million non-brokered private placement that involved the issuance of 4.17 million shares at C$1.20 per share.
The company says crews have reopened Illinois Creek Camp for the 2022 season and additional equipment and camp expansion materials are being delivered to the site. Exploration is currently scheduled for early September, but could be extended to October if successful.