'Discovery is everything' - why Western Alaska Minerals took off in 2022

Good drill results propelled Western Alaska Mineral in 2022, said CEO Kit Marrs.

Marrs spoke to Kitco in November during the 2022 Precious Metal Summit Zurich.

Western Alaska Minerals (TSX-V: WAM.VN) is advancing its 100%-owned Illinois Creek Mining District, about 73,000 acres in size. The project contains targets originally discovered by Anaconda Minerals in the 1980s and was consolidated by the WAM management team over the past 10 years. The portfolio includes five, high-grade, evolving mineral projects containing gold, silver, copper, lead, and zinc. There is also a silver-rich carbonate replacement deposit (CRD) and a NI 43-101 oxide gold resource at the Illinois Creek deposit.

Through the spring and summer, the company reported 101.7 meters of massive sulfide replacement mineralization intersected in hole WPC22-18. Assay results yielded 337 g/t Ag, 16.7%Zn, 10.0% Pb over 11.5 m in hole WPC22-11.

Off the good drill results, the company traded to a high of $5.60 a share in August before settling back.

"In the exploration business, discovery is everything," said Marrs, highlighting a series of big intercepts. "[It] created a lot of excitement in the markets The stock ran up very quickly. The stock got a little ahead of itself, but we're very happy with that in a down year for most companies."

Coverage of 2022 Precious Metal Summit Zurich is sponsored by Inventa Capital.

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1:00 - What is carbonate replacement deposit
1:40 - Parallels with Illinois Creek deposit
2:20 - 2022 catalysts that sent
3:15 - Infrastructure around Western Alaska Minerals
4:08 - Who are Western Alaska Minerals' neighbors