Alaska Silver Updates Illinois Creek Resource in Powerful Gold and Silver Price Environment
Original announcement by tmx on
- Company
- Alaska Silver Corp.
- Ticker
- WAM
- Exchange
- TSX
- Region
- Western Alaska
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Resource update
- Extracted
- 2026-09-15 07:05:13 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Alaska Silver Corp. has released an updated mineral resource estimate for the Illinois Creek gold-silver project in Western Alaska. The update, based on the 2021 block model but using significantly higher gold and silver price assumptions, shows an 11% increase in indicated gold ounces and a near doubling of inferred gold ounces.
Reasoning: The update shows significant increases in contained metal ounces for both gold and silver, driven by the use of much higher metal prices ($3,500/oz Au vs $1,600/oz Au) in the economic model, despite no new drilling.
Positive factors
- Contained metal growth due to higher metal price assumptions
- Indicated gold ounces increased by 11%
- Inferred gold ounces nearly doubled
- Deposit is amenable to low-cost heap leach extraction
- QP sign-off provided
Negative factors
- No new drilling completed since 2021
- Resource is based on a restated block model with updated economic inputs rather than new geological data
Facts used in scoring: 4
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The resource estimate is based on a NI 43-101 Technical Report and follows the standard.
Evidence · text
“NI 43-101 Technical Report, Illinois Creek Project, Western Alaska”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Dr. Bruce Davis, PhD, FAusIMM is named as the Qualified Person.
Evidence · text
“The Qualified Person (" QP ") for the Mineral Resource is Dr. Bruce Davis, PhD, FAusIMM”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The NSR cut-off grade of US$24.00/t is clearly stated.
Evidence · text
“reported using a US$24.00/t NSR cut-off”
Extracted facts
Stored fact records: 4. Some facts used in scoring do not have a stored record.
Resource Estimates (4)
indicatedIllinois Creek · goldTonnes: 9000000Grade: 0.92Grade Unit: g/tContained Metal: 260000Contained Unit: ozView all detailsHide details
Identity
- Project
- Illinois Creek
- Commodity
- gold
- Region
- usa_ak
- Reported Region
- Western Alaska
- Ticker
- WAM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bruce Davis, Patrick Donnelly
- Resource group id
- resource:1c626e31091a96723b78
- Deposit or zone
- Illinois Creek
- Mining method
- open_pit
- Material type
- oxide
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 9000000
- Grade
- 0.92
- Grade Unit
- g/t
- Contained Metal
- 260000
- Contained Unit
- oz
- Cutoff Grade
- 24
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-01-22
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-22T00:00:00.000Z
Reasoning: Indicated resource shows growth in contained metal due to price restatement.
Positive factors
- High metal price assumptions
- Indicated category
Negative factors
- No new drilling
Evidence · text
“Indicated Mineral Resources of 9.0Mt @ 0.92 g/t gold and 29.72 g/t silver containing 260,000 ounces of gold and 8.3 million ounces of silver.”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedIllinois Creek · silverTonnes: 9000000Grade: 29.72Grade Unit: g/tContained Metal: 8.3Contained Unit: mozView all detailsHide details
Identity
- Project
- Illinois Creek
- Commodity
- silver
- Region
- usa_ak
- Reported Region
- Western Alaska
- Ticker
- WAM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bruce Davis, Patrick Donnelly
- Resource group id
- resource:1c626e31091a96723b78
- Deposit or zone
- Illinois Creek
- Mining method
- open_pit
- Material type
- oxide
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 9000000
- Grade
- 29.72
- Grade Unit
- g/t
- Contained Metal
- 8.3
- Contained Unit
- moz
- Cutoff Grade
- 24
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-01-22
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-22T00:00:00.000Z
Reasoning: Indicated resource shows growth in contained metal due to price restatement.
Positive factors
- High metal price assumptions
- Indicated category
Negative factors
- No new drilling
Evidence · text
“Indicated Mineral Resources of 9.0Mt @ 0.92 g/t gold and 29.72 g/t silver containing 260,000 ounces of gold and 8.3 million ounces of silver.”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredIllinois Creek · goldTonnes: 10900000Grade: 0.84Grade Unit: g/tContained Metal: 290000Contained Unit: ozView all detailsHide details
Identity
- Project
- Illinois Creek
- Commodity
- gold
- Region
- usa_ak
- Reported Region
- Western Alaska
- Ticker
- WAM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bruce Davis, Patrick Donnelly
- Resource group id
- resource:3e10d0a1bb257d301797
- Deposit or zone
- Illinois Creek
- Mining method
- open_pit
- Material type
- oxide
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 10900000
- Grade
- 0.84
- Grade Unit
- g/t
- Contained Metal
- 290000
- Contained Unit
- oz
- Cutoff Grade
- 24
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-01-22
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-22T00:00:00.000Z
Reasoning: Significant increase in inferred ounces due to price restatement.
Positive factors
- Inferred ounces nearly doubled
- High metal price assumptions
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 10.9Mt @ 0.84 g/t gold and 30.1 g/t silver containing 290,000 ounces of gold and 10.4 million ounces of silver.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredIllinois Creek · silverTonnes: 10900000Grade: 30.1Grade Unit: g/tContained Metal: 10.4Contained Unit: mozView all detailsHide details
Identity
- Project
- Illinois Creek
- Commodity
- silver
- Region
- usa_ak
- Reported Region
- Western Alaska
- Ticker
- WAM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Bruce Davis, Patrick Donnelly
- Resource group id
- resource:3e10d0a1bb257d301797
- Deposit or zone
- Illinois Creek
- Mining method
- open_pit
- Material type
- oxide
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 10900000
- Grade
- 30.1
- Grade Unit
- g/t
- Contained Metal
- 10.4
- Contained Unit
- moz
- Cutoff Grade
- 24
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-01-22
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-22T00:00:00.000Z
Reasoning: Significant increase in inferred ounces due to price restatement.
Positive factors
- Inferred ounces nearly doubled
- High metal price assumptions
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 10.9Mt @ 0.84 g/t gold and 30.1 g/t silver containing 290,000 ounces of gold and 10.4 million ounces of silver.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.