# Alaska Silver Updates Illinois Creek Resource in Powerful Gold and Silver Price Environment Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/alaska-silver-updates-illinois-creek-resource-in-powerful-gold-and-silver-price--febe05b0-d373-47a0-8240-7ce2645ddb95 Original source: https://money.tmx.com/en/quote/WAM/news/5098060639680240/alaska-silver-updates-illinois-creek-resource-in-powerful-gold-and-silver-price- Publisher: tmx Original announcement: 2026-01-22T12:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Contained metal growth due to higher metal price assumptions - Positive factor: Indicated gold ounces increased by 11% - Positive factor: Inferred gold ounces nearly doubled - Positive factor: Deposit is amenable to low-cost heap leach extraction - Positive factor: QP sign-off provided - Negative factor: No new drilling completed since 2021 - Negative factor: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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$24.00/t NSR cut-off ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/alaska-silver-updates-illinois-creek-resource-in-powerful-gold-and-silver-price--febe05b0-d373-47a0-8240-7ce2645ddb95#fact-resource-facts-0) Illinois Creek · gold #### Identity - Project: Illinois Creek - Commodity: gold - Region: usa\_ak - Reported Region: Western Alaska - Ticker: WAM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Bruce Davis, Patrick Donnelly - Resource group id: resource:1c626e31091a96723b78 - Deposit or zone: Illinois Creek - Mining method: open\_pit - Material type: oxide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 9000000 - Grade: 0.92 - Grade Unit: g/t - Contained Metal: 260000 - Contained Unit: oz - Cutoff Grade: 24 - Cutoff Unit: US$/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 factor: High metal price assumptions - Positive factor: Indicated category - Negative factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/alaska-silver-updates-illinois-creek-resource-in-powerful-gold-and-silver-price--febe05b0-d373-47a0-8240-7ce2645ddb95#fact-resource-facts-1) Illinois Creek · silver #### 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 factor: High metal price assumptions - Positive factor: Indicated category - Negative factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/alaska-silver-updates-illinois-creek-resource-in-powerful-gold-and-silver-price--febe05b0-d373-47a0-8240-7ce2645ddb95#fact-resource-facts-2) Illinois Creek · gold #### 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 factor: Inferred ounces nearly doubled - Positive factor: High metal price assumptions - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/alaska-silver-updates-illinois-creek-resource-in-powerful-gold-and-silver-price--febe05b0-d373-47a0-8240-7ce2645ddb95#fact-resource-facts-3) Illinois Creek · silver #### 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 factor: Inferred ounces nearly doubled - Positive factor: High metal price assumptions - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: 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.