Alaska Silver Company (TSXV: Wham; OTC: Wmf; FRA: MK7) reports that it has commenced the 2026 drilling and exploration program at its 100% owned Illinois Creek Project in western Alaska.
The fully funded, two-rig, 6,000-meter exploration program is designed to expand the Waterpump Creek (WPC) resource, evaluate the discovery potential of the Silver Sage target and advance several emerging exploration targets across the broader Illinois Creek region. In addition, the company plans to enhance basic studies of fish habitat, cultural resources, and wetlands in parallel with expanded environmental and geoscience programs that will support future assessments and regulatory evaluations.
Mobilization of the camp is currently underway, with personnel and equipment arriving on site to support drilling, trenching, geological mapping and regional exploration activities throughout the summer field season. The drillers are expected to arrive next week, and with drilling rigs on site, drilling will begin shortly after.
As the 2026 summer program ramps up, the 4,400-foot Illinois Creek airstrip is ready to receive a record shipment of more than 100,000 pounds of equipment and supplies that will add an excavator, a side-by-side bulldozer, a pickup truck, drilling supplies and new fuel storage tanks that will provide 20,000 gallons of additional fuel capacity.
“The 2026 field season represents one of the most ambitious exploration programs ever throughout the Illinois Creek region,” commented Kate Mars, President and CEO of Alaska Silver. “We are pursuing near-term resource growth at Waterpump Creek and exciting new discovery opportunities at Silver Sage and elsewhere across the project. With a strong and expanded technical team, two drilling rigs operating simultaneously and multiple trenching programs planned, we believe this year’s program has the potential to significantly improve our understanding of the region and unlock areas of substantial shareholder value, our team is very excited about.” And excited as we get to work this season.
The 2026 exploration program is focused on four key objectives: expanding the Waterpump Creek resource by testing the northern and southern extension of known mineralization and evaluating opportunities for significant future resource growth; Enhancing the Silver Sage target through systematic drilling designed to determine the size, continuity and controls of mineralization within a potentially important new silver-bearing system; Developing target areas in the TG and TG North (TGN) toward drilling readiness status through trenching and surface exploration programs and determining the stratigraphic and mineralogic potential of the broader Illinois Creek trend, particularly west and south of the historic Illinois Creek mine, where multiple targets remain untested.
The company intends to deploy one drilling rig at Waterpump Creek and one drilling rig at Silver Sage for a total distance of 6,000 metres.
Waterpump Creek South: approximately 2,400 meters in four to five drill holes; It is designed to test the southern extension of known mineralization beyond the current resource boundary and represents the company’s highest priority resource expansion target.
Waterpump Creek North: about 600 meters in three holes; Designed to evaluate opportunities for additional resource expansion north of the existing resource area.
Silver Sage: approximately 3,000 meters in 15 to 20 holes; Designed to evaluate the potential size, continuity, geometry and degree of mineralization; It aims to determine the dimensions of the mineralized system while improving understanding of the structural and stratigraphic controls on mineralization.
Depending on exploration results, drilling capacity may be redirected during the season to focus on more potential target areas.
Target Development and Trenching Programs: CRDs characteristically form in clusters or clusters, so, as part of this year’s exploration program, Alaska Silver plans to undertake two significant trenching programs designed to explore and enhance emerging CRD targets on our property.
TG/TGN Target Area: The company plans to complete approximately 10 to 20 trenches supported by mechanical drilling and piggyback drilling. The program is designed to improve the definition of mineralization, improve geological understanding, and create drill-ready targets in the Round Top system.
A second trenching campaign of approximately 10 to 20 trenches is planned across several high-priority target areas of the Illinois Creek system.
This work is designed to evaluate the mineralization potential across the broader Illinois Creek area and identify additional targets for future drilling.
The Illinois Creek Project continues to demonstrate significant regional-scale exploration potential, hosting multiple mineralized systems along a broad-scale trend between the historic Illinois Creek mine and the Waterpump Creek deposit. The Company’s 2026 exploration strategy is designed to simultaneously achieve resource growth, targeted generation and new discoveries across this highly prospective land package.
Drilling and trenching activities are expected to continue throughout the field season, and the company will provide updates when results are available.
Alaska Silver is focused on discovering and developing high-grade silver, gold and critical mineral assets within one of North America’s premier high-grade silver, gold and critical mineral deposits at the Illinois Creek Project in western Alaska. Illinois Creek is a 100% owned contiguous land package totaling 80,895 acres (126.40 sq mi or 32,337 ha) and anchored by two resource-grade mining areas separated by eight kilometers of high-potential exploration land. At one end, high-grade silver mineralization is in the Waterpump Creek area, which hosts an inferred mineral resource of 75 Moz (million ounces) AgEq (silver equivalent) grading 279 g/t silver, 11.28% zinc and 9.87% lead that remains open to the north and south, as well as the nearby Illinois Creek mine.
At the western end is the once-producing Illinois Creek Mine which closed due to low metal prices in 1998, leaving an indicated mineral resource of 260,000 oz of gold at 0.92 g/t Au and 8.3 moz of silver at 29.72 g/t Ag, along with an inferred mineral resource of 290,000 oz of gold at 0.84 g/t Au and 10.4 moz. Silver weighing 30.11 g/t Ag. The Illinois Creek Project is located approximately 38 km from the Yukon River, the region’s main marine transportation corridor. Alaska Silver is headquartered in Alaska and Arizona and is led by a team with a proven track record of large-scale mine discoveries.
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