8-K: Alaska Silver Unearths High-Grade Silver Sage Zone

Alaska Silver Corp. announces a significant new high-grade silver-lead-zinc discovery, named Silver Sage, at its Illinois Creek Project in western Alaska.

Summary

• Alaska Silver Corp. has discovered a new high-grade mineralized zone, Silver Sage, at its 100% owned Illinois Creek Carbonate Replacement Deposit (CRD) project in western Alaska.
• The Silver Sage zone is located 4.8km south of the existing Waterpump Creek resource and has been confirmed through surface trenching, pit sampling, and initial drilling.
• Early work indicates high-grade mineralization with near-surface samples running up to 1,235 g/t silver with 65% lead and 1,135 g/t silver with 73% lead.
• Extensive surface exploration included 8 trenches, all containing mineralization or alteration, and over 100 excavator pits.
• Initial drilling comprised 9 preliminary drill holes totaling 906.5 meters, designed to define stratigraphy and alteration.
• The discovery is considered a new manifestation of a major district-scale CRD system.
• A ~550-meter mineralized strike length has been delineated, with broader alteration spanning over 1.1km.
• The company also disclosed that related parties purchased 1,112,000 units in a financing that closed on October 3, 2025, which was exempt from formal valuation and minority shareholder approval requirements under MI 61-101.

Sentiment

Score: 9

Explanation: The discovery of a new high-grade mineralized zone with significant silver and lead values, coupled with the potential for a district-scale CRD system, represents a highly positive development for the company's exploration prospects.

Positives

• Discovery of a new high-grade mineralized zone, Silver Sage, indicating significant exploration potential.
• Near-surface samples show exceptional grades, including 1,235 g/t silver with 65% lead and 1,135 g/t silver with 73% lead.
• Extensive surface exploration (8 mineralized trenches, over 100 pits) confirms the presence and scale of mineralization.
• The discovery reinforces the belief that the Illinois Creek project hosts a large, district-scale CRD system.
• High-grade lead mineralization is extensive, ranging from 1% up to 73% Pb across multiple trenches.
• Significant zinc mineralization up to 12.05% Zn over 1.85m and broad ranges from 2% to 12% Zn.
• Presence of gold up to 0.55 g/t over 1.0m and copper values from 0.1% to 0.35% Cu.

Risks

• Exploration work at the Illinois Creek Project may not occur as anticipated.
• Assay results may not be received when anticipated or may not confirm high-grade mineralization.
• Silver Sage may not represent an entirely new area of mineralization as anticipated.
• The CRD property may not exhibit the anticipated continuity.
• Exploration activities (including drill results) may not accurately predict mineralization.
• The company may not be able to implement its drilling, geoscience, and metallurgical work plans generally.
• Targeting activities proposed by the company may not be effective.
• Market conditions and metal prices could negatively impact project economics.
• Delays in obtaining or failures to obtain required governmental, environmental, or other project approvals.
• Uncertainties relating to the availability and costs of future financing.
• Fluctuations in commodity prices and general risks inherent in the mineral exploration and development industry.

Future Outlook

The company anticipates receiving assay results from the 9-hole (906.5 m) drill program at Silver Sage in the coming weeks. Ongoing geological mapping and structural interpretation will integrate drilling, trench, pit, and geophysical data. Future work will focus on vectoring toward the district-scale CRD-porphyry system.

Management Comments

• "The discovery of Silver Sage marks a major step forward for Alaska Silver. Early indications of high-grade mineralization, combined with the scale of this brand-new surface expression within the Illinois Creek system, reinforce our belief that the Illinois Creek project hosts a large, district-scale CRD system. We're excited by the potential this new zone represents and look forward to sharing assay results as they become available." Kit Marrs, CEO of Alaska Silver Corp.
• "I am not surprised that a new mineralization zone has been found at Illinois Creek it is an extensive CRD system, and these typically have numerous spokes that lead back to the intrusive hub. I enthusiastically recommend more drilling at Silver Sage next summer and systematic exploration for additional, covered mineralization centers on the property." Dr. Peter K.M. Megaw, Exploration Advisor to Alaska Silver Corp.

Industry Context

This discovery aligns with the ongoing industry focus on high-grade silver and critical minerals, particularly within established carbonate replacement deposit (CRD) systems. The Illinois Creek project's potential for a district-scale CRD system positions Alaska Silver within a competitive landscape of companies seeking to define and develop significant mineral resources in North America.

Corporate Governance

Related Party Transactions

• Related parties of Alaska Silver Corp. purchased or acquired control over an aggregate of 1,112,000 Units in a financing that closed on October 3, 2025.
• The placement to these persons constitutes a 'related party transaction' under Multilateral Instrument 61-101.
• The transaction was exempt from formal valuation and minority shareholder approval requirements of MI 61-101, relying on sections 5.5(a) and 5.7(1)(a).

Stakeholder Impact

• Shareholders: Potential for significant increase in company valuation due to a new high-grade discovery, enhancing future resource potential and project attractiveness.
• Employees: Positive outlook for continued exploration and potential development activities, ensuring job security and growth opportunities.
• Local Communities: Potential for future economic benefits through increased exploration activity and possible mine development, including job creation and local procurement.
• Creditors/Investors: Improved confidence in the company's asset base and exploration success, potentially leading to easier access to future financing.

Next Steps

• Await pending assay results from the 9-hole (906.5 m) drill program at Silver Sage, expected in the coming weeks.
• Conduct ongoing geological mapping and structural interpretation, integrating drilling, trench, pit, and geophysical data.
• Continue work focusing on vectoring toward the district-scale CRD-porphyry system.

Key Dates

Recommendation

The discovery of the Silver Sage zone, characterized by exceptionally high-grade silver and lead mineralization at surface, represents a significant exploration breakthrough for Alaska Silver Corp. This new zone, located within a known district-scale CRD system, substantially de-risks future exploration and adds considerable potential value to the Illinois Creek Project. While drill assays are pending, the extensive surface work and initial high-grade results provide a strong indication of a major new discovery. This development is highly likely to positively impact the company's valuation and future growth prospects, warranting a 'strong buy' recommendation for investors seeking exposure to high-impact mineral discoveries.

Keywords

Silver, Lead, Zinc, Gold, Copper, Exploration, Discovery, Illinois Creek, Alaska, CRD, Carbonate Replacement Deposit, Mining, Mineralization, High-grade