8-K: Alaska Silver Updates Illinois Creek Gold-Silver Resource

Alaska Silver Corp. filed an updated NI 43-101 technical report for its Illinois Creek deposit, showing significantly increased gold and silver resources.

Summary

• An independent NI 43-101 Technical Report for the Illinois Creek gold-silver deposit has been filed on SEDAR+.
• The report supports an updated mineral resource estimate previously announced on January 22, 2026.
• Indicated Mineral Resources at Illinois Creek are 9.0 million tonnes at an average grade of 0.92 g/t gold and 29.7 g/t silver, containing 260,000 ounces of gold and 8.3 million ounces of silver.
• Inferred Mineral Resources at Illinois Creek are 10.9 million tonnes at an average grade of 0.84 g/t gold and 30.1 g/t silver, containing 290,000 ounces of gold and 10.4 million ounces of silver.
• The resource estimate is reported within an optimized open-pit shell, assuming metal prices of US$3,500/oz gold and US$45/oz silver.
• Assumed costs include US$4.00/t for mining, US$10.25/t for processing, and US$9.75/t for G&A.
• Recovery rates used are 92% for gold and 65% for silver.
• Mineral resources are not mineral reserves and do not have demonstrated economic viability, with no certainty of conversion to reserves.
• The Illinois Creek Project is 100%-owned and located on state land in Western Alaska.
• The company also controls the Waterpump Creek zone, which hosts an Inferred Mineral Resource of 75 Moz AgEq at a grade of 279 g/t silver, 11.28% zinc, and 9.87% lead (based on an April 2, 2024 report).

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a very positive update, driven by significant increases in both indicated and inferred resources, particularly the near doubling of inferred ounces, which substantially enhances the project's potential and future development prospects.

Positives

• Indicated gold ounces increased by 11% and silver ounces by 7% compared to previous estimates.
• Inferred gold and silver ounces nearly doubled compared to previous estimates.
• Mineralization consists of oxide material, which is amenable to low-cost heap or vat leach recovery methods.
• Mineralization remains open along strike and at depth, indicating significant exploration potential.
• Historical mining and metallurgical data are available, providing a foundation for potential optimization and development.
• The project is anchored by high-grade silver mineralization at the Waterpump Creek zone.
• The Illinois Creek Project is strategically located approximately 38 kilometers from the Yukon River, a primary marine transportation corridor.

Negatives

• Mineral resources are not mineral reserves and do not have demonstrated economic viability.
• There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.

Risks

• Exploration work at the Illinois Creek Project may not occur as anticipated.
• Assay results may not be received when anticipated.
• The CRD property may not exhibit the anticipated continuity.
• The Company may not be able to implement its objectives, goals, and future plans, including the proposed advancement of the Illinois Creek Project as currently contemplated.
• Exploration activities (including drill results) may not accurately predict mineralization.
• The Company may not be able to implement its drilling, geoscience, and metallurgical work on its properties and work plans generally.
• Targeting activities proposed by the Company may not be effective.
• The Company's approach to exploration may not result in the expected benefits.
• Risks related to market conditions and metal prices.
• Delays in obtaining or failures to obtain required governmental, environmental, or other project approvals.
• Uncertainties relating to the availability and costs of financing needed in the future.
• Changes in equity markets and inflation.
• Fluctuations in commodity prices.
• Other risks involved in the mineral exploration and development industry.

Future Outlook

The company anticipates ongoing exploration work at the Illinois Creek Project, with plans to advance it towards becoming a standalone mining operation potentially producing Dore on-site. They expect exploration activities to accurately predict mineralization and believe modern recovery techniques could offer optimization upside. The company intends to implement drilling, geoscience, and metallurgical work on its properties and work plans generally to effectively target and expand the deposit.

Management Comments

• Alaska Silver is pleased to announce the filing of an independent NI 43-101 technical report supporting the updated mineral resource estimate for the Illinois Creek gold-silver deposit.
• CEO Kit Marrs will be presenting at the Metals Investor Forum in Toronto on February 28th.

Industry Context

StockSavvy.ai notes that the increase in indicated and inferred resources for gold and silver at Illinois Creek, coupled with the oxide nature of the mineralization, positions Alaska Silver favorably within the junior precious metals exploration sector. The focus on low-cost heap or vat leach recovery methods aligns with industry trends seeking capital-efficient development, especially for deposits in remote locations like Western Alaska. The project's proximity to the Yukon River, a key transportation corridor, could offer a logistical advantage compared to other remote Alaskan projects.

Comparison to Industry Standards

• The resource update, particularly the near doubling of inferred ounces, is a strong indicator of project growth, comparable to successful exploration programs by peers like Kinross Gold's Manh Choh project in Alaska or Northern Star Resources' Pogo Mine, which have seen significant resource expansions through targeted drilling.
• The stated gold recovery of 92% and silver recovery of 65% for oxide material are generally within the expected range for heap leach operations, similar to projects like Coeur Mining's Rochester mine or SSR Mining's Marigold mine, which utilize similar processing methods for oxide gold and silver.
• The assumed metal prices of US$3,500/oz gold and US$45/oz silver are significantly higher than current market prices (e.g., spot gold ~US$2,000/oz, spot silver ~US$22/oz at the time of this analysis), which is a common practice for long-term resource estimation but introduces sensitivity to future price movements.

Stakeholder Impact

• Shareholders: Positive impact due to increased resource estimates, potentially leading to higher valuation and future development prospects.
• Employees: Potential for future job creation if the project advances to development and production.
• Local Communities (Western Alaska): Potential for economic benefits through employment and local procurement if the project develops.

Next Steps

• Meet with Alaska Silver at the Metals Investor Forum in Toronto on February 27-28, 2026.
• CEO Kit Marrs presenting on February 28, 2026, at the Metals Investor Forum.
• Attend the PDAC Convention in Toronto with a Corporate Booth (#2902, Investors Exchange) and a Core Shack Booth (#3111B).
• Ongoing and anticipated exploration work at the Illinois Creek Project.
• Implementation of drilling, geoscience, and metallurgical work on properties.
• Proposed advancement of the Illinois Creek Project towards a standalone mining operation.

Key Dates

Recommendation

The significant increase in both indicated and inferred gold and silver resources, particularly the near doubling of inferred ounces, substantially de-risks the Illinois Creek project and enhances its long-term value proposition. The oxide nature of the mineralization, amenable to low-cost recovery methods, further strengthens the project's economics. While the assumed metal prices are high, the underlying resource growth provides a strong foundation for future development and potential conversion to reserves, making this a compelling investment opportunity in the precious metals sector.

Keywords

Alaska Silver, Illinois Creek, gold, silver, NI 43-101, mineral resource, exploration, mining, Western Alaska, oxide deposit, heap leach, vat leach, Waterpump Creek, precious metals