Alaska Silver plans C$7.6 million financing to expand Illinois Creek drilling to 9,000 m

Alaska Silver announced that it plans to raise up to C$7.6 million (US$5.5 million) through a private investment in public equity financing, to expand its 2026 drill program at the Illinois Creek project in western Alaska from 6,000 m to 9,000 m. The proposed financing comprises up to 13.85 million units at C$0.55 per unit, with each unit consisting of one common share and one three-year warrant exercisable at C$0.75 per share. Closing is scheduled for August 14.

The additional 3,000 m of drilling is intended to follow up targets at the Waterpump Creek silver-zinc-lead deposit, the Silver Sage discovery and other CRD targets across the district. Waterpump Creek hosts an inferred resource of 2.39 million tonnes grading 279 g/t silver, 11.25% zinc and 9.84% lead, containing 591 million lb of zinc and 518 million lb of lead. The company also plans to use the proceeds for metallurgical and technical work, baseline environmental studies and general corporate purposes; the financing and expanded drilling remain planned activities.