Flew in to Anchorage yesterday. About halfway between Nondalton and Port Alsworth, at around 2000 feet, I heard a strange blip on the radio. I turned off squelch on the #2, which was monitoring 121.5, and there it was, an actual ELT. The signal got a bit stronger, then as I neared Port Alsworth it got weaker. I called in and reported it to Kenai Radio, reported it to the other aircraft in the area, and reported it to the NPS, since that is over part of Lake Clark park.
No idea what the resolution of the situation was. I feel as though I should have worked harder to pinpoint the location. I have always assumed that if I hear an ELT going off it will likely be a false alarm. But there appears to be nobody and nothing in the region where the signal was strongest, so I suspect that may not be the case here.