I have a raster file that I am trying to remove approximately 100 vector polygon buffer layers (I want to extract them like cookie cutters from the raster image) using the extract by mask tool. I came across this error and thought it was maybe because the projections were slightly different (the raster is WGS 84 UTM 12N, the vector is NAD 83 UTM 12N). I experimented with a smaller model, first using the project raster tool to reproject the raster file to NAD 83, then use extract by mask for one of my buffer layers on the resulting reprojected raster file, and that worked fine, However, when I set up the whole model for all 100 buffer polygons, it gave me an error. The following is a screen shot of my results when I try to run my model:

The projection worked fine, and then it crashed with the first extract by mask.
Any help is greatly appreciated.