(TheNewswire)
Vancouver, BC - TheNewswire - December 21, 2023 - Silver North Resources Ltd. (TSX-V:SNAG ) ( OTC:TARSF) (“ SilverNorth ” or the “ Company ”) ispleased to report that it has amended its agreement with CoeurExplorations Canada, Ltd. (a subsidiary of Coeur Mining, Inc. (NYSE:CDE)) that grants Coeur an option on the Tim Property in southernYukon Territory, Canada. The amendment paves the way forward for Coeurto undertake drilling at Tim in 2024, which will target identifyingsilver-zinc-lead mineralization that management believes may besimilar to that found at Coeur’s Silvertip project, 19 km to thesouth of the Tim Property.
The amendment to the agreement adjusts the workcommitments required by Coeur to earn a 51% interest in the TimProperty to account for delays in receiving a Class 3 Land Use Permit.As such, the total commitments remain the same, but the expenditureschedule is adjusted to the following timeline:
Date | Expenditures by Year | Option Cash Payments |
On the Effective Date | - | $10,000 (paid) |
On or before Dec. 16, 2021 | $50,000 (completed) | $15,000 (paid) |
On or before Dec 16, 2022 | - | $25,000 (paid) |
By December 31, 2023 | - | $50,000 (paid) |
By December 31, 2024 | $700,000 | $75,000 |
By December 31, 2025 | $1,100,000 | $100,000 |
By December 31, 2026 | $1,353,073 | $100,000 |
By December 31, 2027 | - | $100,000 |
On or before Dec 16, 2028 | - | $100,000 |
Furthermore, Coeur has agreed to make a separate$50,000 cash payment to Silver North by December 31, 2023. Coeur canearn a 51% interest in the Tim Property by completing all explorationexpenditures and cash payments due by December 31, 2026, which willtotal at least $3.55 million and $425,000 in cash payments. Coeur canbring its interest up to 80% by making additional cash payments of$100,000 per year, completing a positive feasibility study andinforming Silver North by December 16, 2028, of Coeur’s intention todevelop a mine on the property.
Exploration at Tim is targeting high-gradesilver-lead-zinc Carbonate Replacement Mineralization (“CRM”),which management believes may be similar to that found at Coeur’sSilvertip project, 19 km to the south in northern British Columbia.Exploration to date has identified CRM-style mineralization over 1,700metres of strike, exposed in trenches in a similar geological settingto Silvertip. Recent work by Coeur includes a SkyTEM geophysicalsurvey, comprehensive soil geochemical sample coverage, mapping,prospecting and resampling of 1980’s era trenches. Results from twotrenches located 150 metres apart yielded chipsample results of 4.0 m averaging 468.1 g/t Ag,21.1% Pb, 0.3% Zn and an 8.8 m averaging 265.0g/t Ag, 6.7% Pb, 0.9% Zn.
Coeur is the project operator and is currentlycompiling the data from previous programs and refining targets for the2024 diamond drilling program at Tim. Once this program has beendefined, it will be communicated to investors and shareholders. Afive-year Class 3 Land Use Permit is in place for the Tim Property,expiring in June of 2028.
About Silver North ResourcesL td.
Silver North’s primary assets are its 100% ownedHaldane silver project and the Tim silver project (under option toCoeur Mining, Inc.). Silver North also holds non-core gold and basemetal projects in Yukon Territory, Colorado and Nevada and is activelyseeking to divest them. Silver North also holds certain royalties onprojects in North and South America.
The Company is listed on the TSX Venture Exchange underthe symbol “SNAG” and trades on the OTCQB market in the US underthe symbol “TARSF”.
For further information,contact:
Jason Weber, President and CEO
Sandrine Lam, Shareholder Communications
Tel: (604) 807-7217
Fax: (888) 889-4874
To learn more visit: www.silvernorthres.com
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NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONSERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXVENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACYOF THIS RELEASE. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELYHISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'SFUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDEFORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ONNUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS ANDUNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS ARESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THEFORWARD-LOOKING STATEMENTS.
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