(TheNewswire)
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Vancouver, BC – TheNewswire - August 29, 2023 – Silver North Resources Ltd. (TSXV:SNAG ) ( OTC:TARSF) “ Silver North ” or the “ Company ”) is pleased to announce anon-brokered private placement of 2.5 million Units and 5 million“Flow-Through” Shares (the “FT Shares”) of the Company at aprice of C$0.20 per Unit and $0.20 per FT Share for gross proceeds tothe Company of up to $1.5 million (the “ Offering ”).
The Units will consist of one common share and one-half of anon-transferable common share purchase warrant allowing the holder tobuy an addition share for each full warrant held for a period of threeyears at $0.30 per additional share.
The proceeds from the sale of the Flow-Through Shares will be spent onexploration (“Canadian Exploration Expenditures” as defined by theIncome Tax Act of Canada) at the Company’s Haldane Silver Project inthe Keno Hill District, Yukon.
Previous drilling on the Haldane Silver Project recently discoveredhigh-grade silver mineralization (including HLD20-19 which intersected 4.48 metres averaging 444 g/t silver,0.15 g/t gold, 1.5% Pb and 1.3% Zn and hole HLD21-24 whichreturned 3.14 metres averaging 1,351g/t silver, 0.08 g/t gold, 2.43% Pb and 2.91% Zn ).Mineralization at Haldane resembles that historically mined from HeclaMining’s Keno Hill District deposits in grade and style. Drilling in2023 will target the expansion of the West Fault target as well asother targets such as the Bighorn discovery, where the only drill holeto test this target discovered new Keno-style vein mineralization.
Jason Weber, P.Geo., President and CEO of Silver North commented,“We are very pleased with the support from our shareholders andinvestors for our recent re-branding, and we are eager to advance theexploration programs at Haldane and continue to expand our threetarget areas and their potential to host high grade silver deposits.We are fortunate to have a strong land position in one of theworld’s highest grade silver districts and where there is excellentpotential for Silver North to define new deposits that may help supplynew and advancing green technologies.”
The closing of the Offering is expected to occur on or about September20, 2023 and is subject to receipt of all necessary regulatoryapprovals including the TSX Venture Exchange (the “TSX-V”).Finder’s fees of 7% in cash will be paid to eligible parties. Thesecurities issued with respect to the Offering will be subject to ahold period of four months and one day in accordance with applicablesecurities laws.
This news release does not constitute an offer of securities for salein the United States. The securities being offered have not been, norwill they be, registered under the United States Securities Act of1933, as amended, and such securities may not be offered or soldwithin the United States absent U.S. registration or an applicableexemption from U.S. registration requirements.
About Silver North Resources Ltd.
Silver North’s primary assets are its 100% owned Haldane silverproject and the Tim silver project (under option to Coeur Mining,Inc.). Silver North also holds gold and base metal projects in YukonTerritory, Colorado and Nevada and is actively seeking partners forthem. Silver North also holds certain royalties on projects in Northand South America.
The Company is listed on the TSX Venture Exchange under the symbol“SNAG” and trades on the OTCQB market in the US under the symbol“TARSF”.
Mr. Jason Weber, P.Geo., President and CEO of Silver North ResourcesLtd. is a Qualified Person as defined by National Instrument 43-101.Mr. Weber supervised the preparation of the technical informationcontained in this release.
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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