(TheNewswire)
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Three strategic claim groups locatedin Silvertip-Midway District
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One claim group (Veronica) adjacentto Silver North’s Tim Property
Vancouver, BC, May 14,202 4 – TheNewswire – Silver North Resources Ltd. (TSX-V: SNAG, OTCQB: TARSF) “ Silver North ” or the “ Company ”) is pleased to announcethat it has completed an option agreement with three prospectors whohold the GDR Project in southern Yukon. The GDR Project consists ofthree claim groups totalling 150 claims in the Silvertip-MidwayDistrict and in the vicinity of Silver North’s Tim Silver Propertywhich is under option to Coeur Mining, Inc. (“Coeur”). The GDRProject claims cover geology prospective for Carbonate ReplacementDeposits (“CRD”) similar to that being explored at Tim and atCoeur’s nearby Silvertip Mine Project.
“The GDR acquisition represents a strategic move to acquireadditional ground prospective for high grade CRD silver mineralizationin this under-explored district,” stated Jason Weber, P.Geo.,President and CEO of Silver North. “Despite the early-stage natureof these properties, all three have favourable characteristics for CRDmineralization. In particular, the Veronica claim group has a strong,unexplained multielement soil geochemical anomaly just west of our TimProperty. This complements the Tim Property nicely and gives SilverNorth access to more of the prospective stratigraphy in thisdistrict.”
Under the terms of the agreement, Silver North will make staged cashpayments totalling $102,000 over four years ($6,000 payable on theClosing Date defined as being 5 business days following the TSXVenture Exchange’s approval) and staged share payments totalling1,560,000 common shares over four years (180,000 shares on the ClosingDate) to earn a 100% interest in the GDR Project, subject to a NetSmelter Return (NSR) royalty of 2.4% (0.9% of which can be purchasedfor $2 million).
GDR Silver Project
The three properties comprising the GDR Project (Veronica, MR, and MFWclaim groups) are road and trail accessible with excellent potentialfor high-grade Ag-Zn-Pb CRD mineralization similar to the nearbySilvertip mine project owned by Coeur. The project claims haveAg-Pb-Zn showings and multi-element soil geochemical anomaliesunderlain by Paleozoic limestone, in a similar geological setting toCRD mineralization at Silvertip.
Veronica is located 11 km by road north of Silvertip and within 2km ofSilver North’s Tim project. MR and MFW are located a further 10kmand 17km north, and north of the Alaska Highway.
At Veronica a multi-element soil anomaly has been defined over an area450 by 450 m and is open to the east with values that range from 0.3 -31.1 ppm Ag, 60 - 3100 ppm Pb, and 50 - 612 ppm Zn. This new anomalyhas not been trenched, drilled or explained by prospecting andpresents a compelling target for exploration follow up. Limestone andquartzite outcrop in the area.
Further south on the Veronica property and along the Yukon border,high Ag, Pb and Zn values in soils are associated with quartz veinscutting Paleozoic shales. Soil values range from 0.1 - 8.67 ppm Ag, 28- 2780 ppm Pb, 25 - 2500 ppm Zn, and have not been explained.
The nearby Stollery barite prospect has had historic soils samplingand cat trenching and may represent a sedex Zn-Pb-Ag-bariteenvironment.
The MFW property covers a discontinuous 1500 m-longAg-Pb-Zn soil anomaly that remains unexplained. Confirmation samplingwithin the anomaly conducted in 2016 returned 14 of 61 soil sampleswith >2.0 ppm Ag, with a high of 17.95 ppm Ag, 348 ppm Pb, 1060 ppmZn, 143.5 ppm As and 10.65 ppm Sb. The anomalouselements are suggestive of a potential CRD style mineralized source.Nearby outcrops consist of limestone and quartzite.
The MR property covers a number of historic trenchesexcavated to explore a series of carbonate-hosted, zinc-oxideprospects. The best results include: 20m of 5.05% Zn, 1.97% Pb and 3.4ppm Ag and 1.5m of 8.8% Pb and 51.4 ppm Ag. A vein structurediscovered in 2016 and chip sampled in 2018 returned 1m @ 477 ppm Ag,9.29% Pb and 0.91% Zn. Soil sampling to the southeast of thisstructure has defined an anomaly over 300 by 500m of > 2 ppm Ag andup to 7.6 ppm Ag with associated anomalous Pb and Zn concentrations.The anomaly remains unexplored and unexplained.
The Veronica claim group partially lies within the Areaof Interest surrounding the Tim Property, and as such, Silver North isobligated to offer the Veronica for inclusion within the Tim Optionagreement between Silver North and Coeur. If Coeur agrees to includethe Veronica claims, it will reimburse one half of Silver North’sacquisition costs.
Other Properties
Silver North has dropped the lease on the Twin Canyongold property in southwest Colorado and will be transferring its claimholdings to the underlying vendors. Management was unsuccessful infinding a partner to move the project forward and felt that focussingon Silver North’s core assets is the most effective use of itcapital resources.
About Silver North Resources Ltd.
Silver North’s primary assets are its 100% owned Haldane silverproject (next to Hecla Mining Inc.’s Keno Hill Mine project) and theTim silver project (under option to Coeur Mining, Inc.). SilverNorth also holds gold and base metal projects in Yukon Territory,Colorado and Nevada, and is actively seeking partners for them. SilverNorth also plans to acquire additional silver properties in favourablejurisdictions.
The Company is listed on the TSX Venture Exchange under the symbol“SNAG”, trades on the OTCQB market in the United States under thesymbol “TARSF”, and under the symbol “I90” on the FrankfurtStock Exchange.
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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