(TheNewswire)
Vancouver, BC – TheNewswire - February 29, 2024 – Silver North ResourcesLtd. (TSXV:SNAG ) , ( OTC:TARSF) (“ Silver North ” or the “ Company ”) is pleased to provide a summary ofaccomplishments in 2023 and its strategy and plans for 2024, includingits flagship Haldane Silver Property in the historic Keno HillDistrict, Yukon and its Tim Silver Property, currently under option toCoeur Mining, Inc. (“Coeur”). With two high grade silverprojects slated for drilling and management actively seeking newsilver exploration opportunities, Silver North is planning for a busy2024.
Focus on Silver
After a strategic review of the Company’s robustexploration portfolio in 2023, management undertook the transition tofocus on silver assets. With the increasing industrial demand forsilver, largely driven by the green energy movement and two key highgrade silver projects in the portfolio, there resided an opportunityto strategically position the Company as a silver explorer. To thisend, Alianza Minerals Ltd. was rebranded to Silver North ResourcesLtd, reflecting this focus on silver in North America, and inparticular, its Haldane and Tim silver properties, both located inCanada’s Yukon Territory.
Mark T. Brown, Executive Chairman of Silver Northcommented, “Industrial demand for silver has increased drasticallyin recent years, largely due to silver’s excellent thermal andelectrical conductivity and reflective properties. As a result, silverhas become an essential component of green and high technologicalapplications. The US Energy Information Administration forecasts thatsolar power generation will see the largest growth profile amongelectrical generation technologies through 2050. The solar powerindustry demand for silver in 2024 accounted for approximately 30% ofall industrial demand and this is only expected to grow.”
This new focus on silver discoveries throughexploration led management to embark on divesting its remainingproject portfolio by selling projects or relinquishing claims as theycame due for renewal. The remaining projects in the portfolio continueto be marketed for option/jv or outright sale.
This includes assets in Colorado such as the TwinCanyon Gold project, a district scale sedimentary hosted gold targetin close proximity to the La Plata copper porphyry system currentlybeing explored by Metallic Minerals Ltd. and its investing partnerNewmont Mining. Management was successful in obtaining the necessaryapprovals from the United States Forest Service permitting the Companyto conduct a 9 hole (from 8 drill pads) reverse circulation drillingprogram totalling approximately 3,350 m of drilling. Drilling willtest portions of a 3 km long gold-in-soil geochemical anomalycoincident with prospective stratigraphy known to host goldmineralization. The Charlene Mine, a small underground operationworked as late as the 1980s, anchors the known gold mineralization.Twenty-eight historic channel samples 1.5 to 10 metres in length wereanomalous in gold, eight of which exceeded 2 g/t gold (including ahighlight of 8.1 g/t gold over 3 metres). With a permit to conductdrilling in hand, this project provides an excellent opportunity for agold-focussed explorer to take advantage of first-mover status andinvestigate the potential for regional-scale gold mineralization in anew district. As such, Silver North is actively seeking a partner tocontinue to advance the Twin Canyon target.
Management also continues to market the Klondike andStateline copper projects in southwest Colorado, where exploration hastargeted sediment-hosted copper mineralization similar to thatcurrently being mined at the Lisbon Valley copper mine, 8 km alongtrend of the Stateline property. Drilling at Klondike in 2022, fundedby an option partner, was not able to test the targeted fault structures thought to be the fluid conduitsfor copper mineralization noted on surface, however, one drill holeintersecting a fault splay returned 4.26% Cu over 1.06 m – anencouraging indication that the main target fault may indeed hostcopper mineralization. Silver North successfully obtained a four yearextension of the Mining Lease at Klondike, giving the Company theexclusive right to explore the lease area for an additional 4 years bythe Colorado State Land Board in 2023.
Management was successful in obtaining a five-yearClass 3 Mining Land Use permit in June of 2023 for the Tim project inYukon, enabling partner Coeur Mining, the operator at Tim under ouroption agreement, to conduct drilling and trenching. Coeur is expectedto undertake the initial phase of drilling in 2024 and further detailsof this estimated $700,000 program are expected to be announced earlyin 2024.
Outlook for 2024
While the outlook for silver demand bodes well forsilver price forecasts, the markets have not yet reactedsignificantly. Silver North will continue to advance Haldane and Timand will also continue to evaluate new silver explorationopportunities that may be available due to current market conditions. Management is actively reviewing a number of strategic acquisitionopportunities and will report on them if and when any areconcluded.
Haldane Silver Property, Keno HillDistrict, Yukon
Management has outlined a six-hole diamond drillingprogram for the Haldane Project in 2024. This program will target theextensions of high-grade silver mineralization at the West Fault Zone,a new discovery made in 2021. The initial discovery hole intersected8.7 m (true width) of 311 g/t silver, 0.89% lead, and 1.13% zinc, withsubsequent intersections returning strong grades and widths including3.14 m (true width) of 1,351 g/t silver, 2.43% lead, and 2.91% zinc.Nine holes have identified this mineralization over a 90 m by 100 mvein zone along strike and down dip. It is believed that thismineralization continues along strike and to depth along a southwestplunge direction. The 2024 program will test this southwest plungewith 4 holes on 50 metre step outs.
A single drill hole is designed to test along strike tothe south at the West Fault where two historic drillholes returned3.04 m of 191 g/t silver and 0.58 m of 136 g/t silver near surface.The hole will test the West Fault deeper below the zone of oxidationand then continue to intersect the Main Zone Fault to the east where ahistoric drill hole intersected 3.08 m of 83.8 g/t silver in thesubsurface at the overburden – bedrock interface. Surface samplingof the Main Zone in the vicinity of the drillhole returned 223 g/tsilver over 3.6 m.
Drilling will also investigate the Bighorn Target, anew discovery in 2019 where the only hole testing a 900 metre-longsilver-lead soil geochemical anomaly returned 126 g/t silver over 2.35metres. Follow up mapping and trenching has identified the Bighornvein structure over 525 metres of strike in trenching and drilling andthe Bighorn target is considered highly prospective to host high grade“Keno-style” silver vein mineralization.
Additional exploration at Haldane may include furthertrenching and airborne geophysics to help refine exploration targets,identify potential new vein structures and extend known structures.
Recent changes in the Keno District, including HeclaMining Company’s (“Hecla”) acquisition of the Keno Hill minecomplex and subsequent strong exploration results are expected to havea strong positive impact on the district, including discovery stageprojects like Haldane. According to a recentpress release (February 13, 2024), Hecla reports it has increasedreserves by 45% since its acquisition of Keno in September, 2022.Haldane shares a claim border with Hecla’s Keno Hill claims and isapproximately 25 kilometers from Hecla’s mine complex.
TimProperty, Silvertip-Midway District, Yukon
Silver North’s wholly owned Tim Property is currentlyunder option to Coeur and is located approximately 19 km north ofCoeur’s Silvertip Mine Property. Exploration at Tim is targetingsilver-lead-zinc Carbonate Replacement Deposits (CRD) similar to thatfound at Silvertip. Coeur is funding exploration under an optionagreement which was adjusted in 2023 to account for delays inpermitting. The terms of the agreement include that Coeur can earn a51% interest in the Tim Property by completing all exploration expenditures andcash payments due by December 31, 2026, which will total at least$3.55 million and $425,000 in cash payments respectively, and thatCoeur can bring its interest up to 80% by making additional cashpayments of $100,000 per year in 2027 and 2028, completing a positivefeasibility study and informing Silver North by December 16, 2028, ofCoeur’s intention to develop a mine on the property. With afive-year permit now in hand, Coeur has agreed to fund a minimum$700,000 program in 2024 and Management expects that to include drilltesting high grade silver mineralization found in trenches dating backto the mid-1980s. Resampling of these trenches by Coeur yieldedresults of 468.1 g/t Ag, 21.1% Pb, 0.3% Zn over 4.0 metres and 265.0g/t Ag, 6.7% Pb, 0.9% Zn over 8.8 metres. Coeur is finalizing thework plan for the 2024 program which is scheduled to start in June.Once the program has been fully defined, the work plan will beannounced.
About Silver North Resources Ltd.
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
Twitter/X:
LinkedIn:
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 A RESULT, ACTUAL RESULTS MAY VARY MATERIALLYFROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.
Copyright (c) 2024 TheNewswire - All rights reserved.