Silver North Resources (TSXV:SNAG) Reports Significant Progress in Yukon Tim Silver Property Exploration

Silver North Resources Ltd. (TSXV:SNAG) has released an update on its ongoing 2024 exploration activities at the Tim silver property in the Yukon. The property, currently operated by Coeur Mining, Inc. (NYSE:CDE), has seen significant progress since the beginning of the year. Coeur is funding and overseeing the 2024 exploration program as part of an option agreement with Silver North.

Rob Duncan, VP Exploration for Silver North, commented in a press release: “We are extremely pleased with Coeur’s progress to date at Tim. Given that the Wolf Fault has been identified in several historic trenches, in the current drillholes and anomalous soil geochemistry over a cumulative strike length of >2 km, we believe that the Tim project displays the necessary characteristics of a potentially productive CRD system. We are eagerly awaiting the analytical results from this program, which are expected to be received in October.”

As of now, more than 1,300 meters of diamond drilling has been completed across four drill holes. This drilling effort commenced in late June, focusing on exploring the potential for Carbonate Replacement Deposit (CRD) mineralization at the Tim Property. The exploration targets include both stratiform (manto) and structural (chimney) styles of CRD.

The drilling is primarily focused on the Wolf Fault, a significant geological structure that trends northwest and dips steeply to the southwest. The Wolf Fault runs parallel to the Kechika Fault, a major regional structure that extends from the Silvertip land package, through Tim, and into Silver North’s recently acquired Veronica Project. Notably, large conductivity anomalies identified through SkyTEM airborne geophysical surveys are associated with the Wolf Fault. Historical exploration efforts have also uncovered silver mineralization and heavily oxidized fault breccias in trenches along this fault.

All four drill holes completed to date have intersected the highly oxidized Wolf structure or its parallel splays. The Wolf Fault is known to juxtapose the Kechika phyllite and argillites with the Rosella Limestone Formation, which is considered a prospective geological horizon. At greater depths, parallel structures within the Boya Formation’s argillites, located beneath the Rosella limestones, have also been identified.

The geological and structural features observed in the drilling campaign include key indicators typically associated with significant CRD mineralization, similar to those found at the Silvertip deposits. These include fugitive calcite veining that fluoresces in UV light, displaying the characteristic “barbeque” pink and orange fluorescence, and the recrystallization of host limestones. These findings suggest that the Wolf Fault target at Tim could potentially be part of a productive CRD system.

Coeur Mining plans to complete a total of six drill holes, totaling approximately 2,200 meters of drilling. In addition to the ongoing drilling efforts, Coeur will conduct two additional detailed airborne geophysical surveys across the entire Tim property. These surveys will include magnetic and radiometric surveys, along with a Mobile MT survey designed to detect conductive features at greater depths than the recent SkyTEM survey.

The 2024 exploration program represents an expansion from the initial plans and is expected to conclude by early September. The work is being conducted by Coeur’s exploration team based at the Silvertip site, in accordance with the terms of the option agreement with Silver North.

Under this agreement, Coeur has the right to earn a 51% interest in the Tim Property by completing a minimum of $3.15 million in additional exploration expenditures and making cash payments totaling $275,000 to Silver North by December 31, 2026. Coeur can further increase its interest to 80% by making additional cash payments of $100,000 per year in 2027 and 2028, completing a positive feasibility study, and informing Silver North of its intention to develop a mine at Tim by December 16, 2028. The 2024 exploration program alone requires Coeur to invest a minimum of $700,000.

The Tim Property is accessible via a 25-kilometer, 4×4 road extending from the Silvertip Mine Road, ensuring logistical ease for the ongoing exploration efforts.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.