Exploration Advances at Tim Silver Property Highlight Growing Sector Potential

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Silver North Resources Ltd. (SNAG:TSXV; TARSF:OTCMKTS) has announced a significant update on the 2024 exploration activities at the Tim silver property, located in the Yukon. The Tim property is under option to Coeur Mining Inc., which is overseeing and financing the exploration program. To date, over 1,300 meters of drilling across four holes have been completed, targeting the Wolf fault, a structure now known for its potential to host carbonate replacement deposit (CRD) mineralization.

Rob Duncan, Vice-President of Exploration for Silver North, expressed optimism about the progress made by Coeur, stating in the news release, "We are extremely pleased with Coeur's progress to date at Tim. We believe that the Tim project displays the necessary characteristics of a potentially productive CRD system." The ongoing drilling program aims to identify further mineralization within the Wolf Fault, which parallels the regionally significant Kechika Fault and has shown promising geological features similar to those observed at the nearby Silvertip deposits.

Silver North Catalysts

The exploration at the Tim silver property, spearheaded by Coeur Mining, has emerged as a pivotal catalyst for Silver North Resources Ltd. Recent developments at the site have confirmed the presence of a carbonate replacement deposit (CRD) system, a significant milestone for the project. As Mark T. Brown, CA-CPA, highlighted in a call with Streetwise Reports, "The big news there is that we have confirmed that it is a carbonate replacement deposit type system. These systems are very well known, and there are a lot of indications that there will be mineralization there as well." This confirmation underscores the potential for substantial mineralization within the Wolf Fault, which has been intersected in both historical trenches and current drill holes.

As mentioned in the news release, the ongoing drilling program at Tim has been expanded from four to six holes, further enhancing the scope of the exploration. Brown further explained in the call, "We are expanding this drill program from four to six holes," with assays from these holes expected by early October. The thorough geological analysis conducted on-site, including the use of advanced techniques such as oriented core and blue light examination, has provided valuable insights into the system's potential. Brown noted, "What we do know is that at one place, we had high-grade silver in the trenches at surface, and the very first hole that we drilled was over a kilometer away from that, and it indicated underground all the great stuff we want to see in a CRD system."

In addition to the drilling, Coeur Mining is set to conduct further airborne geophysical surveys to identify deeper conductive features that could define the mineralization potential at Tim. These expanded efforts are crucial as Coeur works towards earning up to an 80% interest in the property by meeting specific exploration expenditure milestones and cash payments to Silver North by 2028. The successful completion of this program, combined with the promising geological data already obtained, positions the Tim property as a significant value driver for Silver North.

Geophysical Surveys in Early September

Analysts have shown a cautious but optimistic outlook on Silver North Resources Ltd. and its ongoing exploration at the Tim silver property in Yukon. According to a report from Timothy Lee of Red Cloud Securities on August 19, Silver North provided an update on the 2024 exploration program, which has seen significant progress with over 1,300 meters drilled out of a planned 2,200 meters. Lee noted that the drilling targeted the Wolf Fault, a structure parallel to the Kechika Fault, which showed promising signs of silver mineralization in historical trenches.

The report highlighted that all four holes drilled to date have intersected the strongly oxidized Wolf structure, drawing parallels to the nearby Silvertip deposits. While the assays from the holes remain pending, the ongoing work has been positively received, particularly given Coeur Mining, Inc.'s commitment to the project, which includes additional airborne geophysical surveys set to conclude by early September.

Lee pointed out that the exploration program at Tim is still in its early stages, with results from the ongoing drilling and geophysical surveys being crucial to the project's future. Although Silver North Resources Ltd. is not currently rated, the strategic importance of the Tim property and the involvement of a major player like Coeur Mining have positioned Silver North as a company with significant potential in the silver mining sector.

Ownership and Share Structure

According to the company 33% of the company is held by management and insiders.

20% is with institutional investors.

The rest is with retail. 

Silver North Resources has 47.2 million outstanding shares and 33.87M free float traded shares.

Over the past 52 weeks, the company traded between US$0.0275 and US$0.437 per share.