Silver Co. Starts Drilling at Property in Yukon's Historic Keno Hill

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John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

Silver North Resources Ltd. (SNAG:TSX; TARSF: OTCQB) announced it has started its 2024 drilling campaign at its wholly owned Haldane property in the historic Keno Hill silver district of the Yukon.

The company plans about 1,000 meters of drilling in three holes to test the West Fault, Main Fault, and Bighorn targets on the more than 8,000-hectare property about 25 kilometers west of Keno City, Yukon.

The company said in a release that Haldane hosts "numerous occurrences of silver-lead-zinc-bearing quartz siderite veins as seen elsewhere in the district."

"Silver North's second drill program of 2024 targeting high-grade silver mineralization is underway," said President and Chief Executive Officer Jason Weber. "This is an exciting time for Silver North shareholders as we await the analytical results from Tim and now are drilling three high-priority targets at Haldane. We aim to build on the strike and downdip extents at West Fault, attempt to intersect the Main Fault at depth, and build on the only hole testing the Bighorn target."

John Newell of Newell and Associates wrote for Streetwise Reports recently that Haldane was "a standout opportunity" for the company. *

"The Haldane project, located in the Keno Hill District of the Yukon, represents a significant silver exploration opportunity for Silver North," wrote Newell on September 9. "The district itself is historically rich in silver, and Haldane has shown promising results, including a notable discovery in 2021 of 300 grams per tonne (g/t) silver over 8.7 meters true width. This discovery suggests that Haldane has the potential to develop into a high-grade silver deposit like those found in the nearby Keno Hill District, now controlled by Hecla Mining Co. (HL:NYSE)."

Drilling to Expand on Recent Results

Silver North said drilling at West Fault will aim to expand upon high-grade silver mineralization intersected in recent drilling, such as 3.14 meters (true width) averaging 1,351 g/t silver (Ag), 2.43% lead (Pb), and 2.91% zinc (Zn). The fault's structure has been traced for over 650 meters of strike length and is interpreted to extend to 1.1 kilometers in length before merging with the 2.2-kilometer-long Main Fault structure.

Drilling there will target the interpreted southwest plunge of the mineralization with an approximately 50-meter step-out, the company said.

John Newell of Newell and Associates wrote for Streetwise Reports recently that Haldane was "a standout opportunity" for the company.

A second hole targeting the West Fault and Main Fault will test the West Fault approximately 190 meters along strike to the southwest of that hole and about 75 meters downdip from another hole that returned 3.04 meters averaging 0.472 g/t gold (Au) and 190.8 g/t Ag, 4.33% Pb, and 2.61% Zn from a very poorly recovered highly oxidized intersection of the vein.

Silver North noted this hole is intended to continue to intersect the Main Fault approximately 275 meters downdip. A nearby shallow drill hole from 2011 returned 3.08 meters, averaging 0.122 g/t Au, 83.8 g/t Ag, 0.14% Pb, and 1.39% Zn from poorly recovered and highly oxidized vein material at the overburden-bedrock interface.

Drilling will also target the silver-bearing vein mineralization intersected in the only hole drilled at the Bighorn target, the company said. Drilling there in 2019 intersected four separate veins, the best of which returned 2.35 meters, averaging 125 g/t Ag and 4.39% Pb. The structure hosting mineralization at Bighorn has been traced for over 525 meters of strike length within a 900-meter-long lead-silver soil geochemical anomaly. The current drilling will target approximately 200 meters along strike to the north from the 2019 intersection.

'A Standout Opportunity'

Newell praised the company for transforming itself from a "prospect generator model to a more traditional 100% exploration approach" under Weber.

"The company identified the Haldane project as a standout opportunity, one that warranted full ownership and focused exploration efforts," Newell wrote. "This project, with its significant silver potential, was being diluted in the broader narrative of a prospect generator, prompting the rebranding to Silver North and the shift to a 100% exploration model."

In addition to Haldane, Silver North is also advancing the Tim project near the British Columbia-Yukon border in partnership with Coeur Mining Inc. (CDE:NYSE), Newell noted.

"The Tim project, which has similar geological settings to the nearby Silvertip mine, the highest-grade silver project in the Coeur Portfolio, offers another exciting exploration opportunity," wrote Newell, who rated Silver North's stock a Buy.

In August, analyst Timothy Lee of Red Cloud Securities highlighted that four holes drilled at Tim had intersected a strongly oxidized structure in the Wolf Fault, drawing parallels to the Silvertip deposits.

Lee pointed out that the exploration program at Tim is still in its early stages. Although Silver North Resources Ltd. is not currently rated, the strategic importance of Tim 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, the analyst noted.

The Catalyst: No Green Economy Without Silver

Silver was down 0.04% Wednesday morning from the previous day and up 19.28% since the start of the year, USA Today reported. It hit an all-time high of US$32.43 on May 20.

The most conductive element in nature, silver is essential for modern technologies as we move to cleaner energy. It's used to coat electrical contacts in computers, phones, cars, and appliances. It's also an important element in solar technology. 

Mordor Intelligence noted that the white metal is expected to register a compound annual growth rate (CAGR) of more than 5% between 2024 and 2029.

According to a piece by Sergio Goschenko for Bitcoin.com last month, new electric vehicle (EV) battery technology could also drive demand for the metal in the long term. Retired financial analyst Kevin Bambrough, who has "over a decade of experience in commodities," said he was very bullish on the metal.

"Silver could reach US$200 per ounce in the next 10 to 15 years, riding the wave of increased demand for a new EV battery technology developed by Samsung," Goschenko wrote. "According to Bambrough, the new batteries may require 1 kg of silver per car, driving silver usage sky-high."

Ownership and Share Structure

According to the company, 33% of the company is owned 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.

Its market cap is CA$5.25 million. Over the past 52 weeks, the company traded between US$0.08 and US$0.25 per share.