Drilling Uncovers 1,088 G/T Silver at Yukon Target, Elevates Priority

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Silver North Resources Ltd. (SNAG:TSX; TARSF: OTCQB) has released an update on its 2024 exploration activities and outlined its plans for 2025. The company reported a new discovery at the Haldane silver project in Yukon, where drilling at the Main Fault intersected multiple silver-bearing structures. Notably, results included 1.83 meters (true width) of 1,088 grams per tonne (g/t) silver, 3.90 g/t gold, 1.89% lead, and 0.63% zinc. This has elevated the Main Fault to a high-priority target for further exploration.

At the Tim silver project, optioned to Coeur Mining Inc. (CDE:NYSE), geological observations have confirmed the presence of a Carbonate Replacement Deposit (CRD) system. The Tim project is located near Coeur's Silvertip Mine, and under the terms of the option agreement, Coeur can earn an initial 51% interest by funding US$3.5 million in exploration expenditures, with the option to increase to 80% upon completing a feasibility study and making a mine construction decision. The 2024 drilling program at Tim included 2,250 meters of drilling, targeting structurally hosted "chimney" mineralization and stratigraphically controlled "Manto" mineralization. Final assay results are still pending.

As per the news release, Silver North also secured additional claim groups in the Silvertip District in 2024, including the GDR Property, which exhibits the potential to host CRD-style mineralization. The Veronica claims adjacent to Tim contain a 450 by 450-meter silver-lead-zinc geochemical anomaly with silver values up to 31 parts per million, presenting a high-priority exploration target.

To support its exploration efforts, the company raised US$1.48 million in financings in March and June, with funds secured at prices ranging from US$0.10 to US$0.225 per share. Additionally, in December, Coeur made a US$75,000 option payment related to Tim.

Silver Market Strength Driven by Industrial Demand and Investment Interest

On January 10, Crux Investor reported that silver demand was benefiting from strong industrial use, particularly in solar panels, electric vehicles (EVs), and electronics. Michael DiRienzo, Chief Executive of the Silver Institute, stated, "The electrification of the world is really providing a boon to silver." The report highlighted that solar demand alone increased by 158% between 2019 and 2023, with expectations for another 20% rise in 2024. Additionally, global silver inventories had fallen sharply, with London Bullion Market Association (LBMA) and COMEX inventories declining by 50% over 2023-2024, reaching their lowest levels since 2010.

In a January 14 Citizen Watch report, it was noted that technological advancements in solid-state batteries were driving increased silver consumption. The report cited Samsung's development of a 600-mile range solid-state battery, which requires approximately 1 kilogram of silver per 100 kWh battery pack in EVs. The publication estimated that if 20% of global car production adopted solid-state technology, annual silver demand could rise by 16,000 metric tons, a significant portion of the current 25,000 metric ton global production.

FX Empire, on January 22, reported that silver prices had maintained technical strength, holding above key support levels at US$30.04 and US$30.40 per ounce. However, the report cited weak industrial demand from China as a factor weighing on silver's outlook, particularly in the electronics and manufacturing sectors. It also raised concerns about potential U.S. policy shifts affecting renewable energy funding, which could impact silver demand in the solar industry.

On January 23, Kitco News referenced StoneX Financial's 2025 Annual Metals Outlook, which projected silver to be the top-performing precious metal of the year, with an expected 14% annual price gain. StoneX analysts Rhona O'Connell and Natalie Scott-Gray stated that silver had moved into a fundamental supply deficit due to demand from solar, artificial intelligence (AI), and transportation electrification. They noted that silver's hybrid role as both an industrial and monetary metal positioned it for strong investment demand, adding that "silver investment is expected to remain buoyant." The report also projected that silver prices could reach US$33 per ounce by year-end 2025.

Most recently, on January 27, Zero Hedge published an analysis by AJ Monte, CMT, discussing technical patterns in silver's price action. Monte highlighted a "textbook Cup & Handle" formation on long-term silver charts and suggested that a breakout above US$50 per ounce could lead to increased speculative activity. He also pointed to potential supply constraints on COMEX, stating that the exchange was "extremely vulnerable to a short squeeze" due to rising demand for physical silver.

What's Driving Silver North?

Looking ahead to 2025, Silver North plans to release analytical results from the Tim project's 2024 drilling program, expected in late February. These results, combined with airborne magnetics, radiometrics, and mobile magnetotelluric (MT) surveys, will guide the selection of new drilling targets. Coeur is expected to continue drilling at Tim based on these findings.

The company is also preparing for another phase of exploration at Haldane, where the Main Fault will be the primary focus. The 2024 drilling program confirmed high-grade silver potential, with results showing wide structural zones and high concentrations of silver and gold. Planning for the 2025 drill program is underway, with final details expected to be announced in the second quarter.

Silver North will conduct early-stage exploration at its GDR Project, including prospecting, geological mapping, and sampling to refine drill targets. The Veronica claim block, adjacent to Tim, will be prioritized.

With silver prices remaining strong, Silver North intends to raise additional funds for exploration at Haldane as market conditions allow. The company also continues to evaluate acquisition opportunities in North America to expand its project portfolio.

Ownership and Share Structure

According to the company, 16.14% of the company is owned by Board & Management

Silver North Resources has 47.713 million outstanding shares and 38.14M free float traded shares.

Its market cap is CA$4.8 million. Over the past 52 weeks, the company traded between US$0.07 and US$0.24 per share.