Explorer Unlocks CRD Breakthrough Near Silvertip

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* Disclosure for the quote from the Clive Maund article published on April 25, 2025

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2. Author Certification and Compensation: [Clive Maund of clivemaund.com] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing the article quoted. Maund received his UK Technical Analysts’ Diploma in 1989.  The recommendations and opinions expressed in the article accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed

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The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be  only be construed as a recommendation or solicitation to buy and sell securities.

Silver North Resources Ltd. (SNAG:TSX.V; TARSF: OTCQB) has announced results from its 2024 drill program at the Tim property in southern Yukon. The program, conducted and funded by Coeur Silvertip Holdings Ltd., a subsidiary of Coeur Mining Inc., was completed under the terms of an option agreement that could see Coeur earn up to an 80% stake in the project. Initial rights to 51% are contingent on CA$3.55 million in exploration expenditures and CA$275,000 in cash payments to Silver North by December 31, 2026, with additional milestones outlined for a larger stake.

The Tim property, located 19 kilometers northeast of Coeur's Silvertip project, sits within an emerging carbonate replacement deposit (CRD) district. CRDs are a class of mineral deposits where carbonate host rocks are replaced by metal-rich hydrothermal fluids. The 2024 campaign confirmed the presence of such a system through trenching, core samples, and mineral indicators including fugitive calcite veining (a hallmark of CRD systems due to its UV fluorescence), along with oxidized massive pyrrhotite, scheelite, and sulphide mineralization.

Drilling spanned 2,250 meters across six holes along a 1,000-meter strike of the Wolf fault and its splays. Five of the six holes reached target depth, with intersections ranging from 0.5 to over 6.0 meters, many showing anomalous levels of silver, lead, and zinc. Highlights included a 3.39-meter intercept grading 52.8 g/t silver, 0.28 g/t gold, 0.11% lead, and 0.27% zinc. Another intercept from hole TIM24-Pad01-001 revealed massive pyrrhotite with visible scheelite and elevated results for multiple elements, including silver, gold, and tungsten.

"We are grateful to have Coeur executing and funding exploration," said Jason Weber, president and CEO of Silver North, in the news release. "They are applying a minerals systems approach that allows for positive interpretations based on geological features, even without high-grade intercepts."

The program builds on Coeur's regional exploration strategy near its Silvertip Mine. Coeur may increase its stake in Tim to 80% by delivering a positive feasibility study, informing Silver North of mine development plans by December 2028, and making annual payments of CA$100,000 in 2027 and 2028. Access to the Tim site is via 25 kilometers of four-by-four track from the Silvertip road.

Silver's Tight Market and Tactical Momentum Build Case for CRD-Focused Exploration

The silver sector continued to show signs of structural tightness in 2025, supported by persistent supply deficits, rising industrial demand, and renewed interest in silver equities. According to a May 21 report by the Economic Times, the silver market was projected to record its fifth consecutive annual deficit, with the 2025 shortfall estimated at 250 million ounces.

This trend reflected a broader imbalance where industrial demand, driven by solar energy, electric vehicles, and electronics, increased steadily while supply remained constrained. "This deficit isn't a temporary aberration — it's become structural," the Economic Times reported, noting that recycling and primary mining production had failed to keep pace.

The publication also highlighted silver's divergence from gold, despite the latter reaching US$3,500 in April. As of mid-May, silver continued to trade below US$35 per ounce, pushing the gold-silver ratio toward a near-record 100:1, well above its 25-year mean of 68:1. Analysts referenced in the article suggested that this extreme spread presented a tactical opportunity for investors, with fair value estimates for silver ranging from US$53 to US$75. One argument cited was that "silver's dual role as both a precious metal and an industrial commodity" positioned it for upside during favorable macroeconomic cycles.

Commentary published May 24 by Technical Analyst Clive Maund added further momentum to the bullish sentiment. He described silver's recent breakout from a downtrend line as a "bullish development" and pointed to a surge in the accumulation line for the iShares Silver Trust (SLV) as evidence of institutional buying. Maund observed that silver had been held back by "a truly massive short position," which he likened to a "pressure cooker" scenario likely to result in a rapid price spike. He suggested that silver's breakout above its October highs would be significant, especially if accompanied by a reversal of the large-scale shorting activity in futures markets.

On May 27, Stewart Thomson of 321Gold addressed silver's relative strength against gold and the broader implications for junior mining equities. He wrote that silver had "broken above its supply line," a technical signal he interpreted as constructive. Thomson stated that junior miners listed on the TSX Venture Exchange (CDNX) were showing broad-based strength, describing the environment as "the best time to do it in the past 50 years" for investors interested in small-cap mining stocks. He highlighted that investor interest in junior resource equities had grown significantly as the gold bull cycle extended and silver began to respond in tandem.

Silver North Gains Attention Amid Bullish Sector Signals

*On April 25, Technical Analyst Clive Maund described Silver North Resources Ltd. as being "now starting to break out into a major bull market," and rated the company a "Strong Buy for all time horizons." He pointed to encouraging technical patterns, including a developing Head-and-Shoulders bottom formation, and stated that recent trading activity "indicates that it is only a matter of time, and not much at that, before it does break out." Maund viewed the breakout potential as aligning with a broader bullish outlook for the silver market and identified an initial price target in the CA$0.25 to CA$0.27 range, followed by a secondary target of approximately CA$1.00.

According to Maund, Silver North's technical setup was supported by positive volume trends and a rising Accumulation line, both of which suggested strengthening investor confidence. On the 9-year chart, he noted that a multi-month base had formed after a prolonged downtrend, with "volume buildup over the past year" interpreted as stock transitioning from weaker to stronger hands. He added that a bullish crossover in major moving averages "very often marks the start of a new bull market."

In addition to technical strength, Maund emphasized the significance of geological developments at the company's flagship Haldane and Tim projects. He reported that drill results from Haldane in November 2024 included 1.83 meters grading 1,088 grams per tonne silver. At the Tim property, he wrote that "geological evidence observed in drill core has confirmed the presence of a Carbonate Replacement Deposit (‘CRD') style system." He also noted that the Tim project is being advanced under a funded option agreement, reducing exploration costs for Silver North.

Maund highlighted the company's recent addition of three claim groups in the Silvertip District, including the GDR Property. He described these acquisitions as "at a very early stage of exploration," but emphasized that all three had "characteristics consistent with the presence of CRD-style mineralization." The Veronica claims, adjacent to the Tim property, were cited as having a 450-by-450 meter silver-lead-zinc geochemical anomaly with soil samples showing silver values up to 31 parts per million.

Maund also commented on the company's capital structure, observing that Silver North had approximately 61.2 million shares outstanding, with nearly half held by funds, management, and large private investors. He noted that this left "a relatively modest 35 million or so shares in the float," a factor that could magnify price movements as investor demand increases. He acknowledged that further financing would likely be required for ongoing exploration, but stated that "these fundings are expected to be well taken up and probably oversubscribed," given the positive indicators and outlook.

Unlocking Value in a New CRD Frontier

Silver North's Tim property is strategically positioned in a rapidly emerging CRD district anchored by Coeur's Silvertip project. Since 2019, Silvertip has tripled its resource base, increasing silver ounces from 31.6 million to 73.5 million and tonnage from 3.1 million to 9.5 million tons as of December 2023. This growth reflects successful targeting of skarn and carbonate-hosted mineralization, a model now being applied at Tim.

The Wolf fault, a key structural feature at Tim, has been confirmed as a mineralized corridor hosting chimney and manto-style mineralization. The 2024 drill program validates Silver North's belief that Tim shares the same CRD potential as Silvertip, particularly through its Rosella limestone-hosted system and the presence of sulphide-rich horizons.

Silver North's investor presentation identifies the Tim property as one of three recently acquired assets in the region, leveraging Coeur's operational infrastructure and geologic expertise. The company has emphasized that the district-scale strategy being applied — typified by integrated geological modeling and regional structural targeting — positions Tim as a compelling asset in a known silver-producing jurisdiction.

With drill planning for 2025 underway and a fully funded program already in place, Silver North is positioned to continue advancing its understanding of the CRD potential at Tim, while Coeur's financial and technical backing provides a significant catalyst for exploration progress.

Ownership and Share Structure

According to Refinitiv, eight strategic entities own 22.89% of Silver North Resources. The Top 3 shareholders are Pacific Opportunity Capital Ltd. with 7.88%, Fruchtexpress Grabher Gesellschaft mbH & Co. with 6.71%. The board and management hold 16.14%, according to Silver North, including Executive Chair Mark T. Brown who owns 5.5%.

The rest is in retail. Currently, there are no other institutional investors, yet.

Refinitiv reports Silver North having 61.2 million (61.2M) outstanding shares and 46.79M free float traded shares. The explorer has a market cap of CA$8 million and a 52-week range of CA$0.065–0.24 per share.