Silver North Resources Ltd. (SNAG:TSX.V; TARSF:OTCQB) reviewed its 2025 exploration season and outlined its 2026 exploration plans following drilling results at its Haldane Project. The company reported that its 2025 drilling yielded what it described as the best hole in property history, with hole HLD25-31 returning 818 grams per tonne silver over 13.15 meters. The intersection also averaged 1.39 grams per tonne gold, 2.54 percent lead, and 0.98 percent zinc from 249.9 meters down hole. Within this interval, a sub-interval averaged 2,014 grams per tonne silver over 3.2 meters, and another sub-interval averaged 1,112 grams per tonne silver over 1.25 meters.
The eight-hole drilling program at Haldane totaled 1,759.5 meters and was completed in November 2025. The work tested the Main Fault target along strike and down dip from the 2024 discovery of silver, lead, and zinc mineralization intersected in holes HLD24-29 and HLD24-30. The company reported that mineralization consisting of siderite, silver-bearing galena, and sphalerite was intersected in all holes except HLD25-37, which was lost at the top of the interpreted Main Fault structure.
The program also expanded the Main Fault mineralization to over 100 meters along strike and 150 meters down dip. Additional drill results included multiple mineralized intersections across several holes, including HLD25-32, which returned 160 grams per tonne silver over 22.65 meters, and HLD25-35, which returned 153 grams per tonne silver over 27.9 meters.
At the Veronica Project in southern Yukon, the company reported results from its inaugural 2025 exploration program, which included prospecting, mapping, soil geochemical sampling, and hand trenching. The program expanded a previously identified soil geochemical anomaly from 450 meters by 450 meters to over 1 kilometer by 1 kilometer in size. The company also reported the first discovery of silver-bearing mineralization at Veronica, including float samples returning 2,860 grams per tonne silver and outcrop samples returning up to 33.17 grams per tonne silver.
Silver North also reported completing a US$2.25 million financing in December 2025 and a US$11.6 million financing in February 2026. The company stated these financings fully fund exploration and operations for two years.
Persistent Supply Deficits and Industrial Demand Trends Defined the Silver Market
On January 7, Ballanger provided his positive outlook, describing Silver North as "a perfect place to invest" within the silver sector. He cited the company's location near the historic Keno Hill Silver District and the strength of its management team. Referring to previously reported drill results, he stated that "elevated gold values really got my attention, as well as the rest of the market." Ballanger assigned an initial target price of CA$1.00 per share and indicated that he planned to reassess upon reaching that level.
Data compiled by Bruno Venditti and published January 14 showed that supply and demand divergence had intensified in recent years. The analysis reported that "the global silver market has been in a persistent structural deficit since 2021, driven by industrial demand," and stated that "while supply growth has remained relatively flat, demand has surged, creating a series of structural deficits that are reshaping the market." It also noted that the imbalance reached a record in 2022 when demand climbed to 1,306 million ounces compared with supply of 1,034 million ounces.
Peter Krauth wrote on February 18 that outlook data from the Silver Institute showed ongoing tight market conditions, stating that "the silver market is projected to remain in a structural deficit for the sixth consecutive year." He also cited expectations that global silver supply would rise modestly while industrial demand would remain significant, noting that industrial consumption represented roughly "65% of demand versus total supply." Krauth further observed that the Institute had reported silver reaching multiple highs, with the metal "briefly surpassing US$100 per ounce" before consolidating within a broad trading range.
According to a February 19 report from The Silver Academy, long-term supply constraints have remained a defining feature of the market, with the publication stating that "for years now, the silver market has been running chronic production deficits" and that "mine supply and recycling simply do not cover total demand." The report also described the metal’s evolving role, noting that "around 70% of annual silver demand now comes from industry," including applications such as solar panels, electronics, and advanced technologies.
'Brilliant Silver Intercepts' Draw External Analyst Attention
1On January 8, John Newell of John Newell & Associates wrote that "Silver has now achieved every major upside objective that was identified along the way," and stated that companies such as Silver North were emerging from extended consolidation with improving technical setups. He also pointed to "meaningful insider ownership, a tight share structure, and the company's location in a proven mining jurisdiction" as contributing factors and described Silver North as "a discovery-driven junior explorer with credible upside in an established high-grade silver district."
On January 14, Rick Mills of Ahead of the Herd highlighted results from the Haldane Project, stating that the 2025 drill campaign had successfully tested the Main Fault structure over 150 meters of strike and 150 meters down dip. He noted that hole HLD25-31 returned "13.15 meters averaging 818 g/t silver and 1.39 g/t gold," including "3.2 meters at 2,014 g/t silver and 1.72 g/t gold." Mills wrote that the consistently high silver content indicated "a true silver-dominant system," and stated that the Main Fault discovery stood out for both its grade and continuity, with potential for "300 meters of strike length and comparable down-dip extension." He also reported that the 2025 campaign achieved a near-perfect success rate, with every hole except one encountering mineralization, and wrote that the work at Haldane demonstrated potential "to outline a deposit in line with the Keno Hill District average of 30 million ounces."
In a February 20 article, Bob Moriarty wrote that "Silver North (SNAG-V) keeps hitting brilliant silver intercepts," and stated that "Today the company reported the highest-grade hole they have ever drilled." He also wrote that "The company has done a brilliant job of making hay while the sun shines" and noted that "They raised US$13 million, which will fully fund the next two years." Moriarty disclosed his stance, stating, "I participated in the Silver North private placement, and I have added shares bought in the open market."
In a February 20 email alert from GGM Advisory, the author stated that "While their results have been stellar," and wrote that "The results reported today were truly stellar." The alert also described the reported drilling results, stating that "The Company reported 13.5 metres of 818 g/t silver, which carries a value-per-tonne of over US$2,000, world-class by any and all standards." The same alert stated that SNAG/TARSF "is a 'Strong Buy' in here for a trade to new highs by year-end."
2026 Exploration Program Plans and Operational Timeline
Silver North reported that its 2026 program will be its largest drill program to date and will focus on expanding the Main Fault target at Haldane along strike and down dip while also testing additional targets. The company stated that fieldwork is expected to begin in late March or early April with airborne magnetic and electromagnetic surveys. Drilling is expected to commence by the first week of June, with two drills planned to operate on site for four to five months and an expected five thousand to seven thousand meters of drilling during the 2026 season.
The company also reported that it has earmarked a budget of US$5 million for the continued expansion of the Main Fault target during the 2026 program. In addition, exploration in the Silvertip District is planned for summer 2026, with Coeur Mining, the earn-in partner and operator of the Tim project, currently in the planning stages of its program, which is expected to consist of drilling at a silver, lead, zinc-bearing CRD target in southern Yukon.
Streetwise Ownership Overview*
Silver North Resources Ltd. (SNAG:TSX.V; TARSF:OTCQB)
At the Veronica property, Silver North reported that it is planning a follow-up program budgeted at US$500,000. The planned work includes airborne magnetic and electromagnetic surveys, along with additional groundwork such as mapping, prospecting, and soil geochemical surveys intended to delineate drill targets for future programs.
Ownership and Share Structure2
Management and strategic Investors own 14.6%, and the rest is retail.
The company has a market cap of approximately CA$23.19 million and a 52-week share price range of CA$0.08 to CA$0.57 per share.
Silver North's continued focus on the Main Fault and surrounding targets aligns with its stated objective of advancing high-grade discoveries in established silver districts. The 2025 results underscore the mineral potential of Haldane and reinforce the company's strategy of developing projects alongside major silver producers.
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Important Disclosures:
- Silver North Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Silver North.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Disclosure for the quote from the John Newell article published on January 8, 2026
- For the quoted article (published on January 8, 2026), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,500.
- Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.
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.
2. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
