Silver North Resources posts drilling plans for Tim project, Yukon
Silver North Resources Ltd. [TSXV-SNAG; OTCQB-TARSF; FSE-I90] reported plans for the 2024 drilling program at the Tim property, under option to Coeur Mining, Inc. [NYSE-CDE]. The Tim property consists of 72 mineral claims located 72 km west of Watson Lake, Yukon.
Coeur intends to commence exploration on the property in June, and plans to complete approximately 2,000 metres of drilling targeting silver-lead-zinc Carbonate Replacement Deposit (CRD) mineralization similar to that found at Coeur’s Silvertip Mine Property, 19 km to the south of Tim.
Rob Duncan, VP Exploration for Silver North states, “We are excited to see drilling at Tim this year. Coeur has carried out an excellent program leading to this drill test. With their knowledge and experience exploring the CRD system(s) in the Silvertip district, we are able to leverage this expertise in our efforts to bring a new silver discovery to bear for our shareholders.”
Coeur is planning to commence the 2024 program in June, with the intention of completing drilling, geochemical sampling and drill pad and access development, with crews operating out of the Silvertip Mine Camp.
Approximately 2,000 metres of drilling is planned from up to six drill pads, testing the potential for CRD-style mineralization along almost 2,000 metres of strike length of prospective stratigraphy. Previous work has identified silver mineralization in trenches dating back to the 1980s.
A 2022 program conducted by Coeur to verify previous trench sampling returned 468.1 g/t silver, 21.1% lead, and 0.3% zinc over 4.0 metres from one re-opened trench. Another, located approximately 200 metres along strike, returned 265.0 g/t silver, 6.7% lead and 0.9% zinc over 8.8 metres.
Silver North views the Tim as a high priority exploration target as it exhibits similar geological characteristics to Coeur’s Silvertip Project.
The 2024 program will be conducted under the direction of Coeur’s exploration team based at Silvertip, under the terms of an option agreement granting Coeur the right to earn a 51% interest in the property by completing a minimum of $3.15 million in additional exploration expenditures and making additional cash payments to Silver North totalling $275,000 by December 31, 2026. Coeur can bring its interest to 80% by making additional cash payments of $100,000 per year in 2027 and 2028, completing a positive feasibility study and informing Silver North of its intention to develop a mine at Tim by December 16, 2028. Under this agreement, Coeur must fund a minimum $700,000 program in 2024. Tim is road accessible via 25 km of 4 x 4 access off the Silvertip Mine Road.
Silver North’s primary assets are its 100%-owned Haldane silver project (next to Hecla Mining Inc.’s Keno Hill Mine project) and the Tim silver project. Silver North also holds gold and base metal projects in Yukon Territory, Colorado and Nevada and is actively seeking partners for them. Silver North also plans to acquire additional silver properties in favourable jurisdictions.