(TheNewswire)
Vancouver, BC - TheNewswire - December 21, 2023 - Silver North Resources Ltd. (TSX-V:SNAG)(OTC:TARSF) (“Silver North” or the “Company”) is pleased to report that it has amended its agreement with Coeur Explorations Canada, Ltd. (a subsidiary of Coeur Mining, Inc. (NYSE: CDE)) that grants Coeur an option on the Tim Property in southern Yukon Territory, Canada. The amendment paves the way forward for Coeur to undertake drilling at Tim in 2024, which will target identifying silver-zinc-lead mineralization that management believes may be similar to that found at Coeur’s Silvertip project, 19 km to the south of the Tim Property.
The amendment to the agreement adjusts the work commitments required by Coeur to earn a 51% interest in the Tim Property to account for delays in receiving a Class 3 Land Use Permit. As such, the total commitments remain the same, but the expenditure schedule is adjusted to the following timeline:
|
Date
|
Expenditures by Year
|
Option Cash Payments
|
|
On the Effective Date
|
-
|
$10,000 (paid)
|
|
On or before Dec. 16, 2021
|
$50,000 (completed)
|
$15,000 (paid)
|
|
On or before Dec 16, 2022
|
-
|
$25,000 (paid)
|
|
By December 31, 2023
|
-
|
$50,000 (paid)
|
|
By December 31, 2024
|
$700,000
|
$75,000
|
|
By December 31, 2025
|
$1,100,000
|
$100,000
|
|
By December 31, 2026
|
$1,353,073
|
$100,000
|
|
By December 31, 2027
|
-
|
$100,000
|
|
On or before Dec 16, 2028
|
-
|
$100,000
|
Furthermore, Coeur has agreed to make a separate $50,000 cash payment to Silver North by December 31, 2023. Coeur can earn a 51% interest in the Tim Property by completing all exploration expenditures and cash payments due by December 31, 2026, which will total at least $3.55 million and $425,000 in cash payments. Coeur can bring its interest up to 80% by making additional cash payments of $100,000 per year, completing a positive feasibility study and informing Silver North by December 16, 2028, of Coeur’s intention to develop a mine on the property.
Exploration at Tim is targeting high-grade silver-lead-zinc Carbonate Replacement Mineralization (“CRM”), which management believes may be similar to that found at Coeur’s Silvertip project, 19 km to the south in northern British Columbia. Exploration to date has identified CRM-style mineralization over 1,700 metres of strike, exposed in trenches in a similar geological setting to Silvertip. Recent work by Coeur includes a SkyTEM geophysical survey, comprehensive soil geochemical sample coverage, mapping, prospecting and resampling of 1980’s era trenches. Results from two trenches located 150 metres apart yielded chip sample results of 4.0 m averaging 468.1 g/t Ag, 21.1% Pb, 0.3% Zn and an 8.8 m averaging 265.0 g/t Ag, 6.7% Pb, 0.9% Zn.
Coeur is the project operator and is currently compiling the data from previous programs and refining targets for the 2024 diamond drilling program at Tim. Once this program has been defined, it will be communicated to investors and shareholders. A five-year Class 3 Land Use Permit is in place for the Tim Property, expiring in June of 2028.
About Silver North Resources Ltd.
Silver North’s primary assets are its 100% owned Haldane silver project and the Tim silver project (under option to Coeur Mining, Inc.). Silver North also holds non-core gold and base metal projects in Yukon Territory, Colorado and Nevada and is actively seeking to divest them. Silver North also holds certain royalties on projects in North and South America.
The Company is listed on the TSX Venture Exchange under the symbol “SNAG” and trades on the OTCQB market in the US under the symbol “TARSF”.
For further information, contact:
Jason Weber, President and CEO
Sandrine Lam, Shareholder Communications
Tel: (604) 807-7217
Fax: (888) 889-4874
To learn more visit:www.silvernorthres.com
Twitter: https://twitter.com/SilverNorthRes
LinkedIn: https://www.linkedin.com/company/silvernorth-res-ltd/
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.
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