Silver Company Uncovers Promising CRD Target in Yukon

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

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Silver North Resources Ltd. (SNAG:TSX.V; TARSF: OTCQB) has confirmed the acceptance of its Yukon Mineral Exploration Program (YMEP) grant application for its Veronica claims, located in the Silvertip area of southern Yukon. This funding program allows for the reimbursement of eligible exploration costs, with Silver North eligible to receive up to CA$30,000 toward a 2025 field program budgeted at approximately CA$100,000.

The Veronica claims are part of the company's GDR project and sit adjacent to the Tim Property, which is currently under option to Coeur Mining. The region is geologically significant for hosting high-grade silver-lead-zinc mineralization similar to what is found at the nearby Silvertip Mine, located roughly 16 kilometers southwest. This type of mineralization is associated with Carbonate Replacement Deposits (CRDs), a style of deposit known for its scale and metal content.

Silver North President and CEO Jason Weber, P.Geo., stated in the press release, "We are grateful for the opportunity to participate in the YMEP program in 2025. The Veronica is an excellent candidate for the program, where this funding will help us identify a source and the context of an intriguing multi-element soil geochemical anomaly in this emerging Carbonate Replacement Deposit district."

Previous exploration identified a 450-meter by 450-meter multi-element soil anomaly with silver values ranging from 0.3 to 31.1 parts per million (ppm), lead values from 60 to 3100 ppm, and zinc ranging between 50 and 612 ppm. This anomaly remains unexplained and has not been trenched, drilled, or prospected. The 2025 exploration program will include expanded soil sampling, geological mapping, and prospecting in an effort to define the source of these elevated metal concentrations. Work is scheduled to begin in late July.

Silver Sector Gains Strength on Rising Prices and M&A Momentum

The silver market has recently gained renewed attention, with analysts pointing to a combination of strong price performance, increasing industrial demand, and a wave of merger and acquisition activity as key drivers behind the sector's momentum.

In a June 17 commentary, Stewart Thomson highlighted silver's growing strength relative to gold, noting that the metal had been reaching new highs even as gold prices had begun to stall. "Silver has been quiet for the past week, but it's been making new highs while gold has stalled," Thomson wrote. He suggested that silver was "set to begin significant outperformance against the stock market," and pointed to encouraging gains in junior silver miners listed on the TSX Venture Exchange (CDNX).

Maund rated the company a "Strong Buy for all time horizons," emphasizing its exposure to rising silver prices and its position as "a leading primary silver explorer in Canada."

On the same day, a report from Stockhead described a broadly bullish trend across the silver sector. The report noted that silver had surged to US$37.17 per ounce, a sharp rise from US$33 earlier in the month and up significantly from approximately US$29 at the beginning of the year.

Analysts attributed the rally to sustained industrial demand, particularly from sectors such as solar energy and artificial intelligence. The report also highlighted growing deal activity within the sector, with expectations for continued consolidation among companies holding pure-play silver assets.

Further insight came in a June 18 update from Market Pulse, which reported that silver prices had climbed 3.5% over a two-day stretch, reaching an intraday high of US$37.26. The analysis contrasted silver's upward movement with a decline in gold prices over the same period, suggesting a market "rotation out of Gold into previously lagging precious metals, like Silver." The report pointed to a technical breakout from a symmetrical triangle chart pattern earlier in the month, marking silver's highest price level in 13 years. It also noted a favorable trend in the silver-to-gold ratio, indicating the potential for continued silver outperformance in the near term.

What Lies Ahead for Silver North

As detailed in the company investor presentation, the Veronica project adds to Silver North's growing portfolio in Yukon, where the company is also actively exploring the Haldane Silver Project. The Haldane project has recently yielded promising results, with the September 2024 drill program discovering 365 grams per tonne (g/t) silver over 5.8 meters, including 1.83 meters of 1,088 g/t silver. This discovery occurred within the Main Fault zone, now considered the highest priority target on the property.

Located in the historic Keno Hill Silver District, Haldane benefits from road accessibility and proximity to grid power. The project lies within a 100-year-old silver mining district that has produced over 220 million ounces of silver, with an average grade of 1,137 g/t silver. Exploration efforts to date have tested just a fraction of the property's 12 kilometers of potential vein strike, with 75% of holes drilled by Silver North hitting silver mineralization.

The company's properties, including both Haldane and Veronica, are surrounded by projects operated by larger silver producers, offering strategic exposure in a well-known mining jurisdiction. According to the company, "Silver is an integral component of the green transition," with its applications spanning from solar panels to electric vehicle components. With a focus on high-grade discoveries in proven districts, Silver North is positioning itself within a broader push to secure critical minerals needed for modern infrastructure.

Expert Analysis Points to Bullish Technical Outlook for Silver North

*According to an April 25 report by Technical Analyst Clive Maund, Silver North Resources Ltd. was positioned for a significant breakout, backed by both geological results and favorable market conditions. Maund rated the company a "Strong Buy for all time horizons," emphasizing its exposure to rising silver prices and its position as "a leading primary silver explorer in Canada."

Maund highlighted the company's November 2024 discovery at the Haldane project in Yukon, which returned 1.83 meters of 1,088 grams per tonne (g/t) silver. He noted this development occurred as the silver price climbed 21.5% from US$23.65 to US$28.90 per ounce, strengthening the backdrop for junior silver explorers. He added that technical indicators were aligning for a breakout, stating that Silver North was "starting to break out from a large base pattern" and suggested that a bullish reversal was underway, supported by a rising Accumulation line and positive volume trends.

On the Tim property, which is under option to Coeur Mining, Maund reported that drill core confirmed the presence of a Carbonate Replacement Deposit (CRD) system. He observed that this area is geologically consistent with the nearby Silvertip CRD district and stated, "The confidence Coeur Mining has in the potential of the company's Tim Project is demonstrated by the fact that it has been and is funding exploration at the property." Maund also referenced the Veronica claims, adjacent to Tim, as hosting "an untested 450 x 450 meter silver-lead-zinc soil geochemical anomaly," which he described as promising for future CRD exploration.

Maund assessed Silver North's capital structure favorably, noting the company's 61.2 million shares outstanding, with a relatively modest float due to significant holdings by funds, management, and private investors. He projected an initial price target of CA$0.25 to CA$0.27, with a secondary target around CA$1.00, stating that "even if it only got a half or a third of the way back to past highs, we are talking about huge percentage gains from the current price."

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.