Two Drill Rigs Turn as High-Grade Silver Discovery Expansion Gets Underway

1. 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.
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1. Disclosure for the quote from the John Newell article published on February 23, 2026

1. For the quoted article (published on February 23, 2026), Silver North Resources has paid Street Smart, an affiliate of Streetwise Reports, US$2,000.
2. 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.

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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.

Silver North Resources Ltd. (SNAG:TSX.V; TARSF:OTCQB) announced that diamond drilling has commenced at its 100%-owned Haldane Silver Project in Yukon's Keno Hill Silver District, with two drill rigs now operating on the property. The company stated that drilling is expected to continue through the summer and into the fourth quarter of 2026 at the road-accessible, 8,579-hectare project located 25 kilometers west of Keno City and adjacent to Hecla Mining Co.'s (HL:NYSE) Keno Hill Silver Mine property.

According to the company, the 2026 drill program is designed around two objectives: expansion of the Main Zone and testing of new targets. One drill rig is focused on expanding the Main Zone target, where Silver North has identified mineralization over 100 meters of strike and approximately 300 meters downdip from surface. The company highlighted a 2025 drill result from hole HLD25-31 that returned 13.15 meters averaging 818 grams per tonne silver, 1.39 grams per tonne gold, 2.54% lead, and 0.98% zinc from 249.9 meters downhole.

The second drill rig is testing known targets, including the Bighorn area, where only one hole has previously been drilled, as well as new targets generated through surface fieldwork and the company's recently completed SkyTEM airborne geophysical survey.

"We are very excited to return to the Haldane Project on the strength of our 2025 drilling results," President and Chief Executive Officer Jason Weber said in the company news release. "Hole HLD25-31 is the best hole drilled to date on the property and confirms the scale and continuity of high-grade silver mineralization at the Main Zone."

In addition to drilling, field crews are conducting ground-truthing work on targets generated by the SkyTEM survey and carrying out detailed structural and lithological mapping at the Main, West Fault, Middlecoff, and other target areas. The work is intended to refine structural and lithological models for those targets. Silver North stated that it expects to complete between 5,000 and 7,000 meters of drilling during the 2026 campaign, which is expected to conclude in October.

Industrial Demand and Supply Pressures Shape Silver Market

According to a June 14 report from Excelsior Prosperity Substack, the silver sector experienced significant share-price volatility even as underlying metals prices remained at historically elevated levels. The report noted that silver futures closed the week at US$67.97 per ounce after recovering above the 200-day exponential moving average, while the week's low of US$61.595 remained above a previous March low. Shad Marquitz wrote that "the close in silver this last week at around a $68 is actually a fantastic price for the PM producers" and added that producers remained among "the fattest margins in history" despite recent pressure in silver prices.

The report stated that many silver producers had recently reported record quarterly financial results while share prices moved lower alongside declining silver prices. Marquitz wrote that "the fundamental backdrop is divorced from the technical price levels and valuations in the silver miners" and observed that "most companies just got done reporting their all-time record quarterly earnings from Q1." He further stated that producers were completing "another very solid quarter here in Q2, with metals prices and anticipated earnings still at historically high levels."

A June 15 analysis published by Money Metals examined physical silver market conditions and reported ongoing pressure from both industrial and investment demand. The publication wrote that "there is real strain in the physical market" and described a situation in which "demand keeps hitting the market faster than supply can comfortably respond."

Money Metals stated that silver occupied "an unusual position because it functions as both an industrial material and a monetary metal." The report noted that industrial demand continued expanding across sectors, including solar manufacturing, electronics, medical technology, automotive production, and telecommunications. It added that "industrial demand keeps rising even during periods when investor demand temporarily cools off," creating what it described as "a steady drain on supply."

The publication also pointed to challenges in expanding mine supply, writing that "silver production is not responding quickly enough." According to Money Metals, mining operations faced rising costs, declining ore grades, energy inflation, regulatory pressures, and political instability in some producing regions. The report further noted that a significant portion of global silver production originated as a byproduct of mining other metals, meaning that higher silver prices did not automatically result in substantially higher silver output.

Current silver prices remained elevated on a longer-term basis, according to market data published June 16 by SD Bullion. The company reported a silver spot price of US$71.14 per ounce, representing a 91.94% increase over one year and a 156.66% increase over five years. SD Bullion stated that silver's market value was influenced by both investment demand and industrial consumption, noting that silver was "heavily influenced by its extensive industrial applications."

According to SD Bullion, "the recent rally in silver prices" had been driven by "persistent supply deficits, explosive industrial demand, and safe-haven investment driven by geopolitical tensions." The firm added that silver's "unique dual role as an industrial metal and a store of value" made it sensitive to both economic and technological developments. The report also stated that industrial demand provided "fundamental price support for silver" because of its role in manufacturing, energy, electronics, and healthcare applications.

Analysts Pointed to Exploration Funding, District Activity and Veronica Potential

¹According to a February 23 report from John Newell of John Newell & Associates, exploration activity in the Keno Hill Silver District continued as companies advanced drilling and funding initiatives. Discussing the Main Fault target, Newell wrote that "the Main Fault is showing the scale and complexity needed to host high-grade mineralization, and they are still early in revealing its potential." He also commented on exploration funding, stating that a recently completed brokered financing had "effectively funds the next two years of exploration."

Additional commentary appeared in an April 28 report from Michael Ballanger of GGM Advisory Inc. Ballanger wrote that a SkyTEM312 airborne survey had been completed on the Haldane property and stated that "most of their 2026 activity will be focused on Haldane." He also referenced the district's history, noting that the Keno Hill Silver District was "the site of the legendary United Keno Hill Mines epic move from CA$0.60 to CA$60 back in the late 1970's."

Newell maintained a "Speculative Buy" recommendation on Silver North Resources in a February 23 report. He stated that the company had "shifted from 'prove it' mode into 'expand it' mode" and identified a "big picture target at CA$1.05" in his technical analysis. 

In a May 20 report, Peter Krauth of The Silver Advisor discussed exploration work at the Veronica Project in Yukon's Silvertip-Midway District. Krauth wrote that the airborne magnetics and VTEM survey was intended to "refine mapping of stratigraphy and structure, while also testing for potential conductive CRD manto-style targets at depth." He added that the company believed the survey data, combined with information from the nearby Tim Property, "could help outline a much larger mineralizing system across both projects, if successful."

Krauth also commented on the broader project portfolio, writing that "the flagship remains Haldane, but the Veronica-Tim joint properties are very prospective for Carbonate Replacement Deposit (CRD) style mineralization." He further stated, "I recently took a position in the stock because I see big potential at Haldane (with Hecla as a neighbor), and lots of blue sky at Veronica-Tim."

Exploration Programs Across Three Yukon Projects

According to the company's corporate presentation, Silver North is fully funded for exploration programs in 2026 and 2027 and plans to continue drilling at Haldane while advancing work at its Tim and Veronica properties in Yukon.

At Haldane, the company reported that its 2025 program extended the Main Fault mineralized footprint to at least 100 meters of strike length and 300 meters downdip from surface. The 2026 program is intended to focus on expanding the Main Fault discovery both along strike and downdip. Silver North also reported that airborne geophysics is planned to refine Main Fault targeting and that two drill rigs are expected to operate for a four- to five-month period.

The company identified several target areas at Haldane, including the Main Zone, West Fault Zone, Bighorn Zone, Middlecoff Zone, and Johnson area. Recent work on the project extended mineralization at the Main Fault, according to the presentation.

At the Tim property, Silver North reported that drilling and trenching identified the Wolf Fault as a priority target. The company also stated that previous drilling confirmed the presence of what it describes as a productive carbonate replacement deposit system. 

At the Veronica property, located north of the Coeur Mining Inc. (CDE:NYSE) Silvertip Mine, Silver North reported that exploration work expanded the Betty soil anomaly to more than one kilometer by one kilometer and identified silver-lead mineralization through prospecting and outcrop sampling. The company described Veronica as a high-priority target for 2026 exploration and stated that work is underway to confirm the presence of a carbonate replacement deposit system in the district.