Silver North: cashed up and going drilling – Richard Mills

2025.07.30

The lifeblood of any junior resource company is news flow. Ahead of the Herd sponsor Silver North Resources (TSXV:SNAG, OTCQB:TARSF)  has raised money to complete drill a significant drill program this summer.

On July 15, SNAG announced that its June 23 non-brokered private placement has been fully subscribed and will close shortly. Flow-through units will be sold at $0.21 per unit, raising aggregate gross proceeds of $2.1 million. Each flow-through unit will be comprised of one common share and half a warrant.

Another $500,000 is still open, by way of a non-flow-through, non-brokered private placement offered at $0.15 per unit.

An additional $1.35 million was raised at the end of April.

Silver North’s share price is up 150% year to date.

Harvest Gold is also proceeding with a non-brokered private placement. The company plans to raise approximately $2.2 million, by offering charity flow-through units at $0.075 and $0.105. Each CFT unit is comprised of one common share plus a warrant.

Harvest Gold has seen a YTD rise of 200%.

Silver North Resources

Silver North Resources (TSXV:SNAG, OTCQB:TARSF) offers investors exposure to one of the most prolific silver districts in Canada and the world — Keno Hill — which is seeing major investment from Hecla Mining, the largest silver producer in the United States, following Hecla’s 2022 takeover of Alexco Resources.

Silver North’s underexplored Haldane project demonstrates high-grade, high-width potential akin to the veins being mined at Keno Hill.

The company is planning a much larger drill campaign than last year, 2,500 meters compared to 750m, with drilling focused on the Main Fault where Silver North had success last year.

Although staked for its silver mineralization, the Keno Hill property is located within the Tintina gold belt, a zone of gold deposits associated with Cretaceous Tombstone suite granitic intrusions.

Significant deposits hosted within the Tintina gold belt include Banyan Gold’s AurMac, Snowline’s Valley, Victoria Gold’s nearby Eagle gold mine, Golden Predator’s Brewery Creek, Rockhaven’s Klaza project, in addition to numerous prospects including Gold Dome, Clear Creek, Red Mountain and other deposits in Alaska including Donlin Creek, Pogo and Fort Knox.

Silver North last November announced the Main Fault discovery at its Haldane silver project within the historic Keno Hill Silver District in Canada’s Yukon Territory.

Silver North makes third discovery at Haldane, within Yukon’s Keno Hill high-grade silver mining district

Drilling confirmed that the Main Fault, marked by a series of silver-bearing surface showings, is a productive structure hosting multiple high-grade silver-bearing veins and breccias. 732 meters of drilling was completed in three holes testing the West Fault and Main Fault targets.

The 8,579-hectare Haldane property is located 25 km west of Keno City, YT, adjacent to Hecla Mining’s producing Keno Hill silver mine, and hosts numerous occurrences of silver-lead-zinc-bearing quartz-siderite veins as seen elsewhere in the district.

Main Fault is the third discovery Silver North has made since acquiring the Haldane property.

Thought to be a parallel structure to the West Fault, Main Fault was targeted in the 2024 drill program based on surface sampling of the fault at the Main and Main South showings where oxidized vein samples on surface average 151 g/t silver over 7.6m and 223 g/t silver over 3.6m. Two holes tested this target, successfully intersecting a wide structural zone consisting of three siderite-sulfide vein faults and breccias with an interstitial stockwork of siderite-bearing veinlets and brecciated host rocks that forms the overall structural zone.

The company also found almost 2 ounces (1 troy oz = 31.2 grams) of silver in soils at the Bighorn target with high lead concentrations.

Two takeaways from Silver North’s progress jump out at me.

First, discovery after discovery from first-time drilling makes Haldane a very prospective project. Rarely is a discovery made after completing just three drill holes.

Exciting for investors, Haldane is one of only a few pure-play silver deposits in the world, and even rarer, it is being drilled.

In just eight drill holes Silver North made three discoveries, out of the 16 holes Silver North has drilled at Haldane — a phenomenal success rate for an early-stage junior.

Silver North Rides the Silver Rocketship

My second takeaway is the fact that the holes at Main Fault were drilled shallower than at West Fault, and SNAG is intersecting multiple veins with each hole.

The Main Fault hosts multiple high-grade, silver-bearing veins and breccias. You can have a 30-million-ounce silver deposit within 300 meters at those grades, and they’ve got a lot of veins left to explore in a lot of areas.

If you like silver, you’ve got to like the leverage offered by a pure silver play like Haldane. Silver has had an incredible run this year, achieving a 31% YTD increase. The current gold-silver ratio is 86, which suggests silver needs to move higher, in line with the historical average of 60. It was 101 in May, so the gap between the silver price and gold price is closing.

The project is in the Yukon’s Keno Silver District, one of the highest-grade silver districts in the world. In fact, it’s right next to the silver veins being mined at Keno Hill by Hecla.

There’s been 200 million ounces of silver mined so far out of the district and the mines are primary silver mines with by-products zinc and lead.

Hecla started mining Keno Hill in 2023 with proven and probable reserves of close to 50 million ounces @ 700 grams per tonne. And the mineralization in their project, what they’re mining, is similar to the Haldane project.

The average silver mine in the Keno Hill District is 30 million ounces, and the historical production grade sits right around 1,100 grams per tonne silver.

Silver North has a plan, a focus, and they’re executing. They raised $1.35 million earlier this year, the hard-dollar precursor to the current financing of up to $2.6 million.

The focus is to drill 10 holes, 2,500m into their most recent discovery, the Main Fault.

Silver North has done three small drill programs and each of the programs has made discoveries, but Main Fault is special, it’s a large chunk of mineralization and there are three layers to it. SNAG thinks drilling this year is going to, at the very least, achieve clear visibility towards attaining a 30-million-oz regular Keno deposit.

Silver North Planning Main Fault Follow-Up Drilling at Haldane Silver Property, Yukon

Jul 30, 2025 | 2025 News

“We are excited to commence the 2025 program at Haldane, to expand upon our discovery at the Main Fault in 2024,” stated Jason Weber, P.Geo., President and CEO of Silver North. “With high grade silver intersections of 1.83 metres (true width) averaging 1,088 g/t silver and 3.90 g/t gold as well as wider intersections of silver mineralization such as 5.81 metres (true width) averaging 365 g/t silver and 0.23 g/t gold, the Main Fault has elevated to the highest priority of our five drill targets.”

The ten hole (~2,500 metres) diamond drilling program will target expansion of Keno-style silver lead-zinc mineralization at the newly identified Main Fault target, a wide zone with at least three high grade silver veins identified to date. One hole will test the continuity of mineralization approximately 60 m down dip of the HLD24-30 intersection. The remaining holes, subject to in-field adjustments due to logistical consideration or visual results, will consist of fans of 3 holes on sections approximately 50 and 100 metres southwest and 50 metres northeast of the discovery section to test the strike and depth continuity of mineralization (Figures 1, 2). Time and budget permitting, one hole may also be completed at the Bighorn target, following up on silver-bearing quartz-siderite-galena veins intersected in the only drillhole at Bighorn.

Conclusion

There are 12 kilometers of vein potential on the property; other discoveries include the high-grade West Fault.

I like this project because it’s got standalone potential, or it could be plug into Hecla’s existing operation. Hecla has 55 million ounces of proven and probable silver reserves, SNAG is literally next door, just 2 kilometers away from Hecla’s mill. If Silver North can show they have 30, 40, 50 million ounces of silver, I’m thinking they will be looked at pretty hard by Hecla.

At a market capitalization of just $12.2 million, as of Monday’s close, Silver North is cheap, with a great story and money in the bank.

Silver North Resources
TSXV:SNAG, OTCQB:TARSF
Cdn$0.22 2025.07.29
Shares Outstanding 61.2m
Market Cap Cdn$13.4m
SNAG website

Richard (Rick) Mills
aheadoftheherd.com

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Richard owns shares of Silver North Resource (TSX.V:SNAG). SNAG is a paid advertiser on his site aheadoftheherd.com This article is issued on behalf of SNAG