Silver North Resources (TSX-V:SNAG, OTCQB:TARSF) announced that it has amended its option agreement with Coeur Explorations Canada, a subsidiary of Coeur Mining (NYSE:CDE), for the Tim silver project in the southern Yukon Territory, Canada.
The company said the amended agreement has adjusted the work commitments required to be completed by Coeur to earn a 51% interest in the Tim project to account for delays in receiving a Class 3 Land Use Permit.
The total commitment remains the same, with Coeur to spend at least $3.55 million in exploration expenses and provide cash payments of $425,000 by December 31, 2026.
Coeur can increase its stake in the project to 80% by making cash payments of $100,000 per year, completing a positive feasibility study and informing Silver North by December 16, 2028, of its intention to develop a mine at the project.
Silver North said the amended agreement paves the way for Coeur to kick off drilling at Tim in 2024 to identify silver-zinc-lead management which management believes could be similar to that found at Coeur’s Silvertip project, located 19 kilometres to the south.
Separately, Silver North said Coeur has agreed to make a $50,000 cash payment to the company by December 31, 2023.
Silver North’s primary assets are its 100%-owned Haldane silver project and the Tim silver project under option to Coeur Mining (NYSE:CDE).