Silver North Resources (TSX-V:SNAG, OTCQB:TARSF) has outlined its exploration plans in Canada's Yukon Territory for 2024 amid a surging industrial demand for silver.
In an update, the Canadian company said it will get to work on its flagship Haldane Silver Property in the Keno Hill district and its Tim silver property, which is currently under option to Coeur Mining (NYSE:CDE).
The Haldane property is set for a comprehensive six-hole diamond drilling program in 2024. The program aims to extend high-grade silver mineralization at the West Fault Zone, a discovery made in 2021, with initial promising results indicating significant silver, lead, and zinc grades.
Additionally, drilling will target the Bighorn Target, a newly discovered area with considerable potential for high-grade silver vein mineralization. Silver North said it plans to utilize trenching and airborne geophysics to further refine exploration targets and identify new vein structures.
Elsewhere, recent developments in the Keno District, including Hecla Mining's acquisition of the Keno Hill mine complex, are expected to positively impact projects like Haldane, given their proximity and shared geological characteristics.
At the Tim property, Silver North is hoping to replicate the success of the nearby Silvertip Mine property.
Coeur, having secured a five-year permit, is set to fund a minimum $700,000 exploration program in 2024. The program will include drill testing high-grade silver mineralization identified in historical trenches, with resampling yielding promising results.
Silver North’s emphasis on silver assets comes as a response to the surging industrial demand for silver, particularly fueled by the green energy movement, according to executive chairman Mark Brown.
“Industrial demand for silver has increased drastically in recent years, largely due to silver’s excellent thermal and electrical conductivity and reflective properties,” Brown said in an update.
“As a result, silver has become an essential component of green and high technological applications.”
Brown noted that the US Energy Information Administration forecasts that solar power generation will see the “largest growth profile” among electrical generation technologies through 2050.
“The solar power industry demand for silver in 2024 accounted for approximately 30% of all industrial demand and this is only expected to grow,” Brown added.
Silver North's divestment strategy involves selling or relinquishing non-silver projects, such as the Twin Canyon Gold project in Colorado, while actively marketing remaining assets like the Klondike and Stateline copper projects.