Silver North Resources (TSX-V:SNAG, OTCQB:TARSF) said it is “extremely pleased” with exploration progress at its Tim property in Yukon, which is being operated by Coeur Mining (NYSE:CDE), Inc. (NYSE: CDE) under an option agreement.
The exploration program has completed over 1,300 meters of drilling across four holes, focusing on the Wolf Fault, a structure with significant potential for carbonate replacement deposit (CRD) mineralization.
Rob Duncan, VP of Exploration for Silver North, recently returned from a site visit.
“Given that the Wolf Fault has been identified in several historic trenches, in the current drillholes and anomalous soil geochemistry over a cumulative strike length of (less than) two kilometres, we believe that the Tim project displays the necessary characteristics of a potentially productive CRD system,” Duncan said in a statement.
The Wolf Fault, identified in historical trenches and the current drill holes, spans a strike length of over 2 kilometers and shows characteristics of a potentially productive CRD system.
Coeur Mining (NYSE:CDE) plans to drill six holes, totaling approximately 2,200 meters, and will conduct additional airborne geophysical surveys, including magnetics, radiometrics, and a Mobile MT survey, which could detect deeper conductive features. The expanded exploration program is expected to conclude by early September.
Analytical results from the drilling program are expected in October.
Under the option agreement, Coeur can earn a 51% interest in the Tim property by completing at least $3.15 million in exploration expenditures and making cash payments of $275,000 to Silver North by December 2026.
Coeur has the option to increase its stake to 80% by making further payments and completing a positive feasibility study by December 2028.