Aerial geophysical surveys underway at Silver North’s Veronica Silver Project, YT

Silver North Resources (TSXV:SNAG, OTCQB:TARSF) has commenced an airborne magnetics and VTEM geophysical survey at the company’s Veronica Project in the Silvertip-Midway district of the Yukon Territory.

“The primary focus of this survey is to advance the mapping of stratigraphy and structure,” President and CEO Jason Weber said on May 14. News release. “In addition, we believe it has the potential to identify conductive or low-resistivity CRD Manto targets in the subsurface. By integrating this new data with our adjacent TIM property dataset, we hope to gain greater insight into a much larger mineral system spanning both projects.”

According to the company, Geotech Ltd. is conducting magnetics and time domain electromagnetic VTEM surveys at Veronica, consisting of 100-meter-spaced flight lines with 1,000-meter-spaced tie lines, for a total of 253 line-kilometer surveys. The results of this work will assist in mapping the lithology and host stratigraphy as well as revealing the structural architecture for potential faults that may host and control a mineralization system like the lodge show, where 2,860 g/t silver was found in a float cobble and 33.2 g/t silver was found in a well. Cooper Show Found in NE Trending Fault.

veronica project

In May 2024, Silver North announced an option agreement with three prospectors who own the GDR Project.

Under the terms, Silver North will make a series of cash payments totaling $102,000 over four years, and staged share payments totaling 1,560,000 shares over four years, to acquire a 100% interest in the project.

The deal is subject to a net smelter return (NSR) royalty of 2.4% – 0.9%, which can be purchased for $2 million.

One of the GDR properties, Veronica, contains a multi-element soil anomaly (“Betty Target”), defined over a 1,000 by 1,000 meter area, open to the east, with values ​​of 1.0–31.1 parts per million (ppm) silver, 50–8,850 ppm lead and 200–3,830 ppm zinc. Mapping and prospecting work at the Beatty Anomaly in 2025 discovered the first mineralization found at Veronica, consisting of massive galena-bearing cobbles in floats and, later, in outcrops. Float cobbles found at surface include a 15 cm wide massive sulphide cobble which yielded 2,860 g/t Ag, 0.412 g/t Au, 76.8% Pb, 0.13% Cu, 0.18% Zn and 2,250 ppm Sb, and a cobble uncovered in a hand trench in the same area which yielded 213 g/t Ag, Returns 9.6% PB and. 367 ppm Sb. Limestone and quartzite outcrops in the area and mineralization identified to date resemble carbonate replacement deposit (CRD)-style mineralization.

Silver North’s Veronica property produces high-grade silver-lead-zinc mineralization – Richard Mills

Management’s next step is to incorporate data from Coeur Mining’s (TSX:CDE) work at TIM (see below), and data from Silver North’s programs, including the recently announced airborne magnetics and VTEM geophysical surveys at Veronica, to derive vectors to target drilling based on the combined dataset.

Haldane Project

A SkyTEM312 airborne geophysical survey at Veronica was completed by SNAG earlier this month at Haldane, its flagship silver project located in the Yukon Territory’s historic Keno Silver District.

Silver North completed aerial geophysical surveys in Haldane, YT; Tim retains full ownership of the property – Richard Mills

The purpose of the 944-line-kilometre survey was to assist in detailed drill hole targeting by refining the underlying geology, as well as help define the complex structural architecture of Haldane, the company said. said on 9 April.

“We eagerly await receipt of the final data from this survey so that we can incorporate it into our 2026 program planning,” Weber said on April 29. News release. “With the majority of drillhole location planning well underway, we hope the data collected will help prioritize the order in which we move forward with this year’s program as well as reveal new target areas for follow-up work.”

The road-accessible, 8,579-hectare Haldane property is 25 km west of Keno City, YT, adjacent to Hecla Mining’s (NYSE:HL) producing Keno Hill silver mine. There are several occurrences of silver-lead-zinc-bearing quartz siderite veins similar to the veins being mined at Keno Hill in Haldane.

SNAG completed its 2025 drill program at Haldane in mid-November.

Highlighted results include 249.9 meters down hole averaging 3.2 meters of 818 g/t silver, 1.39 g/t gold, 2.54% lead and 0.98% zinc within a larger intersection of 13.15 meters of 2,014 g/t silver, 1.72 g/t gold, 4.73% lead and 1.1% zinc.

Another sub-interval starting at 256.1 meters averaged 1,112 g/t silver, 4.61 g/t gold, 7.11% lead and 1.51% zinc over 1.25 metres.

on 10th december additional two holes released. With five holes reported, the main fault has been extended 100 meters on strike and 150 meters below drilling and up to 300 meters below surface.

Silver North’s geological theory was proven on its first holes, with consistently high-grade silver with gold concentrations significantly higher than those seen elsewhere on the property.

The high silver grade indicates that Haldane is a pure silver play – a rarity in silver exploration, with most silver being found as lead-zinc or gold by-products. For example, hole HLD25-31 contained 81% silver, 12% gold, 5% lead and 2% zinc (by value).

Weber told me that two drill rigs will be going throughout the summer for a 5-7,000 meter drill program focused on the main fault. The company has been cashed up CAD$11.6 million in gross proceeds from Brokered Life private placement.

In the Spotlight – Jason Weber CEO, Silver North

Silver North drill results set the table for larger 2026 drill program – Richard Mills

tim project

Silver North is working with partner Coeur Mining to develop the Timm property, located on the Yukon side of the Yukon-British Columbia border.

TIM consists of 72 mineral claims located 72 km west of Watson Lake, Yukon and 19 km northeast of Coeur’s Silvertip deposit. The property is accessible by road via a spur of the Silvertip Mine Access Road, which connects to the Alaska Highway.

In Tim, Silver North had an option agreement with Coeur by which Coeur could acquire 80% ownership in the project by spending $3.5 million on exploration over five years, paying $575,000 in cash and completing a feasibility study within eight years.

In 2024, Coeur completed a six-hole, 2,250-metre drill program at Tim.

Geological observations of Coeur, including several prominent features of carbonate replacement deposits (CRDs) were noted in the drill core, indicating that Tim may host a productive CRD system similar to Silvertip.

However, Silver North has just received written notice that Coeur intends to terminate the TIM Property Option Agreement until May 24, 2026 – reflecting Coeur’s renewed focus on the Silvertip mine.

Weber said on April 29, “On behalf of Silver North, I want to thank Tim for the high-quality work he has done at Coeur and the Coeur Silvertip team, and we wish him all the best in his progress at Silvertip.” News release. “The work at Coeur identified that a CRD mineral system was active at Tim, and we believe there remains excellent potential to find economic concentrations of mineralization. We believe that with the upcoming aerial geophysical survey on our adjacent Veronica property, we can combine our exploration approaches for the two properties.”

Coeur completed 2,250 meters of drilling in six holes in 2024, testing the potential stratigraphy along the Wolf Fault along a strike length of approximately 1,000 metres. Drilling uncovered structurally hosted “chimney-style” mineralization potentially hosted within the Wolf Fault and parts of it, as well as stratigraphically controlled “Manto” mineralization along conductive stratigraphic horizons.

Management believes the Tim property and the Company’s adjacent Veronica property are highly prospective for CRD-style mineralization.

Coeur’s 2024 program successfully confirmed the presence of a CRD-style system at Tim and the presence of permissive host rocks such as the Rosella Formation limestones, which are covered by phyllite and argillite of the Kechika Group, in the vicinity of the Wolf Fault, providing a promising environment for deposit formation. Trenching at the Wolf Fault yielded high grade silver mineralization including 468.1 g/t silver and 21.1% lead over 4.0 metres.

The presence of the CRD system is evidenced by diagnostic features observed at Silvertip and elsewhere in the world, including fugitive calcite veining that fluoresces in UV light (exhibiting classic “barbecue” pink and orange fluorescence), recrystallization of the host limestone, disseminated pyrite – sphalerite and galena sulfide and derived oxide mineralization, and massive pyrrhotite with scheelite mineralization – a Important tungsten-rich minerals.

Best drill intercept from 2024 program 3.39 million grades of 52.8 g/t silver, 0.28 g/t gold, 0.11% lead and 0.27% zinc, or a significant upside, were returned within the Wolf Fault.

conclusion

SNAG has been redeemed from a CAD$11.6 million private placement.

2026 catalysts include drilling up to 7,000 meters at Haldane, focused on the main fault; Acquisition of data from a recently completed 944-line-kilometre geophysical survey at Haldane; and current aerial surveys in Veronica.

The fact that both Tim and Veronica exhibit characteristics of the CRD system is consequential.

CRDs are large ore bodies that extend over long distances, and they typically have mine lives of decades, containing significant quantities of metals including copper, gold, silver, lead, manganese and zinc. They are particularly important for mining because of their large scale and high grade containing between 10 and 150 million tonnes of economically mineable minerals. Furthermore, they may be closely related to and adjacent to larger porphyry systems.

Silver North Resources
TSXV:SNAG, OTCQB:TARSF
CDN$0.25 2026.05.19
Shares outstanding 105.8 million
Market cap CDN$25.3 million
SNAG website

Richard (Rick) Mills
beforeoftheherd.com