The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - July 5, 2024
Coeur aims for 2,000 meters of drilling at Silver North's Tim property, which is part of the stipulations set in its ongoing option agreement.
Silver North Resources Ltd. July 3 announced that Coeur Mining Inc. has begun drilling at the Tim property under an option agreement to earn up to an 80% interest in the silver-lead-zinc project in Yukon, Canada.
Located roughly 72 kilometers (45 miles) west of Watson Lake and 19 kilometers (12 miles) north of Coeur Mining's Silvertip silver-zinc-lead mine project in Northern British Columbia, the Tim property comprises 72 mineral claims prospective for carbonate replacement deposit- (CRD) style silver-lead-zinc mineralization.
In March 2023, Coeur entered into an option agreement with Silver North to earn a 51% interest in the Tim property. This includes a minimum of C$3.15 million (US$2.3 million) in exploration expenditures and cash payments totaling C$275,000 (US$203,000) to Silver North by the end of 2026.
Coeur can increase its interest to 80% by making additional payments to Silver North, completing a positive feasibility study, and informing Silver North of its intention to develop a mine at Tim by the end of 2028.
Previous work at Tim has identified silver mineralization in trenches dating back to the 1980s, with a 2022 program conducted by Coeur verifying trench samples. Highlights include: four meters averaging 468.1 grams per metric ton silver, 21.1% lead, and 0.3% zinc; and 8.8 meters averaging 265 g/t silver, 6.7% lead, and 0.9% zinc around 200 meters along strike.
This year, Coeur plans to complete roughly 2,000 meters of drilling from up to six drill pads.
Targeting silver-lead-zinc CRD mineralization similar to that found at Silvertip, this drilling will test the potential for both structurally hosted "chimney" style mineralization and stratigraphically controlled "manto" mineralization along nearly 2,000 meters of strike length of prospective stratigraphy.
"We are excited to see Coeur start the inaugural drill program at Tim," said Silver North President and CEO Jason Weber. "We are very pleased to be working with their experienced team in our efforts to bring new silver discoveries to bear for Silver North's shareholders."
Silver North views the Tim property as a high-priority exploration target due to its geological similarities to the Silvertip project, and the collaboration leverages Coeur's expertise in exploring CRD systems.
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