Junior Miner Completes Yukon Exploration, Identifies Promising Silver-Lead-Zinc Targets

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Silver North Resources Ltd. (SNAG:TSX.V; TARSF: OTCQB) has completed its 2025 field exploration program at the Veronica property, part of the company's GDR project in southern Yukon Territory. The program was partially financed under the Yukon Mineral Exploration Program, which provides grants of up to US$30,000 to refund qualifying expenditures.

The Veronica claims are situated next to the Tim property, which is under separate option to Coeur Mining, and lie within the Silvertip area. Exploration in the Silvertip district targets carbonate replacement deposit (CRD) style mineralization containing silver, lead, and zinc, similar to that of the Silvertip mine located 16 kilometers southwest of Veronica.

The eight-day program consisted of prospecting, geological mapping, soil geochemical sampling, and hand trenching. Crews collected 453 soil samples and 26 rock samples, and completed two hand trenches and eight additional pits. Jason Weber, PGeo, president and chief executive officer of Silver North, stated in a news release, "The 2025 program at Veronica, the first completed by Silver North, is an important first step in assessing the property's potential to host carbonate replacement deposit style mineralization. The analytical results will help us greatly, but I think we are very happy with the preliminary findings of galena mineralization in what appears to be a prospective stratigraphic position. If this bears out, we have a very positive indicator that Veronica may be another CRD target in this emerging district."

Previous operators identified a soil geochemical anomaly in 2016 defined over a 450 by 450 meter area that remains open to the east. The anomaly contained values ranging from 0.3 to 31.1 parts per million (ppm) silver, 60 to 3,100 ppm lead, and 50 to 612 ppm zinc. Silver North's 2025 program identified galena-bearing cobbles and mineralized outcrop in proximity to this anomaly. According to the company, this marks the first time the anomaly has been trenched or tested through exploration, representing a step forward in advancing

Industrial Demand and Supply Deficits Shape Silver Market

According to a Reuters report dated August 8, HSBC raised its silver price outlook for 2025, 2026, and 2027, citing support from high gold prices and safe-haven demand amid geopolitical and economic uncertainty. The bank forecasted an average silver price of US$35.14 per ounce in 2025, up from its previous estimate of US$30.28. HSBC wrote that the rally was "due more to silver's relationship with gold than underlying fundamentals," pointing to record-high gold levels as a "strong gravitational pull" on silver. The bank also projected a silver deficit of 206 million ounces in 2025, widening from 167 million ounces in 2024, before narrowing in 2026 as industrial demand was expected to recover.

The Globe and Mail wrote on August 11, that the price of silver had risen 35% over the past year, recently closing near US$38 per ounce and briefly reaching almost US$40. The publication noted silver demand climbed from 993 million ounces in 2016 to 1.16 billion ounces in 2024, while supply declined from 1.06 billion ounces to 1.02 billion ounces in the same period.

Michael Ballanger of GGM Advisory Inc. also commented on August 11, writing that he continued to hold Silver North shares. "I am placing my faith and trust in the shares and continue to hold Silver North," 

This contributed to what it described as the fifth consecutive year of a structural deficit. The report added that about 70 to 80% of silver output came as a byproduct of mining for other metals, limiting the ability of supply to adjust to price changes.

The Globe and Mail also highlighted that silver's primary uses included industrial applications at 42%, photovoltaics at 18%, and jewelry at 18% of demand.

KatUSA Research also wrote on August 11 that silver's role had shifted from traditional uses such as photography and silverware to emerging industrial sectors. The report emphasized that "silver is . . .  the best electricity conductor in the world, so it's going to play a very important role [in solar] going forward," quoting Francisco Blanch, Commodities Director at Bank of America. KatUSA noted that silver usage for solar rose from 75 million ounces in 2019 to 198 million ounces in 2024, equating to 20% of global demand.

It also explained that new solar technologies such as TOPCon cells required more silver, while applications in electric vehicles, solid-state batteries, artificial intelligence data centers, and grid infrastructure were driving further demand. KatUSA summarized that "the global industrial silver demand is soaking up nearly all of the silver on the planet," characterizing silver as both a precious and highly industrial metal.

Ahead of the Herd reported on August 13, that silver, like gold, functioned as a precious metal offering investors protection during times of economic and political uncertainty, but much of its value stemmed from industrial demand. The publication noted that approximately 60% of silver was used in applications such as solar power, the automotive industry, and electronics. It cited the Silver Institute's forecast of a 150-million-ounce market shortfall in 2025, marking the fifth straight year of demand exceeding supply. "Which is why the global industrial silver demand is soaking up nearly all of the silver on the planet," John Rubino was quoted as saying. Ahead of the Herd further reported that silver had appreciated by 30% year-to-date as of August, reaching US$37.60 per ounce, and that silver ETFs saw US$1.6 billion in net inflows in June 2025 alone.

Analysts Highlight Silver North in Recent Commentary

On July 16, Bob Moriarty of 321Gold.com described Silver North as a "remarkable story," emphasizing results from its Haldane project. He noted that "since 2020, Silver North has been reporting stellar results . . .  Last year, the company discovered a new zone at the Haldane property, termed the Main Fault."

During a discussion on July 25, Rick Mills of Ahead of the Herd said that silver appeared ready for an increase in value and that Silver North offered "an excellent silver investment opportunity in Canada's most productive silver region, Keno Hill." He added that he had known the company's management for 15 years and stated, "They control excellent land positions within the Keno Hill district, conducting substantial drilling — they understand their assets and potential." Moriarty, in the same exchange, commented that Silver North possessed the key factors "for actually receiving awards when purchasing stocks," underscoring the importance of acquiring undervalued assets and backing companies actively advancing their projects.

On July 31, Mills revisited the topic in a conversation with Moriarty, explaining that he and his colleagues had begun purchasing junior mining shares at a perceived low point earlier in the year. "It appears we've performed quite well," Mills remarked, pointing to gains in companies that had since commenced drilling. He included Silver North among the group of companies that had "successfully raised funds, identified targets and will soon begin drilling." Mills further characterized Silver North as representing "a pure silver opportunity where the team has already made several discoveries, documented substantial silver ounces and I believe is progressing toward defining another Keno silver deposit."

Michael Ballanger of GGM Advisory Inc. also commented on August 11, writing that he continued to hold Silver North shares. "I am placing my faith and trust in the shares and continue to hold Silver North," he stated, while also noting his position in Carlton Precious Inc (CPI:TSXV; NBRFF:OTCMKTS).

Exploration Catalysts and Regional Context

As noted in its investor presentation, Silver North's 2025 program at Veronica adds to the company's broader GDR project exploration efforts in the Silvertip district. The district is notable for its high-grade silver-lead-zinc mineralization, including the nearby Silvertip mine, which provides a clear geological model for exploration. With Veronica located adjacent to Coeur Mining's Tim property, the project sits within an area of ongoing interest from multiple operators.

The support of the Yukon Mineral Exploration Program provided additional momentum, as the grant structure allows for the refund of up to US$30,000 in qualifying expenditures. Such government-backed funding helps reduce early-stage costs and signals regional support for mineral development.

The 2025 Veronica program also marked the first trenching and direct sampling of a previously identified soil geochemical anomaly. This anomaly, outlined by earlier work in 2016, remains open to the east and has returned values in silver, lead, and zinc consistent with carbonate replacement deposit style mineralization. The new sampling and mapping work provide a foundation for refining targets for future exploration within the GDR project area. 

Ownership and Share Structure

According to the company's Investor Presentation, ownership of the company breaks down this way: private individuals own 19%, management owns 16%, funds own 12%, and the rest is retail.

The company has a market cap of CA$14.12 million and a 52-week range of CA$0.07–CA$0.38 per share.