High‑Grade Silver Discovery Confirmed in Yukon's Emerging CRD District

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2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Silver North Resources Ltd.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Silver North Resources Ltd. (SNAG:TSX.V; TARSF: OTCQB) announced a silver discovery at the Betty target within its Veronica Property, part of the company's GDR Project in Yukon Territory. The 2025 field program uncovered high-grade silver mineralization in both float and outcrop, including a float cobble sample returning 2,860 grams per tonne (g/t) silver. This marks the first recorded silver-bearing mineralization found at the Veronica Property, which lies approximately 12 kilometers north of Coeur Mining's Silvertip Mine.

The exploration work included soil geochemical sampling, mapping, prospecting, and hand trenching. Silver North reported that the previously identified multi-element soil anomaly measuring 450 meters by 450 meters at the Betty target has been expanded to 1,000 meters by 1,000 meters. The anomaly remains open to the east and potentially the south. Rock samples returned values ranging from 17.15 g/t to 2,860 g/t silver, with lead levels exceeding 1% in multiple samples.

According to President and CEO Jason Weber, P.Geo., in the news release: "These analytical results, from silver-bearing galena in structurally controlled replacement-style mineralization, are a strong positive indicator that Veronica may be another CRD [Carbonate Replacement Deposit] target in this emerging district."

The Veronica claims are adjacent to the Tim Property, which is under option to Coeur Mining Inc. (CDE:NYSE). The area is considered prospective for CRD-style silver-lead-zinc mineralization similar to that of the nearby Silvertip Mine. Silver North's 2025 program was partially funded through the Government of Yukon's Mineral Exploration Program, which can reimburse qualifying exploration expenditures up to US$30,000.

All samples collected were processed by ALS Minerals, with rock samples analyzed using four-acid digestion and ICP-MS finish. Silver over-limit samples underwent further testing by ore grade methods and fire assay. Soil samples were analyzed for gold and 50 additional elements.

Silver Rally Accelerates Amid Global Supply Strains and Record Prices

Silver prices reached a record high of US$53 per ounce on October 14 as investors and industrial buyers contributed to a surge that outpaced gold's gains for the year.

According to the Financial Times on October 14, the metal's year-to-date rise exceeded 85%, driven by a combination of investor demand and consumption from electronics and solar panel manufacturers. A premium of up to US$2 developed between the London physical market and New York's COMEX futures, due to what Wheaton Precious Metals CEO Randy Smallwood described as a supply shortage. He stated, "There is a serious squeeze on, and you can't buy substantive physical volumes of silver; it's just not available."

Analysts pointed to low inventories in London and strong festival-related demand in India as contributing factors. MKS Pamp analyst Nicky Shiels said the "unprecedented tightness in silver . . . has left the linchpin of the physical market in London broken." The article noted that some traders resorted to transporting silver by air from New York to London, an unusual move typically reserved for gold.

The shortage of deliverable silver in London has raised concerns about market functionality. MarketWatch noted on October 14 that technical factors had "supercharged the silver rally" and suggested the situation could become "even more extreme." Bank of America maintained a bullish outlook, issuing a US$65 per ounce target for 2026. Lead analyst Michael Widmer projected a 30% gain, citing expectations of a physical deficit despite a possible short-term dip in demand.

Further pressure on silver markets emerged later in the month, with Flywheel Publishing reporting on October 28 that the spot price had surged US$2.88 above futures pricing, a rare condition known as backwardation. The outlet stated this was only the third deep backwardation event in the last 50 years. According to the report, this exceeded the US$2.50 spread recorded during the Hunt Brothers' market disruption in 1980 and affected gold markets as well. The publication cited analysts who viewed this development as a sign of potential systemic dislocation in the silver market.

Silver's industrial role was emphasized throughout the discussion. Flywheel Publishing pointed out the metal's widespread use in flat screen televisions, smartphone displays, solar panels, and batteries. The report also noted that daily LBMA paper silver trading volume was roughly equal to annual global silver production. Concerns over price manipulation in paper markets and documented accumulation by sovereign entities were also discussed, including increased buying linked to Diwali demand in India.

Analysts Highlight Silver North's Discovery Success and District Positioning

On August 11, Michael Ballanger of GGM Advisory Inc. offered a positive outlook on Silver North. He acknowledged short-term consolidation in silver prices but stated that "the visionary silver miners are acting as though the physical silver price is an ordained meeting with US$50-plus coming by Labor Day." Ballanger said he planned to continue holding shares, citing confidence in Silver North's exploration potential amid a strong silver market.

In a September 18 report, Richard Mills described Silver North as one of the few remaining pure-play silver exploration stories available to investors. He emphasized the significance of the company's ongoing 2025 drill campaign at its flagship Haldane Project, targeting approximately 2,500 meters across 10 holes. The program is focused on expanding the Main Fault discovery made in 2024, where three stacked silver-bearing veins were identified in a 28.36-meter-wide structural zone. Mills quoted CEO Jason Weber, who explained the goal was "to build upon last year's results and expand beyond the discovery section."

Ballanger responded to the drill campaign news on October 17, stating, "Encouraging news from Silver North. Despite expecting a modest pullback in silver and gold, I like the exploration potential of this company and am going to add to my holdings." He noted that assays from the current program were expected in early November and added that, if the results matched last year's 5.8-meter intercept grading 365 g/t silver, "the stock will rebound sharply."

Mills also highlighted the company's past exploration success, pointing out that Silver North had made three discoveries from only 16 holes—a "phenomenal success rate for an early-stage junior," in his words. He noted that the Main Fault appears to host multiple high-grade veins and breccias, with intersections such as 1.83 meters grading 1,088 g/t silver and 5.8 meters grading 365 g/t silver. Mills compared the mineralization favorably to that of Hecla's nearby Keno Hill mine, where the average grade is approximately 1,100 g/t silver across 30 million ounces.

He further stated, "SNAG thinks drilling this year is going to, at the very least, achieve clear visibility towards attaining a 30-million-oz regular Keno deposit." Mills described the company's proximity to Hecla's mill, approximately two kilometers away, as a potential strategic advantage and suggested that any significant resource estimate could draw outside interest. "If Silver North can show they have 30, 40, 50 million ounces of silver, I'm thinking they will be looked at pretty hard by Hecla Mining Co. (HL:NYSE)," he wrote.

Mills also noted that the company had recently raised CA$2.1 million to support the ongoing exploration program and had a market capitalization of CA$24.2 million as of September 15. He concluded by calling Silver North "cheap, with a great story and money in the bank," and highlighted that the stock was up 375% year to date at the time of his report.

Catalysts Section: Advancing a New CRD Target in Silvertip's Shadow

Silver North's latest discovery at Veronica adds a new dimension to its growing presence in southern Yukon's emerging CRD district. The company now has three recently optioned projects in the area, including Tim and Veronica, and is exploring similar geological formations to those hosting Coeur Mining's expanding Silvertip resource base.

The company's 2026 plans include continued fieldwork at the Veronica Property and follow-up programs to build on the early-stage results. In addition to expanding the Betty anomaly, future work will likely focus on evaluating the structural controls of the mineralization and confirming continuity through further trenching and drilling.

Silver North's broader positioning in Yukon's silver sector provides exposure to multiple high-grade discovery opportunities. With its Haldane Project already yielding vein-hosted silver intercepts and the Tim Project confirming CRD-style mineralization, the company is advancing across multiple fronts in a jurisdiction with favorable infrastructure and proximity to major producers. 

Ownership and Share Structure¹

Ownership is distributed as follows: private individuals own 19%, management owns 16%, funds own 12%, and the rest is retail.

The company has a market cap of CA$22.18 million and a 52-week range of CA$0.07–CA$0.43 per share.