Silver North Resources - Unlocking High-Grade Silver Potential in Yukon's Prolific Keno Hill District

• Silver North Resources (formerly Alianza Minerals) is a silver exploration company with two projects in the Yukon Territory of Canada.
• The company rebranded to focus solely on silver due to strong fundamentals for the metal driven by growing industrial demand and geopolitical factors.
• Its flagship Haldane project is in the historic Keno Hill silver district, which has seen renewed interest and investment from major producer Hecla Mining.
• Haldane is underexplored but has the same favorable geology as Keno Hill. Silver North has made new high-grade discoveries there with limited drilling so far.
• Silver North isready for 2024 exploration work and is seeking to raise $2 million for 2000-m drilling at Haldane. It is carried at its earlier-stage Tim project by partner Coeur Mining.

Silver exploration company Silver North Resources (formerly Alianza Minerals) presents a compelling opportunity for investors to gain exposure to one of the most prospective silver districts in Canada. With two projects in the Yukon, including a flagship in the historic Keno Hill camp, Silver North offers strong discovery potential against an increasingly bullish backdrop for the silver market.

The Silver North Story

Silver North Resources is a Canada-based junior explorer focused on advancing high-grade silver projects in the Yukon Territory. The company recently rebranded from Alianza Minerals to better reflect its core silver focus.

As CEO Jason Weber explained, the name change aligns the company with the promising fundamentals now emerging for silver. Not only is silver benefiting from safe haven demand amid geopolitical tensions, but industrial demand is expected to surge in the coming years driven by the green energy transition. Silver is a critical component in solar panels, electric vehicles and many other green technologies.

This pivot to a pure silver story also capitalizes on growing investor interest in the Yukon's Keno Hill district. The historic silver camp has produced over 200 million ounces since 1913 from exceptionally high-grade vein deposits. While the district's main mine struggled in recent years under former owner Alexco Resources, major U.S.-based producer Hecla Mining acquired Alexco in 2022 and is now investing heavily to expand production and exploration at Keno Hill.

Interview with VP Exploration Rob Duncan and President & CEO Jason Weber

Flagship Potential at Haldane

Silver North's flagship asset is the Haldane project, covering 30% of the prospective geology in the Keno Hill district just west of Hecla's operations. Haldane saw small-scale silver mining in the 1920s but has been very underexplored in the modern era. As VP Exploration Rob Duncan noted:

"In terms of geology, we have the exact same geological environment [as Keno Hill]...the same structural regime, the same mineral assemblages, everything. It's a dead ringer, but it's vastly underexplored. Even today, with all of our work on it, there's only a total of 27 drill holes that's ever been completed on the project."

Despite the lack of drilling, those 27 holes have produced several high-grade silver discoveries in an area of the district that was previously written off. Drilling in 2020 intersected averaging 311 g/t silver over 8.72 metres in the newly identified vein called the West Fault. Prior to Silver North's involvement in the project, a chip sample from surface at the Main Zone returned an encouraging 7.6 m of 151 g/t silver.

These early hits confirm the presence of Keno Hill style mineralization at Haldane and suggest strong potential to delineate a significant high-grade resource. Importantly, recent exploration success by Hecla shows these vein systems extend to depth and laterally in the district. Hecla grew Keno Hill's silver reserves by 22% in 2022 and highlighted the potential for further gains with systematic exploration.

A Path to Discovery

Silver North is now looking to raise C$2 million to fund a 2,000m drill program at Haldane this summer. The funds would allow for 6 holes to follow up on the West Fault and Main Zone discoveries.

The company has a second project called Tim that is being advanced by partner Coeur Mining, which is funding a $2 million program this year. That news flow, along with a strengthening silver price, is expected to support Silver North's valuation in the lead-up to its own drilling.

While Silver North is affected by the challenging equity markets facing all junior explorers, it has several factors in its favor:

• A tight share structure with a supportive shareholder base that includes institutions and high net worth investors.
• Existing funding to complete low-cost pre-drill work like geochemistry and geophysics to refine targets at Haldane
• Road access allowing for flexibility to extend its drill season into the winter if needed.

Conclusion

Silver North Resources offers investors a compelling opportunity to gain leveraged exposure to the silver market through a high-grade discovery play in the Yukon's Keno Hill district. With an aggressive exploration program planned for 2024, the company is well placed to benefit from strengthening silver prices driven by growing industrial demand. If the drills can deliver at Haldane, Silver North may be positioned for a significant rerating.

The Investment Thesis for Silver North Resources

• Silver North offers exposure to a highly prospective silver exploration play in a historic district now seeing major investments from producer Hecla Mining.
• The company's Haldane project is significantly underexplored but has already demonstrated high-grade potential akin to the veins being mined at Keno Hill.
• Despite a low valuation, Silver North has discoveries, funding for pre-drill work, and experienced management.
• Investors can anticipate steady news flow in 2024 from partner-funded drilling at the Tim project and Silver North's own drilling at Haldane in the fall, supported by a rising silver price.
• Investors should monitor Silver North's progress in raising funds for its $2 million drill program, which will be a key catalyst to unlock the value of Haldane.

Macro Thematic Analysis

The growing role of silver in the green economy was a key theme in the Silver North interview. As CEO Jason Weber highlighted, silver demand has been rising strongly in recent years driven largely by the solar power sector. Silver is a critical component in photovoltaic cells, and that market is expected to expand significantly in the coming years as countries invest heavily in renewable energy to combat climate change.

At the same time, silver's traditional monetary role is underpinning prices as investors seek safe havens amid high inflation and geopolitical tensions. This is creating something of a perfect storm for the silver market, where industrial users must compete with financial buyers for limited supply. As Weber summarized it:

"We got really excited when you look at the green energy transition. Anything high-tech, the internet of things, silver is a critical component of almost everything we use today. That demand profile has been rising steadily since 2020. If you layer on the geopolitical issues driving the silver price, we felt there were two mega trends coming together that could be really positive for silver."

This macro backdrop, combined with the company-specific catalysts discussed above, suggests the pieces may be falling into place for a significant rerating of Silver North shares. If the company can successfully close its current financing and make new discoveries at Haldane, it will be well positioned to benefit from the positive underlying fundamentals now building in the silver market.