In the past, I had informed my readers about the forthcoming trajectory of Silver North Resources Ltd. (SNAG:TSX.V; TARSF:OTCQB) three and a half months prior, when equity valuations stood at a modest CA$0.195 per share, ahead of a precious metals rally that propelled the stock upward by approximately 100% within the following eight weeks. Though I remain cautious about a potential pullback in commodity valuations, silver’s persistence in the US$50 neighborhood positions premium-quality silver enterprises as possible undervalued opportunities.
On November 17, SNAG disclosed preliminary results of the first three holes from the opening segment of its 2025 exploration campaign. The complete Haldane initiative encompassed eight boreholes representing 1,760 total meters of drilling activity. Additional results from the remaining five boreholes will emerge in the coming days.
The drilling revealed impressive data demonstrating 13.15 meters grading at 818 g/t Ag, accompanied by an unexpected 1.39 g/t gold, 2.54% lead, and 0.98% zinc. I find gram-meters to be a helpful metric for expressing precious metal content, enabling stakeholders to grasp the intrinsic mineral wealth contained within the mineralized zone.
This particular borehole, HLD25-31, generated 150.34-gram meters when calculated using gold-equivalent parameters. Nevertheless, silver dominates the metal assemblage, representing approximately 80% of the aggregate metallic worth. However, measured purely through the lens of Au gram-meter calculations, any result exceeding 100 g/m constitutes an exceptional achievement. Focusing solely on the intrinsic commodity valuation of that specific interval, the mineralization would equate to approximately US$1,051 per ton of material. Obviously, practical extraction rates would produce diminished recovery percentages.
We inhabit a precarious economic landscape. The yen-funded arbitrage mechanism is deteriorating as borrowing costs surge upward. The American government confronts the substantial obstacle of restructuring US$7 trillion in outstanding obligations within a compressed timeframe. Digital currency and its countless derivative variations are experiencing sharp declines. Nations worldwide are actively reducing their exposure to American currency, consequently establishing momentum for elevated commodity appreciation.
I anticipate a significant contraction ahead. Market turbulence surfaced in late October as the overnight lending infrastructure experienced disruption. This mirrors the volatility that emerged in late summer of 2019, preceding the substantial equities downturn in early spring of 2020, when silver plummeted beneath US$12 per ounce.
Emerging-stage exploration firms, particularly those emphasizing silver as their primary focus, possess substantial upside trajectory potential. At prevailing market pricing, Silver North’s aggregate valuation hovers near CA$20 million in Canadian funds. The enterprise successfully raised CA$2.5 million in capital through a restricted offering in July, positioning the organization with robust monetary resources. Anticipate publication of the closing sequence of five exploration results within the immediate future.
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