Alianza Minerals has signed an option agreement with a wholly owned subsidiary of Coeur Mining relating to a letter of intent to explore the road-accessible Tim property in southern Yukon Territory, Canada. Exploration at Tim is targeting high-grade silver-lead mineralization similar to the mineralization at Coeur’s Silvertip operation 12 kilometers (km) to the south.
Coeur can earn an 80% interest in the property by funding $3.55 million in exploration over five years and making scheduled cash payments to Alianza totaling $575,000 over eight years. Coeur must also fund a feasibility study and notify Alianza of its intention to develop a commercial mine on the property on or before the eighth anniversary of the date of notification of the Class 1 exploration permit.
The 2020 exploration program will target high-grade silver-lead-zinc carbonate replacement mineralization similar to that found at Silvertip. Coeur’s tentative exploration plans for the year consist of detailed mapping, soil geochemical surveys, and reopening old trenches, which date back to 1988.
“We are very pleased to have partnered with Coeur to advance the Tim silver property,” Alianza President and CEO Jason Weber said. “Tim looks to be a Silvertip analog, and the Coeur team is an obvious choice to move the project forward. It will be a great advantage to have Coeur’s geological expertise applied to the project.”