COEUR D’ALENE, Idaho, May 18, 2023 (ACCESSWIRE) – Idaho Strategic Resources (NYSE American: IDR) (“IDR” or the “Company”) is pleased to announce the recent completion of surface mining of the high-grade Jumbo Vein and plans for exploration of the Jumbo Vein by drifting along the vein from the pit bottom. Surface mining of the Jumbo Vein resulted in 4,000 tonnes of ore at a grade of 17.3 grams per tonne (gpt) gold.
IDR Vice President Grant Brackebusch commented, “Following completion of surface mining, we plan to advance an underground drift to the south along the vein towards a high-grade drill intercept from 2011 (GC 11-41T: 0.9 meters (m) true thickness at 137 gpt gold) which is at about the same elevation as the bottom bench – 1069 m (see Figure 1). As previously mentioned, it is worth noting that the sample from the Jumbo Vein where it enters the pit wall was 0.6 meters (m) wide (true thickness) and assayed 152 gpt gold.”
Figure 1 – Generalized Geologic Map of Jumbo Pit (view to southeast)
The Jumbo Vein consists of a banded quartz vein that typically occurs 10 to 20 m in the hangingwall of the Idaho Fault. It is known to occur in the central part of the Golden Chest mine property and had minor production in the late 1890’s to early 1900’s.
The recent surface mining consisted of a small pit on a near-surface section of the vein, following it down from the 1115 m elevation to the 1069 m elevation. On each mined bench, the Jumbo Vein was typically exposed for 22-26 m along strike with a width of 0.3 to 1.0 m. The average vein strike was N18oE and average dip was 53o NW. The vein was well-oxidized with abundant iron-oxides and minor amounts of pyrite, arsenopyrite, and chalcopyrite. Visible gold was often seen in hand samples.
As the Jumbo Pit was mined, blast hole drill cuttings were sampled and assayed to direct ore control. An average weighted grade for the ore polygons, based on the blast hole samples, was 13 gpt gold. However, more selective mining occurred along the vein in practice and composite samples of mined truckloads showed a higher weighted average of 17.3 gpt gold.
Three vein chip samples were taken across the vein exposed in the southeast pit wall as mining progressed down in the Jumbo Pit and the results are displayed below (lengths of sample are in true thickness).
Exploration drilling was completed in the vicinity of the Jumbo Pit during 2011 and indicates continuity of the Jumbo vein along strike and vertically below the existing pit bottom. A selection of those drill intercepts through the Jumbo Vein is presented in the following table (lengths reported are drilled thickness).
Mr. Brackebusch concluded, “The horizontal distance between the portal site and the GC 11-41T drill intercept is approximately 90 m and the purpose of the drifting will be to establish the continuity of the vein and gold grade between these two points. We will sample each round (about 50 tonnes) during the mining cycle which will be stockpiled on the surface near the portal pending assay results. Rounds above cutoff will be routed to the mill for processing which should help offset the cost of the drifting allowing for a low-cost method of exploration of this very high-grade vein. If this drifting is successful, the next step would be to portal in at a lower elevation and drift on the vein to establish the vertical continuity of the Jumbo Vein. The drifting project is anticipated to start in the second quarter of 2023.”
IDR’s Vice President , Grant A. Brackebusch, P.E. is a qualified person as such term is defined under S-K 1300 and has reviewed and approved the technical information and data included in this press release. All reported assays are 30-gram fire assays with a gravimetric finish completed by American Analytical, Inc. of Osburn, Idaho. A Quality Assurance/Quality Control (QA/AC) program includes a series of blank, standard, and duplicate sample assays for verification and quality control.
About Idaho Strategic Resources, Inc.
Domiciled in Idaho and headquartered in the Panhandle of northern Idaho, Idaho Strategic Resources (IDR) is one of the few resource-based companies (public or private) possessing the combination of officially recognized U.S. domestic rare earth elements properties (in Idaho), the largest known concentration of thorium resources in the U.S., and Idaho-based gold production located in an established mining community.
Idaho Strategic Resources produces gold at the Golden Chest Mine located in the Murray Gold Belt (MGB) area of the world-class Coeur d’Alene Mining District, north of the prolific Silver Valley. With over 7,300 acres of patented and unpatented land, the Company has the largest private land position in the area following its consolidation of the Murray Gold Belt for the first time in over 100-years.
In addition to gold and gold production, the Company maintains an important strategic presence in the U.S. Critical Minerals sector, specifically focused on the more “at-risk” Rare Earth Elements (REEs) with an overall land position of approximately 18,030 acres in Idaho’s REE-Th Belt. The Company’s Diamond Creek, Roberts, and Lemhi Pass REE properties are included the U.S. national REE inventory as listed in USGS, IGS and DOE publications. IDR’s Lemhi Pass REE-Thorium Project is also recognized by the USGS and IGS as containing the largest concentration of thorium resources in the country. All three projects are located in central Idaho and participating in the USGS Earth MRI program.
With an impressive mix of experience and dedication, the folks at IDR maintain a long-standing “We Live Here” approach to corporate culture, land management, and historic preservation. Furthermore, it is our belief that successful operations begin with the heightened responsibility that only local oversight and a community mindset can provide. Its “everyone goes home at night” policy would not be possible without the multi-generational base of local exploration, drilling, mining, milling, and business professionals that reside in and near the communities of the Silver Valley and North Idaho.
Travis Swallow, Investor Relations & Corporate Development
Phone: (208) 625-9001
Forward Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Often, but not always, forward-looking information can be identified by forward-looking words such as “intends”, “potential”, “believe”, “plans”, “expects”, “may”, “goal’, “assume”, “estimate”, “anticipate”, and “will” or similar words suggesting future outcomes, or other expectations, beliefs, assumptions, intentions, or statements about future events or performance. Forward-looking information includes, but are not limited to, Idaho Strategic Resources targeted production rates and results, the expected market prices of gold, individual rare earth elements, and/or thorium, as well as the related costs, expenses and capital expenditures, the potential advancement of the Company’s projects, the potential development of the Jumbo Vein, the economics of the Jumbo Vein, and the potential for the Jumbo Vein to be a reliable source of gold production in the future. Forward-looking information is based on the opinions and estimates of Idaho Strategic Resources as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of IDR to be materially different from those expressed or implied by such forward-looking information. The forward-looking statement information above, and those following are applicable to both this press release, as well as the links contained within this press release. With respect to the business of Idaho Strategic Resources, these risks and uncertainties include risks relating to widespread epidemics or pandemic outbreaks, if they occur, including our ability to access goods and supplies, the ability to transport our products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of the Company relating to the unknown duration and impact of the COVID-19 pandemic; interpretations or reinterpretations of geologic information; the accuracy of historic estimates; unfavorable exploration results; inability to obtain permits required for future exploration, development or production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms; the ability to operate the Company’s projects; and risks associated with the mining industry such as economic factors (including future commodity prices, and energy prices), ground conditions, failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Additional information regarding the factors that may cause actual results to differ materially from this forward‐looking information is available in Idaho Strategic Resources filings with the SEC on EDGAR. IDR does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.