COEUR D’ALENE, Idaho, October 3, 2023 (ACCESSWIRE) – Idaho Strategic Resources, Inc. (NYSE: IDR) (“IDR”, “Idaho Strategic” or the “Company”) is pleased to announce the commencement of its drill program and initial high-grade intercepts at the Company’s Golden Chest gold mine. This drill program is designed to target both the H-Vein and the Idaho Vein at-depth below the current underground workings.
The high-grade drill intercepts announced in today’s press release are from the first hole drilled (GC 23-233) and estimated to be approximately 20 meters below the Company’s actively mined stopes on the H-Vein. Assay results from the H-Vein intercepts indicate 2.24 meters (m) at 18.7 grams per tonne (gpt) gold which is inclusive of 1.31 m at 28.0 gpt gold, reported in true thickness.
Assay results for sample intervals of the H-Vein in hole GC 23-233 are shown in the table below and are reported in drilled and calculated true thickness and in grams of gold per tonne (gpt).
Idaho Strategic’s VP of Exploration, Rob Morgan commented, “These are some of the best intercepts we have ever seen in the H-Vein. My first thought after receiving the results from the lab was that our stakeholders would appreciate hearing about these intercepts. Not only are they impressive, but they are also below our current operations, and we look forward to mining these ounces within the next year. In addition to the H-Vein providing the bulk of our current production, the hangingwall geology is being studied for the possibility of other similar veins nearby.”
The H-Vein is located in the hangingwall of the Idaho Fault, which is why it is referred to as the H-Vein. Previous drilling by IDR identified this vein zone when drilling for targets along the Idaho Vein. The H-Vein system consists of both banded quartz vein, and the adjacent silica-flooded zone. The banded vein exhibits abundant visible gold with associated pyrite, galena, chalcopyrite, and sphalerite. Initial production from the H-Vein began in April 2023 and the Company has continued to prioritize production from this area while simultaneously filling-in with production from the Idaho Vein as backfill cycles and mine development allow. Idaho Strategic plans to complete a 12-hole drill program at the Golden Chest mine this fall season. The goal of this drill plan is to add immediate ounces ahead of the Company’s current mine production, where existing infrastructure and support is readily available and/or already in-place.
H-vein core intercepts of gold-bearing quartz vein and breccia
IDR’s Vice President of Exploration, Rob Morgan, PG, PLS 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 Lemhi Pass, Diamond Creek, and Mineral Hill 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. 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. Forward-looking information includes, but are not limited to, the potential for the H-Vein to continue as the Company’s primary source of production, the potential for the H-Vein to be a profitable source of production, and the potential for the remaining holes in the Company’s current drill program to encounter favorable or expected results. 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.