COEUR D’ALENE, Idaho, June 9, 2022 (ACCESSWIRE) – Idaho Strategic Resources, Inc. (NYSE American: IDR) (“IDR”, “Idaho Strategic” or the “Company”) is pleased to announce that it has received final approval for its Diamond Creek Rare Earth Element (REE) drill program scheduled to begin later this month.
The Company’s Diamond Creek Rare Earth Element property was initially discovered in the 1950’s by the U.S. Government during extensive country-wide exploration efforts aimed at locating nuclear power related raw materials. This campaign resulted in the discovery of Thorium in areas of Lemhi County including substantial Rare Earth Element occurrences throughout Diamond Creek, Roberts, and Lemhi Pass.
Idaho Strategics’ 8–10-hole drill program is building on the base of knowledge and past surface exploration; including mapping, sampling, and handwritten notes, conducted by the United States Geological Survey (USGS), the Idaho Geological Survey (IGS), and the Department of Energy (DOE). The combination of having an extensive amount of successful prior surface exploration at Diamond Creek, coupled with the opportunity to advance the property through core drilling, is an exciting setup for Idaho Strategic. The samples from this drill program are to be used as part of IDR’s participation in the Idaho Dept. of Commerce’ IGEM program – a partnership between IDR, the U. of Idaho, Idaho National Labs, the Idaho Geological Survey, and the Center for Advanced Energy Studies. The IGEM program is focused on developing technologies for the environmentally responsible separation of Rare Earth Elements.
IDR’s VP of Exploration Rob Morgan commented, “The strategic mix of operating in the business-friendly and mineral endowed state of Idaho, and our “We Live Here” community-based approach to business, has once again been a huge advantage to the Company. The permitting process for our drill program was straightforward and we look forward to working with the agencies as future phases of the project come together. Becky and I are excited to begin working at Diamond Creek this summer to gain a better understanding of the geology and its extensive Rare Earth Element mineralization.”
In addition to Idaho Strategic receiving final approval for its drill program, it has also purchased a company office building in Salmon, Idaho. IDR prides itself on taking a community-based approach to mining and this is one of the first ways to differentiate the Company from some of the more ‘temporary’ groups within the industry.
Idaho Strategics’ President and CEO, John Swallow concluded, “The folks in Salmon, Idaho, the Silver Valley and other Idaho communities share many of the same down to earth traits and experiences. Many of us have grown up in mining, timber-related, and tourism-based communities and have lived through the ups and downs that occur when the mining and timber industries enter a downturn. We are planning for long-term success at Diamond Creek, Roberts, and Lemhi Pass and purchasing a building as opposed to renting made the most sense.”
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 element 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 7,000 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 (REE’s) and Thorium. The Company’s Diamond Creek and Roberts REE properties are included the U.S. national REE inventory as listed in USGS, IGS and DOE publications. IDR’s Lemhi Pass Thorium-REE Project is 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
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 is not limited to, Idaho Strategic Resources targeted production rates and results, the expected prices of gold, rare earth elements, and/or thorium, as well as the related costs, expenses and capital expenditures, and the potential advancement of rare earth element, thorium, or other critical mineral resources. 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; 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.