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The Niagara project hosts a historic resource estimate reported to include approximately 150 million pounds (lbs) of copper and 8 million ounces (oz) of silver
Idaho Strategic Resources, Inc. (NYSE American: IDR) ("IDR", "Idaho Strategic" or the "Company") is pleased to announce that it has executed a long-term lease agreement for the Niagara copper-silver (Cu-Ag) project located in Shoshone County, Idaho, within the Company's district-scale Murray Gold Belt (MGB) landholdings.
The Niagara Project is a Revett-type sediment hosted Cu-Ag deposit with a historic resource estimate from 2008 reported to include over 150 million pounds of copper and 8 million ounces of silver within the upper Revett Formation.
| Historic Resource - 2008 | |||||
| Classification | Tonnes | Copper Grade | Contained Copper (lbs) | Silver Grade (gpt) | Contained Silver (oz) |
| Inferred | 17,759,604 | 0.39% | 154,127,000 | 15.53 | 8,871,121 |
Prior exploration on the property, including limited exploration by New Jersey Mining Company (now Idaho Strategic Resources) in 2008, identified copper-silver mineralization in the upper Revett Formation. Revett-type ores are laterally extensive, stratabound deposits occurring in the upper and lower-middle Revett Formations. As identified by the USGS, the Niagara deposit is similar to Hecla's Rock Creek and Libby Exploration projects, located in northwestern Montana. To date, no drilling has targeted the lower-middle Revett Formation of the Niagara deposit, or along strike within the upper Revett. IDR has planned a 2026 drill campaign to upgrade the historic resource confidence and test mineral continuity along strike and down dip of known mineralization, and the deeper host stratigraphy in the untested lower-middle Revett Formation. The Company believes it has excellent exploration potential for resource growth.
"The Niagara deposit is a natural fit for our Company in many ways. In addition to broadening IDR's commodity asset base as our country enters a strong secular commodity market, it also serves as a prime example of the potential of the overall MGB District," commented John Swallow, President and CEO of Idaho Strategic. "Together, with our recent purchase of the Toboggan project from Hecla Mining and our nearby operating Golden Chest Mine, we are beginning to show the diverse commodity opportunity set in front of us here in the greater Coeur d'Alene Mining District."
The Niagara deposit is situated on nine unpatented mineral claims located approximately 7 kilometers (4.4 miles) from IDR's producing Golden Chest Mine. It is surrounded by Idaho Strategic's broader Murray Gold Belt land package, and its relative proximity to the Company's existing infrastructure and workforce is a major advantage to ensuring that this project is systematically advanced by a motivated local operator.
The terms of the lease begin with a modest $18,000 annual payment that increases at a rate of 3% per year for an initial term of 10 years. Idaho Strategic has the ability to extend the lease for an additional 10 years with follow-on extensions available after that. The Company also agreed to grant the lessor a 2% net smelter royalty (NSR) on all minerals produced from the nine claims under lease with the right to buyback 1% of the NSR for $1,000,000 at any time during the lease term. Idaho Strategic currently holds all adjacent unpatented mineral claims.
The resource estimate reported for the Niagara deposit is considered historic. Although the Company believes it to be an accurate indication of the mineralization in the upper Revett Formation, a qualified person from Idaho Strategic has not done sufficient work to classify this as a current estimate of mineral resources under S-K 1300 guidelines. Idaho Strategic is not treating the estimate as current and is not relying on it for economic or development decisions. Results from Idaho Strategic's planned drilling may be combined with past exploration results to provide an updated mineral resource estimate in the future.
About Idaho Strategic Resources, Inc.
Idaho Strategic Resources (IDR) is an Idaho-based gold producer which also controls the largest rare earth elements land package in the United States. The Company's production-backed business plan was established in anticipation of today's volatile geopolitical and macroeconomic environment. In addition to gold and gold production, the Company has built a substantial land position in Idaho, providing significant exploration exposure to gold and rare earth elements - in addition to thorium, copper, and silver. IDR finds itself in a unique position as the only publicly traded company with growing gold production and significant blue-sky potential for discovery and development in one Company.
For more information on Idaho Strategic Resources, please visit www.idahostrategic.com or call:
Travis Swallow, Investor Relations & Corporate Development
Email: tswallow@idahostrategic.com
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' potential to advance the Niagara project through drilling or additional fieldwork in 2026; the Company's potential to receive its permits to conduct the desired exploration work contemplated in this press release in a timely manner; the potential for the Company to update the historic resource estimate at the Niagara project in the future; the potential for an economic deposit to be developed at the Niagara project; the potential for the Murray Gold Belt to host a diverse set of commodities that present a good opportunity for IDR; and the potential for the current strong commodity market to continue into the future. Additionally, the historic resource estimate reported for the Niagara project has not been reviewed by a Qualified Person from Idaho Strategic. It is not considered current under S-K 1300 standards and Idaho Strategic is not treating as such, or relying on it for any economic or development decisions. 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. Investors should note that IDR's claim as the largest rare earth elements landholder in the U.S. is based on the Company's internal review of publicly available information regarding the rare earth landholdings of select companies within the U.S., which IDR is aware of. Investors are encouraged not to rely on IDR's claim as the largest rare earth elements landholder in the U.S. while making investment decisions. 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; 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, and 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260312437268/en/
Travis Swallow, Investor Relations & Corporate Development
Email: tswallow@idahostrategic.com
Phone: (208) 625-9001
