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Rise Gold Corp. (CSE: RISE) (OTCQB: RYES) ("Rise" or the "Company") is pleased to announce it is commencing a tungsten and gold exploration drilling program at the Idaho-Maryland ("I-M") Gold Project located in Nevada County, California. The focus of the drill program will be to test targets in the Union Hill and Brunswick areas of the mine both for tungsten and gold. The Company plans to drill eight core holes totaling approximately 11,400 feet of drilling from two locations. Targets in the Union Hill workings include the Lucky-Cambridge, Greek-Tungsten, Union Hill, Georgia, and Gold Blossom veins. In the Brunswick workings, the targets are the 19, 45, 46, and 47 veins.
The I-M Mine operated nearly continuously from 1862 to 1957, producing an estimated 2.4 million ounces of gold at an average mill head grade of 0.50 ounces per ton (17.1 grams per tonne). By the early 1940s, the I-M Mine was the second-largest gold producer in the United States. Following World War II, the Bretton Woods monetary agreement fixed the gold price at $35/oz while inflation sent production costs higher, making gold mining unprofitable.
In 1954, the operator of the I-M Mine began exploring for tungsten under a program sponsored by the U.S. Department of Defense. Sufficient tungsten was discovered such that the company modified one of its mills to extract tungsten from the calcium tungstate mineral, scheelite, to produce a tungsten trioxide concentrate. By December 1955, all mining and milling of gold was discontinued, and operations focused solely on the production of tungsten. A report that year noted that the tungsten-rich veins continued at depth and recommended "an intensification of tungsten prospecting and research which should greatly prolong the tungsten producing period."1
In 1957, the price of tungsten fell by more than half, Congress discontinued the defense minerals program, the operator of the I-M Mine lacked the capital to continue development of the tungsten resources, and operations at the mine were suspended. The company sold equipment and various non-core surface parcels to pay down debt and to preserve its ownership of the mineral estate. The mineral estate and the core surface properties were held intact by various successive owners and were acquired by Rise in 2017.
The Energy Act of 2020 began a process to define critical minerals important to the United States. The 2023 DOE Critical Metals List includes tungsten, a necessary component in a wide array of defense applications, including but not limited to the production of ammunition, armored equipment, and artillery. The United States has not had a domestic supply of tungsten since 2015. China currently produces 84% of the global tungsten supply and in February 2025 announced restrictions on tungsten exports.
David Watkinson, President and CEO of Rise, stated, "The exploration program's main focus is to test areas of the historic Idaho-Maryland mine where tungsten is known to occur and was produced. While the Idaho-Maryland Mine is one of the richest gold mines historically in the U.S., it may also be important as a potential source of tungsten, a critical metal for the U.S. military."
About Rise Gold Corp.
Rise Gold is an exploration-stage mining company incorporated in Nevada, USA. The Company's principal asset is the historic past-producing Idaho-Maryland Gold Mine located in Nevada County, California, USA.
For further information, please contact:
Rise Gold Corp.
345 Crown Point Circle, Suite 600
Grass Valley, CA 95945
T: 917.349.0060
jmullin@risegoldcorp.com
www.risegoldcorp.com
The CSE has not reviewed, approved or disapproved the contents of this news release.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur.
Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks, uncertainties and assumptions related to certain factors including, without limitation, obtaining all necessary approvals, meeting expenditure and financing requirements, compliance with environmental regulations, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. Rise undertakes no obligation to update forward-looking statements or information except as required by law.
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