Star Metro - Idaho Strategic Acquires the Toboggan Project from Hecla Silver Valley, Inc. - Uniting the Two Major Components of the Murray Gold Belt District for the First Time

The Toboggan project is located in the Murray Gold Belt in northern Idaho, approximately three miles north of IDR's Golden Chest Mine. The land package comprises 143.5 acres of patented mining claims known as the Little Baldy prospect, and numerous adjacent unpatented mineral claims containing other prospects such as Gold Butte, Mineral Ridge, Golden Reward, Progress, Lost Eagle, and Independence.

Past exploration focused on gold, silver, and tellurium by companies such as Newmont, Hecla, and New Jersey Mining (now IDR). For example, prior soil sampling by Newmont at the prospect known as Mineral Ridge identified an anomaly 2,000 meters in length by 650 meters in width that was not drill tested by Newmont due to expiration of the joint venture contract and stalled permitting in 2009. Another soil anomaly at the Golden Reward prospect is 2,000 meters long and 900 meters wide and was marginally drill-tested by Newmont from only a single location, also due to permitting constraints. The Company believes this large area remains target rich with various prospects left unevaluated or under-evaluated. Besides the gold, silver, and tellurium anomalies, other elements known to occur on the Toboggan Project include molybdenum, tungsten, bismuth, beryllium, antimony, scandium, and vanadium.

Rob Morgan, Idaho Strategic's VP Exploration commented, "I am very familiar with the Toboggan project, first with Newmont and now with IDR. Finding and developing orogenic high-grade narrow gold veins is IDR's specialty and with more resources at our disposal than at any other time in our Company's history, I am excited to unite the two major portions of the Murray Gold Belt in one company for the first time ever. Our team will be evaluating any new data and formulating further exploration targets within the Toboggan project. The land package and geology are familiar to us, with similar host rocks and faulting. Given our operating mine and on-site geology staff championing the project, IDR is best suited to adequately and thoroughly evaluate the potential of this impressive land package."

Idaho Strategic's President and CEO, John Swallow added, "The Toboggan project was one of the reasons I was originally drawn to the company over a decade ago, so it is good to once again have this horse back in the stable. Additionally, our first introduction to Rob Morgan, who is now IDR's VP Exploration, came during his time on the ground at the Toboggan while advancing the project for Newmont.

We have always thought the Toboggan project held many quality prospects and we are a much different company today than in the early 2000s. Regardless of whether a company is large or small, projects need an internal champion to get advanced. And as an earlier stage project, the Toboggan has a track record of attracting the attention of well-established mining companies and for whatever reason (gold prices, mgt. changes, etc.) it was advanced only briefly by each. We are excited to add the Toboggan back into our holdings and believe the timing is right for IDR to take on this project."

The terms of the acquisition include $300,000 paid in cash to Hecla, as well as a 1% net smelter royalty retained by it on portions of the project not previously owned by IDR.

About Idaho Strategic Resources, Inc.

Idaho Strategic Resources (IDR) is an Idaho-based gold producer which also owns the largest rare earth elements land package in the United States. The Company's business plan was established in anticipation of today's volatile geopolitical and macroeconomic environment. IDR finds itself in a unique position as the only publicly traded company with growing gold production and significant blue-sky potential for rare earth elements exploration and development in one Company.

For more information on Idaho Strategic Resources, visit https://idahostrategic.com/presentation/, go to www.idahostrategic.com or call:

Travis Swallow, Investor Relations & Corporate Development
Email: [email protected]
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 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. Forward-looking information includes the potential for a mine to be discovered and/or constructed on the newly acquired Toboggan project, the potential for the data transfer from Hecla to result in positive findings, the potential for either of the mentioned soil anomalies to result in a discovery, IDR's comment as being the best company to advance and explore the Toboggan project, and the comment regarding the Toboggan project's track record of attracting the attention of well-established mining companies. IDR plans to systematically evaluate the unpatented claims included as a part of this transaction and may choose not to renew claims in areas that the Company does not believe warrant mineral exploration. 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, 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.

SOURCE: Idaho Strategic Resources, Inc.

View the original press release on ACCESS Newswire

J.Campbell--SMC