Published: March 9, 2022 |

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Idaho Strategic Resources (IDR) latest high-grade intercepts from the Klondike surface drill program solidified the decision to expand underground development into the Klondike Shoot of the Golden Chest Mine. Concurrent with the decision to expand into the Klondike. Idaho Strategic has also closed oversubscribed private placement to aid in pulling forward the Klondike development schedule and to advance the company’s Diamond Creek Rare Earth Element project.

Idaho Strategic has already budgeted and set aside roughly $1,000,000 for its 2022 Diamond Creek Rare Earth Element drill program, which is expected to begin mid-summer. A portion of the funds from this private placement will be used to enhance the original Diamond Creek drill program. The company also plans to follow up and verify historic sampling and geologic work reported by the Department of Energy (DOE), Unites States Geologic Survey (USGS), and previous owners of the property. Idaho Strategic spent the last year developing the 2022 Diamond Creek drill program based on geologic mapping, sampling, and data obtained from numerous historic sources including handwritten journals and conversations with geologists familiar with the property.

Funds from the private placement will also be used to expand the underground workings at the company’s Golden Chest Mine.

“We are excited about the recent discovery of the Klondike Zone revealed by our Klondike core drilling program because it is close to our existing underground workings and the presence of higher-grade veins within the wider mineralized zone,” said Grant Brackebusch, IDR’s vice president of Operations.

“For example, a vein intercept in GC 21-207 that assayed 11.8 g/t gold over 1.9 meters is approximately 60 meters from the face of an existing crosscut on the 941 Level. We are making plans to drive a drift from the 941 Level to intercept this vein and to define its dimensions as a future production area,” added Brackebusch.

“It is an exciting time for our folks when their hard work pays off and the plan comes together. This is the next step in adding successive production from the Skookum, Klondike, and Paymaster Shoots. While we have 6+ months of development ahead of us, making this production expansion decision moves us 2/3rds of the way toward our goal of 20,000 ounces of annual gold production from the Golden Chest,” said IDR’s CEO John Swallow.

“As seasoned operators we understand there are no guarantees in mining, however the drill results are very impressive, the confidence of our team is palpable, and motivation across the company is high. Once again it is evident that our measured and targeted approach to gold production continues to pay off for our stakeholders,” added Swallow.

“Many of these thick intercepts of gold mineralization in the Klondike display intense alterations indicative of large-scale deep plumbing, which we believe may lead to new areas of additional gold mineralization. The choice of the Klondike over the Paymaster came down to economics and proximity. We are also looking forward to advancing the Paymaster as those future plans come together,” said IDR’s Vice President of Exploration, Rob Morgan.

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 possessing the combination of officially recognized U.S. domestic rare earth element properties in Idaho and Idaho-based gold production located in an established mining community. The company 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. In addition to gold and gold production, the company maintains an important strategic presence in the U.S. Critical Minerals sector. 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. Both projects are located in central Idaho and participating in the USGS Earth MRI program.

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