COEUR D'ALENE, ID / ACCESSWIRE / December 13, 2023 / Idaho Strategic Resources (NYSE American:IDR) ("IDR" or the "Company") is pleased to announce the results of its 2023 Mineral Hill exploration program, which included mapping, sampling and evaluation for development. These efforts resulted in the discovery of a new pink carbonatite, which yielded 34.1% total rare earth oxides (TREO). Bulk sampling along both the known and newly discovered carbonatite trends may contain some of the highest grade REE values ever identified in the Mineral Hill District.
The Upper Roberts' carbonatite trend is made up of multiple-colored, multi-grade carbonatites. Mapping this summer indicated a new parallel exposure of pink carbonatite, immediately adjacent to the main pale-yellow carbonatite discovered last year. This pink unit was continuously traceable along trend of the pale-yellow carbonatite for approximately 200 feet (60 m) with up to 24-inch (60 cm) thicknesses. One sample (#98377) from this newly discovered carbonatite went as high as 34.1% TREO which includes >4% Neodymium (Nd)-Praseodymium (Pr) (see table below). The pale-yellow carbonatite, previously reported on July 13, 2023, contains abundant sand-sized monazite crystals, and assayed 23.5% TREE (elemental) or 28.2% TREO (oxide). Mineralogy analysis is still pending, but the rare earth ore mineral is dominantly monazite, although bastnaesite and ancylite were also observed. An additional pale green carbonatite was mapped and noted to contain ilmenite with magnetite crystals, which measure up to 2 inches (5 cm). REE grades of this pale green carbonatite yield values between 1 and 3% TREO. The carbonatite trend was traced approximately ½ mile with variable thicknesses between 2 to 5 feet (0.6-1.3 m).
Idaho Strategic's President and CEO, John Swallow added, "I am extremely pleased with the grades discovered at the Upper Roberts occurrence within our Mineral Hill REE Project. To be able to provide samples like this to interested parties looking to advance the U.S.' rare earth supply chain is invaluable to Idaho Strategic. Our track record of responsible production within the state of Idaho and our ability to advance mineral deposits in-house from exploration to production has provided us a leg up on others in the REE and broader critical minerals industry. Given we operate in our own backyard, we understand firsthand the responsibility of working in someone else's."
New outcrops of carbonatite were also found during mapping efforts. These mapped outcrops, show additional trends broken by faulting and intruded by additional igneous activity. Geochemical analysis for these additional carbonatite exposures is pending, but these assay results may point the way to the heart of the carbonatite system.
Additional field work on the Mineral Hill project included the collection of large bulk metallurgy samples for mineral processing and concentrate development evaluations. These samples were gathered along strike of the main carbonatite trend beginning at the 28.2% TREO exposure and continued 25 ft uphill towards the recently mapped 34.1% TREO outcrop.The bulk samples included both pink and pale-yellow carbonatite units, since they are contiguous. The results of the bulk samples (#98370-#98376) range from 20.8% to 28.6% TREO. The company is planning to develop drill targets that will further define Upper Roberts' REE potential. The next step will be cross-section interpretations to aid in planning for drill testing and permitting. Future work in this area will include the continuation of mapping efforts over the remaining 1,800 acres in order to locate new carbonatite occurrences.
IDR's Vice President of Exploration, Rob Morgan commented, "These latest assays are some of the highest TREO grades to come out of this district, or for that matter the US, in recent history. I am excited about these recent developments that we discovered through mapping and believe this is only the beginning of many more great advancements to be made in this area. We have so much more land left to evaluate, and it feels as if the heart of this system is still out there to be discovered."
Mineral Hill lies in the northern part of the larger, 70-mile long, Idaho REE-Th Belt. The Mineral Hill district straddles the Idaho-Montana border and ends at the Sheep Creek occurrences on the Montana side. IDR maintains 109 unpatented claims covering approximately 2,000 acres in the Mineral Hill district.
IDR began mapping efforts in September and completed two months of reconnaissance/detailed scale mapping with sampling. Approximately 40 acres were mapped in detail, while reconnaissance mapping completed another 60 acres. Carbonatite outcrops are hard to locate in the field because they are very easily weathered and do not form bold outcrops. Mapping efforts identified other potential carbonatite deposits and furthered the extents of the main known carbonatite mineralization to over ½-mile along a continuous trend of carbonatite - referred to as Upper Roberts.
Qualified person
IDR's Vice President of Exploration, Robert John Morgan, PG, PLS is a qualified person as such term is defined under S-K 1300 and has reviewed and approved the technical information and data included in this press release.
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/development in one Company.
For more information on Idaho Strategic Resources click here for our corporate 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 includes, but are not limited to, Idaho Strategic Resources targeted production rates and results, the expected market prices of gold, individual rare earth elements, and/or thorium, as well as the related costs, expenses and capital expenditures, the potential advancement of the Company's projects, the potential development of the Mineral Hill REE project, the potential for the Mineral Hill REE project to be an economic source of rare earth elements, and IDR's plans to further exploration and development of its Mineral Hill REE project. 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; 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.