Idaho Strategic Resources, Inc. (IDR) is a resource-based company (public or private) 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.
IDR produces gold at the Golden Chest Mine located in the Murray Gold Belt (‘MGB’) area of the Coeur d’Alene Mining District, north of the prolific Silver Valley.
The company is an established gold producer, with surface and unde...
Idaho Strategic Resources, Inc. (IDR) is a resource-based company (public or private) 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.
IDR produces gold at the Golden Chest Mine located in the Murray Gold Belt (‘MGB’) area of the Coeur d’Alene Mining District, north of the prolific Silver Valley.
The company is an established gold producer, with surface and underground mining operations at its 100-percent owned Golden Chest Mine and conducts milling operations at its majority-owned New Jersey Mill. In addition to gold and gold production, the company maintains an important strategic presence in the U.S. Critical Minerals sector, specifically focused on the more ‘at-risk’ rare earth elements (‘REE’). The company’s Diamond Creek and Mineral Hill REE properties are included the U.S. national REE inventory as listed in United States Geologic Survey (‘USGS’), Idaho Geologic Survey (‘IGS’) and Department of Energy (‘DOE’) publications. Both projects are in central Idaho and participating in the USGS Earth MRI program, with the Diamond Creek Project also participating in the Idaho Department of Commerce’s Idaho Global Entrepreneurial Mission (‘IGEM’) program.
The company focuses its exploration and production efforts in historical mining districts located within the state of Idaho. Its portfolio of mineral properties includes:
The Golden Chest Mine, a producing gold mine located in the Murray Gold Belt of North Idaho;
Approximately 1,500 acres of patented mineral property and over 5,000 acres of nearby and adjacent un-patented mineral property. These holdings are considered early-stage exploration properties and located within the MGB, many of which include historic gold mines and known gold mineralization;
REE Projects–located in the Idaho Rare Earth Element-Thorium (‘REE-Th’) Belt near Salmon, Idaho. Projects include;
Lemhi Pass – Significant land package with high value REE potential–USGS also recognized as the #1 thorium prospect in the U.S.
Diamond Creek – Nationally recognized rare earth prospects in the U.S.
Mineral Hill – Nationally recognized and high grade REE property in the northern portion of the Idaho REE-Th Belt.
A significant portfolio of early-stage exploration properties in Central Idaho, primarily in the Elk City area.
In addition to its portfolio of exploration, pre-development, and producing properties, the company is the manager and majority-owner of the New Jersey Mill, which processes ore from the Golden Chest Mine. The New Jersey Mill can process gold and silver ore through a 360-tonne per day flotation plant.
The company has focused its efforts on expanding underground development and production at the Golden Chest Mine and assembled its extensive land holdings within the MGB area. With all debt associated with the start-up of operations behind it, the company significantly increased its exploration and expansion activities in the Murray Gold Belt. This progress, combined with the existing infrastructure and development, has created a solid foundation of real estate holdings, and a tangible base of value regardless of market cycles.
Customer Dependence and Product Distribution
The company sold all its flotation gold concentrate to H&H Metals Corporation (‘H&H Metals’ or ‘H&H’) of New York, NY, which accounted for 99% of gold sales in 2023. The remaining gold sales were gold doré which was sold to a western U.S. refinery. H&H Metals is also an IDR shareholder. Although not expected, if H&H Metals could not purchase the gold concentrate, it is anticipated another customer could be found readily as the flotation gold concentrate is a high value concentrate with minor deleterious element content.
The company ships its gold concentrate overseas to smelters in South Korea and Japan. The global shipping challenges due to Covid-19 were largely remedied in 2022 and the company was able to ship a substantial portion of its concentrate inventory reducing the amount of inventory stored at the New Jersey Mill, returning inventory to near pre-pandemic levels.
Environmental Laws
The company is subject to the rules of the U.S. Department of Labor, Mine Safety and Health Administration (‘MSHA’) for the New Jersey Mill and Golden Chest Mine operations.
The Golden Chest Mine also has an EPA (Environmental Protection Agency) general stormwater permit.
History
The company was founded in 1996. It was incorporated under the laws of the state of Idaho in 1996. The company was formerly known as New Jersey Mining Company and changed its name to Idaho Strategic Resources, Inc. in 2021.