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

Rhea-AI Summary

Idaho Strategic Resources (NYSE American:IDR) has acquired the Toboggan project from Hecla Silver Valley, Inc. for $300,000 in cash plus a 1% net smelter royalty. The acquisition unites the two major components of the Murray Gold Belt District in northern Idaho for the first time.

The Toboggan project, located approximately 3 miles north of IDR's Golden Chest Mine, includes 143.5 acres of patented mining claims at the Little Baldy prospect and numerous unpatented claims containing prospects such as Gold Butte, Mineral Ridge, Golden Reward, Progress, Lost Eagle, and Independence. Previous exploration by companies like Newmont identified significant untested soil anomalies, including a 2,000x650-meter anomaly at Mineral Ridge and a 2,000x900-meter anomaly at Golden Reward.

Positive

• Strategic acquisition unites two major portions of the Murray Gold Belt under single ownership
• Large untested soil anomalies present significant exploration potential
• Project contains multiple valuable minerals including gold, silver, tellurium, molybdenum, and rare elements
• Company has existing operational infrastructure nearby with Golden Chest Mine
• Relatively low acquisition cost of $300,000 for significant land package

Negative

• Previous exploration attempts by major companies were unsuccessful or incomplete
• Historical permitting constraints may continue to affect exploration
• 1% net smelter royalty obligation on portions of the project
• Significant exploration work required before potential production

Insights

Mining Industry Analyst

IDR's strategic Toboggan acquisition unites the Murray Gold Belt, providing significant exploration upside with minimal initial investment.

Idaho Strategic's acquisition of the Toboggan project from Hecla represents a strategic consolidation in the Murray Gold Belt district. At $300,000 plus a 1% NSR royalty, IDR has secured 143.5 acres of patented claims and numerous unpatented claims just three miles from their producing Golden Chest Mine.

The geological significance of this deal shouldn't be understated. The project contains multiple gold-silver prospects with substantial soil anomalies previously identified by major miners including Newmont. Most notably, Mineral Ridge shows a 2,000m × 650m anomaly and Golden Reward exhibits a 2,000m × 900m anomaly - both remain largely untested due to historical permitting issues rather than lack of potential.

This acquisition leverages IDR's existing operational infrastructure and technical expertise in narrow vein gold deposits. The proximity to their producing mine creates operational synergies that Hecla, as a larger company primarily focused on silver assets, likely couldn't justify prioritizing.

What's particularly compelling is how the property has repeatedly attracted major mining companies (Newmont, Hecla) but remained underdeveloped due to timing issues rather than geological concerns. With gold prices substantially higher than during previous exploration campaigns and IDR's established local presence, the company is positioned to advance these prospects where larger companies abandoned them for portfolio reallocation reasons.

Beyond gold and silver, the property's potential for critical minerals including tellurium, tungsten, vanadium, and scandium aligns with IDR's existing rare earth elements strategy, potentially diversifying their resource base beyond precious metals.

COEUR D'ALENE, ID / ACCESS Newswire / July 31, 2025 / Idaho Strategic Resources (NYSE American:IDR) ("IDR", the "Company" or "Idaho Strategic") is pleased to announce that it has acquired the Toboggan project from Hecla Silver Valley, Inc., ("Hecla") a wholly owned subsidiary of Hecla Mining Company.

The map above shows IDR's current patented and unpatented land in pink and IDR's newly acquired patented and unpatented land from Hecla in grey and green, respectively.

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: tswallow@idahostrategic.com
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

FAQ

What did Idaho Strategic Resources (IDR) acquire in the Toboggan project deal?

IDR acquired 143.5 acres of patented mining claims and numerous unpatented claims from Hecla Silver Valley, containing multiple prospects including Little Baldy, Gold Butte, Mineral Ridge, and Golden Reward.

How much did Idaho Strategic Resources pay for the Toboggan project?

IDR paid $300,000 in cash and agreed to a 1% net smelter royalty on portions of the project not previously owned by IDR.

What minerals are present in IDR's newly acquired Toboggan project?

The project contains gold, silver, tellurium, molybdenum, tungsten, bismuth, beryllium, antimony, scandium, and vanadium.

Where is the Toboggan project located relative to IDR's existing operations?

The Toboggan project is located in the Murray Gold Belt in northern Idaho, approximately 3 miles north of IDR's Golden Chest Mine.

What are the significant exploration findings at the Toboggan project?

Previous exploration identified two major soil anomalies: one at Mineral Ridge measuring 2,000x650 meters and another at Golden Reward measuring 2,000x900 meters, both largely untested due to historical permitting constraints.