Idaho Strategic Resources, Inc. (NYSE American: IDR) released an exploration update detailing progress from its active 2026 drilling initiatives at the operational Golden Chest Mine. CEO John Swallow discussed the findings, emphasizing the company’s focus on expanding nearby mineral prospects.
The Golden Chest Mine is expected to be an important contributor to production as the company plans for future growth and transitions milling operations to the Murray Mill in early 2027. Two primary target areas, the Jumbo Vein and the Paymaster Vein, have shown high-grade gold intercepts, with additional high-grade gold intercepted in the Bush and Idaho Veins.
Drill Program Update
The company has maintained two drills on site for most of the year, targeting resource expansion and infill in both the Jumbo Vein and the Paymaster Vein. Due to the success of the near-mine exploration programs, a third drill rig will be added to the Golden Chest Mine to pull forward information for 2027 mine planning purposes.
The commissioning of the third drill rig has begun with an initial 12-hour single shift schedule, which is expected to increase subject to staffing by the drill contractor. The addition of the third drill rig is not expected to impact plans to test the broader Murray Gold Belt, with initial drilling of the Niagara copper-silver deposit expected to commence in early October.
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High-grade results have been reported from the company’s two primary targets, the Paymaster and Jumbo Veins, as well as two secondary targets, the Bush and Idaho Veins. All four targets are located near existing mine infrastructure and will be factored into mine planning and resource estimates in the future.
Results from the Jumbo Vein include 6.3 grams of gold per tonne over 8.36 meters of true thickness, with individual intercepts of up to 19.0 grams of gold per tonne over 1.2 meters of true thickness.
According to the report, the company has completed approximately 25,500 meters of drilling at the Golden Chest Mine and is on pace for its highest total meterage drilled in a single year in company history. The company’s Vice President, Grant A. Brackebusch, P.E., is a qualified person as defined under S-K 1300 and has reviewed and approved the technical information and data included in the press release.
Exploration Plans
The company’s QA/QC program includes the insertion of blanks, certified reference materials, and duplicates to ensure analytical accuracy, with results reviewed by a qualified person. Drill core samples from the Golden Chest Mine are analyzed by American Analytical Services, Inc., an ISO 17025-accredited laboratory in Osburn, Idaho.
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As the company continues to explore and develop its properties, it is also building a substantial land position in Idaho, providing significant exploration exposure to gold and rare earth elements. The company’s production-backed exploration business plan was established in anticipation of today’s volatile geopolitical and macroeconomic environment.
Drill core samples from the Golden Chest Mine are analyzed by American Analytical Services, Inc., using 30-gram fire assay with a gravimetric finish.
Company Overview
Idaho Strategic Resources is an Idaho-based gold producer that also controls the largest rare earth elements land package in the United States.
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