Diamond Creek Rare Earth Project Advancement Planned

COEUR D'ALENE, ID - Idaho Strategic Resources, Inc. reported on the 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 is also announcing the closing of a modest, 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", stated Grant Brackebusch, 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."

The Company's 2021 underground gold production came solely from the Skookum Shoot area of the mine while drill testing of the Paymaster Shoot to the south of the Skookum, and the Klondike Shoot to the north were underway. The successful results of the Company's 2021 drill program (see January 13th, 2022, press release titled ‘Idaho Strategic Drills 16.4 g/t gold over 1.2 m in Paymaster - Provides Highlights of 2021 Golden Chest Production Expansion Drill Program') supports production potential from both the Klondike and Paymaster Shoots. The Company has purchased equipment, hired additional underground development miners and plans to expand underground production from the Skookum Shoot while simultaneously conducting development (to be followed by production later this year) into the Klondike Shoot.

CEO, John Swallow, said, "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. 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."

The Company's latest drill results come from the Klondike Shoots' drillhole GC 21-210. This drillhole was started late in 2021 and completed in January 2022; and marks the second core hole drilled from the second Klondike pad. So far, all the Klondike drill holes have been extraordinary for their sizable (50+ meters) intervals of unbroken lower-grade gold mineralization, enveloping higher-grade gold banded veins.