Drill Program To Expand Resources Within Paymaster Shoot

COEUR D’ALENE, ID – Idaho Strategic Resources (IDR) reported on high-grade drilling program designed to expand on known resources within the Paymaster shoot at the Golden Chest Mine. The reported Paymaster drilling is expected to contribute to an increase in IDR’s mineral resources at the Golden Chest Mine. The Paymaster remains open down-dip and along strike following this summer’s drilling program and will continue to be the target of additional infill and resource expansion drilling throughout the winter.
The current resource outlined in the Paymaster is located approximately 168 meters south of the Company’s existing underground development, placing the Paymaster near the top of the list as the next area for mine development and eventual production. The drill highlights are the result of 3,821 meters of drilling from a single surface drill pad.
The drill results, along with ongoing updates to the Company’s internal Golden Chest geologic model, have significantly increased the Company’s understanding of the Paymaster. Mineralization consists primarily of sulfide-bearing quartz veins (pyrite ± galena, sphalerite, chalcopyrite, arsenopyrite) with free gold sometimes visible in core. To date, the Company has outlined mineral resources in the Paymaster confined within two subparallel veins hosted in the Upper Prichard Formation and spatially associated with a monzonite sill. The veins have a general north-northeast strike and moderate dip to the west. The two Paymaster veins are referred to as the Paymaster Hangingwall Vein and the Paymaster Footwall Vein respectively, in relation to their positioning on either side of the monzonite sill. The Paymaster veins are interpreted to be part of the property-scale Idaho Fault system, similar in style and orientation to the Idaho vein. Drilling during the summer confirmed continuity of mineralization down-dip and better defined the structural corridor hosting the mineralization – the southern boundary of which appears to be controlled by a substantial thickening of the monzonite sill, with higher grade gold mineralization typically encountered to the north, where the monzonite sill is thinner.
President and CEO, John Swallow, said, “These latest Paymaster drill results underscore the potential of the Golden Chest Mine and our team’s ability to continue to identify and delineate high-grade narrow vein resources near our existing underground workings. Our production-backed exploration business model is functioning as designed and it is always rewarding to see the increased investment in exploration lead to the discovery and delineation of additional mineable ounces. We will continue to take advantage of higher gold prices to reinvest in both our operations and our exploration, setting the stage for continued growth at the Golden Chest Mine and in the broader Murray Gold Belt.”