Idaho Strategic acquires Toboggan project from Hecla Silver Valley

Idaho Strategic Resources (IDR) has acquired the Toboggan project from Hecla Silver Valley (HL). 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. 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. 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.