Idaho Strategic Resources, Inc. - IDR STOCK NEWS

Idaho Strategic Resources (IDR) announced its Q3 2022 financial results, highlighting an operating loss of $1.89 million and a net loss of $1.91 million. Revenue decreased to $1.75 million due to lower gold prices, despite increased production year-to-date. The company commenced its first Rare Earth Element drill program and made significant investments in its tailings storage facility, enhancing future operational capacities. Project advancements are ongoing, with revenue projections for Q4 expected between $2.5-$2.7 million, contingent on gold prices and ore quality.

Idaho Strategic Resources (IDR) announced promising results from its latest drilling at the Paymaster site, specifically hole GC 22-224, which intercepted gold veins with 54.7 grams per tonne (gpt) over 0.32 meters and 27.0 gpt over 0.19 meters. The drilling aims to connect the Paymaster and Joe Dandy shoots at the 800-Level, potentially enhancing mining efficiency and reducing costs. The company is evaluating development opportunities for these shoots, which may increase overall gold production.

Idaho Strategic Resources, Inc. (IDR) recently completed its first-phase exploratory drilling at the Diamond Creek Rare Earth Elements Project, concluding 12 drillholes totaling 1,200 meters. After a two-month delay due to the Moose Fire, preliminary X-ray fluorescence results showed promising signs, with zones exceeding 3 meters in width and potential grades up to 2% total rare earth oxide. Notably, one hole intercepted 46 meters of REE mineralization. The company emphasized the importance of its local partnerships and pointed out the project's inclusion in the national inventory of Rare Earths by the USGS.

Idaho Strategic Resources (NYSE American:IDR) announced the discovery of new high-grade gold veins in the Klondike area at the Golden Chest Mine. A grab sample returned an assay of 1,300 grams per tonne (gpt), the highest ever recorded at the site. The exploration drifting revealed multiple visible gold occurrences, with significant grades in recent panel sampling, including 23.45 gpt over 9 meters. Additionally, drilling results showcased 13.62 gpt gold over 1.7 meters in the recent drill holes. These findings potentially enhance future production prospects.

Idaho Strategic Resources (NYSE American: IDR) has initiated exploratory core drilling in the Murray Gold Belt, targeting its significant land holdings near the Golden Chest Mine. The company owns over 1,500 acres and has encountered promising results from its initial drilling program, which included multiple drill holes revealing quartz veining and gold mineralization. Preliminary findings include up to 9.19 g/t gold over 0.6 m. IDR aims to leverage these discoveries for future production and expansion, emphasizing the area's potential for gold deposits.

Idaho Strategic Resources (NYSE American: IDR) announced its Q2 2022 financial results, reporting revenue of $2,358,492, an increase from $2,180,232 in Q2 2021. The gross profit was $7,457, down from $362,249 in the same period last year, due to lower gold prices and higher costs. The company experienced an operating loss of $846,721, compared to $80,689 in Q2 2021. Key developments included the addition of the Lemhi Pass Project and ongoing drilling programs in the Murray Gold Belt, with expectations for further exploration results in the near future.

Idaho Strategic Resources (NYSE American: IDR) has completed construction of the first two drill platforms at its Diamond Creek Rare Earth Element (REE) Project in Idaho, with drilling set to commence this week. This 8,000-foot drill program aims to explore an estimated potential resource of 75,500 tons of total REE oxides, valued at over $4 billion. Concurrently, the University of Idaho is conducting REE separation experiments using samples obtained from the site. The project is part of the growing interest in the REE sector, bolstered by supportive local stakeholder engagement.

Idaho Strategic Resources, Inc. (NYSE American: IDR) has received final approval for its Diamond Creek Rare Earth Element (REE) drill program, set to commence this month. The project builds on previous geological studies and aims to enhance understanding of the area's extensive REE mineralization. The company also purchased an office building in Salmon, Idaho, reflecting its commitment to community-based operations. IDR's focus on the U.S. Critical Minerals sector, particularly REEs and thorium, positions it favorably within a market underscored by increasing demand for critical materials.

Idaho Strategic Resources (NYSE American:IDR) announced its endorsement of the Thorium Energy Security Act of 2022, introduced by Senators Tuberville and Marshall. This bill aims to preserve Uranium 233 (U-233), essential for clean energy production, which is critical to national security. The Company, which controls the largest known Thorium resource in the U.S., believes the act aligns with U.S. decarbonization goals. IDR’s leadership emphasizes the importance of reinvesting in thorium technology to maintain energy security amid global tensions, particularly with China.