Idaho Strategic leases Niagara copper-silver project in Idaho
Idaho Strategic Resources Inc. (NYSE American: IDR) has entered into a long-term lease agreement for the Niagara copper-silver project in Shoshone County, Idaho, according to a company statement.
The Niagara project contains a historic resource estimate from 2008 reporting approximately 150 million pounds of copper and 8 million ounces of silver within the upper Revett Formation. The estimate classifies 17.8 million tonnes as inferred resources with a copper grade of 0.39% and silver grade of 15.53 grams per tonne.
The lease covers nine unpatented mineral claims located approximately 7 kilometers from Idaho Strategic’s Golden Chest Mine. The company holds adjacent unpatented mineral claims surrounding the project area.
Lease terms begin with an $18,000 annual payment increasing 3% yearly for an initial 10-year term, with options for additional 10-year extensions. Idaho Strategic agreed to grant the lessor a 2% net smelter royalty on mineral production, with rights to buy back 1% of the royalty for $1 million during the lease term.
Idaho Strategic plans a drilling campaign in 2026 to update the historic resource estimate and test mineral continuity. The company noted the historic estimate has not been reviewed by a qualified person under current S-K 1300 standards and is not being used for economic or development decisions.
The Niagara deposit is described as a Revett-type sediment hosted copper-silver deposit, similar to projects operated by Hecla Mining in northwestern Montana. Previous exploration identified copper-silver mineralization in the upper Revett Formation, though no drilling has targeted the lower-middle Revett Formation.
"The Niagara deposit is a natural fit for our Company in many ways," said John Swallow, president and CEO of Idaho Strategic.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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