While drilling in veins in the Klondike area of the Golden Chest Mine, Idaho Strategic Resources, a mining company, discovered a new "high-grade" gold vein.

The Red Star Vein was discovered approximately 600 meters north of existing mining in the Skookum area, the company stated. The discovery has prompted ISR to strategize operations on the new vein.

According to ISR, the new vein discovery "like the nearby H-Vein, does not outcrop on the surface with both high-grade veins occurring in the hanging wall of the Idaho Fault. While the tonnage and production potential of the Red Star Vein is not fully defined at this time, the Red Star Vein was first encountered in a surface drill hole GC 22-212, which demonstrated an impressive 1.3 meters (m) of 37.4 grams per tonne (gpt) gold."

The company stated that several other veins have been encountered during the 2024 drilling program, among which the Intermediate/H-Vein could be a part of the northern extension of the operation, but, the company noted, it needs more drilling to determine if that will be the case.

Once again, the table of high-grade intercepts ... is even more impressive considering their relative proximity to current production, not to mention the reality of each drill hole having the ability to test for multiple targets (known and unknown), said John Swallow, president and CEO of Idaho Strategic Resources.

Swallow noted that the H-Vein became the company's primary drilling operation years ago. "Now we are drilling towards the H-Vein and have encountered the Red Star Vein and hope that it will also add to future production. The unprecedented level of activity at and near the mine is a testament to the shared vision and cooperation of our crews and the overall flexibility provided by increased cash flows and a steady throughput at the mill."

Due to the company's recently increased cash balance, cash flow and strong gold prices, Swallow said, it makes sense for the company to accelerate its exploration programs "both organically in the Murray Gold Belt and at Eastern Star, as well as look broader at additional opportunities that we believe may fit our team's skillsets and corporate strategy."

The company's business plan has allowed it to "side-step many of the 'bifurcated market' discussions of late and if our incoming traffic is any indicator, some are rethinking what was once the accepted approach toward building a business/investment vehicle in this industry," he said.

In a release, Idaho Strategic Resources stated that the third quarter of 2024 has been the busiest in its history.

"Along with coordinating three drill rigs at the Golden Chest Mine, the Company has been hard at work constructing its paste backfill plant onsite and making the necessary upgrades to the New Jersey Mill to facilitate planned back-haulage of tailings to the mine," the company stated. "The paste backfill plant is progressing on schedule and on budget and the company is opportunistically looking for milling equipment to potentially begin its build out of the new mill onsite at the Golden Chest (located in the same building as the paste backfill plant). While a new mill onsite is certainly no guarantee, the company feels that it is an important piece to unlock the potential of its 7,000-plus acres of mineral properties in the broader Murray Gold Belt District."