Idaho Strategic Resources (IDR) has signed a long-term lease agreement for the Niagara copper-silver project in Shoshone County, Idaho, US.
Situated within the company’s Murray Gold Belt (MGB) landholdings, the Niagara project is known for its historic resource estimate, which suggests the presence of more than 150 million pounds (mlb) of copper and eight million ounces (moz) of silver.
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The lease agreement starts with an annual payment of $18,000, which will increase by 3% each year over an initial term of ten years.
IDR has the option to extend the lease for another ten years, with further extensions possible thereafter.
As part of the agreement, the company will provide the lessor with a 2% net smelter royalty on all minerals extracted from the nine claims under the lease.
Additionally, IDR retains the right to repurchase 1% of this royalty for $1m at any point during the lease period. The company currently holds all neighbouring unpatented mineral claims.
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By GlobalDataEarlier exploration efforts at the property, including a limited investigation conducted by New Jersey Mining Company (now Idaho Strategic Resources) in 2008, revealed copper-silver mineralisation within the upper Revett Formation.
The US Geological Survey noted that the Niagara deposit bears similarities to Hecla’s Rock Creek and Libby Exploration projects in north-western Montana.
While no drilling has targeted the lower-middle Revett Formation at this site to date, IDR plans to conduct a drill campaign in 2026 to enhance resource confidence and examine mineral continuity.
Located on nine unpatented mineral claims, the Niagara deposit lies approximately 7km from Idaho Strategic’s Golden Chest Mine.
This proximity to the existing infrastructure and workforce positions the project for systematic advancement.
Although the resource estimate for Niagara is historical, IDR does not classify it under current guidelines due to insufficient work by a qualified person.
Future drilling results may be integrated with previous findings to update this estimate in accordance with S-K 1300 standards.
IDR president and CEO John Swallow said: “The Niagara deposit is a natural fit for our company in many ways. In addition to broadening IDR’s commodity asset base as our country enters a strong secular commodity market, it also serves as a prime example of the potential of the overall MGB District.
“Together, with our recent purchase of the Toboggan project from Hecla Mining and our nearby operating Golden Chest Mine, we are beginning to show the diverse commodity opportunity set in front of us here in the greater Coeur d’Alene Mining District.”
