History
A small Idaho explorer that became a producing gold miner by consolidating Golden Chest and nearby land, then uplisted to NYSE American and added rare-earth exploration.
2004-2012: Finding Golden Chest
The company, then called New Jersey Mining, was a small Idaho explorer. In December 2004 it exercised an option to lease the Golden Chest mine near Murray, Idaho, signing deals with two claim owners and issuing 130,000 shares plus royalties of up to 6%. Ore from the site was already being processed at its mill.
In 2008 it signed with Newmont's exploration unit to explore a 38-square-mile gold district north of Murray, the Toboggan Project. Newmont could earn up to 70% by spending as much as $12 million. The Golden Chest ground was excluded. In December 2010 the company formed a 50/50 joint venture with Marathon Gold to buy the past-producing Golden Chest mine for $3.75 million, paying $500,000 in cash with the balance in annual seller-financed payments. In April 2011 Newmont walked away after spending nearly $2 million over three field seasons, leaving the company with roughly 8,000 acres of claims and all of Newmont's exploration data at no cost. In May 2013 the company deregistered its securities, ending its obligation to file reports with the SEC. Shares on issue roughly doubled that year, though the beats do not explain why.
2015-2017: Taking control
In March 2015 the company formalised a partnership with Juniper Resources and its affiliates, who already leased part of Golden Chest. In September, Juniper abruptly terminated its lease and halted mining, citing poor reserve economics and weak gold prices. It forfeited a $53,841 royalty prepayment and a $125,000 milling advance, and the mine infrastructure returned to the company. John Swallow had by then taken over as President.
Within weeks the company moved to buy Marathon's 52% stake for about $200,000 plus a 2% royalty. The deal closed in December, giving it 100% of Golden Chest, funded by a $550,000, 5% personal loan from Swallow. A lawsuit by Crescent Silver, LLC was dismissed the same month.
In early 2016 it bought Timberline Resources' 50% of the Butte Highlands gold project in Montana for $225,000 plus 3 million shares. The project was already backed by more than $30 million of outside development funding, and the company disclosed that Swallow had previously chaired Timberline's board. To restart open-pit mining at Golden Chest, it pre-sold future gold: $467,500 for 500 ounces to Ophir Holdings, which is partly owned by management, and a further $772,806 net from outside investors through GVC Capital. Shares rose from about 91.8 million at the end of 2015 to 112.3 million by the end of 2017.
2018-2021: Land and small raises
The company kept consolidating land around Golden Chest. In March 2018 it agreed to buy Four Square's claims near Murray for $800,000 in staged stock and cash payments, with the seller keeping a 2% royalty. In April, Hecla Silver Valley invested $500,000 in the stock. In May the company sold the Toboggan land, regained free after Newmont's exit, to Hecla's Silver Valley unit for $3 million, keeping a 2% royalty.
In February 2020 it paid $750,000 for 368 acres called Ward Land, partly funded by $885,000 of 8% convertible notes. In September it raised $2.72 million from 19 investors at $0.28 a unit to speed drilling and underground development. In April 2021 it bought a further 508 acres for $1.699 million, funded by $1.75 million of 8% convertible notes. In October it raised $1.98 million for a 10-hole drill program at Diamond Creek, a rare-earth property, and for equipment upgrades. Share counts fell sharply in 2020, from about 123.8 million to 9.8 million; a 14-for-1 reverse split occurred at some point, but the beats do not give its date.
2022-2026: New listing, rare earths and more land
In February 2022 the company raised $2.7 million at $7.50 a share to roughly double the Diamond Creek drilling and to fund underground development of the Klondike area, which management expected could double Golden Chest's output. In March the exchange certified its securities for listing, and in June it set up a facility with Roth Capital Partners to sell up to $10 million of stock over time. It was by then trading as Idaho Strategic Resources on NYSE American under IDR.
It then tried to expand in rare earths by acquisition, making an unsolicited offer of $1.36 a share, a 73% premium, for Westwater Resources. It withdrew in February 2023 after Westwater's board refused to engage. In February 2024 it bought Bell Run's surface and alluvial rights on seven Butte Gulch claims next to Golden Chest for $1 million, partly financed by a seller note, and extinguished a 2% royalty and right of refusal on the ground. The Roth facility was later enlarged to $15 million in October 2024, and to $20 million in September 2025 with the commission cut from 3% to 2.5%. Shares on issue reached about 15.8 million by 2026. As of June 2026, Swallow was still President and CEO, and the company had engaged a new auditor, Sadler, Gibb & Associates.
Written from the 26 story beats below (2004 to 13 Feb 2024), which come from the company's own announcements and filings.