Rise Gold Initiates Eight-Hole Drilling Program for Tungsten and Gold at Historic Idaho-Maryland Mine in California

Drilling Program Details: Eight Core Holes from Two Locations

Rise Gold has detailed a targeted drilling program consisting of eight core holes totaling roughly 11,400 feet, drilled from two surface locations at the Idaho-Maryland Mine. The company’s announcement specifies that the program will test targets in both the Union Hill and Brunswick areas—two historically productive zones mined for gold and later tungsten during the mine’s operational period from 1862 to 1957.

The drilling strategy emphasizes a systematic evaluation of known vein systems rather than speculative greenfield targets. Specific veins identified include the Lucky-Cambridge, Greek-Tungsten, Union Hill, Georgia, and Gold Blossom veins in the Union Hill workings, and the 19, 45, 46, and 47 veins in the Brunswick workings. The company did not disclose a timeline or budget for the drilling program in its announcement.

Idaho-Maryland Mine: Historical Significance and Modern Exploration Context

The Idaho-Maryland Mine operated almost continuously for nearly a century, from 1862 to 1957, producing an estimated 2.4 million ounces of gold at an average mill head grade of 0.50 ounces per ton (17.1 grams per tonne). By the early 1940s, it was the second-largest gold producer in the United States, underscoring the property’s geological richness and providing context for Rise Gold’s ongoing exploration.

The mine’s closure in 1957 was due to economic factors rather than resource exhaustion. Post-World War II, the Bretton Woods agreement fixed gold at US$35 per ounce while production costs rose with inflation, making gold mining uneconomical. The operator then shifted to tungsten production under a U.S. Department of Defense program until tungsten prices declined and the defense minerals program was discontinued by Congress in 1957. These historical conditions suggest significant mineral resources may remain.

Historical Tungsten Production and the 1954–1957 Defense Program

The tungsten aspect of the Idaho-Maryland Mine’s history is central to Rise Gold’s current drilling. In 1954, the operator began tungsten exploration under a U.S. Department of Defense-sponsored program. Enough tungsten was found to justify modifying a mill to extract scheelite (calcium tungstate) and produce tungsten trioxide concentrate. By December 1955, gold mining ceased, and operations focused solely on tungsten production.

A 1955 report noted tungsten-rich veins extended at depth and recommended intensifying tungsten prospecting to prolong production. Rise Gold’s current drilling appears directly influenced by this recommendation, targeting areas where tungsten was historically produced, indicating a geological foundation rather than speculative exploration.

Tungsten’s Critical Mineral Status and China’s Supply Dominance

Rise Gold’s drilling announcement coincides with heightened geopolitical concerns over tungsten supply. China produces 84% of global tungsten and imposed export restrictions in February 2025. The U.S. has lacked domestic tungsten supply since 2015, making any viable U.S. deposit strategically valuable beyond commodity pricing.

Tungsten is listed on the 2023 U.S. Department of Energy Critical Metals List, reflecting its importance in defense applications such as ammunition, armored equipment, and artillery. This positions Rise Gold’s project as a dual-commodity opportunity that could attract interest from investors focused on national supply-chain security as well as traditional resource markets.

CEO Insights on Dual-Commodity Exploration Strategy

David Watkinson, President and CEO of Rise Gold, stated: "The exploration program’s main focus is to test areas of the historic Idaho-Maryland mine where tungsten is known to occur and was produced. While the Idaho-Maryland Mine is one of the richest gold mines historically in the U.S., it may also be important as a potential source of tungsten, a critical metal for the U.S. military."

This highlights the project’s dual-commodity potential, complementing its established gold legacy with tungsten exploration aligned with U.S. government priorities. The announcement does not provide guidance on expected mineralization grades or resource estimates.

Acquisition and Continuity of Mineral Rights Since 1957

Following the mine’s 1957 closure, the operator sold surface equipment and non-core surface parcels to service debt but retained ownership of the mineral estate and core surface properties. These assets remained intact through successive owners until Rise Gold acquired them in 2017.

This unbroken mineral estate ownership is significant, enabling Rise Gold to undertake the first systematic drilling of these tungsten and gold vein systems since the 1950s.

Union Hill and Brunswick Vein Systems: Targeted Geological Zones

Rise Gold identified five vein targets in the Union Hill workings: Lucky-Cambridge, Greek-Tungsten, Union Hill, Georgia, and Gold Blossom veins. The Greek-Tungsten vein name indicates documented tungsten presence consistent with the historical record.

In the Brunswick workings, four veins—19, 45, 46, and 47—are targeted. The eight core holes from two surface locations suggest a drilling design intended to intersect multiple veins per hole, although the company did not explicitly confirm the drilling geometry.

Rise Gold’s Status as an Exploration-Stage Company

Rise Gold Corp., incorporated in Nevada, USA, is an exploration-stage mining company with the Idaho-Maryland Gold Mine as its primary asset. The company has not reported a current mineral resource or reserve under modern standards, and this drilling program is exploratory to test known targets rather than advance a defined deposit.

Trading on the Canadian Securities Exchange as RISE and OTCQB as RYES, the immediate market impact of this announcement was not disclosed. No financing, capital expenditure, or operational timelines were provided.

Regulatory and Forward-Looking Statements for Investors

The announcement includes standard cautionary language that actual results may differ materially due to factors such as metal prices, environmental regulations, financing, approvals, and political or economic conditions. The Canadian Securities Exchange has not reviewed or approved the news release content.

Investors should recognize that exploration drilling outcomes are uncertain, with no guarantee of economically viable tungsten or gold mineralization. Historical production figures cited relate to past operations and do not predict future results. While China’s export restrictions and U.S. critical mineral policies provide strategic context, the impact on the Idaho-Maryland project’s tungsten valuation depends on exploration success.