Historic Idaho-Maryland Mine revival targets U.S. gold and tungsten independence
Rise Gold Corp has joined forces with Morgan Wallen Energy to revive the historic Idaho-Maryland Mine. The collaboration aims to transform the site into a significant U.S. source of gold and critical minerals. Both companies will collaborate on planning, financing, and positioning the project within national industrial initiatives.
The mine, once a major tungsten supplier during World War I and the Korean War, could once again play a crucial role in domestic mineral security.
The Idaho-Maryland Mine operated for nearly a century, from 1862 to 1957. During that time, it produced around 2.4 million ounces of gold, with an average grade of 0.50 ounces per ton. Beyond gold, the mine was a vital supplier of tungsten—a metal vital for defence applications—during both World War I and the Korean War.
Tungsten remains a strategic material today, listed on the 2023 Department of Energy Critical Metals List. Currently, China dominates global production, supplying 84% of the world's tungsten. The only other U.S.-based tungsten project, the Dutch Mountain Wolfram Project in Utah, is still in exploration, with results expected by mid-2026.
Under the 18-month agreement, Morgan Wallen will assist Rise in securing financing and aligning the project with U.S. industrial policies. As part of the deal, Rise will grant Morgan Wallen 18 million warrants, exercisable at USD $0.40 each by the end of 2029. These warrants will vest as the project meets specific development milestones.
Morgan Wallen specialises in advancing domestic mineral assets, focusing on projects that support U.S. supply-chain priorities. The Idaho-Maryland Mine's revival could create jobs, bolster national defence supply chains, and reduce reliance on foreign mineral sources.
The partnership between Rise and Morgan Wallen marks a step toward restarting a historic U.S. mine. If successful, the Idaho-Maryland Mine could become a major domestic supplier of gold and critical minerals. The project's progress will depend on meeting key milestones, securing financing, and aligning with national industrial strategies.
