Hi all - I have an opportunity to buy 3 patented mining claims in Arizona. I made my offer assuming there is no value to the patented mining claim, but I'm curious if anyone has experience with mining claims and could possibly help me value these claims to see if maybe there is more (or less?) upside than just the vacant land value. Thanks!
Wow, that’s great there’s huge value. List it with GPAA (gold prospectors of America) there are forums. Or put an add in ICMJ mining journal. There are thousand of recreational prospectors who would love the chance to own there own patented claim. You don’t need to have a bonanza on the property for someone to enjoy. You could possibly get in contact with a prospector to see if there’s any “color” . Find out if it’s a hard rock mine or a placer mine. If it has a water source that’s huge , dry creek or spring , well. Maybe I want to buy it... lol. Nice job.
@dbusch
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@Ascheurer thanks for the reply and the tips, much appreciated! It sounds like you're familiar with claims? Would you have any interest in talking privately and I can provide more specifics and maybe you'll have a better idea than I do about whether they may have any more value than just the vacant land? They are lode mines (if that helps?). Thanks again!
@dbusch
I sent you a message.
A couple things to consider, there are patented and un patented claims. Un patented you cant build structures on or live on. You do not own the land on the un patented claim only have the rights to the minerals. A Patented claim is the exact opposite , you own the land and the rights. The BLM (Bureau of land management) is the managing authority over un patented claims. I don’t think you need to jump through all the hoops since yours is patented.
A lode mine is a hard rock mine, basically they crush the ore and extract the gold through chemical process. A placer mine is gold free from the ore and usually found in streams. Found by sluice boxes , pans etc...
It’s very common for people to think the gold is mined out on claims. This is usually very false. Most recreational prospectors tend to prospect placer but there are some who process hard rock with very good results.
It’s too bad I live in Texas... A guy could take a metal detector and see if there’s any large gold . Or take samples from the tailing piles (if any) and see what’s left over. Samples could be assayed for gold content.
There could be some environmental concerns , with tailing piles and open cuts, erosion, contamination. Sometimes tailings can be contaminated or radioactive. Arizona is a conservative state so it might not be a problem. The enviro departments usually don’t bother the “small guys” like they do large mining operations. I’m going to assume it’s been inactive for many years. If you see huge dirt piles on the satellite , you might want to investigate a little more.
Good question, my friend seems to have an acquaintance on this topic, I will try to find his contact details, maybe he can help you.
@ascheurer Arsenic and Cyanide were both used to “leach” gold out of gold bearing material. You must be very careful here as these methods in most places are heavily regulated as they can contaminate ground water. If these technique’s were used on this property ( I am not a lawyer or giving advice) but this should’ve been disclosed buy the seller. You may want to look at adjacent properties to see what’s going on there. I hope this helps.