Buying a Mining Claim: Questions to Ask
March 2013 by Chris RalphAt one time or another, many miners will look seriously at purchasing a mining claim...Usually it’s a significant financial commitment, so how do you know if you are getting a good deal?
The mysteries of this spot were only just starting to develop. There is nothing but very bland granite-type rocks here, meaning no bold, favorable indicators.
Across and downstream of our operation was a large pile of huge boulders. It was logical to think that water forces may have deposited gold in and around these boulders. We moved our dredge over and started pulling the rock pile apart.
…it was immediately evident the previous owner had not been using a detector. During just a few months of working the dumps part-time, he recovered gold in quartz specimens valued in excess of $40,000.
Even with my favorite top-of-the-line gold detector there were several false digs. Many of the hot rocks gave a solid signal that was too much like a nugget to ignore. After trying several tests I just dug everything because it is better to be safe than leave a big, deep nugget for a more diligent gold hunter.
Our research indicated this whole area had been claimed by Newmont mining company for several years, but when the price of gold dropped they let the claims expire, and we confirmed this with the local BLM office.
I knew the nuggets got into the nugget patch somehow, I just had to figure out how and from what direction they came.
This time we took the detectors. Roger had worked that spot very well and wanted to see if my new detector would uncover any gold he might have missed.
The Bawl Mill • Ask the Experts • Ask the Experts • Ask the Experts • Ask the Experts • Ask the Experts • Legislative and Regulatory Update • Gold Deposits of Montana • Benches and Fossil Placers • Turning Hobby Mining into Business Mining • Looking for that Hidden Placer • The Many Facets of Iron • And the Survey Says... • $50 Million Swiped in Diamond Heist • Melman on Gold & Silver • Mining Stock Quotes and Mineral & Metal Prices