Miners: Plan Ahead for Next Year's Taxes
May 2005 by Mark E. BattersbyMany well-equipped prospecting or mining operations, those with adequate, up-to-date equipment, have discovered a secret: Uncle Sam, in the form of our tax laws, is eager to pick-up a portion of the tab for acquiring and modernizing the equipment necessary to operate a successful mining operation business.
The Reynolds gold mine is located approximately 6 miles northeast of the town of Troy, North Carolina, the county seat of Montgomery County. According to old reports, the mine was discovered around 1800. Production reports from the mine are sketchy, but mention the occurrence of telluride minerals associated with the gold. Early work was apparently confined to a number of quartz veins that traverse the property in a northeasterly direction.
Quartz float rock is always intriguing. Where is the vein it came from if it’s still in existence, and is it carrying some gold? Because of the possibility of the quartz carrying some color, we are always looking, checking, detecting, crushing, assaying...
The time-honored objective in recovering gold from placers has always been to discover and recover gold from the detritus of both known and unknown lodes. The traditional method to recover gold from desert dry placers was to locate and work the enriched gravels known as the “pay streak.” This pay streak was usually found directly over false or true bedrock and within the upper few inches of the bedrock itself.
The discovery of gold in the Klondike in August 1896 brought a rush that became a bonanza for a few, and hardship and disaster for many. The remoteness of the discovery site, and the extremely harsh climate made the effort to recover gold foolhardy for all but the most prepared.
• ESA reform, finally
• BLM finalizes another fee hike
There are currently about 170 commercial-scale placer operations in Alaska. Most of these are small operations with just a few people working; they are often family affairs that operate seasonally only during favorable weather.
The Bawl Mill • Our Readers Say • Estimating Gold Values in Placer Gravels • Lode Gold in Nicaragua • California's Original Sixteen to One Mine • Montana Multiple Use Association Backs Miner • Picks & Pans: Detecting Micro-Nuggets • Diamond Search Underway in Alaska and Minnesota • Mining Outfits Eye 50-Year Supply of Iron Ore • Goldfield—Princess of the Mojave • Couple Creates Jewelry of the Iron Range • Melman on Gold & Silver • Looking Back • Mining Stock Quotes and Mineral & Metal Prices