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Mineral Properties | 12 Months Ended
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Dec. 31, 2022
Mineral Properties |
Mineral Properties | 5. Mineral Properties Mineral properties at December 31, 2022 and 2021 are as follows:
|  | 2022 |  |  | 2021 |
Golden Chest |  |  |  |  |  |
Mineral Property |  | $ | 4,088,462 |  |  | $ | 4,050,735 |
Infrastructure |  |  | 1,722,028 |  |  |  | 1,056,037 |
Total Golden Chest |  |  | 5,810,490 |  |  |  | 5,106,772 |
New Jersey |  |  | 248,289 |  |  |  | 248,289 |
McKinley-Monarch |  |  | 200,000 |  |  |  | 200,000 |
Butte Gulch |  |  | 124,055 |  |  |  | 124,055 |
Potosi |  |  | 150,385 |  |  |  | 150,385 |
Park Copper |  |  | 78,000 |  |  |  | 78,000 |
Less accumulated amortization |  |  | (83,658 | ) |  |  | (64,315 | )
Total |  | $ | 6,527,561 |  |  | $ | 5,843,186 |
For the years ended December 31, 2022 and 2021, $48,281 and $49,273, respectively, of interest expense was capitalized in association with the ramp access project at the Golden Chest. Golden Chest The Golden Chest is an open pit and underground mine project currently producing for the Company located near Murray, Idaho consisting of 86 patented and 217 unpatented mining claims. A 2% Net Smelter Royalty is payable on production at certain portions of the Golden Chest to a former joint venture partner. Royalty expense of $181,300 and $151,763 was recognized as costs of sales and other direct production costs in the years ended December 31, 2022, and 2021, respectively. New Jersey The Coleman property is located at the New Jersey Mine area of interest and consists of 62 acres of patented mining claims, mineral rights to 108 acres of fee land, 80 acres of land for which the Company owns the surface but not the mineral rights, and approximately 130 acres of unpatented mining claims. McKinley-Monarch The McKinley-Monarch project is located near the town of Lucille, Idaho. The project consists of 28 unpatented claims totaling 560 acres. The Company started exploring the property in 2013. Butte Gulch In 2018, the Company purchased the Butte Gulch property near its Golden Chest mine. This property consists of 177 acres of patented mining claims some of which include both the surface and mineral rights and some of which include only the mineral rights. There is an underlying 2% net smelter return on all ores mined and shipped from any lode production from the patented claims on the Butte property. Potosi In 2018, the Company purchased the Potosi property near its Golden Chest mine. This property consists of 71 acres of patented mining claims. Park Copper In August 2021, the Company paid $78,000 in cash for 100 acres of patented mineral property in Shoshone County referred to as Park Copper.

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