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Mineral Properties
 12 Months Ended
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.