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Mineral Properties | 12 Months Ended
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Dec. 31, 2023
Mineral Properties |
Mineral Properties | 5. Mineral Properties Mineral properties at December 31, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
Golden Chest |  |  |  |  |  |
Mineral Property |  | $ | 4,191,189 |  |  | $ | 4,088,462 |
Infrastructure |  |  | 2,814,164 |  |  |  | 1,722,028 |
Total Golden Chest |  |  | 7,005,353 |  |  |  | 5,810,490 |
New Jersey |  |  | 256,768 |  |  |  | 248,289 |
McKinley-Monarch |  |  | 200,000 |  |  |  | 200,000 |
Butte Gulch |  |  | 124,055 |  |  |  | 124,055 |
Potosi |  |  | 150,385 |  |  |  | 150,385 |
Park Copper/Gold |  |  | 78,000 |  |  |  | 78,000 |
Less accumulated amortization |  |  | (166,500 | ) |  |  | (83,658 | )
Total |  | $ | 7,648,061 |  |  | $ | 6,527,561 |
For the years ended December 31, 2023 and 2022, $102,727 and $48,281, respectively, interest expense was capitalized in Golden Chest mineral property in association with core drilling and the ramp. In February 2024 purchased the surface rights to the Butte Gulch property, see note 15. Golden Chest The Golden Chest is an underground mine project currently producing for the Company located near Murray, Idaho consisting of 86 patented and 217 unpatented mining claims. A 2% NSR is payable on production at certain portions of the Golden Chest to a former joint venture partner. Royalty expense of $272,535 and $181,300 was recognized as costs of sales and other direct production costs in the years ended December 31, 2023, and 2022, 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 the Golden Chest. 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% NSR 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 the Golden Chest. This property consists of 71 acres of patented mining claims. Park Copper/Gold 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/Gold.

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- Definition The entire disclosure for mineral industries. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 930 -SubTopic 715 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482467/930-715-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 930 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//930/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 932 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//932/tableOfContent + Details
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