XML 27 R15.htm IDEA: XBRL DOCUMENT

Mineral Properties

6 Months Ended

Jun. 30, 2024

9. Mineral Properties

Mineral properties at June 30, 2024 and December 31, 2023 consisted of the following:

	June 30, 2024			December 31, 2023
Golden Chest
Mineral Property	$	4,234,362		$	4,191,189
Infrastructure		3,346,469			2,814,164
Total Golden Chest		7,580,831			7,005,353
New Jersey		256,768			256,768
McKinley-Monarch		200,000			200,000
Butte Gulch		1,158,964			124,055
Potosi		150,385			150,385
Park Copper/Gold		78,000			78,000
Eastern Star		250,817			250,817
Less accumulated amortization		(215,994	)		(166,500	)
Total	$	9,459,771		$	7,898,878

In February 2024 the Company purchased the surface rights and subsequently cancelled the NSR from the previous agreement with the seller for a 169-acre parcel known as Butte Gulch adjacent to the Golden Chest. The Company had already owned the mineral rights to this property. The purchase price was $1,001,000 of which $351,000 was paid in cash and the remaining $650,000 is payable to the seller (monthly interest only payments of $2,750 at 5% interest, for three years with a balloon payment of $650,000 at the end of the term).

For the three and six-month periods ended June 30, 2024 and 2023, interest expense was capitalized in association with the ramp access project at the Golden Chest Mine as follows.

June 30, 2024				June 30, 2023
Three Months		Six Months		Three Months		Six Months
$	23,797	$	43,174	$	19,374	$	42,335