Mining Claim

[greydigger]

I see that a mining claim (un patented as there are no more patented claims to be made)
has the requirement of "being produced for a profit".
Well what does that mean?
Every time I look for gold and find an area that has some I do get a profit.
What do I not know?

Grey

 

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[2cmorau]

The Prudent Man Rule was first defined in Castle v Womble, 19 LD 455 (1894), where the Secretary of the Interior held that: "Where minerals have been found and the evidence is of such a character that a person of ordinary prudence would be justified in the further expenditure of his labor and means, with a reasonable prospect of success, in developing a valuable mine, the requirements of the statute have been met."

 

[Hefty1]

 

[Goodyguy]

I see that a mining claim (un patented as there are no more patented claims to be made)
has the requirement of "being produced for a profit".
Well what does that mean?
Every time I look for gold and find an area that has some I do get a profit.
What do I not know?

Grey

I am sure you already know this, but for those who don't.........

You may then file a claim based on that "discovery" of a valuable mineral as long as the property is open to mineral claim.
Otherwise you may continue to prospect the unclaimed property and it is up to you whether or not to file and be obligated to pay the filing and annual maintenance fees for ownership of the claim.

However, If you choose not to file and someone else does file you will then have to find another place to prospect unless you can obtain permission from the new claim owner.

 

[jog]

Hard to to make a profit off you're claim when they have so many regulations and won't let you work them properly.

 

[greydigger]

Well, do I have to prove that my discovery makes enough money to pay for my fuel, lodging, time, and equiptment ( a profit) and what kind of rights do I then have on the land? Can I camp there and work the claim anytime I want?
Do I have to work it a certain amount of time each year? What is defined as an "Improvement" ?
Am sure someone here has been there and done this.
Thanks,
Grey

 

[KevinInColorado]

No, you don't have to turn a profit in the modern definition of that word.

Use of surface is governed by 1872 mining law which allows things like camping but may be regulated, so many things you might want to do like cutting trees have rules about what is allowed. For some things you have to file a "plan of operations" in advance. For more info google search is your first mining tool - the info is all already posted if you go look - gold and info is where you find it...get started searching for both and good luck!

 

[greydigger]

No, you don't have to turn a profit in the modern definition of that word.

Use of surface is governed by 1872 mining law which allows things like camping but may be regulated, so many things you might want to do like cutting trees have rules about what is allowed. For some things you have to file a "plan of operations" in advance. For more info google search is your first mining tool - the info is all already posted if you go look - gold and info is where you find it...get started searching for both and good luck!

Thanks Kevin. Yes I know about 1872 law and have studied modern requirements. That's why I asked the question about "Profit".
That is one of the things in modern laws.
Gosh, if I find .5 dwt for a day of prospecting I consider that a profit compared to nothing, and would be happy.
But wondered about the legal stuff 'cause that wouldn't cover my cost as a small miner. But it is fun.
Grey