Looking to getting in to the business of gold prospecting

[alexias2]

I am keen to get into gold prospecting to start a new small business. So far I find around 1/4 - 1/2 ounce per day, with a sluice, but wish to increase my findings. So far I have not sold the gold it as I am still new to this business. Do you think gold prospecting a viable small business?

Also, what is the difference with hard rock vs placer mining. I know the difference in basic terms, but in terms of business and strategy to find it. What are the advantages and disadvantages of each, and some good strategies and equipment, etc. How much can one except to find in a placer prospecting vs hard rock?

 

[vpnavy]

Noticed this is your very first post - so, Welcome Aboard! While waiting for a member to reply - you might browse Forum > Gold Prospecting Forum > Gold Prospecting...

 

[Terry Soloman]

I am keen to get into gold prospecting to start a new small business. So far I find around 1/4 - 1/2 ounce per day, with a sluice, but wish to increase my findings...

Are you in the Yukon? If you are finding that much gold per day with a sluice then you sure as hell don't need our advice - we need yours!

 

[bigfoot1]

I've done it in my younger days.I have to say that you need not change a thing for now.If you are really getting that much placer gold per day you are already in buisness.Its not always how much gold you are recovering,its how much it costs to recover it and reclaim the land.As you increase your production you will be running more complex equipment which will require more expensive maintenance and employees or partners.
Also you must consider what regulation changes are in store for you as your operation will need to be presented to blm,u.s.d.a.,or property owner.Your likely going to have to involve dept.of mines and osha,present them with an operations plan and site restoration plan.A bond equal to the cost of reclamation will likely need to be posted...big bucks in cash.

Lode mining always means a much larger investment,forget it without blank check financing.equipment is outrageously expensive,explosives aint cheap.sample drilling alone could be a fortune and you cant even consider lode mining without hundreds of samples or core drilling holes.it never ends.

I would humbly suggest you stay small,under the radar.selling your gold correctly can equate to the same as recovering more.Here is what I did....

I packaged my flour gold in small pennyweight vials,bout .50 cents worth in each.filled em with veggie oil and had the blister packaged on rack cards for retail at local stores.a tourist souvineer.I was getting $2.50 each and had less than a buck into each.the rare course gold was sold to a local jeweler at above spot.

good luck...welcome and let us know how it goes.

 

[Argentium]

At current gold prices @ 1150 OZ. If you are really finding between $250. and $500. a day with a dredge , you certainly don't
want to change much - maybe tinker with your equipment a little - for example - being able to wash a bit more material in a
day for a higher yield . I agree with the earlier post , "you don't need our advice - we need yours " that's a huge haul per day
with a one man operation . What part of the country are you in ?

 

[alexias2]

At current gold prices @ 1150 OZ. If you are really finding between $250. and $500. a day with a dredge , you certainly don't
want to change much - maybe tinker with your equipment a little - for example - being able to wash a bit more material in a
day for a higher yield . I agree with the earlier post , "you don't need our advice - we need yours " that's a huge haul per day
with a one man operation . What part of the country are you in ?

Well, most average jobs pay that much so its not that big of a deal, an improvement to double that would be nice to see.

I am investing time into finding better equipment that processes more material, and better recovery rates(along with better mining strategies). I find that a sluice can throw out a lot of small gold and odd shaped nuggets, not to mention the feed rate has to be slowish.

 

[FreeBirdTim]

To clear $250 a day at a job, you would need to gross around $350 a day. For an 8 hour job, that works out to an hourly wage of $43.75. That's a yearly salary of $91,000. Hardly an "average" paying job, imo.

 

[mlayers]

you're fining 1/2 to 1/4 oz of gold a day. Plus you say that is what most average jobs pay. Man I wish I live where you live at. I make just over $600 a week. Where are you at I come and work your sluice for you for that kind of money.

 

[Argentium]

Clearly you are not living in the same world most of us are financially speaking , however If you persevere- I don't
doubt that you can bring in more gold from a site that is already producing at that level .