This Patented Silver Mine consists of one 20 acre Patented Lode claim plus two adjacent unpatented lode claims which are each 20 acres. The mine is located in southwest New Mexico and accessed by an unpaved road.

The property was first mined in the late 1800's for Silver and the ore was packed out by mules. This testifies to the high ore value of the ore found near the surface. The property was last mined between 1939 and 1949 with major disruptions due to WW2 and then patented.

A shaft of 100 feet was sunk and drifts made into the vein. The shaft is now filled with water and the lower workings have not been entered for nearly 60 years. This mine has not been mined out but the total ore reserves are unknown. According to an interview with a former mine worker, the vein was about 10 feet wide and the ore grade was improving with depth. Pockets of high grade silver were encountered when mining the stopes.

The primary vein is open at depth and strike. Repair of the portal and timbering the adit is required to gain access to the inner workings. A program of directional drilling to intersect the vein at various depths is recommended. This property is the only private land in this region of the National Forest and only a few miles from one of the last wild rivers in the west.

Reports from the 1930s are available to prospective buyers. The owner is asking $300k for the Patented claim and 2 adjacent claims with $100k down and the balance over 2 years. Or he will discount the price for cash to $200k. A 2% - 4% Net Smelter Returns Royalty (depending on production amounts) is in place and payable to the original owner.

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Patented New Mexico Silver Mine #L1955

email us at steve.long@reagan.com

fax 208 265 5377