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Thread: Finding Gold in a Rock - What's it Worth?

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    Member AlbertJohnson's Avatar
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    Default Finding Gold in a Rock - What's it Worth?

    My cousin found a few rocks about half the size of your fist. He had them assayed and the results were that they indicated finds of from 2 oz to 11 oz per ton of gold. Also some platinum.

    My question. Can you extract the gold and plat. from a bunch of these rocks to make it profitable?

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    Yes, from 2 to 11 oz of gold per ton. I'd say that was very good pay.

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    Moderator Paul H's Avatar
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    If he has a few tons of those rocks they'd be worth it. He'd have to get a claim to the area, then crush and mill the rocks, then sepperate out the gold.

    The catch 22 of mining is you have to figure out how much equipment is needed to sepperate out the gold, and if you can move enough material through the equipment to make it pay.

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    Member AlbertJohnson's Avatar
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    Thanks for the replies. It just sounded too good to be true.

    He's having a mid life crisis, and took off gold hunting.

    He 'claims' he found these rocks. But DID have them assayed by

    a sourdough who's about 85 years old. Sometimes my cousin

    exaggerates and stretches the truth. So i figure a rock that size would

    have been worth 2-5 bucks. But right, depends on how many he can get.

    He is now exploring 'rights' on where he found them.

    (he's already invested $5,000 in his quest so far)
    Last edited by AlbertJohnson; 10-10-2008 at 10:21. Reason: more info

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    Moderator Paul H's Avatar
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    When we moved up here 11 years ago I looked at all sorts of things, had those dreams of living off the land, and hey getting gold sounded good. I did a fair bit of research on the gold thing, and what I found was. If you stick with minimal equipment methods, i.e. sluice, dredge, and or metal detecting and you get into some good placer ground, you could expect to move enough material to average 1/2 oz a day. At that time, gold was $300 something an ounce, so I figured with expenses and working 8 hours a day, one could expect to make minimum wage, maybe $10 an hour. And that for something you can do a few months out of the year.

    Hard rock mining is equipment and capital intensive. You aren't going to get into it for a few thousand dollars, more like a few hundred thousand, and then you need to hire people to move material and run equipment. One could use a simple crusher and other methods to process the gold bearing rocks, but you won't be able to move much material through that equipment. If you can only crush, pulverize and process a few hundred pounds of rock a day, suddenly that 2-11 oz / ton rock is yielding well less than an ounce a day.

    Nothing wrong with mining, but there's alot more to it than shoveling dirt in a sluice and panning the fines if ones goal is to make a living wage out of the endevour.

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    Member Vince's Avatar
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    2 oz a ton is good pay... a ton of rock is about 12/-3/4 a yard of rock i can move 100 yards a day with my small hoe and dozer working. thats 200 ton ( low average) at 100 OZ... at +/- 800 an oz..... $80,000 per run... figure 3 days per run.. dig, screen pan... clean up... 26 k a day...

    then the assay... sets the purity of it... pays accordingly...
    "If you are on a continuous search to be offended, you will always find what you are looking for; even when it isn't there."

    meet on face book here

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    Member Vince's Avatar
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    Quote Originally Posted by Paul H View Post
    When we moved up here 11 years ago At that time, gold was $300 something an ounce,


    Hard rock mining is equipment and capital intensive. You aren't going to get into it for a few thousand dollars, more like a few hundred thousand, and then you need to hire people to move material and run equipment. One could use a simple crusher and other methods to process the gold bearing rocks, but you won't be able to move much material through that equipment. If you can only crush, pulverize and process a few hundred pounds of rock a day, suddenly that 2-11 oz / ton rock is yielding well less than an ounce a day.

    Nothing wrong with mining, but there's alot more to it than shoveling dirt in a sluice and panning the fines if ones goal is to make a living wage out of the endevour.


    current market price is 847 an oz... down 77.00 from yesterday... not to long ago it was up over 1000.00... the ONLY prohibitive cost to mining at the moment is FUEL>>>

    Vince
    "If you are on a continuous search to be offended, you will always find what you are looking for; even when it isn't there."

    meet on face book here

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    Member AlbertJohnson's Avatar
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    I think my cousin was conned. Someone probably salted the creek he was working.
    He finally had the sense to go by himself and check it out and mysteriously found nothing.
    NOTHING. Now he won't talk about the whole ordeal. He told me before this last trip he had 5 grand invested in it so far. Sounds like a Klondike Scam to me.
    What's that saying about someone and his money soon being parted?
    I feel bad for him, but stuff like this is going to escalate in these hard times.

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