The Legal Tender Mineral property is a 40-acre lode property. The property is located in the upper hills of the Bonanza Mining District. For reference, the old shaft entrance sits at an elevation of 11,795’.
The Legal Tender sits on the flat at the top of the mountain along with the Shawmut and a few other mines. These mines have all been historically large volume producers and done very well for their owner operators. Due to the elevation and location the mines can only be economically worked from late spring to early fall. This fact, added to historical low gold and silver prices basically shut the entire district down in the late 1930s. The mines have produced sporadically since that time, but with no real documentation of values or material.
The Legal Tender is, as noted, one of the oldest mines in the district. It is estimated to have started in the mid 1850s.The mine, to date, has not been opened or examined prior to 1920. In 1920 it was reported as in poor condition and not safe to access.
The mine was purchased by ASARCO in the early 1990s as part of the Rawley Mine acquisition. The mine was not addressed in any manner.
The extent of the mine and its development has not been verified. A notice of Exploration will be required to open the portal and verify the workings and veins in the property. The only information available is that the mine produced gold and silver at a rate of $40 per ton. No breakdown of the ratios of gold to silver are known.
Dump, or discarded material at the mine returned values of over 0.33 oz. in gold per ton and .2 oz. of silver per ton. This would seem to indicate that silver was the primary target . However, this may not be the case in this region as gold has been commonly reported in the early days of the district to run well over 10 oz. per ton.
The potential for development at the current site would lie in the recovery and efficient processing of the dumps at the main shaft and around the property. Once the dumps were cleared, the main shaft should be open and accessible. From this point a general drilling program can be executed with minimal bonding costs.
There is excellent road access to the site. The current road will support full size vehicles and heavy equipment such as dump trucks and loaders. There is also potential to improve the road into Alder Creek for more direct access to highways.
The Legal Tender represents a documented asset of at least 29,994 oz. of recoverable gold and 25,410 oz. of silver from the surface material. The real value in the material will be in the subsurface workings. These have not been addressed since the price of gold was less than $20 per ounce .
Saguache County, Colorado, Bonanza (Kerber Creek) Mining District, Colorado, Colorado Gold Mining Claim, Colorado Gold Lode Mining Claim, Colorado Silver Mining Claim, Colorado Silver Lode Mining Claim, Colorado Copper Mining Claim, Colorado Copper Lode Mining Claim, Colorado Lode Mining Claim
Gold, Silver, Copper
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