Here’s a question that sprang to mind as I’ve seen a few claims for sale of late. How would you fairly value a gold mining permit. Let’s assume it’s fully consented with access etc. Perhaps a percentage of assumed /inferred/ proven in ground reserves?
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I’d think that the following things would make up the value:
- Accessibility
- Remaining length of Permit
- Type of Permit (4 inch, 6 inch etc.)
- Proven record of findings (Should be easy as every owner needs to pay 2% tax on all gold, right?
) - Willingness to share knowledge and introduce to land owners for access
- Gold price
- Season for mining (Some creeks dry out over summer)
Not in order of importance… 
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Other than testing the ground yourself, I think a comprehensive history of ALL prior mining in the permit area is the most crucial piece of the puzzle.
I noticed one claim recently advertised on trademe valued at $100k+ that made no mention of the previous tenement holder who systematically worked the river with a large suction dredge + excavator for moving rocks/overburden, before letting it lapse.
I’m sure there’s still gold left and as a hobby claim it’d be great! But for making money dredging… not so great
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That was basically my concern looking at those expensive claims of Shotover or arrow river… Nobody would own a claim on “the richest river in the world” and not work it like crazy, I suppose!?
another interesting topic would be gold replenishing itself, i used to snipe a big crevice every year after some big winter floods, and i never got the amount i originally found aprox 1.6 grams , my thoughts are it takes a lifetime for gold to concerntrate in paying amounts in a river and once dredged thats probably it in our lifetime, many of the claims for sale in my opinion , it would take a very long time to get your money back , having said that the old timers could not divert some stretches of river nor breath underwater , im sure there are still some rich spots to be had, a few years back i sold a share in a shotover claim for $8k that same share sold for $20k not long ago, there are still a few rivers in otago i believe youd make a better than average income dredging, your gonna smash your body around beyond belief work really hard and some days make zero income other days you might make a months average income in one day , yesterday i feed a possum line on friday weather permiting ill skin it, will i be able to walk properly after that ,no i gaurantee ill be getting around like the elastics gone in my Y fronts , but do i enjoy it hell yes , am i making money doing it , probably not
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I think opportunity cost is an important part of this.
With one exception l have never known crevuces to be replenished with anything other than very fine minor flood gold.
About 1962 as a kid l cleaned out a crevice in the Arrow river and got 1/4 of an ounce of fine gold. 20 years later l cleaned it out again for one colour.
I know that the 1/4 ounce l got would have been the total replenishment since either the 1930s depression or the gold rush days.
In my own property l got 64 grams in one small area but that was not replenishment but the stream changing course to expose an unworked spot.
Any replenishment is virtually insignificant and not worth working - if you find good gold then it was either never worked or lost by poor recovery methods by the old timers.
The one exception was a hill slipping into the river and as it slipped the gravel and dirt was swept away leaving gold.
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They have already been worked like crazy. Even with suction dredging. When does the “Richest River In the World” No longer be the richest river? Like any other creek or river that has been thrashed by all means of winning its gold. The day comes when it isn’t really financially viable any more. But gold does funny things to people. Some seem to think that the amount of gold that has been won in the past is a sign of how much is still left in there. Why do you think people sell or give up a claim? Its not that they have won too much gold but most likely there isn’t much gold left. So buyer beware.
JW 
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I pulled a few pickers ranging from 0.1 to half a gram bits out of a crevice i think i got 1.5g from memory, however i returned to that same crevice the following summer after some very big floods and it was reloaded this time with a 1g nugget and a 0.80g peice with alot of fines/flakes at 3grams total, then tried again the summer after and nothing. Will be checking again soon
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Hi Mr Lammerlaw. Is there a possibility that others reworked that crevice within that 20 year period? The Arrow sees a lot of traffic.
Nothing quite like a virgin crevice to give you a hard on. 
JW
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I have only ever had one virgin crevice and by the time l had finished it had yielded three nuggets. I had another one along the way that yielded one nugget to an earlier miner and another for me.
Was that Virgin a they, them, it, she, he ?
I’m still dreaming of one after 50 years of looking. I’ve gotten nuggets but never found a first time nugget in a “virgin”.
Back then there were bugger all people out mining so l dont think it had been worked in the intervening period.
If you fing good gold on my place then its not gold thats been replenished but it is gold that was missed by the old timers or exposed by eroded bank that had never been worked
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[quote=“rossturner, post:13, topic:8669”]
Was that Virgin a they, them, it, she, he ?
A virgin gold crevice. Untouched by human lips. 
I am with you Mr Lammerlaw, but there is no gold on your place. The last old timer has got it all. 
JW
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No gold - sad boy. I would have gone up for the weekend if I had company.