Anyone who pans for gold hopes to be rewarded by the glitter of colors in the fine material collected in the bottom of the pan. Although the exercise and outdoor activity experienced in prospecting are rewarding, there are few thrills comparable to finding gold. Even an assay report showing an appreciable content of gold in a sample obtained from a lode deposit is exciting. The would-be prospector hoping for financial gain, however, should carefully consider all the pertinent facts before deciding on a prospecting venture.
Only a few prospectors among the many thousands ever found a valuable deposit. Most of the gold mining districts were located by pioneers, many of whom were experienced gold miners, but even in colonial times only a small proportion of the gold seekers were successful. Over the past several centuries the country has been thoroughly searched by prospectors. During the depression of the 1930’s, prospectors searched the better known gold-producing areas, especially in the West, and the little-known areas as well. The results of their activities have never been fully documented, but incomplete records indicate that an extremely small percentage of the total number of active prospectors supported themselves by gold mining. Of the few significant discoveries reported, nearly all were made by prospectors of long experience who were familiar with the regions in which they were working.
The lack of outstanding success in spite of the great increase in prospecting confirms the opinion of those most familiar with the occurrence of gold and the development of gold mining districts that the best chances of success lie in systematic studies of known productive areas rather than in efforts to discover gold in hitherto unproductive areas. The development of new, highly sensitive, and relatively inexpensive methods of detecting gold, however, has greatly increased the possibility of discovering gold deposits which are too low grade to have been recognized earlier by the prospector using only a gold pan.
Many believe that it is possible to make wages or better by panning gold in the streams of the West, particularly in regions where placer mining formerly flourished. However, most placer deposits have been thoroughly reworked at least twice–first by Chinese laborers, who arrived soon after the initial boom periods and recovered gold from the lower grade deposits and tailings left by the first miners, and later by itinerant miners. Geologists and engineers who systematically investigate remote parts of the country find small placer diggings and old prospect pits whose number and wide distribution imply few, if any, recognizable surface indications of metal-bearing deposits were overlooked by the earlier miners and prospectors.
One who contemplates prospecting for gold should realize that a successful venture does not necessarily mean large profits even if the discovery is developed into a producing mine. Although the price of gold has increased significantly since 1967 when the fixed price of $35 an ounce was terminated, the increases in the cost of virtually every supply and service item needed in prospecting and mining ventures have kept profit margins at moderate levels, particularly for the small mine operator. In general, wide fluctuations in the price of gold are not uncommon, whereas inflationary pressures are more persistent. The producer of gold, therefore, faces uncertain economic problems and should be aware of their effects on his operation.
Today’s prospector must determine where prospecting is permitted and be aware of the regulations under which he is allowed to search for gold and other metals. Permission to enter upon privately owned land must be obtained from the land owner. Determination of land ownership and location and contact with the owner can be a time-consuming chore but one which has to be done before prospecting can begin. Determination of the location and extent of public lands open to mineral entry for prospecting and mining purposes also is a time consuming but necessary requirement. National parks, for example, are closed to prospecting. Certain lands under the jurisdiction of the Forest Service may be entered for prospecting, but sets of rules and regulations govern entry.
Successful gold mining under present conditions is a large-scale operation, utilizing costly and sophisticated machinery capable of handling many tons of low-grade ore each day. The grizzled prospector with a burro is no longer a significant participant in the search for mineral deposits, and the small producer accounts for only a minor share of the total production of metals including gold.
Some degree of success in finding gold still remains for those choosing favorable areas after a careful study of mining records and the geology of the mining districts. Serious prospecting should not be attempted by anyone without sufficient capital to support a long and possibly discouraging campaign of preliminary work. The prospective gold seeker must have ample funds to travel to and from the region he selects to prospect and to support the venture. He must be prepared to undergo physical hardships, possess a car capable of traveling the roughest and steepest roads, and not be discouraged by repeated disappointments. Even if a discovery of value is not found, the venture will have been interesting and challenging.
