Another company appears interested in reopening a mine in the Boise River watershed.
Standard Silver Corp., a Texas-based company announced Nov. 7 that it had purchased an old gold mine, the King Mine, located in the mountains between Grimes Creek and Elk Creek 50 miles north of Boise. The deposit, produced gold and silver from the 1890s to the 1940s for the Smith family, of Idaho City, who sold the claim to the Texas company.
With gold prices rising past $800 an ounce old deposits like this take on new interest. It also comes as Treasure Valley residents have become activated against mines that could threaten to pollute the Boise River that supplies their water, irrigation and provides recreation.
Standard Silver Corp. said in a press release it intends to open the King mine and to rehabilitate an old mine shaft to verify the historic data. If it pans out the company said it plans an exploration and development program.
So who are these people? Standard Silver Corp. owns two mining properties in Luna and Sierra Counties, New Mexico. It was founded in 1946 and reorganized earlier this year.
At the time they told investors: “We believe that there is at this time a great opportunity for Standard Silver Corp. to develop into a profitable mining company.”
Its stock sold for 44 cents a share last week.