Gold has long been a popular investment option—it’s seen as a safe haven in a volatile economy. While the value of other assets can fluctuate wildly, gold is seen as a safety net that will always hold its value.
So if you’re troubled by the state of the economy, we may have a solution. You can buy your own gold mine and give mining a whirl. While we can’t promise you’ll strike gold, it could be a shiny opportunity for an adventurous soul.
The Black Butte Mine encompasses 259 acres near Tonopah, NV, and can be yours for $1.95 million.
“We priced it based on comparables that we saw both in raw land and agricultural land,” explains listing agent Brian Krueger. “The mine is certainly something we believe the buyer would take into consideration. We didn’t price it as such to include the gold mine, but it was certainly part of the marketing effort.”
Whoever buys the land will have 100% mineral rights to whatever is above or below the ground. Whatever they find on the property is theirs, Krueger says.
“The site was obviously mined a long time ago, and there are multiple shafts throughout,” he says. More than 2 million tons of gold tailings are piled above the surface.
Tailings are the materials left over after gold is separated from other minerals.
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“We’ve allowed people to go out and take 5-gallon buckets [of tailings material]. They’ve taken them to other third-party places to have it tested. There are small amounts of different minerals in there, including gold,” Krueger explains. He adds he can provide prospective buyers with precious-metal resource reports and assays from third parties.
The land is near the historic mining town of Goldfield, about 180 miles north of Las Vegas.
In the early 1900s, the town was booming with about 20,000 residents as prospectors flocked to the area in search of the elusive ore. As of the 2010 census, 268 people lived in the town.
Adjusted for today’s prices, miners unearthed about $1.8 billion in gold in the area between 1901 and 1940.
A fire in 1923 destroyed many of the buildings in the area, with only a few remain standing today.
The land for sale now is ready for whatever the buyer wants to do with it, Krueger says. There are no significant improvements like buildings on the property, but there are graded county roads providing access between Goldfield and the mine.
Despite that, there has been a lot of interest in the property.
“The property could end up being worth a whole lot more money than the $1.95 million that we estimate the raw land value to be, so there’s definitely a play for the right group,” Krueger explains. “[The price of] gold obviously continued to go up during COVID, and so I think it’s made the land even more attractive as a result of that. There could be a significant upswing in profitability for whoever purchases it based on what their business plan is in terms of what they’re looking to extract.”