Mineral Properties and Interests

12 Months Ended

Dec. 31, 2021

Mineral Industries Disclosures [Abstract]

MINERAL PROPERTIES AND INTERESTS

NOTE 6 – MINERAL PROPERTIES AND INTERESTS

Mineral properties and interests as of December 31, 2021 and December 31, 2020 are as follows:

	December 31,			December 31,
	2021			2020
Kiewit and all other sites	$	3,700,000		$	3,700,000
JJS property		250,000			250,000
		3,950,000			3,950,000
Less accumulated amortization		(864,436	)		(770,560	)
		3,085,564			3,179,440
Asset retirement obligation assets
Kiewit Site		725,122			718,289
Kiewit Exploration		28,377			28,377
JJS property		31,016			31,016
Total		784,515			777,682
Less accumulated amortization		(190,427	)		(171,254	)
		594,088			606,428
Total	$	3,679,652		$	3,785,868

Amortization of the mineral properties and interests based on total units of production was $113,049 and $258,132 for the years ended December 31, 2021 and 2020, respectively.

The Company is required to pay a 4% net smelter royalty (“NSR”) to PDK Utah Holdings, LP (“PDK”) on revenues of gold and silver from the Kiewit gold property and the JJS properties. See Note 7.