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Bates Hunter Gold Mine and History Extending to the Colorado Gold Rush

With the history of Colorado gold mining extending to the mid-19th century, GS Mining Company has assembled an extensive portfolio of mine holdings spanning the Central City/Black Hawk region. In 2024, 85 percent of the gold under Central City remains undiscovered. The Bates Hunter Mine revival centers on sustainably exploiting assets in a mine first operated in 1859.

After teaser discoveries in 1858, George Jackson found a significant placer deposit in Chicago Creek, near Idaho Springs, in January 1859. The discovery of gold near Black Hawk by John Gregory quickly followed it. Then, tens of thousands of miners rapidly entered the Denver region, and this influx led to Colorado becoming a US territory in 1861. The Pikes Peak Gold Rush focused on the easternmost of the state’s Fourteeners, mountains extending above 14,000 feet in the Rockies - the signpost that wagon trains of immigrants first saw on the horizon as they approached the mountainous west after months of crossing the Great Plains.

However, the major riches promised never materialized in 1859, and by mid-May, the gold rush had turned into a tale of “go backers,” with a cycle of boom and bust occurring in just a few months. Of 100,000 gold seekers who set out for Colorado in early 1859, only 40,000 reached Denver, and by August, only 10,000 miners remained in the region. An estimated 2,000 miners reached Denver, with the remainder engaged in lode gold mining operations deep in the mountains. As late as September, some hoped for a significant find, with 2,000 miners surveyed in a key gulch region spanning six square miles along the Clear Creek’s North Fork and Central City. By the time winter hit, most of these miners left, and major commercial operations did not commence again until the 1890s.

The Bates Vein, within the Gregory Lode, was part of John Gregory’s initial 1859 discovery in Central City. Neglected for decades, it witnessed a late 19th-century revival. By the turn of the 20th century, it became part of a region populated by small mining operations, which National Geographic called “the richest square mile on earth.” The Bates-Hunter Mine closed in 1936, and the point the shaft reached a depth of approximately 800 feet.

In 1987, the Central City Consolidated Mining Company attempted to reopen the mine, followed by a mid-2000s Wits Basin Precious Minerals, Inc. venture. Neither project made much headway. Then, the emergence of GS Mining Company, LLC acquired the property and started extracting significant gold by 2020.

Bates Hunter Gold Mine spans a series of proven gold veins with potential gold recovery estimated between one to 3 million ounces. The existing infrastructure, including an elevator system servicing the entirety of the 800-foot main shaft, would require around $40 million to construct, adjusted for inflation. With an EPA water purification system in place, the Bates Hunter connects to the Becker Bates Mines at around 500 feet. In the area of connection, the highest gold readings (several ounces per ton) have been recorded. Characterized as one of the richest gold-bearing veins in the region, the current operation can potentially deliver significant returns on investment.

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Benefits of Mobile Payments

Mobile payments have made banking more convenient, accessible, safe, and reliable. Mobile payments occur through a mobile device, such as a cell phone. Experts predict that consumers globally will spend an estimated $6 billion annually by 2027. Furthermore, in five years, this amount will triple. Financial institutions that want to remain competitive have adopted mobile payment technology.

Mobile money transfers and digital wallets (Venmo) are examples of the medium through which users make transfers or pay for items. The mobile phone negates using credit or debit cards or cash by allowing the person to store their banking information on their phone.

The technology works through a mobile wallet app like Apple Pay or Google Pay. The merchant will also need the payment processor technology to take contactless payments through a mobile device. At the point-of-sale (cash register), the customer hovers their phone over the payment terminal, and the payment is made over a radio frequency after the information is encrypted. The money leaves the person’s account and is transferred to the merchant.

Millennials and Gen Zs have widely adopted mobile payments. This increased adoption is also related to the fact that these populations are growing their wealth and disposable income.

Mobile payments benefit businesses because they can reduce expenses. For one, the merchant does not have to purchase expensive point-of-sale equipment, paper, or ink because the person can make the purchase, and then the business can email their receipt. The only thing that companies would need to purchase is a card reader to take card payments on a mobile phone or tablet.

Another way to accept payments through the mobile device is by using QR codes, which do not require a card reader. Furthermore, cloud-based subscriptions for mobile payments require low start-up and monthly maintenance.

Through mobile payment platforms, merchants can send coupons and discounts to customers who shop with the merchant often. The loyalty rewards programs reward customers by giving them points for each transaction or reaching a transaction threshold to unlock rewards. They can also offer a hybrid of the two that gives them rewards points for what they purchase and rewards them once they reach a certain threshold.

Business owners also benefit from the data collected on the mobile device whenever customers shop with a merchant. This information relates to customer shopping behavior, for instance, how much the customer frequents the business, how much they spend, how they prefer to pay, and the products they buy the most. Ultimately, this information can shape how the company customizes the shopping experience for customers.

Mobile payments can reduce wait times at the checkout. These payments take place within seconds, much faster than swiping a card. For merchants who experience high traffic, mobile payments can hasten getting customers out of the checkout line.

The payments are also much safer than credit cards because they include Touch ID, PIN inputs, and tokenization. All these features protect the person’s data from being exposed to parties outside the merchant and the third-party digital wallet. Furthermore, with increased security, the merchant’s liability becomes significantly reduced.