Chester Mining Company (CHMN) was founded in Coeur d'Alene in 1900 to explore the Chester property, just east of the Sunshine Mine, in the heart of Idaho's world-famous Silver Valley. The property was later operated by Sunshine Mining & Refining and was most recently producing silver between 1961 through 1976. Chester paid shareholders a substantial dividend while its property was in production.
Today, a reinvigorated Chester Mining is a unique mineral exploration company with a strategy of acquiring properties in proven mining districts and leasing them out to generate an income stream while retaining speculative leverage to exploration success through royalty interests.
Chester has approximately 4.4 million shares outstanding, positive working capital and no debt.
The Conjecture property consists of approximately 240 acres and includes both patented and unpatented lode mining claims, located in the Lakeview Mining District of northern Idaho, roughly 30 miles northwest of the Coeur d'Alene Mining District.
The Conjecture property is currently under lease to Shoshone Silver Mining Company.
The Chester Property
The Chester property consists of a 100-acre parcel, completely surrounded by the Sunshine Mine property and less than one mile east of its Jewell Shaft.
Despite almost 100 years of continuous production at the Sunshine Mine, having produced silver at grades exceeding on average 27.8 ounces of silver per ton, there has been relatively limited exploration in the upper levels of the mine due to the historical record of consistently converting resources to reserves and production at the Sunshine Mine.
Since 1900, Chester Mining has been in the area, and is now in its second century. For years, Chester Mining Company paid dividends derived from its profit percentage of silver produced from the Chester property area.
Chester Mining anticipates benefitting from Sterling Mining's announced dual program for advancing its Sunshine Mine project: Exploration in the "upper country" of the Sunshine Mine and rehabilitation of the mine and restoration of power and services to re-commerce mining in the "lower country".
(Click to enlarge polarization map)
The Bismark Property
The Bismark property consists of a 75-acre parcel, adjacent to the Sunshine Mine property and roughly one mile south-southwest of its Jewell Shaft. The Bismark claims were developed by a 1500-foot access drift from the surface and include over 1000 feet of lateral development along the Bismark Vein. Under the prior lease, Sunshine Mining & Refining drilled the property to explore the downward extension of the Bismark Vein. Although mineralized vein material was intersected, along with other veins and fault structures, detailed information regarding grade and thickness were not disclosed.