BOISE, Idaho — A private equity firm has decided to invest $18 million in an Idaho mining company looking to expand its operation near the Oregon border.
Thunder Mountain Gold President Eric Jones said Thursday the cash infusion will enable his company to explore a potentially rich silver reserve in the South Mountain Mine near Idaho’s border with Oregon.
Jones tells the Idaho-Press Tribune the mine contains between 5 million to 50 million ounces of silver, as well as gold and other metals. It could create 25 to 100 jobs.
Geological testing will commence this summer, and the mine could begin operating after government permits are secured, likely in 3 to 5 years.
The Boise-based company has 38 mining claims and more than 1,100 acres of land.
It purchased South Mountain in 2007.
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