§ 302 — Right of discoverer to work claim

A citizen of the United States discovering a valuable mine or quarry upon such lands or upon land beneath such waters, and filing a notice of discovery and a bond as hereinafter provided, may work such mine or quarry. He or she and his or her heirs and assigns shall have the sole benefit of all the product therefrom, on the payment into the State Treasury of two percent of the market value of all such products, as a royalty. Such valuation shall be made when such products are first in a marketable form. From time to time the Legislature may provide for a different rate of compensation to be paid to the State.