According to legend, the discovery was made in the 16th century.
The mine produced gold and silver ores under the name of Otani Gold Mine in the past.
Although the mine flourished in the end of the 17th century, development and devastation recurred owing to transfers of mining rights in the early Meiji era.
In 1888, Masahiro Hama, from a Samurai family in Kochi, and another acquired the rights and established Otani Gold Mine Limited Partnership.
In the following year, the company had about 300 employees and began mining operations of gold and silver ores.
Later, the mine came under the joint management by Sahei Ikarashi, Kameta Yoshida, and two others, and subsequently Otani Gold Mine Co., Ltd. acquired the rights in 1900.
The company expanded mining areas in the following year and constructed a smelter three years later, selling excess ore to Shinonome Smelter.
In 1906, Sanjuro Nagao, a businessman in Tokyo, and others took over the operations and established Japan Gold Mining Company, initiating mining of copper ore.
However, the company suspended smelting operations and sold ores to Hitachi Mine and Kosaka Mine due to financial difficulty.
Furthermore, the financial condition remained stagnant due to the successive recessions in the 1920s.
Consequently, the company commenced the management of the mine jointly with Nippon Mining Co., Ltd. from 1932 and renamed the mine Mikawa Mine.
In 1940, in response to the increased demand for metals due to the Second Sino-Japanese War, the company constructed a beneficiation plant, enabling an increase in production.
As a result, the mine produced 55,443 tonnes of crude ore at its peak in 1943 and had 432 employees in the following year.
Concurrently, one hundred or more Korean laborers were employed under forced conditions.
Afterwards, Nippon Mining Co., Ltd. commenced independent management in 1946 and began the recovery of zinc and lead in the following year, followed by the recovery of sulfur three years later.
The Korean War special procurement brought a large increase in production back to the mine, and moreover, the company built a new beneficiation plant in 1931.
However, a decrease in ore grade caused low profitability.
Consequently, the beneficiation operations were forced to suspend in 1961, and the mine closed in the following year.
The remains of the plant can be found even now.
The mine had abundant reserves, in spite of low-grade ore.
Moreover, the ore contained gold and silver.
Under the independent management, Nippon Mining Co., Ltd. began the recovery of zinc, lead, and sulfur from ore sequentially.
The company sent each refined ore to various smelters, namely, copper ore to Hitachi Smelter, zinc ore to Mikkaichi Smelter, lead ore to Saganoseki Smelter, and sulfur ore to Niigata Sulfuric Acid Co., Ltd.
A mining town built in the mountains had 49 residential buildings with 108 units for employees and miners, two dormitories for singles, and welfare facilities, such as a hospital, a shop, a barbershop, and bathhouses.
About 800 people lived there in 1951, and Kinzan Elementary School had 188 children at its peak.
The mine had over 10 ore veins, which formed five groups of ore veins, namely, Takara, Motoiwa, Toyokuni, Happo, and Manaitakura.
Takara and Manaitakura deposits formerly produced high-grade gold and silver ores.
The products were transported to Shirosaki Station, later Mikawa Station, on the JNR Ban-Etsu West Line by truck.
However, the shipments stopped during every winter due to accumulated snow.