Between 1830 and 1850, Chilean silver mining grew at an unprecedented pace which transformed mining into one of the country's principal sources of wealth. The rush caused rapid demographic, infrastructural, and economic expansion in the semi-arid Norte Chico mountains where the silver deposits lay. A number of Chileans made large fortunes in the rush and made investments in other areas of the economy of Chile. By the 1850s, the rush was in decline and lucrative silver mining definitively ended in the 1870s. At the same time, mining activity in Chile reoriented to saltpetre operations.

Between 1883 and 1906 Tierra del Fuego experienced a gold rush attracting many Chileans, Argentines and Europeans to the archipelago, including many Dalmatians. The gold rush led to the formation of the first towns in the archipelago and fueled economic growth in Punta Arenas. After the gold rush was over, most gold miners left the archipelago, while the remaining settlers engaged in sheep farming and fishing. The rush made a major contribution to the genocide of the indigenous Selk'nam people.