International Tower Hill Mines (THM) 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 04, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Entity Registrant Name	INTERNATIONAL TOWER HILL MINES LTD
Entity Central Index Key	1,134,115
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	THM
Entity Common Stock, Shares Outstanding		116,353,638

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current
Cash and cash equivalents	$ 1,759,123	$ 6,493,486
Prepaid expenses and other	218,408	192,226
Total current assets	1,977,531	6,685,712
Property and equipment	26,120	30,083
Capitalized acquisition costs	55,204,041	55,204,041
Total assets	57,207,692	61,919,836
Current liabilities
Accounts payable	186,860	122,043
Accrued liabilities	357,728	394,436
Derivative liability	14,800,000	0
Total current liabilities	15,344,588	516,479
Non-current liabilities
Derivative liability	0	13,900,000
Total liabilities	15,344,588	14,416,479
Shareholders' equity
Share capital, no par value; authorized 500,000,000 shares; 116,313,638 shares issued and outstanding at December 31, 2015 and 116,353,638 shares issued and outstanding at September 30, 2016	243,716,531	243,692,185
Contributed surplus	34,063,362	33,979,717
Accumulated other comprehensive income	1,149,086	816,435
Deficit	(237,065,875)	(230,984,980)
Total shareholders' equity	41,863,104	47,503,357
Total liabilities and shareholders' equity	$ 57,207,692	$ 61,919,836

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	116,353,638	116,313,638
Common Stock, Shares, Outstanding	116,353,638	116,313,638

CONDENSED CONSOLIDATED INTERIM

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating expenses
Consulting fees	$ 63,973	$ 82,091	$ 200,660	$ 340,463
Depreciation	1,323	1,754	3,963	5,293
Insurance	69,326	68,137	200,532	206,222
Investor relations	27,119	19,209	76,506	112,289
Mineral property exploration	528,117	727,477	2,504,284	1,957,019
Office	9,546	6,144	30,005	24,255
Other	4,487	4,675	14,508	15,427
Professional fees	63,057	63,572	155,007	189,185
Regulatory	50,307	40,444	108,281	139,812
Rent	35,374	36,733	106,109	121,719
Travel	42,702	41,064	81,350	80,706
Wages and benefits	537,872	657,914	1,630,035	1,962,707
Total operating expenses	(1,433,203)	(1,749,214)	(5,111,240)	(5,155,097)
Other income (expenses)
Gain/(loss) on foreign exchange	(3,020)	334,228	(124,784)	905,123
Interest income	3,534	7,497	15,689	38,122
Unrealized gain/(loss) on derivative	(100,000)	400,000	(900,000)	500,000
Other income	8,100	0	39,440	19,000
Total other income (expenses)	(91,386)	741,725	(969,655)	1,462,245
Net loss for the period	(1,524,589)	(1,007,489)	(6,080,895)	(3,692,852)
Other comprehensive income (loss)
Unrealized gain/(loss) on marketable securities	(13,210)	5,272	(2,459)	(8,895)
Exchange difference on translating foreign operations	38,852	(583,280)	335,110	(1,414,013)
Total other comprehensive income (loss) for the period	25,642	(578,008)	332,651	(1,422,908)
Comprehensive loss for the period	$ (1,498,947)	$ (1,585,497)	$ (5,748,244)	$ (5,115,760)
Basic and fully diluted loss per share	$ (0.01)	$ (0.01)	$ (0.05)	$ (0.03)
Weighted average number of shares outstanding	116,348,855	116,313,638	116,325,463	116,313,638

CONDENSED CONSOLIDATED INTERIM5

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2014	$ 53,155,530	$ 243,692,185	$ 33,439,249	$ 2,196,252	$ (226,172,156)
Balance (in shares) at Dec. 31, 2014		116,313,638
Stock based compensation	448,310	$ 0	448,310	0	0
Unrealized gain (loss) on available-for-sale securities	(8,895)	0	0	(8,895)	0
Exchange difference on translating foreign operations	(1,414,013)	0	0	(1,414,013)	0
Net loss	(3,692,852)	0	0	0	(3,692,852)
Balance at Sep. 30, 2015	48,488,080	$ 243,692,185	33,887,559	773,344	(229,865,008)
Balance (in shares) at Sep. 30, 2015		116,313,638
Balance at Dec. 31, 2014	$ 53,155,530	$ 243,692,185	33,439,249	2,196,252	(226,172,156)
Balance (in shares) at Dec. 31, 2014		116,313,638
Exercise of options (in shares)	0
Balance at Dec. 31, 2015	$ 47,503,357	$ 243,692,185	33,979,717	816,435	(230,984,980)
Balance (in shares) at Dec. 31, 2015		116,313,638
Balance at Sep. 30, 2015	48,488,080	$ 243,692,185	33,887,559	773,344	(229,865,008)
Balance (in shares) at Sep. 30, 2015		116,313,638
Stock based compensation	92,158	$ 0	92,158	0	0
Unrealized gain (loss) on available-for-sale securities	3,057	0	0	3,057	0
Impairment of available-for-sale securities	219,402	0	0	219,402	0
Exchange difference on translating foreign operations	(179,368)	0	0	(179,368)	0
Net loss	(1,119,972)	0	0	0	(1,119,972)
Balance at Dec. 31, 2015	47,503,357	$ 243,692,185	33,979,717	816,435	(230,984,980)
Balance (in shares) at Dec. 31, 2015		116,313,638
Stock based compensation	92,587	$ 0	92,587	0	0
Unrealized gain (loss) on available-for-sale securities	(2,459)	0	0	(2,459)	0
Exchange difference on translating foreign operations	335,110	0	0	335,110	0
Exercise of options	$ 15,404	$ 15,404	0	0	0
Exercise of options (in shares)	40,000	40,000
Reallocation from contributed surplus	$ 0	$ 8,942	(8,942)	0	0
Net loss	(6,080,895)	0	0	0	(6,080,895)
Balance at Sep. 30, 2016	$ 41,863,104	$ 243,716,531	$ 34,063,362	$ 1,149,086	$ (237,065,875)
Balance (in shares) at Sep. 30, 2016		116,353,638

CONDENSED CONSOLIDATED INTERIM6

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating Activities
Loss for the period	$ (6,080,895)	$ (3,692,852)
Add items not affecting cash:
Depreciation	3,963	5,293
Stock-based compensation	92,587	448,310
Unrealized (gain) loss on derivative liability	900,000	(500,000)
Changes in non-cash items:
Accounts receivable	29,992	84,838
Prepaid expenses and other	(11,041)	(10,994)
Accounts payable and accrued liabilities	24,284	(461,699)
Cash used in operating activities	(5,041,110)	(4,127,104)
Financing Activities
Issuance of share capital	15,404	0
Cash provided by financing activities	15,404	0
Investing Activities
Effect of foreign exchange on cash	291,343	(1,485,764)
Decrease in cash and cash equivalents	(4,734,363)	(5,612,868)
Cash and cash equivalents, beginning of the period	6,493,486	13,521,473
Cash and cash equivalents, end of the period	$ 1,759,123	$ 7,908,605

GENERAL INFORMATION, NATURE OF

GENERAL INFORMATION, NATURE OF OPERATIONS AND GOING CONCERN	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]	GENERAL INFORMATION, NATURE OF OPERATIONS AND GOING CONCERN International Tower Hill Mines Ltd. (“ITH” or the "Company") is incorporated under the laws of British Columbia, Canada. The Company’s head office address is 2300-1177 West Hastings Street, Vancouver, British Columbia, Canada. International Tower Hill Mines Ltd. consists of ITH and its wholly owned subsidiaries Tower Hill Mines, Inc. (“TH Alaska”) (an Alaska corporation), Tower Hill Mines (US) LLC (“TH US”) (a Colorado limited liability company), Livengood Placers, Inc. (“LPI”) (a Nevada corporation), and 813034 Alberta Ltd. (an Alberta corporation). The Company is in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. At September 30, 2016, the Company was in the exploration stage and controls a 100 These unaudited condensed consolidated interim financial statements have been prepared on a going-concern basis, which presumes the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. As at September 30, 2016, the Company had cash and cash equivalents of $1,759,123 compared to $6,493,486 at December 31, 2015. The Company has no revenue generating operations from which it can internally generate funds. As at September 30, 2016, the Company’s estimate of the amount of the Additional Payment due on January 12, 2017 (see Note 6) is $14,800,000, which significantly exceeds the Company’s available cash resources. The Company expects to seek to obtain significant additional financing on or before January 2017 in order to be able to make this payment, but there is no assurance that the Company will be able to obtain the additional financing required on acceptable terms, if at all. Should the Company be unable to make the Additional Payment, the Company will have 30 days to remedy the event of default. Should the default not be remedied, the Company may be required to deliver the underlying claims, which are not part of the Project’s gold resource but are part of the 75 square mile Livengood land package, into a trust in order for them to be sold. Should the proceeds from sale not be sufficient to satisfy the outstanding amount of the Additional Payment, the beneficiaries will have recourse against the Company for any shortfall. The Company considers it likely that the proceeds from any such sale, should it prove necessary, would be sufficient to satisfy the amount of the Additional Payment. The Company will also require significant additional financing to continue its operations in connection with advancing activities at the Livengood Gold Project and for the development of any mine that may be determined to be built at the Livengood Gold Project. In addition, any significant delays in the issuance of required permits for the ongoing work at the Livengood Gold Project, or unexpected results in connection with the ongoing work, could result in the Company being required to raise additional funds to advance permitting efforts. The Company’s review of its financing options includes pursuing a strategic alliance to assist in further development, permitting and future construction costs. Despite the Company’s success to date in raising significant equity financing to fund its operations, there is significant uncertainty that the Company will be able to secure any additional financing in the current or future equity markets. Even if the Company is able to secure some additional equity financing, the Company may be unable to raise enough capital to both make the Additional Payment and continue its operations in connection with advancing all activities at the Livengood Gold Project into 2017 and beyond. As a result, there is substantial doubt about our ability to continue as a going concern. The amount of funds to be raised and the terms of any proposed equity financing that may be undertaken will be negotiated by management as opportunities to raise funds arise. Specific plans related to the use of proceeds will be devised once financing has been completed and management knows what funds will be available for these purposes. Due to this uncertainty, if the Company is unable to secure sufficient additional financing, it may be unable to make the Additional Payment when due, and the Company may be required to reduce all discretionary activities at the Project to preserve its working capital to fund anticipated non-discretionary expenditures beyond the 2016 fiscal year. These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary were the going concern adjustment appropriate. Such adjustments could be material.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	BASIS OF PRESENTATION These unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015 as filed in our Annual Report on Form 10-K. In the opinion of the Company’s management these financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s financial position at September 30, 2016 and the results of its operations for the nine months then ended. Operating results for the nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The 2015 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. These judgments, estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. On November 14, 2016, the Board approved these condensed consolidated interim financial statements. Basis of consolidation These consolidated financial statements include the accounts of ITH and its wholly owned subsidiaries TH Alaska, TH US, LPI and 813034 Alberta Ltd. All intercompany transactions and balances have been eliminated.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying values of cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities approximate their fair values due to the short-term maturity of these financial instruments. Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the significance of the inputs used in making the measurement. The three levels of the fair value hierarchy are as follows: · Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; · Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and · Level 3 – Inputs that are not based on observable market data. Fair value as at September 30, 2016 Level 1 Level 2 Financial assets: Marketable securities $ 20,318 $ - Total $ 20,318 $ - Financial liabilities: Derivative liability (Note 6) $ - $ 14,800,000 Total $ - $ 14,800,000 Fair value as at December 31, 2015 Level 1 Level 2 Financial assets: Marketable securities $ 11,741 $ - Total $ 11,741 $ - Financial liabilities: Derivative liability (Note 6) $ - $ 13,900,000 Total $ - $ 13,900,000

CAPITALIZED ACQUISITION COSTS

CAPITALIZED ACQUISITION COSTS	9 Months Ended
	Sep. 30, 2016
Mineral Industries Disclosures [Abstract]
Mineral Industries Disclosures [Text Block]	CAPITALIZED ACQUISITION COSTS Capitalized acquisition costs Amount Balance, December 31, 2015 $ 55,204,041 Acquisition costs - Balance, September 30, 2016 $ 55,204,041 September 30, September 30, Exploration costs: Aircraft services $ 6,511 $ 4,185 Assay - 9,984 Environmental 233,398 509,274 Equipment rental 33,375 33,862 Field costs 87,754 140,355 Geological/geophysical 1,613,994 717,073 Land maintenance & tenure 494,316 496,968 Legal 27,845 18,262 Transportation and travel 7,091 27,056 Total expenditures for the period $ 2,504,284 $ 1,957,019 Livengood Gold Project Property The Livengood property is located in the Tintina gold belt approximately 113 kilometers (70 miles) northwest of Fairbanks, Alaska. The property consists of land leased from the Alaska Mental Health Trust, a number of smaller private mineral leases, Alaska state mining claims purchased or located by the Company and patented ground held by the Company. Details of the leases are as follows: a) a lease of the Alaska Mental Health Trust mineral rights having a term beginning July 1, 2004 and extending 19 125 19 2.5 5.0 0.5 1.0 326,776 2,302,666 b) a lease of federal unpatented lode mining claims having an initial term of ten years commencing on April 21, 2003 and continuing for so long thereafter as advance minimum royalties are paid and mining related activities, including exploration, continue on the property or on adjacent properties controlled by the Company. The lease requires an advance minimum royalty of $ 50,000 2 3 1 1,000,000 50,000 630,000 c) a lease of patented lode mining claims having an initial term of ten years commencing January 18, 2007, and continuing for so long thereafter as advance minimum royalties are paid. The lease requires an advance minimum royalty of $ 20,000 25,000 3 1,000,000 500,000 500,000 3 20,000 165,000 d) a lease of unpatented federal lode mining and federal unpatented placer claims having an initial term of ten years commencing on March 28, 2007, and continuing for so long thereafter as advance minimum royalties are paid and mining related activities, including exploration, continue on the property or on adjacent properties controlled by the Company. The lease requires an advance minimum royalty of $ 15,000 250,000 125,000 120 125,000 2 1,000,000 15,000 113,000 Title to mineral properties The acquisition of title to mineral properties is a detailed and time-consuming process. The Company has taken steps to verify title to mineral properties in which it has an interest. Although the Company has taken every reasonable precaution to ensure that legal title to its properties is properly recorded in the name of the Company, there can be no assurance that such title will ultimately be secured.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	ACCRUED LIABILITIES September 30, December 31, Accrued liabilities $ 288,451 $ 247,034 Accrued severance - 19,900 Accrued salaries and benefits 69,277 127,502 Total accrued liabilities $ 357,728 $ 394,436 Accrued liabilities at September 30, 2016 include accruals for general corporate costs and project costs of $ 33,420 255,031 27,535 219,499

DERIVATIVE LIABILITY

DERIVATIVE LIABILITY	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Fair Value [Text Block]	DERIVATIVE LIABILITY During 2011, the Company acquired certain mining claims and related rights in the vicinity of the Livengood Gold Project located near Fairbanks, Alaska. The aggregate consideration for the claims and rights was $ 13,500,000 23,148 720 720 At initial recognition on December 13, 2011 the derivative liability was valued at $ 23,100,000 1,360 Total Average Gold Derivative value at December 31, 2015 $ 13,900,000 $ 1,320 Unrealized loss for the period 900,000 Derivative value at September 30, 2016 $ 14,800,000 $ 1,360

SHARE CAPITAL

SHARE CAPITAL	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	SHARE CAPITAL Authorized 500,000,000 common shares without par value. At December 31, 2015 there were 116,313,638 116,353,638 Share issuances Issued 40,000 15,404 8,942 Stock options The Company adopted an incentive stock option plan in 2006, as amended September 19, 2012 and reapproved on May 28, 2015 at the Company’s Annual General Meeting (the “2006 Plan”). The essential elements of the 2006 Plan provide that the aggregate number of common shares of the Company’s capital stock that may be made issuable pursuant to options granted under the 2006 Plan may not exceed 10 During the nine month period ended September 30, 2016, there were no incentive stock options granted by the Company. Nine Months Ended Year Ended September 30, 2016 December 31, 2015 Number of Weighted Number of Weighted Balance, beginning of the period 6,066,200 $ 1.60 5,854,000 $ 2.68 Granted - $ - 2,135,200 $ 0.80 Exercised (40,000) $ (0.50) - - Cancelled - $ - (1,923,000) $ (4.01) Balance, end of the period 6,026,200 $ 1.61 6,066,200 $ 1.60 The weighted average remaining life of options outstanding at September 30, 2016 was 4.29 September 30, 2016 December 31, 2015 Expiry Date Exercise Number of Exercisable Exercise Number of Exercisable August 24, 2017 $ 3.17 1,675,000 1,675,000 $ 3.17 1,675,000 1,675,000 March 14, 2018 $ 2.18 319,000 319,000 $ 2.18 319,000 319,000 February 25, 2022 $ 1.11 1,030,000 1,030,000 $ 1.11 1,030,000 686,666 February 25, 2022 $ 0.73 594,000 594,000 $ 0.73 594,000 396,000 March 10, 2022 $ 1.11 430,000 430,000 $ 1.11 430,000 286,666 March 16, 2023 $ 1.00 1,260,000 839,999 $ 1.00 1,260,000 419,999 March 16, 2023 $ 0.50 688,200 445,466 $ 0.50 728,200 242,733 June 9, 2023 $ 1.00 30,000 20,000 $ 1.00 30,000 10,000 6,026,200 5,353,465 6,066,200 4,036,064 Non-vested options: Number of Weighted Outstanding at December 31, 2015 2,030,136 $ 0.34 Vested (1,357,401) $ 0.38 Outstanding at September 30, 2016 672,735 $ 0.25 At September 30, 2016 there was unrecognized compensation expense of C$ 38,644 0.46 Share-based payments During the nine month period ended September 30, 2016, there were no incentive stock options granted by the Company. Share-based payment charges for the nine months ended September 30, 2016 totaled $ 92,587 During the nine month period ended September 30, 2015, the Company granted 2,135,200 435,213 448,310 YTD December 31, Expected life of options 6 years Risk-free interest rate 0.97 % Annualized volatility 80.60 % Dividend rate 0.00 % Exercise price (C$) $ 0.80 The expected volatility used in the Black-Scholes option pricing model is based on the historical volatility of the Company’s shares.

SEGMENT AND GEOGRAPHIC INFORMAT

SEGMENT AND GEOGRAPHIC INFORMATION	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	SEGMENT AND GEOGRAPHIC INFORMATION Canada United States Total September 30, 2016 Capitalized acquisition costs $ - $ 55,204,041 $ 55,204,041 Property and equipment 9,098 17,022 26,120 Current assets 1,445,449 532,082 1,977,531 Total assets $ 1,454,547 $ 55,753,145 $ 57,207,692 December 31, 2015 Capitalized acquisition costs $ - $ 55,204,041 $ 55,204,041 Property and equipment 9,563 20,520 30,083 Current assets 6,106,135 579,577 6,685,712 Total assets $ 6,115,698 $ 55,804,138 $ 61,919,836 Three months ended September 30, 2016 September 30, 2015 Net gain/(loss) for the period – Canada $ (276,954) $ 8,703 Net loss for the period - United States (1,247,635) (1,016,192) Net loss for the period $ (1,524,589) $ (1,007,489) Nine months ended September 30, 2016 September 30, 2015 Net loss for the period – Canada $ (915,561) $ (303,255) Net loss for the period - United States (5,165,334) (3,389,597) Net loss for the period $ (6,080,895) $ (3,692,852)

COMMITMENTS

COMMITMENTS	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments Disclosure [Text Block]	COMMITMENTS The following table discloses, as of September 30, 2016, the Company’s contractual obligations including anticipated mineral property payments and work commitments. Under the terms of the Company’s mineral property purchase agreements, mineral leases and the terms of the unpatented mineral claims held by it, the Company is required to make certain scheduled acquisition payments, incur certain levels of expenditures, make lease or advance royalty payments, make payments to government authorities and incur assessment work expenditures as summarized in the table below in order to maintain and preserve the Company’s interests in the related mineral properties. If the Company is unable or unwilling to make any such payments or incur any such expenditure, it is likely that the Company would lose or forfeit its rights to acquire or hold the related mineral properties. Payments Due in Calendar Year 2016 2017 2018 2019 2020 2021 and Total Livengood Property Purchase (1) $ - $ 14,800,000 $ - $ - $ - $ - $ 14,800,000 Mineral Property Leases (2) - 421,850 426,903 432,032 442,237 447,521 2,170,543 Mining Claim Government Fees - 114,925 114,925 114,925 114,925 114,925 574,625 Total $ - $ 15,336,775 $ 541,828 $ 546,957 $ 557,162 $ 562,446 $ 17,545,168 1. The amount payable on January 12, 2017 of $ 14,800,000 2. Does not include required work expenditures, as it is assumed that the required expenditure level is significantly below the level of work that will actually be carried out by the Company. Does not include potential royalties that may be payable (other than annual minimum royalty payments). See Note 4.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	RELATED PARTY TRANSACTIONS In December 2011, in accordance with a Stock and Asset Purchase Agreement (the “Agreement”) between the Company, Alaska/Nevada Gold Mines, Ltd. (“AN Gold Mines”) and the Heflinger Group, the Company acquired certain mining claims and related rights in the vicinity of the Livengood Gold Project located near Fairbanks, Alaska. The Company’s derivative liability, as described in Note 6 above, represents the remaining consideration for the purchase of these claims and related rights and is payable in January 2017. Under the Agreement, the payment is due 70 30 Mr. Hanneman was appointed Chief Operating Officer of the Company on March 26, 2015. Mr. Hanneman is a partner of the general partner, as well as a limited partner, of AN Gold Mines and holds an 11.9

FAIR VALUE OF FINANCIAL INSTR17

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Fair value as at September 30, 2016 Level 1 Level 2 Financial assets: Marketable securities $ 20,318 $ - Total $ 20,318 $ - Financial liabilities: Derivative liability (Note 6) $ - $ 14,800,000 Total $ - $ 14,800,000 Fair value as at December 31, 2015 Level 1 Level 2 Financial assets: Marketable securities $ 11,741 $ - Total $ 11,741 $ - Financial liabilities: Derivative liability (Note 6) $ - $ 13,900,000 Total $ - $ 13,900,000

CAPITALIZED ACQUISITION COSTS (

CAPITALIZED ACQUISITION COSTS (Tables)	9 Months Ended
	Sep. 30, 2016
Mineral Industries Disclosures [Abstract]
Capitalized Acquisition Costs Mineral Properties [Table Text Block]	The Company had the following activity related to capitalized acquisition costs: Capitalized acquisition costs Amount Balance, December 31, 2015 $ 55,204,041 Acquisition costs - Balance, September 30, 2016 $ 55,204,041
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block]	The following table presents costs incurred for exploration and evaluation activities for the nine months ended September 30, 2016 and 2015: September 30, September 30, Exploration costs: Aircraft services $ 6,511 $ 4,185 Assay - 9,984 Environmental 233,398 509,274 Equipment rental 33,375 33,862 Field costs 87,754 140,355 Geological/geophysical 1,613,994 717,073 Land maintenance & tenure 494,316 496,968 Legal 27,845 18,262 Transportation and travel 7,091 27,056 Total expenditures for the period $ 2,504,284 $ 1,957,019

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	The following table presents the accrued liabilities balances at September 30, 2016 and December 31, 2015. September 30, December 31, Accrued liabilities $ 288,451 $ 247,034 Accrued severance - 19,900 Accrued salaries and benefits 69,277 127,502 Total accrued liabilities $ 357,728 $ 394,436

DERIVATIVE LIABILITY (Tables)

DERIVATIVE LIABILITY (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	The fair value of the derivative liability and the estimated Average Gold Price are as follows: Total Average Gold Derivative value at December 31, 2015 $ 13,900,000 $ 1,320 Unrealized loss for the period 900,000 Derivative value at September 30, 2016 $ 14,800,000 $ 1,360

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of the status of the stock option plan as of September 30, 2016 and December 31, 2015 and changes is presented below: Nine Months Ended Year Ended September 30, 2016 December 31, 2015 Number of Weighted Number of Weighted Balance, beginning of the period 6,066,200 $ 1.60 5,854,000 $ 2.68 Granted - $ - 2,135,200 $ 0.80 Exercised (40,000) $ (0.50) - - Cancelled - $ - (1,923,000) $ (4.01) Balance, end of the period 6,026,200 $ 1.61 6,066,200 $ 1.60
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	Stock options outstanding are as follows: September 30, 2016 December 31, 2015 Expiry Date Exercise Number of Exercisable Exercise Number of Exercisable August 24, 2017 $ 3.17 1,675,000 1,675,000 $ 3.17 1,675,000 1,675,000 March 14, 2018 $ 2.18 319,000 319,000 $ 2.18 319,000 319,000 February 25, 2022 $ 1.11 1,030,000 1,030,000 $ 1.11 1,030,000 686,666 February 25, 2022 $ 0.73 594,000 594,000 $ 0.73 594,000 396,000 March 10, 2022 $ 1.11 430,000 430,000 $ 1.11 430,000 286,666 March 16, 2023 $ 1.00 1,260,000 839,999 $ 1.00 1,260,000 419,999 March 16, 2023 $ 0.50 688,200 445,466 $ 0.50 728,200 242,733 June 9, 2023 $ 1.00 30,000 20,000 $ 1.00 30,000 10,000 6,026,200 5,353,465 6,066,200 4,036,064
Schedule of Nonvested Share Activity [Table Text Block]	A summary of the non-vested options as of September 30, 2016 and changes during the nine months ended September 30, 2016 is as follows: Non-vested options: Number of Weighted Outstanding at December 31, 2015 2,030,136 $ 0.34 Vested (1,357,401) $ 0.38 Outstanding at September 30, 2016 672,735 $ 0.25
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The following weighted average assumptions were used for the Black-Scholes option pricing model calculations: YTD December 31, Expected life of options 6 years Risk-free interest rate 0.97 % Annualized volatility 80.60 % Dividend rate 0.00 % Exercise price (C$) $ 0.80

SEGMENT AND GEOGRAPHIC INFORM22

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The Company operates in a single reportable segment, being the exploration and development of mineral properties. The following tables present selected financial information by geographic location: Canada United States Total September 30, 2016 Capitalized acquisition costs $ - $ 55,204,041 $ 55,204,041 Property and equipment 9,098 17,022 26,120 Current assets 1,445,449 532,082 1,977,531 Total assets $ 1,454,547 $ 55,753,145 $ 57,207,692 December 31, 2015 Capitalized acquisition costs $ - $ 55,204,041 $ 55,204,041 Property and equipment 9,563 20,520 30,083 Current assets 6,106,135 579,577 6,685,712 Total assets $ 6,115,698 $ 55,804,138 $ 61,919,836 Three months ended September 30, 2016 September 30, 2015 Net gain/(loss) for the period – Canada $ (276,954) $ 8,703 Net loss for the period - United States (1,247,635) (1,016,192) Net loss for the period $ (1,524,589) $ (1,007,489) Nine months ended September 30, 2016 September 30, 2015 Net loss for the period – Canada $ (915,561) $ (303,255) Net loss for the period - United States (5,165,334) (3,389,597) Net loss for the period $ (6,080,895) $ (3,692,852)

COMMITMENTS (Tables)

COMMITMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	The following table assumes that the Company retains the rights to all of its current mineral properties, but does not exercise any lease purchase or royalty buyout options: Payments Due in Calendar Year 2016 2017 2018 2019 2020 2021 and Total Livengood Property Purchase (1) $ - $ 14,800,000 $ - $ - $ - $ - $ 14,800,000 Mineral Property Leases (2) - 421,850 426,903 432,032 442,237 447,521 2,170,543 Mining Claim Government Fees - 114,925 114,925 114,925 114,925 114,925 574,625 Total $ - $ 15,336,775 $ 541,828 $ 546,957 $ 557,162 $ 562,446 $ 17,545,168 1. The amount payable on January 12, 2017 of $ 14,800,000 2. Does not include required work expenditures, as it is assumed that the required expenditure level is significantly below the level of work that will actually be carried out by the Company. Does not include potential royalties that may be payable (other than annual minimum royalty payments). See Note 4.

GENERAL INFORMATION, NATURE O24

GENERAL INFORMATION, NATURE OF OPERATIONS AND GOING CONCERN (Details Textual) - USD ($)	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
General Information Nature And Continuance Of Operations [Line Items]
Business Combination, Contingent Consideration, Liability	$ 14,800,000
Cash and Cash Equivalents, at Carrying Value	$ 1,759,123	$ 6,493,486	$ 7,908,605	$ 13,521,473
Livengood Property [Member]
General Information Nature And Continuance Of Operations [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%

FAIR VALUE OF FINANCIAL INSTR25

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Marketable securities	$ 20,318	$ 11,741
Total	20,318	11,741
Financial liabilities:
Derivative liability (Note 6)	0	0
Total	0	0
Fair Value, Inputs, Level 2 [Member]
Financial assets:
Marketable securities	0	0
Total	0	0
Financial liabilities:
Derivative liability (Note 6)	14,800,000	13,900,000
Total	$ 14,800,000	$ 13,900,000

CAPITALIZED ACQUISITION COSTS26

CAPITALIZED ACQUISITION COSTS (Details)	9 Months Ended
	Sep. 30, 2016USD ($)
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Balance, December 31, 2015	$ 55,204,041
Acquisition costs	0
Balance, September 30, 2016	$ 55,204,041

CAPITALIZED ACQUISITION COSTS27

CAPITALIZED ACQUISITION COSTS (Details 1) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Exploration costs:
Aircraft services	$ 6,511	$ 4,185
Assay	0	9,984
Environmental	233,398	509,274
Equipment rental	33,375	33,862
Field costs	87,754	140,355
Geological/geophysical	1,613,994	717,073
Land maintenance & tenure	494,316	496,968
Legal	27,845	18,262
Transportation and travel	7,091	27,056
Total expenditures for the period	$ 2,504,284	$ 1,957,019

CAPITALIZED ACQUISITION COSTS28

CAPITALIZED ACQUISITION COSTS (Details Textual)	9 Months Ended	144 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Lessor Leasing Arrangements, Operating Leases, Renewal Term	19 years
Livengood Property [Member] | Alaska Mental Health Trust Mineral Rights [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Lessor Leasing Arrangements, Operating Leases, Term of Contract	19 years
Mining Properties Lease Operating Expense	$ 326,776	$ 2,302,666
Minimum Royalty Payment Percentage	125.00%
Livengood Property [Member] | Alaska Mental Health Trust Mineral Rights [Member] | Maximum [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Royalty Percentage	5.00%	5.00%
Livengood Property [Member] | Alaska Mental Health Trust Mineral Rights [Member] | Maximum [Member] | Production Royalty [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Royalty Percentage	1.00%	1.00%
Livengood Property [Member] | Alaska Mental Health Trust Mineral Rights [Member] | Minimum [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Royalty Percentage	2.50%	2.50%
Livengood Property [Member] | Alaska Mental Health Trust Mineral Rights [Member] | Minimum [Member] | Production Royalty [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Royalty Percentage	0.50%	0.50%
Livengood Property [Member] | Federal Unpatented Lode Mining Claims [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Mining Properties Lease Operating Expense	$ 50,000	$ 630,000
Livengood Property [Member] | Federal Unpatented Lode Mining Claims [Member] | Production Royalty [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Portion Of Royalty To Be Purchased By The Entity	1.00%	1.00%
Payments for Royalties	$ 1,000,000
Livengood Property [Member] | Federal Unpatented Lode Mining Claims [Member] | Maximum [Member] | Production Royalty [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Royalty Percentage	3.00%	3.00%
Livengood Property [Member] | Federal Unpatented Lode Mining Claims [Member] | Minimum [Member] | Advance Royalties [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Advance Royalties	$ 50,000	$ 50,000
Livengood Property [Member] | Federal Unpatented Lode Mining Claims [Member] | Minimum [Member] | Production Royalty [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Royalty Percentage	2.00%	2.00%
Livengood Property [Member] | Patented Lode Claims [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Portion Of Cash Payments Payable To Acquire Royalty Interests In Mining Properties	$ 500,000
Balance Portion Of Payments To Acquire Royalty Interests In Mining Properties Payable By Way Of Net Smelter Return	500,000	$ 500,000
Payments for Royalties	$ 1,000,000
Livengood Property [Member] | Patented Lode Claims [Member] | Production Royalty [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Net Smelter Return Base For Payments To Acquire Royalty Interests In Mining Properties	3.00%	3.00%
Royalty Percentage	3.00%	3.00%
Mining Properties Lease Operating Expense	$ 20,000	$ 165,000
Livengood Property [Member] | Patented Lode Claims [Member] | Minimum [Member] | Advance Royalties [Member] | On or Befor Each Anniversary [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Advance Royalties	20,000	20,000
Livengood Property [Member] | Patented Lode Claims [Member] | Minimum [Member] | Advance Royalties [Member] | On or Before Each Subsequent Anniversary [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Advance Royalties	$ 25,000	25,000
Livengood Property [Member] | Unpatented Federal Lode Mining And Federal Unpatented Placer Claims [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Prescribed Period From Decision On Positive Production For Payment Of First Half Amount Payable To Lessor	120 days
Advance Royalties	$ 15,000	15,000
Payments for Royalties	1,000,000
Mining Properties Lease Operating Expense	15,000	113,000
Livengood Property [Member] | Unpatented Federal Lode Mining And Federal Unpatented Placer Claims [Member] | Production Royalty [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Balance Portion Of Payments To Acquire Royalty Interests In Mining Properties Payable By Way Of Net Smelter Return	125,000	125,000
Amount Payable To Lessor On Positive Production Decision	250,000	250,000
Portion Of Amount Payable To Lessor On Positive Production Decision Within Prescribed Period Of Decision	$ 125,000	$ 125,000
Royalty Percentage	2.00%	2.00%

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Accrued Liabilities [Line Items]
Accrued liabilities	$ 288,451	$ 247,034
Accrued severance	0	19,900
Accrued salaries and benefits	69,277	127,502
Total accrued liabilities	$ 357,728	$ 394,436

ACCRUED LIABILITIES (Details Te

ACCRUED LIABILITIES (Details Textual) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Accrued Liabilities [Line Items]
Accrued General Corporate Cost Current	$ 33,420	$ 27,535
Accrued Project Cost Current	$ 255,031	$ 219,499

DERIVATIVE LIABILITY (Details)

DERIVATIVE LIABILITY (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)$ / Ounce-oz	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)$ / Ounce-oz	Sep. 30, 2015USD ($)
Derivatives, Fair Value [Line Items]
Derivative value at beginning of the period			$ 13,900,000
Unrealized loss for the period	$ 100,000	$ (400,000)	900,000	$ (500,000)
Derivative value at end of the period	$ 14,800,000		$ 14,800,000
Average Gold Price at beginning of the period (in dollars per ounce of gold) | $ / Ounce-oz			1,320
Average Gold Price at end of the period (in dollars per ounce of gold) | $ / Ounce-oz	1,360		1,360

DERIVATIVE LIABILITY (Details T

DERIVATIVE LIABILITY (Details Textual)	9 Months Ended
	Sep. 30, 2016USD ($)$ / Ounce-oz	Dec. 31, 2015$ / Ounce-oz	Dec. 31, 2011USD ($)	Dec. 13, 2011USD ($)
Derivative [Line Items]
Basis period of average gold price per ounce of gold is considered for calculating additional payment	5 years
Derivative Liability Value On Initial Recognition				$ 23,100,000
Forward Curve Assumption Based Estimated Average Gold Price Per Ounce Of Gold | $ / Ounce-oz	1,360	1,320
Livengood Gold Project, Alaska
Derivative [Line Items]
Aggregate Consideration For The Claims And Rights			$ 13,500,000
Additional Payment	$ 23,148
Average Gold Price For The Determine Additional Payment	720
Additional contingent payment, if the average Gold Price is less than specified price per troy ounce	$ 720

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) - CAD / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Number of Options
Balance, beginning of the period (in shares)	6,066,200	5,854,000
Granted (in shares)	0	2,135,200
Exercised (in shares)	(40,000)	0
Cancelled (in shares)	0	(1,923,000)
Balance, end of the period (in shares)	6,026,200	6,066,200
Weighted Average Excercise Price
Balance, beginning of the period (in Canadian dollars per share)	CAD 1.6	CAD 2.68
Granted (in Canadian dollars per share)	0	0.8
Exercised (in Canadian dollars per share)	(0.50)	0
Cancelled (in Canadian dollars per share)	0	(4.01)
Balance, end of the period (in Canadian dollars per share)	CAD 1.61	CAD 1.6

SHARE CAPITAL (Details 1)

SHARE CAPITAL (Details 1) - CAD / shares	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options (in shares)	6,026,200	6,066,200
Exercisable (in shares)	5,353,465	4,036,064
Exercise Price August 24, 2017
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 3.17	CAD 3.17
Number of Options (in shares)	1,675,000	1,675,000
Exercisable (in shares)	1,675,000	1,675,000
Expiry Date	Aug. 24, 2017
Exercise Price March 14, 2018
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 2.18	CAD 2.18
Number of Options (in shares)	319,000	319,000
Exercisable (in shares)	319,000	319,000
Expiry Date	Mar. 14, 2018
Exercise Price February 25, 2022
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 1.11	CAD 1.11
Number of Options (in shares)	1,030,000	1,030,000
Exercisable (in shares)	1,030,000	686,666
Expiry Date	Feb. 25, 2022
Exercise Price February 25, 2022
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 0.73	CAD 0.73
Number of Options (in shares)	594,000	594,000
Exercisable (in shares)	594,000	396,000
Expiry Date	Feb. 25, 2022
Exercise Price March 10, 2022
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 1.11	CAD 1.11
Number of Options (in shares)	430,000	430,000
Exercisable (in shares)	430,000	286,666
Expiry Date	Mar. 10, 2022
Exercise Price March 16, 2023
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 1	CAD 1
Number of Options (in shares)	1,260,000	1,260,000
Exercisable (in shares)	839,999	419,999
Expiry Date	Mar. 16, 2023
Exercise Price March 16, 2023
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 0.5	CAD 0.5
Number of Options (in shares)	688,200	728,200
Exercisable (in shares)	445,466	242,733
Expiry Date	Mar. 16, 2023
Exercise Price June 9, 2023
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price (in Canadian dollars per share)	CAD 1	CAD 1
Number of Options (in shares)	30,000	30,000
Exercisable (in shares)	20,000	10,000
Expiry Date	Jun. 9, 2023

SHARE CAPITAL (Details 2)

SHARE CAPITAL (Details 2)	9 Months Ended
	Sep. 30, 2016CAD / sharesshares
Number of options
Outstanding at December 31, 2015 | shares	2,030,136
Vested | shares	(1,357,401)
Outstanding at September 30, 2016 | shares	672,735
Weighted average grant-date fair value
Outstanding at December 31, 2015 | CAD / shares	CAD 0.34
Vested | CAD / shares	0.38
Outstanding at September 30, 2016 | CAD / shares	CAD 0.25

SHARE CAPITAL (Details 3)

SHARE CAPITAL (Details 3)	12 Months Ended
	Dec. 31, 2015CAD / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options	6 years
Risk-free interest rate	0.97%
Annualized volatility	80.60%
Dividend rate	0.00%
Exercise price (C$)	CAD 0.8

SHARE CAPITAL (Details Textual)

SHARE CAPITAL (Details Textual)	9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)shares	Sep. 30, 2015USD ($)shares	Dec. 31, 2015shares	Sep. 30, 2016CADshares
Stockholders Equity [Line Items]
Common Stock, Shares, Issued | shares			116,313,638	116,353,638
Common Stock, Shares, Outstanding | shares			116,313,638	116,353,638
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares	0		2,135,200
Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Shares Authorized				10.00%
Allocated Share-based Compensation Expense | $	$ 92,587	$ 448,310
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | CAD				CAD 38,644
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	5 months 16 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years 3 months 14 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares	40,000		0
Stock Issued During Period, Value, Stock Options Exercised | $	$ 15,404
Reallocation From Contributed Surplus | $	$ 0
Common Stock [Member]
Stockholders Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares	40,000
Stock Issued During Period, Value, Stock Options Exercised | $	$ 15,404
Reallocation From Contributed Surplus | $	$ 8,942
Equity Option [Member]
Stockholders Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares		2,135,200
Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Fair Value | $		$ 435,213

SEGMENT AND GEOGRAPHIC INFORM38

SEGMENT AND GEOGRAPHIC INFORMATION (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Capitalized acquisition costs	$ 55,204,041	$ 55,204,041		$ 55,204,041
Property and equipment	26,120	30,083		26,120
Current assets	1,977,531	6,685,712		1,977,531
Total assets	57,207,692	61,919,836		57,207,692
Net loss for the period	(1,524,589)	(1,119,972)	$ (1,007,489)	(6,080,895)	$ (3,692,852)
CANADA
Segment Reporting Information [Line Items]
Capitalized acquisition costs	0	0		0
Property and equipment	9,098	9,563		9,098
Current assets	1,445,449	6,106,135		1,445,449
Total assets	1,454,547	6,115,698		1,454,547
Net loss for the period	(276,954)		8,703	(915,561)	(303,255)
UNITED STATES
Segment Reporting Information [Line Items]
Capitalized acquisition costs	55,204,041	55,204,041		55,204,041
Property and equipment	17,022	20,520		17,022
Current assets	532,082	579,577		532,082
Total assets	55,753,145	$ 55,804,138		55,753,145
Net loss for the period	$ (1,247,635)		$ (1,016,192)	$ (5,165,334)	$ (3,389,597)

COMMITMENTS (Details)

COMMITMENTS (Details)	Sep. 30, 2016USD ($)
Recorded Unconditional Purchase Obligation [Line Items]
2,016	$ 0
2,017	15,336,775
2,018	541,828
2,019	546,957
2,020	557,162
2021 and beyond	562,446
Total	17,545,168
Livengood Property Purchase Obligation [Member]
Recorded Unconditional Purchase Obligation [Line Items]
2,016	0	[1]
2,017	14,800,000	[1]
2,018	0	[1]
2,019	0	[1]
2,020	0	[1]
2021 and beyond	0	[1]
Total	14,800,000	[1]
Mineral Property Leases Obligation [Member]
Recorded Unconditional Purchase Obligation [Line Items]
2,016	0	[2]
2,017	421,850	[2]
2,018	426,903	[2]
2,019	432,032	[2]
2,020	442,237	[2]
2021 and beyond	447,521	[2]
Total	2,170,543	[2]
Mining Claim Government Fees Obligation [Member]
Recorded Unconditional Purchase Obligation [Line Items]
2,016	0
2,017	114,925
2,018	114,925
2,019	114,925
2,020	114,925
2021 and beyond	114,925
Total	$ 574,625
[1]	The amount payable on January 12, 2017 of $14,800,000 represents the fair value of the Company’s derivative liability as at September 30, 2016 and will be revalued at each subsequent reporting period. See Note 6.
[2]	Does not include required work expenditures, as it is assumed that the required expenditure level is significantly below the level of work that will actually be carried out by the Company. Does not include potential royalties that may be payable (other than annual minimum royalty payments). See Note 4.

COMMITMENTS (Details Textual)

COMMITMENTS (Details Textual)	Sep. 30, 2016USD ($)
Livengood Property Purchase Obligation [Member]
Recorded Unconditional Purchase Obligation [Line Items]
Fair value of derivative liability	$ 14,800,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual)	1 Months Ended
	Mar. 26, 2015	Dec. 31, 2011
AN Gold Mines [Member]
Related Party Transaction [Line Items]
Payment Due To Related Party Percent		70.00%
Percentage of interest owned	11.90%
Heflinger Group [Member]
Related Party Transaction [Line Items]
Payment Due To Related Party Percent		30.00%