Ireland (IRLD) 10-Q 26 May 17 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	May 25, 2017
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Trading Symbol	irld
Entity Registrant Name	IRELAND INC.
Entity Central Index Key	1,166,338
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		272,898,347
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash	$ 54,607	$ 103,343
Other receivables	2,279	4,177
Prepaid expenses	97,603	299,623
Total current assets	154,489	407,143
Property and equipment, net	910,203	1,077,516
Mineral properties	15,882,179	15,882,179
Reclamation bonds	1,115,076	1,121,184
Deposits	10,262	10,262
Total non-current assets	17,917,720	18,091,141
Total assets	18,072,209	18,498,284
Current liabilities
Accounts payable	529,054	149,622
Accounts payable - related party	502,516	145,168
Accrued payroll and related taxes	131,679	60,010
Convertible notes, net of discount	88,000	0
Due to related party	390,290	23,290
Total current liabilities	1,641,539	378,090
Long-term liabilities
Asset retirement obligation	672,338	672,338
Total long-term liabilities	672,338	672,338
Total liabilities	2,313,877	1,050,428
Commitments and contingencies	0	0
Stockholders' equity
Common stock, $0.001 par value; 400,000,000 shares authorized, 181,472,875 and 158,697,875 shares, respectively, issued and outstanding	181,471	158,696
Additional paid-in capital	67,392,040	66,406,028
Accumulated deficit	(51,815,179)	(49,116,868)
Total stockholders' equity	15,758,332	17,447,856
Total liabilities and stockholders' equity	$ 18,072,209	$ 18,498,284

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Common Stock, Par Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	400,000,000	400,000,000
Common Stock, Shares, Issued	181,472,875	158,697,875
Common Stock, Shares, Outstanding	181,472,875	158,697,875

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue	$ 0	$ 0	$ 0	$ 0
Operating expenses
Mineral exploration and evaluation expenses	268,287	417,202	530,303	854,119
Mineral exploration and evaluation expenses - related party	141,413	117,869	357,348	228,037
General and administrative	338,212	463,033	1,655,261	897,692
Depreciation	83,656	190,580	167,313	371,074
Total operating expenses	831,568	1,188,684	2,710,225	2,350,922
Loss from operations	(831,568)	(1,188,684)	(2,710,225)	(2,350,922)
Other income (expense)
Interest income	1,615	5,438	3,326	10,195
Rental income - related party	5,202	5,001	10,404	60,002
Change in derivative liability	0	(2,687,250)	0	(2,073,300)
Interest expense	(1,272)	(243)	(1,816)	(772)
Total other income (expense)	5,545	(2,677,054)	11,914	(2,003,875)
Loss before income taxes	(826,023)	(3,865,738)	(2,698,311)	(4,354,797)
Income tax expense	0	(1,250)	0	(2,381)
Net loss	$ (826,023)	$ (3,866,988)	$ (2,698,311)	$ (4,357,178)
Loss per common share - basic and diluted	$ 0	$ (0.02)	$ (0.02)	$ (0.03)
Weighted average common shares outstanding - basic and dilutive	181,472,875	155,428,095	174,192,793	153,238,621
Consolidated Statements of Comprehensive Loss
Net loss	$ (826,023)	$ (3,866,988)	$ (2,698,311)	$ (4,357,178)
Other comprehensive loss
Unrealized loss on investments, net of deferred tax	0	(2,323)	0	(4,421)
Total comprehensive loss	$ (826,023)	$ (3,869,311)	$ (2,698,311)	$ (4,361,599)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]	Total
Beginning Balance at Dec. 31, 2014	$ 150,771	$ 65,626,112	$ 5,478	$ (48,645,737)	$ 17,136,624
Beginning Balance (Shares) at Dec. 31, 2014	150,772,875
Stock-based compensation		214,837			214,837
Issuance of warrants for cash, net		3,795,647			3,795,647
Derivative liability		(3,518,000)			(3,518,000)
Exercise of Special Warrants, net	$ 4,675	(4,675)
Exercise of Special Warrants, net (Shares)	4,675,000
Issuance of shares for cash, net	$ 200	9,800			10,000
Issuance of shares for cash, net (Shares)	200,000
Unrealized loss on investments, net of deferred tax			(4,421)		(4,421)
Net loss				(4,357,178)	(4,357,178)
Ending Balance at Jun. 30, 2015	$ 155,646	66,123,721	$ 1,057	(53,002,915)	13,277,509
Ending Balance (Shares) at Jun. 30, 2015	155,647,875
Beginning Balance at Dec. 31, 2015	$ 158,696	66,406,028		(49,116,868)	17,447,856
Beginning Balance (Shares) at Dec. 31, 2015	158,697,875
Stock-based compensation		997,162			997,162
Exercise of Special Warrants, net	$ 22,775	(23,150)			(375)
Exercise of Special Warrants, net (Shares)	22,775,000
Unrealized loss on investments, net of deferred tax					0
Issuance of warrants with convertible notes		12,000			12,000
Net loss				(2,698,311)	(2,698,311)
Ending Balance at Jun. 30, 2016	$ 181,471	$ 67,392,040		$ (51,815,179)	$ 15,758,332
Ending Balance (Shares) at Jun. 30, 2016	181,472,875

STATEMENT OF STOCKHOLDERS' EQUI

STATEMENT OF STOCKHOLDERS' EQUITY (PARENTHETICAL)	Jun. 30, 2015USD ($)
Deferred tax	$ 2,381

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (2,698,311)	$ (4,357,178)
Adjustments to reconcile loss from operations to net cash used in operating activities:
Depreciation	167,313	371,074
Stock-based compensation	997,162	214,837
Change in derivative liability	0	2,073,300
Deferred income taxes	0	2,381
Changes in operating assets and liabilities:
Other receivables	1,898	0
Prepaid expenses	202,020	150,221
Reclamation bonds and other deposits	6,108	(63)
Accounts payable and accrued liabilities	808,449	(543,739)
Net cash used in operating activities	(515,361)	(2,089,167)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	0	(291,076)
Net cash used by investing activities	0	(291,076)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from equity issuances	0	3,810,000
Proceeds from related party	367,000	0
Proceeds from issuance of convertible notes	100,000	0
Financing issuance costs	(375)	(4,353)
Net cash provided by financing activities	466,625	3,805,647
NET CHANGE IN CASH	(48,736)	1,425,404
CASH AT BEGINNING OF PERIOD	103,343	259,495
CASH AT END OF PERIOD	54,607	1,684,899
SUPPLEMENTAL INFORMATION
Interest paid	1,693	772
Income taxes paid	0	0
Non-cash investing and financing activities:
Detachable warrants issued with convertible notes	12,000	0
Investor warrants issued with non-customary anti-dilution provisions	$ 0	$ 3,518,000

DESCRIPTION OF BUSINESS, HISTOR

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES	6 Months Ended
	Jun. 30, 2016
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES [Text Block]	1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES Description of business History Basis of presentation Going concern Since its formation, the Company has incurred cumulative net losses of $51,815,179 as of June 30, 2016. The Company has not commenced its commercial mining and mineral processing operations; rather, it is still in the exploration stage, raising substantial doubt about the Company’s ability to continue as a going concern. The Company will seek additional sources of capital through the issuance of debt or equity financing, but there can be no assurance the Company will be successful in accomplishing its objectives. The ability of the Company to continue as a going concern is dependent on additional sources of capital and the success of the Company’s plan. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Principles of consolidation Use of estimates Reclassification Mineral properties Mineral exploration and development costs Property and equipment Impairment of long-lived assets The tests for long-lived assets in the exploration, development or producing stage that have a value beyond proven and probable reserves will be monitored for impairment based on factors such as current market value of the mineral property and results of exploration, future asset utilization, business climate, mineral prices and future undiscounted cash flows expected to result from the use of the related assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset, including evaluating its reserves beyond proven and probable amounts. The Company's policy is to record an impairment loss in the period when it is determined that the carrying amount of the asset may not be recoverable either by impairment or by abandonment of the property. The impairment loss is calculated as the amount by which the carrying amount of the assets exceeds its fair value. While the Company incurred losses from operations, these losses have not been in excess of planned expenditures on the specific mineral properties in order to ultimately realize their value. Asset retirement obligation Future reclamation expenditures are difficult to estimate in many circumstances due to the early stage nature of the exploration project, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation technology. Changes in estimates are reflected in the consolidated statement of operations in the period an estimate is revised. Per share amounts Stock-based compensation The fair value of performance-based stock option grants is determined on their grant date through use of the Binomial Lattice option pricing model. The total value of the award is recognized over the requisite service period only if management has determined that achievement of the performance condition is probable. The requisite service period is based on management’s estimate of when the performance condition will be met. Changes in the requisite service period or the estimated probability of achievement can materially affect the amount of stock-based compensation recognized in the consolidated financial statements. The fair value of market-based stock option grants is determined on their grant date through use of an option pricing model which uses a combination of Monte Carlo simulation and a Trinomial Lattice function. The requisite service period for market-based awards is derived from the model. Achievement of the market condition earlier than estimated can materially affect the amount of stock- based compensation recognized in the consolidated financial statements. Income taxes The Company follows the liability method of accounting for income taxes. This method recognizes certain temporary differences between the financial reporting basis of liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset as measured by the statutory tax rates in effect. The effect of a change in tax rates is recognized in operations in the period that includes the enactment date. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some or all of the deferred income tax asset will not be realized. For acquired properties that do not constitute a business, a deferred income tax liability is recorded on GAAP basis over income tax basis using statutory federal and state rates. The resulting estimated future income tax liability associated with the temporary difference between the acquisition consideration and the tax basis is reflected as an increase in the total purchase price which is then applied to the underlying acquired assets in the absence of there being a goodwill component associated with the acquisition transactions. Recent accounting standards In August 2016, the FASB issued ASU No. 2016-15, which clarifies diversity in practice regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update to the standard is effective for the Company beginning January 1, 2018, with early application permitted. The Company is currently evaluating the effect the guidance will have on its consolidated financial statements. In March 2016, ASU No. 2016-09 was issued related to stock based compensation. The updated guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The update to the standard is effective beginning June 1, 2017, with early application permitted. Adoption of the new guidance is currently being evaluated. In February 2016, ASU No. 2016-02 was issued related to leases. The new guidance modifies the classification criteria and requires lessees to recognize the assets and liabilities arising from most leases on the balance sheet. This update is effective in fiscal years, including interim periods, beginning after December 15, 2018, and early adoption is permitted. Adoption of the new guidance is currently being evaluated. In August 2014, ASU 2014-15 was issued related to going concern presentation. The new standard requires management to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The new standard is effective for interim and annual periods ending after December 15, 2016. Adoption of the new guidance is not expected to have an impact on the consolidated financial position, results of operations or cash flows.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2016
PROPERTY AND EQUIPMENT [Text Block]	2. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: June 30, 2016 December 31, 2015 Accumulated Net book Accumulated Net book Cost depreciation value Cost depreciation value Furniture and fixtures $ 61,405 $ (47,028 ) $ 14,377 $ 61,405 $ (40,984 ) $ 20,421 Computers and equipment 57,785 (41,685 ) 16,100 57,785 (36,493 ) 21,292 Land 30,000 - 30,000 30,000 - 30,000 Site improvements 2,925,731 (2,770,220 ) 155,511 2,925,731 (2,756,351 ) 169,380 Site equipment 2,179,803 (1,677,255 ) 502,548 2,179,803 (1,560,046 ) 619,757 Vehicles 23,595 (23,595 ) - 23,595 (23,595 ) - Building 500,000 (308,333 ) 191,667 500,000 (283,334 ) 216,666 $ 5,778,319 $ (4,868,116 ) $ 910,203 $ 5,778,319 $ (4,700,803 ) $ 1,077,516 Depreciation expense was $83,656 and $190,580 for quarters ended June 30, 2016 and 2015, respectively and $167,313 and $371,074 for the six month periods ended June 30, 2016 and 2015 respectively.

MINERAL PROPERTIES

MINERAL PROPERTIES	6 Months Ended
	Jun. 30, 2016
MINERAL PROPERTIES [Text Block]	3. MINERAL PROPERTIES Mineral properties consisted of the following: June 30, December 31, 2016 2015 Columbus Project $ 15,811,948 $ 15,811,948 DDB Claims 70,231 70,231 Ending balance $ 15,882,179 $ 15,882,179 Columbus Project DDB Claims Reclamation Bonds Asset Retirement Obligation

DERIVATIVE WARRANT LIABILITY

DERIVATIVE WARRANT LIABILITY	6 Months Ended
	Jun. 30, 2016
DERIVATIVE WARRANT LIABILITY [Text Block]	4. DERIVATIVE WARRANT LIABILITY At June 30, 2015, the Company had 25,825,000 Special Warrants outstanding. The Special Warrants were convertible through February 28, 2016, at no additional cost to the holder, on a 1:1 basis into units consisting of one share of common stock and one warrant exercisable for one additional share of common stock at $0.40, expiring February 28, 2020. On February 28, 2016, all of the outstanding Special Warrants were automatically converted into units. The Special Warrants had anti-dilution provisions, including the provision for the holders to participate in subsequent equity financings at no additional cost by converting the Special Warrants into shares or units offered in a subsequent equity financing for a total subscription price equal to the total subscription price paid for the Special Warrants. The Company determined that the anti-dilution provision shielded the Special Warrant holders from the dilutive effects of subsequent equity financings and therefore the economic characteristics and risks of the Special Warrants were not clearly and closely related to the Company’s common stock. Accordingly, the Special Warrants were treated as a derivative liability carried at fair value. The change in the fair value of the derivative liability was $(2,687,250) for the quarter ended June 30, 2015 and $(2,073,300) for the six month period ended June 30, 2015. The fair value was estimated using the Binomial Lattice pricing-model, with the following assumptions used for the six month period ended June 30, 2015: Dividend yield - Expected volatility 94.96% - 104.0% Risk-free interest rate 0.03% - 0.28% Expected life (years) - The expected volatility is based on the historical volatility levels on the Company’s common stock. The risk-free interest rate is based on the implied yield available on US Treasury zero-coupon issues over equivalent lives of the warrants. The expected life is impacted by all of the underlying assumptions and calibration of the Company’s model. Significant increases or decreases in inputs would result in a significantly lower or higher fair value measurement.

CONVERTIBLE NOTES

CONVERTIBLE NOTES	6 Months Ended
	Jun. 30, 2016
CONVERTIBLE NOTES [Text Block]	5. CONVERTIBLE NOTES In June 2016, the Company entered into convertible note agreements in the amount of $100,000. The notes accrue interest at 10% and mature in June 2017. The notes may be converted into units at a conversion price of $0.20 with each unit consisting of one share of common stock and one warrant exercisable at $0.30 per share for a period of 5 years. At June 30, 2016, the balance due was convertible into 500,000 units. Alternatively, if the Company completes a subsequent equity financing, the lender may convert the notes into common stock or common stock equivalents that the lender would have been entitled to had the lender participated in the subsequent equity financing at an aggregate subscription price equal to 125% of the full amount of the outstanding principal and any accrued but unpaid interest thereon at the date the conversion right is exercised (Alternative Conversion Option). The Alternative Conversion Option is an embedded conversion feature which is required to be bifurcated and accounted for under derivative accounting; however, the Company determined that the amount was immaterial. As additional consideration, the Company issued 400,000 warrants. The warrants are exercisable at $0.20 per share expiring in June 2021. The note proceeds were allocated between the two elements based on their relative fair values. The fair value of the warrants, in the amount of $12,000 was recorded as a debt discount and will be amortized to interest expense over the term of the notes. The Company used the following assumptions to estimate the fair of the warrants: Dividend yield - Expected volatility 126.58% Risk-free interest rate 1.01% Expected life (years) - The expected volatility is based on the historical volatility levels of the Company’s common stock. The risk-free interest rate is based on the implied yield available on US Treasury zero-coupon issues over equivalent lives of the warrants. The expected life is impacted by all of the underlying assumptions and calibration of the Company’s model. Significant increases or decreases in inputs would result in a significantly lower or higher fair value measurement. The carrying value of the convertible notes, net of discount was comprised of the following at June 30, 2016: Convertible notes at face value $ 100,000 Unamortized discount (12,000 ) Convertible notes, net of discount $ 88,000

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY	6 Months Ended
	Jun. 30, 2016
STOCKHOLDERS EQUITY [Text Block]	6. STOCKHOLDERS’ EQUITY During the six month period ended June 30, 2016, stockholders’ equity activity consisted of the following: Warrants Special Warrants During the six month period ended June 30, 2015, stockholders’ equity activity consisted of the following: 2015 Special Warrant offering The 2015 Special Warrants may be converted during their term, at no additional cost to the holder, on a 1:1 basis into units (each a “Unit”) consisting of one share of common stock and one warrant exercisable for one additional share of common stock at $0.40, expiring February 28, 2020. Alternatively, the 2015 Special Warrants provide the holder the right to exchange their 2015 Special Warrants for equal participation in a subsequent equity financing. All 2015 Special Warrants outstanding at February 28, 2016 were automatically convert into Units. The 2015 Special Warrants extend for a term ending on the earlier of February 28, 2016 or the date that is one month after the Company completes a Qualified Financing, defined as any financing or number of financings for total gross proceeds of $7,000,000 or more. Total fees related to issuance of the 2015 Special Warrants amounted to $4,353. The remaining 8,075,000 outstanding 2014 Special Warrants were exchanged for 2015 Special Warrants. Exercise of Special Warrants Exercise of stock options The following summarizes the exercise price per share and expiration date of the Company’s outstanding warrants issued to investors and vendors to purchase common stock at June 30, 2016: Shares Underlying Outstanding Warrants Exercise Price Expiration Date 8,896,901 $0.95 November 2016 22,572,827 0.75 December 2016 12,097,099 0.80 December 2016 6,125,000 0.40 March 2019 1,333,333 0.45 March 2019 27,075,000 0.40 February 2020 400,000 0.20 June 2021 78,500,160

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2016
STOCK-BASED COMPENSATION [Text Block]	7. STOCK-BASED COMPENSATION Stock-based compensation includes grants of stock options and purchase warrants to eligible directors, employees and consultants as determined by the Board of Directors. Stock option plans Stock warrants Valuation of awards 1. Service-based; 2. Performance-based; and 3. Market-based. The Company used the following assumptions to estimate the fair values of the options granted for the six month periods ended: June 30, 2016 June 30, 2015 Dividend yield - - Expected volatility 132.45% - 164.23% 71.55 – 165.7% Risk-free interest rate 0.30 - 1.08% 0.02 – 1.32% Expected life (years) 0.00 - 3.20 0.10 – 4.25 Inputs used in these models are determined as follows: 1. The expected life represents the weighted-average period the awards are expected to remain outstanding and is a derived output of the option pricing models. The expected life is impacted by all of the underlying assumptions and calibration of the Company’s models. 2. The requisite service period for market-based stock option awards is a derived output of the hybrid Monte Carlo-Trinomial Lattice model. 3. Volatility is based on the average historical volatility levels of a representative peer group or the Company’s common stock depending on the life of the options. 4. The risk-free interest rate is based on the implied yield available on U.S. Treasury zero- coupon issues over the equivalent contractual lives of the options. During the six month period ended June 30, 2016, stock based compensation activity was as follows: a) On March 25, 2016, the Company’s Board of Directors unilaterally determined to amend 3,067,197 stock options by extending their expiration dates. The options were granted at various dates between 2009 and 2015 and have a weighted average exercise price of $0.49 per share. The expiration dates of all of the options were extended to December 31, 2016. In all other respects, the terms and conditions of the options remain the same. b) On February 26, 2016, the Company granted 4,950,000 warrants to consultants exercisable at a price of $0.40 per share for a period expiring on February 28, 2020. The warrants were issued in consideration for services provided. 4,500,000 of the warrants were granted to NMC who is a related party as discussed in Note 11. During the six month period ended June 30, 2015, stock based compensation activity was as follows: a) On April 1, 2015, the Company granted non-qualified stock options to certain executive officers under the Plan for an aggregate of 400,000 shares of common stock at an exercise price of $0.40 per option. The options vest upon completion of defined events and milestones. The options expire on the fifth anniversary of the date that they vest, but in no event later than the tenth anniversary of the agreement. Each of the options will automatically vest and become exercisable upon the occurrence of a change in control. b) On April 1, 2015, the Company granted non-qualified stock options to certain executive officers under the Plan for an aggregate of 400,000 shares of common stock at an exercise price of $0.40 per option. The options vest upon the Company’s stock price achieving defined targets. The options expire on the fifth anniversary of the date that they vest, but in no event later than the tenth anniversary of the agreement. Each of the options will automatically vest and become exercisable upon the occurrence of a change in control. c) On April 1, 2015, the Company granted non-qualified stock options to the Company’s independent directors and certain executive officers under the Plan for an aggregate of 2,700,000 shares of common stock at an exercise price of $0.40 per option. The options vest 25% each on April 1, 2015, June 30, 2015, September 30, 2015 and December 31, 2015. The options expire on the fifth anniversary of the date that they vest. The options will automatically vest and become exercisable upon the occurrence of a change in control. d) On February 25, 2015, the Company’s Board of Directors unilaterally determined to amend 650,531 stock options by extending their expiration dates. The options were granted at various dates between March 8, 2010 and July 22, 2010 and have a weighted average exercise price of $0.64 per share. The expiration dates of all of the options were extended to December 31, 2015. In all other respects, the terms and conditions of the extended options remain the same. The total expense related to the granting, vesting and modification of all stock-based compensation awards was $13,749 and $173,211 for the quarters ended June 30, 2016 and 2015, respectively and $997,162 and $214,837 for the six month periods ended June 30, 2016 and 2015, respectively. Such expenses are included in general and administrative expense and mineral exploration and evaluation expense on the consolidated statements of operations. For the six month period ended June 30, 2015, the Company received $10,000 from the exercise of stock options; the related tax benefit amounted to $13,300 and the intrinsic value was $38,000. For the six month period ended June 30, 2016, no stock options were exercised. The following table summarizes the Company’s stock-based compensation activity for the six month period ended June 30, 2016: Weighted Weighted Average Average Remaining Grant Weighted Contractual Aggregate Number of Date Fair Average Life Intrinsic Shares Value Exercise Price (Years) Value Outstanding, December 31, 2015 19,842,197 $ 0.30 $ 0.56 2.90 Options/warrants granted 4,950,000 0.17 0.40 3.67 Options/warrants expired (950,000 ) 0.29 0.67 - Options/warrants exercised - - - - Outstanding, June 30, 2016 23,842,197 $ 0.24 $ 0.52 2.49 $ 399,600 Exercisable, June 30, 2016 20,562,197 $ 0.27 $ 0.50 2.00 $ 399,600 Aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the quarter ended in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable. The following table summarizes the changes of the Company’s stock-based compensation awards subject to vesting during the six month period ended June 30, 2016: Weighted Average Number of Grant Date Shares Fair Value Unvested, December 31, 2015 4,230,000 $ 0.27 Granted - - Expired (950,000 ) 0.29 Vested - - Unvested, June 30, 2016 3,280,000 $ 0.26 As of June 30, 2016, there was $18,121 of total unrecognized compensation cost related to unvested stock-based compensation awards. The weighted average period over which this cost will be recognized was approximately 10 months as of June 30, 2016.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2016
INCOME TAXES [Text Block]	8. INCOME TAXES Income tax expense and effective tax rates were as follows for the three and six month periods ended June 30, 2016 and 2015: Three Months Three Months Six Months Six Months Ended Ended Ended Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Income tax expense $- $(1,250) $- $(2,381) Effective tax rate 0% 0.03% 0% 0.05% The effective tax rates differed from the U.S. statutory rate of 35% primarily due to valuation allowances on the Company’s net deferred tax assets due to the uncertainty of realizing those assets. The overall effective income tax rate for the year could be different from the effective tax rate for the six month period ended June 30, 2016. A summary of the Company’s deferred tax assets and liabilities and federal net operating loss carryforward are included in Note 7 “Income Taxes” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The Company and its subsidiary file income tax returns in the United States. These tax returns are subject to examination by taxation authorities provided the years remain open under the relevant statutes of limitations, which may result in the payment of income taxes and/or decreases in its net operating losses available for carryforward. The Company has losses from inception to date, and thus all years remain open for examination. While the Company believes that its tax filings do not include uncertain tax positions, the results of potential examinations or the effect of changes in tax law cannot be ascertained at this time. The Company does not have any tax returns currently under examination by the Internal Revenue Service.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
COMMITMENTS AND CONTINGENCIES [Text Block]	9. COMMITMENTS AND CONTINGENCIES Lease obligations Rental expense for office space was $15,676 and $14,629 for the quarters ended June 30, 2016 and 2015, respectively and $30,846 and $29,257 for the six month periods ended June 30, 2016 and 2015, respectively. Columbus Project Stand-by letter of credit Consultant bonus Registration Rights Agreement

CONCENTRATIONS

CONCENTRATIONS	6 Months Ended
	Jun. 30, 2016
CONCENTRATIONS [Text Block]	10. CONCENTRATIONS Concentration of activity

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2016
RELATED PARTY TRANSACTIONS [Text Block]	11. RELATED PARTY TRANSACTIONS DOSA NMC The following table provides details of transactions between the Company and NMC for the three and six month periods ended June 30, 2016 and 2015: Three Months Three Months Six Months Six Months Ended Ended Ended Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Reimbursement of expenses $ 36,413 $ 12,869 $ 147,348 $ 18,037 Consulting services provided 105,000 105,000 210,000 210,000 Mineral and exploration expense – related party $ 141,413 $ 117,869 $ 357,348 $ 228,037 At June 30, 2016 and December 31, 2015, the Company owed DOSA $502,516 and $145,168, respectively, for NMC fees and reimbursements. During the six month period ended June 30, 2016, NMC advanced the Company $367,000 for working capital purposes. The advances have no formal repayment terms. On February 26, 2016, the Company granted 4,500,000 warrants to NMC exercisable at a price of $0.40 per share for a period expiring on February 28, 2020. The warrants were issued in consideration for services provided. Pursuant to an option assignment agreement related to the Columbus Project, the Company granted a 5% net smelter return royalty to NMC as further discussed in Note 3. Searchlight Minerals Corp. (“SMC”) Cactus Mining Former officers

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2016
SUBSEQUENT EVENTS [Text Block]	12. SUBSEQUENT EVENTS Abandonment of mineral rights Convertible notes Warrant modifications and inducements Additionally, the Company had 35,133,333 outstanding warrants expiring on various dates from March 2019 through July 2021. Effective December 27, 2016, the Company temporarily reduced the exercise price of each warrant to $0.08 per share for a period expiring January 31, 2017 after which, the warrants are exercisable at their original terms. On January 17, 2017, the inducement period was extended to February 17, 2017. Proceeds received from warrant exercises included $2,983,774 in cash and settlement of $92,700 of accounts payable. November warrant modification Stock option modifications and inducements Additionally, the Company had 7,600,000 stock options outstanding expiring on various dates from June 2017 through December 2020. Effective December 27, 2016, the Company temporarily reduced the exercise price of each warrant to $0.08 per share for a period expiring January 31, 2017 after which, the options are exercisable at their original terms. On January 17, 2017, the inducement period was extended to February 17, 2017. During the quarter ended March 31, 2017, the Company issued 1,100,000 shares of common stock from the exercise of stock options. Proceeds received from stock option exercises included $33,000 in cash and settlement of $25,000 of accounts payable. Private placement

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Description of business [Policy Text Block]	Description of business
History [Policy Text Block]	History
Basis of presentation [Policy Text Block]	Basis of presentation
Going concern [Policy Text Block]	Going concern Since its formation, the Company has incurred cumulative net losses of $51,815,179 as of June 30, 2016. The Company has not commenced its commercial mining and mineral processing operations; rather, it is still in the exploration stage, raising substantial doubt about the Company’s ability to continue as a going concern. The Company will seek additional sources of capital through the issuance of debt or equity financing, but there can be no assurance the Company will be successful in accomplishing its objectives. The ability of the Company to continue as a going concern is dependent on additional sources of capital and the success of the Company’s plan. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Principles of consolidation [Policy Text Block]	Principles of consolidation
Use of estimates [Policy Text Block]	Use of estimates
Reclassification [Policy Text Block]	Reclassification
Mineral properties [Policy Text Block]	Mineral properties
Mineral exploration and development costs [Policy Text Block]	Mineral exploration and development costs
Property and equipment [Policy Text Block]	Property and equipment
Impairment of long-lived assets [Policy Text Block]	Impairment of long-lived assets The tests for long-lived assets in the exploration, development or producing stage that have a value beyond proven and probable reserves will be monitored for impairment based on factors such as current market value of the mineral property and results of exploration, future asset utilization, business climate, mineral prices and future undiscounted cash flows expected to result from the use of the related assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset, including evaluating its reserves beyond proven and probable amounts. The Company's policy is to record an impairment loss in the period when it is determined that the carrying amount of the asset may not be recoverable either by impairment or by abandonment of the property. The impairment loss is calculated as the amount by which the carrying amount of the assets exceeds its fair value. While the Company incurred losses from operations, these losses have not been in excess of planned expenditures on the specific mineral properties in order to ultimately realize their value.
Asset retirement obligation [Policy Text Block]	Asset retirement obligation Future reclamation expenditures are difficult to estimate in many circumstances due to the early stage nature of the exploration project, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation technology. Changes in estimates are reflected in the consolidated statement of operations in the period an estimate is revised.
Per share amounts [Policy Text Block]	Per share amounts
Stock-based compensation [Policy Text Block]	Stock-based compensation The fair value of performance-based stock option grants is determined on their grant date through use of the Binomial Lattice option pricing model. The total value of the award is recognized over the requisite service period only if management has determined that achievement of the performance condition is probable. The requisite service period is based on management’s estimate of when the performance condition will be met. Changes in the requisite service period or the estimated probability of achievement can materially affect the amount of stock-based compensation recognized in the consolidated financial statements. The fair value of market-based stock option grants is determined on their grant date through use of an option pricing model which uses a combination of Monte Carlo simulation and a Trinomial Lattice function. The requisite service period for market-based awards is derived from the model. Achievement of the market condition earlier than estimated can materially affect the amount of stock- based compensation recognized in the consolidated financial statements.
Income taxes [Policy Text Block]	Income taxes The Company follows the liability method of accounting for income taxes. This method recognizes certain temporary differences between the financial reporting basis of liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset as measured by the statutory tax rates in effect. The effect of a change in tax rates is recognized in operations in the period that includes the enactment date. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some or all of the deferred income tax asset will not be realized. For acquired properties that do not constitute a business, a deferred income tax liability is recorded on GAAP basis over income tax basis using statutory federal and state rates. The resulting estimated future income tax liability associated with the temporary difference between the acquisition consideration and the tax basis is reflected as an increase in the total purchase price which is then applied to the underlying acquired assets in the absence of there being a goodwill component associated with the acquisition transactions.
Recent accounting standards [Policy Text Block]	Recent accounting standards In August 2016, the FASB issued ASU No. 2016-15, which clarifies diversity in practice regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update to the standard is effective for the Company beginning January 1, 2018, with early application permitted. The Company is currently evaluating the effect the guidance will have on its consolidated financial statements. In March 2016, ASU No. 2016-09 was issued related to stock based compensation. The updated guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The update to the standard is effective beginning June 1, 2017, with early application permitted. Adoption of the new guidance is currently being evaluated. In February 2016, ASU No. 2016-02 was issued related to leases. The new guidance modifies the classification criteria and requires lessees to recognize the assets and liabilities arising from most leases on the balance sheet. This update is effective in fiscal years, including interim periods, beginning after December 15, 2018, and early adoption is permitted. Adoption of the new guidance is currently being evaluated. In August 2014, ASU 2014-15 was issued related to going concern presentation. The new standard requires management to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The new standard is effective for interim and annual periods ending after December 15, 2016. Adoption of the new guidance is not expected to have an impact on the consolidated financial position, results of operations or cash flows.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Table Text Block]	June 30, 2016 December 31, 2015 Accumulated Net book Accumulated Net book Cost depreciation value Cost depreciation value Furniture and fixtures $ 61,405 $ (47,028 ) $ 14,377 $ 61,405 $ (40,984 ) $ 20,421 Computers and equipment 57,785 (41,685 ) 16,100 57,785 (36,493 ) 21,292 Land 30,000 - 30,000 30,000 - 30,000 Site improvements 2,925,731 (2,770,220 ) 155,511 2,925,731 (2,756,351 ) 169,380 Site equipment 2,179,803 (1,677,255 ) 502,548 2,179,803 (1,560,046 ) 619,757 Vehicles 23,595 (23,595 ) - 23,595 (23,595 ) - Building 500,000 (308,333 ) 191,667 500,000 (283,334 ) 216,666 $ 5,778,319 $ (4,868,116 ) $ 910,203 $ 5,778,319 $ (4,700,803 ) $ 1,077,516

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Mineral Properties [Table Text Block]	June 30, December 31, 2016 2015 Columbus Project $ 15,811,948 $ 15,811,948 DDB Claims 70,231 70,231 Ending balance $ 15,882,179 $ 15,882,179

DERIVATIVE WARRANT LIABILITY (T

DERIVATIVE WARRANT LIABILITY (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Assumptions of Derivative Liability [Table Text Block]	Dividend yield - Expected volatility 94.96% - 104.0% Risk-free interest rate 0.03% - 0.28% Expected life (years) -

CONVERTIBLE NOTES (Tables)

CONVERTIBLE NOTES (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Assumptions of Warrants [Table Text Block]	Dividend yield - Expected volatility 126.58% Risk-free interest rate 1.01% Expected life (years) -
Convertible Debt [Table Text Block]	Convertible notes at face value $ 100,000 Unamortized discount (12,000 ) Convertible notes, net of discount $ 88,000

STOCKHOLDERS EQUITY (Tables)

STOCKHOLDERS EQUITY (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Shares Underlying Outstanding Warrants Exercise Price Expiration Date 8,896,901 $0.95 November 2016 22,572,827 0.75 December 2016 12,097,099 0.80 December 2016 6,125,000 0.40 March 2019 1,333,333 0.45 March 2019 27,075,000 0.40 February 2020 400,000 0.20 June 2021 78,500,160

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	June 30, 2016 June 30, 2015 Dividend yield - - Expected volatility 132.45% - 164.23% 71.55 – 165.7% Risk-free interest rate 0.30 - 1.08% 0.02 – 1.32% Expected life (years) 0.00 - 3.20 0.10 – 4.25
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Weighted Weighted Average Average Remaining Grant Weighted Contractual Aggregate Number of Date Fair Average Life Intrinsic Shares Value Exercise Price (Years) Value Outstanding, December 31, 2015 19,842,197 $ 0.30 $ 0.56 2.90 Options/warrants granted 4,950,000 0.17 0.40 3.67 Options/warrants expired (950,000 ) 0.29 0.67 - Options/warrants exercised - - - - Outstanding, June 30, 2016 23,842,197 $ 0.24 $ 0.52 2.49 $ 399,600 Exercisable, June 30, 2016 20,562,197 $ 0.27 $ 0.50 2.00 $ 399,600
Schedule of Nonvested Share Activity [Table Text Block]	Weighted Average Number of Grant Date Shares Fair Value Unvested, December 31, 2015 4,230,000 $ 0.27 Granted - - Expired (950,000 ) 0.29 Vested - - Unvested, June 30, 2016 3,280,000 $ 0.26

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three Months Three Months Six Months Six Months Ended Ended Ended Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Income tax expense $- $(1,250) $- $(2,381) Effective tax rate 0% 0.03% 0% 0.05%

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Transactions Between the Company and NMC [Table Text Block]	Three Months Three Months Six Months Six Months Ended Ended Ended Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Reimbursement of expenses $ 36,413 $ 12,869 $ 147,348 $ 18,037 Consulting services provided 105,000 105,000 210,000 210,000 Mineral and exploration expense – related party $ 141,413 $ 117,869 $ 357,348 $ 228,037

DESCRIPTION OF BUSINESS, HIST29

DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Cumulative Net Losses	$ 51,815,179		$ 49,116,868
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	102,342,357	98,426,857
Maximum [Member]
Property, Plant and Equipment, Useful Life	20 years
Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years

PROPERTY AND EQUIPMENT (Narrati

PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Depreciation	$ 83,656	$ 190,580	$ 167,313	$ 371,074

MINERAL PROPERTIES (Narrative)

MINERAL PROPERTIES (Narrative) (Details) - USD ($)	1 Months Ended	6 Months Ended
	Feb. 29, 2008	Jun. 30, 2016	Dec. 31, 2015	Feb. 20, 2008	Feb. 19, 2008
Columbus Project [Member]
Mineral Property, Interest Held				100.00%	15.00%
Net Smelter Return Royalty Percentage	5.00%
Reclamation bonds [Member]
Restricted Investments		$ 1,115,076	$ 1,121,184
Asset Retirement Obligation [Member]
Asset Retirement Obligation		$ 672,338	$ 672,338
Adjusted risk free rate of assets retirement obligation		3.80%
Adjusted inflation rate of assets retirement obligation		2.83%

DERIVATIVE WARRANT LIABILITY (N

DERIVATIVE WARRANT LIABILITY (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2016
Class of Warrant or Right, Outstanding	25,825,000	25,825,000	78,500,160
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.40	$ 0.40
Change in Derivative Liabilities	$ (2,687,250)	$ (2,073,300)

CONVERTIBLE NOTES (Narrative) (

CONVERTIBLE NOTES (Narrative) (Details)	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Debt Instrument, Face Amount | $	$ 100,000
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Debt Instrument, Convertible, Conversion Price	$ 0.20
Class of Warrant or Right, Weighted Average Exercise Price	$ 0.30
Class of Warrant or Right, Weighted Average Remaining Contractual Term	5 years
Debt Instrument, Convertible, Number of Equity Instruments	500,000
Equity Financing Percentage	125.00%
Issuance of Detachable Warrants. | shares	400,000
Detachable Warrants, Weighted Average Exercise Price	$ 0.20
Fair Value Adjustment of Warrants | $	$ 12,000

STOCKHOLDERS EQUITY (Narrative)

STOCKHOLDERS EQUITY (Narrative) (Details) - USD ($)	1 Months Ended	2 Months Ended	6 Months Ended
	Feb. 28, 2016	Feb. 29, 2016	Jun. 30, 2016	Jun. 30, 2015
Debt Instrument, Face Amount			$ 100,000
Issuance of Detachable Warrants.			400,000
Debt Instrument, Convertible, Conversion Price			$ 0.20
Proceeds from Stock Options Exercised				$ 10,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			0
Issuance of warrants [Member]
Debt Instrument, Face Amount			$ 100,000
Issuance of Detachable Warrants.			400,000
Debt Instrument, Convertible, Conversion Price			$ 0.20
Special Warrants [Member]
Class of Warrant or Right, Exercises in Period		1,750,000
Class of Warrant or Right, Automatically Converted into Units	21,025,000
Class of Warrant or Right, Grants in Period, Exercise Price		$ 0.40
2015 Special Warrant Offering [Member]
Sale of Special Warrants				19,000,000
Special Warrant Price				0.20
Proceeds for Sale of Special Warrants				$ 3,800,000
Investment Warrants, Exercise Price				$ 0.40
Qualified Financing Defined Proceeds				$ 7,000,000
Total fees related to issuance of Special Warrants				$ 4,353
Special Warrants 2014 Exchanged for Special Warrants 2015				8,075,000
Exercise of Special Warrants [Member]
Investment Warrants, Exercise Price				$ 0.40
Exercise of Special Warrants [Member] | 2014 Special Warrants [Member]
Special Warrants Exercised				3,425,000
Exercise of Special Warrants [Member] | 2015 Special Warrants [Member]
Special Warrants Exercised				1,250,000
Exercise of Stock Options [Member]
Proceeds from Stock Options Exercised				$ 10,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				200,000

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($)	1 Months Ended								3 Months Ended		6 Months Ended
	Mar. 25, 2016	Feb. 26, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Apr. 30, 2015	Feb. 28, 2015	Mar. 31, 2007	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Feb. 25, 2015	Mar. 27, 2007
Stock option granted, weighted average exercise price		$ 0.40
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			19,842,197						23,842,197		23,842,197
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures		4,950,000									4,950,000
Share-based Compensation									$ 13,749	$ 173,211	$ 997,162	$ 214,837
Proceeds from Stock Options Exercised												10,000
Other Tax Expense (Benefit)												13,300
Total Intrinsic Value Of The Options Exercised												$ 38,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized									$ 18,121		$ 18,121
Share Based Compensation Arrangement Weighted Average Period Cost Recognized											10 months
NMC [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures		4,500,000
Stock option plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized														6,000,000
Increase equal to total number of outstanding shares								15.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Issued, Number									17,396,916		17,396,916
Stock option granted, weighted average exercise price											$ 0.46
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number									13,992,197		13,992,197
3,067,197 stock options amended by extending their expiration dates [Member]
Stock option granted, weighted average exercise price	$ 0.49
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	3,067,197
650,531 stock options amended by extending their expiration dates [Member]
Stock option granted, weighted average exercise price							$ 0.64
Extended expiration date stock options													650,531
Company granted non-qualified stock options for 400,000 shares at an exercise price of 0.40 per option 1 [Member]
Stock option granted, weighted average exercise price						$ 0.40
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures						400,000
Company granted non-qualified stock options for 400,000 shares at an exercise price of 0.40 per option 2 [Member]
Stock option granted, weighted average exercise price						$ 0.40
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures						400,000
Company granted non-qualified stock options for 2,700,000 shares at an exercise price of 0.40 per option [Member]
Stock option granted, weighted average exercise price						$ 0.40
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures						2,700,000
Options Vested Rate			25.00%	25.00%	25.00%	25.00%

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details)	6 Months Ended
	Jun. 30, 2016
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate	35.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2007	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2018	Jun. 30, 2017	Nov. 30, 2012	Apr. 30, 2012
Lease obligations [Member]
Operating Leases, Rent Expense		$ 15,676	$ 14,629	$ 30,846	$ 29,257
Operating Leases, Rent Expense, Minimum Rentals						$ 4,498	$ 53,807
Payments For Rent Increase				4.00%
Payment For Operating Expenses				$ 748
Columbus Project [Member]
Net Smelter Return Royalty Percentage	5.00%
Standby Letters of Credit [Member]
Stand By Letter Of Credit Value				100,000
Certificates of Deposit, at Carrying Value		$ 100,000		$ 100,000
Required to pay of the total value of the letter of credit		2.00%		2.00%
Consultant Bonus [Member]
Contingent Consultant Bonus Cash Value									$ 400,000
Contingent Consultant Bonus Number of Warrants									3,000,000
Contingent Consultant Bonus Exercise Price Of Warrants									$ 0.90
Registration Payment Arrangement, Arrangement [Domain] [Member]
Registration Payment Arrangement Cash Penalties of Subscription Proceeds								1.00%
Registration Payment Arrangement Penalty		$ 5,757		$ 5,757
Registration Payment Arrangement, Arrangement [Domain] [Member] | Maximum [Member]
Registration Payment Arrangement Cash Penalties of Subscription Proceeds								6.00%
Registration Payment Arrangement, Maximum potential penalty								$ 346,979

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 26, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Rental Income, Nonoperating		$ 5,202	$ 5,001	$ 10,404	$ 60,002
Accounts payable - related party		502,516		502,516		$ 145,168
Due to Related Parties, Current		390,290		390,290		23,290
DOSA Consulting, LLC [Member]
Accounts payable - related party		502,516		$ 502,516		145,168
NMC [Member]
Net smelter return royalty to NMC				5.00%
Majority Stockholder Ownership Percentage				23.70%
Advances from Related Parties				$ 367,000
Class of Warrant or Right, Grants in Period, Net of Forfeitures	4,500,000
Class of Warrant or Right, Grants in Period, Exercise Price	$ 0.40
Due to Related Parties, Current		367,000		367,000
Former officers [Member]
Due to Related Parties, Current		23,290		23,290		23,290
Searchlight Minerals Corp [Member]
Rental Income, Nonoperating		$ 5,202	$ 5,001	$ 10,404	10,002
Due from Related Parties, Current						$ 1,734
Cactus Mining [Member]
Rental Income, Nonoperating					$ 50,000

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

Mar. 29, 2017

Feb. 17, 2017

Jan. 31, 2017

Mar. 31, 2017

Sep. 30, 2016

Jun. 30, 2016

Jun. 30, 2015

Jul. 31, 2017

Apr. 30, 2017

Dec. 31, 2016

Dec. 27, 2016

Nov. 30, 2016

Aug. 31, 2016

Debt Instrument, Face Amount

$ 100,000

Debt Instrument, Interest Rate, Stated Percentage

10.00%

Debt Instrument, Convertible, Conversion Price

$ 0.20

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period

0

Proceeds from Stock Options Exercised

$ 10,000

Payments of Stock Issuance Costs

$ 375

$ 4,353

Abondonment of mineral rights [Member]

Loss on Abandonment of mineral rights

$ 7,642,245

Abondonment of mineral rights [Member] | Columbus Project [Member]

Mineral rights, ownership percentage, not renewed

47.00%

Abondonment of mineral rights [Member] | DDB Claims [Member]

Mineral rights, ownership percentage, not renewed

67.00%

Convertible notes [Member]

Debt Instrument, Maturity amount

$ 50,000

Debt Instrument, Convertible, Conversion Price

$ 0.064

November warrant modification [Member]

Class of Warrant or Right, Outstanding, Reduced Exercise Price

8,896,901

Warrant modifications and inducements [Member]

Class of Warrant or Right, Outstanding, Extended expiration

43,566,827

Class of Warrant or Right, Outstanding, Reduced Exercise Price

35,133,333

Reduced exercise price for Warrants

$ 0.08

Proceeds from Warrant Exercises

$ 2,983,774

Proceeds from Warrant Exercises, settlement of accounts payable

$ 92,700

Stock option modifications and inducements [Member]

Stock options and warrants, reduced exercise price

6,167,197

Stock options, reduced exercise price

7,600,000

Reduced exercise price for stock options

$ 0.08

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period

1,100,000

Proceeds from Stock Options Exercised

$ 33,000

Proceeds from Stock Options Exercised, settlement of accounts payable

$ 25,000

Private Placement [Member]

Price Per Share

$ 0.08

Stock Issued During Period, Shares, New Issues

49,369,123

Proceeds from Issuance of Private Placement

$ 2,044,000

Proceeds from Issuance of Private Placement, settlement of accounts payable

1,905,530

Payments of Stock Issuance Costs

$ 902

Property, Plant and Equipment (

Property, Plant and Equipment (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Cost	$ 5,778,319	$ 5,778,319
Accumulated depreciation	(4,868,116)	(4,700,803)
Net book value	910,203	1,077,516
Furniture and fixtures [Member]
Cost	61,405	61,405
Accumulated depreciation	(47,028)	(40,984)
Net book value	14,377	20,421
Computers and equipment [Member]
Cost	57,785	57,785
Accumulated depreciation	(41,685)	(36,493)
Net book value	16,100	21,292
Land [Member]
Cost	30,000	30,000
Accumulated depreciation	0	0
Net book value	30,000	30,000
Site improvements [Member]
Cost	2,925,731	2,925,731
Accumulated depreciation	(2,770,220)	(2,756,351)
Net book value	155,511	169,380
Site equipment [Member]
Cost	2,179,803	2,179,803
Accumulated depreciation	(1,677,255)	(1,560,046)
Net book value	502,548	619,757
Vehicles [Member]
Cost	23,595	23,595
Accumulated depreciation	(23,595)	(23,595)
Net book value	0	0
Building [Member]
Cost	500,000	500,000
Accumulated depreciation	(308,333)	(283,334)
Net book value	$ 191,667	$ 216,666

Schedule of Mineral Properties

Schedule of Mineral Properties (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Ending Balance	$ 15,882,179	$ 15,882,179
Columbus Project [Member]
Ending Balance	15,811,948	15,811,948
DDB Claims [Member]
Ending Balance	$ 70,231	$ 70,231

Fair Value Assumptions of Deriv

Fair Value Assumptions of Derivative Liability (Details)	6 Months Ended
	Jun. 30, 2015
Dividend yield	0.00%
Expected life (years)	0 years
Minimum [Member]
Expected volatility	94.96%
Risk-free interest rate	0.03%
Maximum [Member]
Expected volatility	104.00%
Risk-free interest rate	0.28%

Fair Value Assumptions of Warra

Fair Value Assumptions of Warrants (Details)	6 Months Ended
	Jun. 30, 2016
Convertible Notes Fair Value Assumptions Expected Dividend Rate	0.00%
Convertible Notes Fair Value Assumptions Expected Volatility Rate	126.58%
Convertible Notes Fair Value Assumptions Risk Free Interest Rate Maximum	1.01%
Convertible Notes Fair Value Assumptions Expected Term	0 years

Convertible Debt (Details)

Convertible Debt (Details)	Jun. 30, 2016USD ($)
Debt Instrument, Face Amount	$ 100,000
Unamortized discount	(12,000)
Convertible notes, net of discount	$ 88,000

Schedule of Stockholders' Equit

Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - $ / shares	Jun. 30, 2016	Jun. 30, 2015
Class of Warrant or Right, Outstanding	78,500,160	25,825,000
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.40
Expiration Date November 2016 [Member]
Class of Warrant or Right, Outstanding	8,896,901
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.95
Expiration Date December 2016 1 [Member]
Class of Warrant or Right, Outstanding	22,572,827
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.75
Expiration Date December 2016 2 [Member]
Class of Warrant or Right, Outstanding	12,097,099
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.80
Expiration Date March 2019 [Member]
Class of Warrant or Right, Outstanding	6,125,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.40
Expiration Date March 2019 2 [Member]
Class of Warrant or Right, Outstanding	1,333,333
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.45
Expiration Date February 2020 [Member]
Class of Warrant or Right, Outstanding	27,075,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.40
Expiration Date June 2021 [Member]
Class of Warrant or Right, Outstanding	400,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.20

Schedule of Share-based Payment

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	164.23%	165.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	1.08%	1.32%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	3 years 2 months 12 days	4 years 3 months
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	132.45%	71.55%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	0.30%	0.02%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	0 years	1 month 6 days

Schedule of Share-based Compens

Schedule of Share-based Compensation, Stock Options, Activity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning of Period	19,842,197
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period	0.30
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning of Period	$ 0.56
Share-based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term, Beginning of Period	2 years 5 months 26 days	2 years 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	4,950,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0.17
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 0.40
Share-based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Options, Granted Weighted Average Remaining Contractual Term	3 years 8 months 1 day
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Grant Date Fair Value	0
Share-based Compensation Arrangement By Share Based Payment Award, Exercised, Weighted Average Exercise Price	0
Share-based Compensation Shares Authorized Under Stock Option Plans, Exercise Price Range, Options Exercised Weighted Average Remaining Contractual Term	0 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	(950,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period, Weighted Average Grant Date Fair Value	0.29
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 0.67
Share-based Compensation Shares Authorized Under Stock Option Plans, Exercise Price Range, Options Expired, Weighted Average Remaining Contractual Term	0 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, End of Period	23,842,197	19,842,197
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Grant Date Fair Value, End of Period	0.24	0.30
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, End of Period	$ 0.52	$ 0.56
Share-based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term, End of Period	2 years 5 months 26 days	2 years 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value, End of Period	$ 399,600
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number, End of Period	20,562,197
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Grant Date Fair Value, End of Period	$ 0.27
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price, End of Period	$ 0.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term, End of Period	2 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value, End of Period	$ 399,600

Schedule of Nonvested Share Act

Schedule of Nonvested Share Activity (Details)	6 Months Ended
	Jun. 30, 2016shares
Share Based Compensation Arrangement By Share Based Payment Award Unvested Options Outstanding Number	4,230,000
Share Based Compensation Arrangement By Share Based Payment Award Unvested Options Outstanding Weighted Average Grant Date Fair Value	0.27
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Net of Forfeitures	0
Share-based Compensation, Options Subject to Vesting, Grants in Period, Weighted Average Grant Date Fair Value	0
Share-based Compensation Arrangement by Share-based Payment Award, Unvested Options, Expirations in Period	(950,000)
Share-based Compensation, Options Subject to Vesting, Forfeitures and Expirations in Period, Weighted Average Grant Date Fair Value	0.29
Share Based Compensation Arrangement By Share Based Payment Award Vested Options Outstanding Number	0
Share Based Compensation Arrangement By Share Based Payment Award Vested Options Weighted Average Grant Date Fair Value	0
Share Based Compensation Arrangement By Share Based Payment Award Unvested Options Outstanding Number	3,280,000
Share Based Compensation Arrangement By Share Based Payment Award Unvested Options Weighted Average Grant Date Fair Value	0.26

Schedule of Components of Incom

Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income tax expense benefit	$ 0	$ (1,250)	$ 0	$ (2,381)
Effective tax rate	0.00%	0.03%	0.00%	0.05%

Schedule of Transactions Betwee

Schedule of Transactions Between the Company and NMC (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reimbursement of expenses	$ 36,413	$ 12,869	$ 147,348	$ 18,037
Consulting services provided	105,000	105,000	210,000	210,000
Mineral exploration and evaluation expenses - related party	$ 141,413	$ 117,869	$ 357,348	$ 228,037