Pacific Booker Minerals (PBMLF) 20-F 1 Jun 21 2021 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Jan. 31, 2021shares
Details
Registrant Name	Pacific Booker Minerals Inc.
Registrant CIK	0001319150
SEC Form	20-F
Period End date	Jan. 31, 2021
Fiscal Year End	--01-31
Number of common stock shares outstanding	16,766,969
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Voluntary filer	No
Well-known Seasoned Issuer	No
Shell Company	false
Emerging Growth Company	false
Entity Address, Postal Zip Code	00000
Entity Interactive Data Current	Yes
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

STATEMENTS OF FINANCIAL POSITIO

STATEMENTS OF FINANCIAL POSITION - CAD ($)		Jan. 31, 2021	Jan. 31, 2020
Current assets
Cash and cash equivalents		$ 1,481,302	$ 1,887,924
Receivables		1,967	2,507
Prepaid expenses and deposits		84,126	84,882
Current assets		1,567,395	1,975,313
Mineral property interests	[1]	4,832,500	4,832,500
Exploration and evaluation assets (Note 6)	[2]	24,880,659	24,880,659
Equipment, vehicles and furniture (Note 7)	[3]	38,538	55,211
Reclamation deposits		123,600	123,600
Total assets		31,442,692	31,867,283
Current liabilities
Accounts payable and accrued liabilities		19,102	16,439
Amounts owing to related parties (Note 10)	[4]	13,978	19,198
Current liabilities		33,080	35,637
Shareholders' equity
Share Capital (Note 8)	[5]	54,223,481	54,223,481
Contributed surplus (Note 8)	[5]	17,707,324	17,486,131
Deficit		(40,521,193)	(39,877,966)
Equity		31,409,612	31,831,646
Total liabilities and shareholders' equity		$ 31,442,692	$ 31,867,283
[1]	Note 5
[2]	Note 6
[3]	Note 7
[4]	Note 10
[5]	Note 8

STATEMENTS OF COMPREHENSIVE LOS

STATEMENTS OF COMPREHENSIVE LOSS		12 Months Ended
		Jan. 31, 2021CAD ($)	Jan. 31, 2020CAD ($)	Jan. 31, 2019CAD ($)
OPERATING EXPENSES
Consulting fees - related party	[1]	$ 675	$ 900	$ 1,125
Consulting fees - Option based payments	[2]	0	0	0
Depreciation		16,673	10,586	3,045
Directors fees		11,000	14,500	11,000
Directors fees - Option based payments	[2]	0	0	0
Filing and transfer agent fees		24,715	28,225	19,849
Foreign exchange (gain)loss		9,656	(557)	(7,411)
Finance income		(990)	(1,045)	(811)
Gain on disposal of fixed asset		0	(6,491)	0
Investor relations - related party	[1]	132,000	231,000	0
Investor relations - Option based payments	[2]	221,193	545,662	0
Office and miscellaneous		11,159	16,070	12,190
Office rent		92,250	83,670	79,172
Professional fees (Note 10)	[1]	84,572	61,929	46,800
Professional fees - Option based payments	[2]	0	0	75,426
Shareholder information and promotion		20,351	52,414	22,430
Telephone		4,888	4,976	4,889
Travel		14,886	18,339	15,848
Wages and benefits		199	850	0
Loss from operations		(643,227)	(1,061,028)	(283,552)
Income tax expense (Note 12)		0	0	0
Net loss and comprehensive loss for the year		$ (643,227)	$ (1,061,028)	$ (283,552)
[1]	Note 10
[2]	Note 8 & 10

STATEMENTS OF CHANGES IN EQUITY

STATEMENTS OF CHANGES IN EQUITY - CAD ($)	Issued capital	Contributed Surplus	Deficit	Total
Equity balance, Start of period at Jan. 31, 2018	$ 51,995,105	$ 17,124,354	$ (38,533,386)	$ 30,586,173
Number of shares outstanding, Start of period at Jan. 31, 2018	14,797,904
Warrants exercised, Value	$ 73,500	0	0	73,500
Warrants exercised, Shares	73,500
Option based payments	$ 0	75,426	0	75,426
Net loss and comprehensive loss for the year	0	0	(283,552)	(283,552)
Equity balance, End of period at Jan. 31, 2019	$ 52,068,605	17,199,780	(38,816,938)	30,451,447
Number of shares outstanding, End of period at Jan. 31, 2019	14,871,404
Warrants exercised, Value	$ 1,575,565	0	0	1,575,565
Warrants exercised, Shares	1,575,565
Option based payments	$ 0	545,662	0	545,662
Net loss and comprehensive loss for the year	0	0	(1,061,028)	(1,061,028)
Equity balance, End of period at Jan. 31, 2020	$ 54,223,481	17,486,131	(39,877,966)	31,831,646
Number of shares outstanding, End of period at Jan. 31, 2020	16,766,969
Options exercised, Value	$ 320,000	0	0	320,000
Options exercised, Shares	320,000
Option based payments reclassified	$ 259,311	(259,311)	0	0
Option based payments	0	221,193	0	221,193
Net loss and comprehensive loss for the year	0	0	(643,227)	(643,227)
Equity balance, End of period at Jan. 31, 2021	$ 54,223,481	$ 17,707,324	$ (40,521,193)	$ 31,409,612
Number of shares outstanding, End of period at Jan. 31, 2021	16,766,969

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - CAD ($)	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss and comprehensive loss for the year	$ (643,227)	$ (1,061,028)	$ (283,552)
Items not affecting cash
Depreciation	16,673	10,586	3,045
Option based payments	221,193	545,662	75,426
Changes in non-cash working capital items:
(Increase)/decrease in receivables	540	(641)	3,118
(Increase)/decrease in prepaids and deposits	756	(10,646)	4,459
Increase/(decrease) in accounts payable and accrued liabilities	2,663	(1,724)	2,235
Increase/(decrease) in amounts owing to related parties	(5,220)	16,507	13
Net cash used in operating activities	(406,622)	(501,284)	(195,256)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of Share Capital	0	1,895,565	73,500
Net cash provided by financing activities	0	1,895,565	73,500
CASH FLOWS FROM INVESTING ACTIVITIES
Mineral property interests and Exploration and evaluation costs (net of recovery)	0	(10,540)	(10,132)
Disposal of equipment, vehicles or furniture	0	2,309	0
Purchase of equipment, vehicles or furniture	0	(62,633)	0
Net cash used in investing activities	0	(70,864)	(10,132)
Net increase (decrease) in cash and cash equivalents	(406,622)	1,323,417	(131,888)
Cash and cash equivalents at beginning of period	1,887,924	564,507	696,395
Cash and cash equivalents at end of period	$ 1,481,302	$ 1,887,924	$ 564,507

1. CORPORATE INFORMATION

1. CORPORATE INFORMATION	12 Months Ended
	Jan. 31, 2021
Notes
1. CORPORATE INFORMATION	1. CORPORATE INFORMATION The Company was incorporated on February 18, 1983 under the Company Act of British Columbia as Booker Gold Explorations Limited. On February 8, 2000, the Company changed its name to Pacific Booker Minerals Inc. The address of the Company’s corporate office and principal place of business is located at Suite #1103 - 1166 Alberni Street, Vancouver, British Columbia, Canada. The Company’s principal business activity is the exploration of its mineral property interests, with its principal mineral property interests located in Canada. The Company is listed on the TSX Venture Exchange (“TSX-V”) under the symbol “BKM” and was listed on the NYSE MKT Equities Exchange (“NYSE MKT”) under the symbol “PBM” until the voluntary delisting on April 29, 2016.

2. BASIS OF PRESENTATION

2. BASIS OF PRESENTATION	12 Months Ended
	Jan. 31, 2021
Notes
2. BASIS OF PRESENTATION	2. BASIS OF PRESENTATION (a) Statement of compliance These financial statements and the notes thereto (the "Financial Statements") present the Company's financial results of operations in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") for the years ended January 31, 2021, 2020 and 2019 and financial position as at January 31, 2021 and 2020. All adjustments necessary to present fairly the financial position of the Company as at January 31, 2021 and the results of its operations and cash flows for the year then ended have been made. The Board of Directors have approved the annual financial statements for issue on May 25, 2021. (b) Going concern of operations These financial statements have been prepared on the basis of the accounting principles applicable to a going concern, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. A going concern in accounting is a term that indicates whether or not the entity can continue in business for the next fiscal year. Indicators against a “going concern” are negative cash flows from operations, consecutive losses from operations, and an accumulated deficit. The Company is a resource company, and must incur expenses during the process of exploring and evaluating a mineral property to prove the commercial viability of the ore body, a necessary step in the process of developing a property to the production stage. As a non-producing resource company, the Company has no operating income, cash flow is generated mostly by the sale of shares by the Company, and an accumulated deficit is the result of operations and exploration activities without production. The Company has incurred losses and negative cash flows from operations since inception and has an accumulated deficit. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern depends upon its ability to continue to raise adequate financing and to develop profitable operations in the future. The ability of the Company to realize the costs it has incurred to date on its mineral property interests is dependent upon the Company being able to continue to finance its exploration and evaluation costs. To date, the Company has not earned any revenue and is considered to be in the advanced exploration stage. Management has based “the ability to continue in operations” judgement on various factors including (but not limited to) the opinion of management that the Morrison project will receive the necessary certificates/permits to allow the Company to proceed with the development of the project to the production phase, that the Company’s claims are in good standing, the NI 43-101 feasibility study (completed in 2009) shows commercially viable quantities of mineral resources. The Company has sufficient cash on hand to meet its obligations for the fiscal year and may receive proceeds from the exercise of options to ensure the Company’s financial resources. There can be no assurance that the Company will be able to continue to raise funds in which case the Company may be unable to meet its obligations. Should the Company be unable to realize on its assets and discharge its liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded on the statements of financial position. These financial statements do not include the adjustments that would be necessary should the Company be unable to continue as a going concern. 2021 2020 2019 Working capital $ 1,534,315 $ 1,939,676 $ 619,755 Loss for the year (643,227) (1,061,028) (283,552) Deficit (40,521,193) (39,877,966) (38,816,938) (c) Basis of Measurement The financial statements have been prepared under the historical cost convention, except for certain financial instruments which are measured at fair value. (d) Functional and presentation currency The financial statements are presented in Canadian dollars, which is Company’s functional and presentation currency. (e) Critical accounting judgements The preparation of these financial statements, in conformity with IFRS, requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected by that revision. (i) Going concern The Company’s ability to execute its strategy by funding future working capital requirements requires judgment. Assumptions are continually evaluated and are based on historical experience and expectations of future events that are believed to be reasonable under the circumstances (see Note 2(b)). (f) Key sources of estimation uncertainty (i) Recoverability of asset carrying values for equipment, vehicles and furniture The declining balance depreciation method used reflects the pattern in which management expects the asset’s future economic benefits to be consumed by the Company. The Company assesses its equipment, vehicles and furniture for possible impairment as described in Note 3(d), if there are events or changes in circumstances that indicate that the recorded carrying values of the assets may not be recoverable at every reporting period. Such indicators include changes in the Company’s business plans affecting the asset use and anticipated life and evidence of current physical damage. (ii) Option based payments The Company has an equity-settled option to purchase shares plan for Eligible Persons (as defined by the policies of the TSX Venture Exchange and/or National Instrument 45-106). The fair value of the share purchase options are estimated on the measurement date by using the Black-Scholes option-pricing model, based on certain assumptions and recognized as option based payments expense over the vesting period of the option with a corresponding increase to equity as contributed surplus. Those assumptions are described in Note 8 of the annual financial statements and include, among others, expected volatility, forfeiture rate, expected life of the options and number of options expected to vest. (iii) Exploration and evaluation assets & Mineral property interests Although the Company has taken steps to verify title to mineral properties in which it has an interest in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company’s title. Property title may be subject to unregistered prior agreements and non-compliance with regulatory requirements. Recovery of amounts indicated under mining properties and the related exploration and evaluation assets are subject to the discovery of economically recoverable reserves, the Company’s ability to obtain the necessary permits, the Company's ability to obtain the financing required to complete development and profitable future production or the proceeds from the sale of such assets. At January 31, 2021, management determined that the carrying value of the mining properties is best represented by historical costs. Management reviews the property for impairments on an on-going basis and considers the carrying value appropriate for the current period. Significant assumptions and estimates used by management to determine the recoverable value are included in Note 3(d). (iv) Restoration and close down provisions The Company recognizes reclamation and close down provisions based on “Best Estimate” which can be based on internal or external costs. The Company is required to have a bond in place in an amount determined by the provincial government to provide for the costs of reclamation of the site disturbances. This bond shows as Reclamation deposit asset on the statement of financial position. Significant assumptions used by management to ascertain the provision are described in Note 3(e). (v) Taxes Provisions for income tax liabilities and assets are calculated using the best estimate of the tax amounts prepared by knowledgeable persons, based on an assessment of relevant factors. The Company reviews the adequacy of the estimate at the end of the reporting period. It is possible that at some future date, an additional liability or asset could result from audits by the taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were originally recorded, such differences will be reflected in the tax provisions in the current period when such determination is made.

3. SUMMARY OF SIGNIFICANT ACCOU

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jan. 31, 2021
Notes
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently, to all periods presented in these financial statements. The significant accounting policies adopted by the Company are as follows: (a) Foreign currency translation The monetary assets and liabilities of the Company that are denominated in foreign currencies are translated to the functional currency at the rate of exchange at the reporting date and non-monetary items are translated using the exchange rate at the date of the transaction. Revenues and expenses are translated at the exchange rates approximating those in effect at the time of the transaction. Exchange gains and losses arising on translation are included in the statements of comprehensive loss. (b) Cash and cash equivalents Cash includes cash on hand and demand deposits. Cash equivalents includes short-term, highly liquid investments that are readily convertible to known amounts of cash and have a maturity date of less than 90 days and are subject to an insignificant risk of change in value. (c) Mineral property interests and Exploration and evaluation assets All costs related to the acquisition of mineral properties are capitalized as Mineral Property interest. The recorded cost of mineral property interests is based on cash paid and the fair market value of share consideration issued for mineral property interest acquisitions. All pre-exploration costs, i.e. costs incurred prior to obtaining the legal right to undertake exploration and evaluation activities on an area of interest, are expensed as incurred. Once the legal right to explore has been acquired, exploration and evaluation expenditures are capitalized in respect of each identifiable area of interest until the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Costs incurred include appropriate technical overheads. Exploration and evaluation assets are carried at historical cost, less any impairment losses recognized. When technical feasibility and commercial viability of extracting a mineral resource are demonstrable for an area of interest, the Company stops capitalizing exploration and evaluation costs for that area, tests recognized exploration and evaluation assets for impairment and reclassifies any unimpaired exploration and evaluation assets either as tangible or intangible mine development assets according to the nature of the assets. Mineral properties are reviewed for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. If, after management review, it is determined that the carrying amount of a mineral property is impaired, that property is written down to its estimated net realizable value. When a property is abandoned, all related costs are written off to operations. (d) Impairment (i) Financial assets The Company assesses on a forward-looking basis, the expected credit losses associated with its assets, even if no actual loss events have taken place. In addition to past events and current conditions, reasonable and supportable forward-looking information that is available without undue cost or effort is considered in determining impairment. One model applies to all financial instruments subject to impairment testing. (ii) Non-financial assets The carrying amounts of equipment, vehicles and furniture are reviewed at each reporting date to determine whether there is any indication of impairment. The carrying amounts of mining properties and exploration and evaluation assets are assessed for impairment only when indicators of impairment exist, typically when one of the following circumstances applies: · · · · Mining properties and exploration and evaluation assets are also assessed for impairment upon the transfer of exploration and evaluation assets to development assets regardless of whether facts and circumstances indicate that the carrying amount of the exploration and evaluation assets is in excess of their recoverable amount. The recoverable amount of an asset (or cash-generating unit) is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating unit", or "CGU"). The level identified by the group for the purposes of testing exploration and evaluation assets for impairment corresponds to each mining property. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of CGUs are allocated to the assets in the unit (group of units) on a pro rata basis. Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. (e) Restoration and close down provision The Company is required to have a bond in place in an amount determined by the Ministry of Mines to provide for the costs of reclamation of the site disturbances. This bond shows as Reclamation deposit in the assets on the statement of financial position. The reclamation obligation is generally considered to have been incurred when mine assets are constructed or the ground environment is disturbed at the project location. The Company also estimates the timing of the outlays, which is subject to change depending on continued operation or newly discovered reserves. Additional disturbances or changes in restoration obligations will be recognized when they occur. The Company has determined that it has no additional restoration obligations as at January 31, 2021. (f) Equipment, vehicles and furniture Equipment, vehicles and furniture are recorded at cost. Depreciation is calculated on the residual value, which is the historical cost of an asset less the prior allowances made. Depreciation methods, useful life and residual value are reviewed at each financial year-end and adjusted, if appropriate. Where an item of equipment, vehicles and furniture is comprised of major components with different useful lives, the components are accounted for as separate items. The Company currently provides for depreciation annually as follows: Automobile 30% declining balance Computer equipment 30% to 45% declining balance Office furniture and equipment 20% declining balance (g) Option based payments The Company has an equity settled stock option plan that grants options to buy common shares of the Company to Eligible Persons (as defined by the policies of the TSX Venture Exchange and/or National Instrument 45-106). The fair value of stock options are estimated at the measurement date, using the Black-Scholes option pricing model and recorded as option based payments expense in the statement of comprehensive loss and credited to contributed surplus within shareholders’ equity, over the vesting period of the stock options, based on the Company’s estimate of the number of stock options that will eventually vest. (h) Private Placement Unit Offerings The Company engages in equity financing transactions to obtain the funds necessary to continue operations. These equity financing transactions involve issuance of common shares or units (“Units”). A Unit comprises a specific number of common shares and a specific number of share purchase warrants (“Warrants”) at a set price. The Warrants are exercisable into additional common shares prior to expiry at a price and on the terms and conditions stipulated by the Financing Agreement. Warrants that are part of units are valued using residual value method which involves comparing the selling price of the Units to the Company’s share price on the announcement date of the financing. The market value is then applied to the common share purchase (“Share Capital”), and any residual amount is assigned to the warrants (“Warrant Reserve”). Warrants that are issued as payments for agency fees or other transaction costs are accounted for as share-based payments and are recognized in equity. Under IAS 32, these warrants are an equity instrument as they are not issued in exchange for goods or services and are exercisable for a fixed amount of cash, denominated in the functional currency. Warrants classified as equity instruments are not subsequently re-measured for changes in fair value. If a warrant holder exercises the option to convert the warrants into common shares, the accounting for the exercise will include the transfer of the Warrant Reserve value to the Share Capital account. The accounting for unexercised warrants will transfer the Warrant Reserve value to the Contributed Surplus account at the date the warrants expire unexercised. (i) Loss per share The basic and diluted loss per share shown in these statements is calculated using the weighted-average number of common shares outstanding during the year. The weighted average number of common shares outstanding for the year ended January 31, 2021 does not include the nil (2020 – nil) warrants outstanding and the 2,975,000 (2020 – 2,975,000) stock options outstanding as the inclusion of these amounts would reduce the loss per share amount and are therefore considered anti-dilutive. (j) Income taxes Income tax expense comprises current and deferred tax. Income tax is recognized in the statements of comprehensive loss except to the extent it relates to items recognized in other comprehensive income or directly in equity. (i) Current tax Current tax expense is based on the results for the period as adjusted for items that are not taxable or not deductible. Current tax is calculated using tax rates and laws that were enacted or substantively enacted at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where appropriate on the basis of amounts expected to be paid to the tax authorities. (ii) Deferred tax Deferred taxes are the taxes expected to be payable or recoverable on the difference between the carrying amounts of assets in the statement of financial position and their corresponding tax bases used in the computation of taxable profit, and are accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences between the carrying amounts of assets and their corresponding tax bases. Deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities: · · · Deferred tax assets: · · (k) Financial instruments The Company adopted IFRS 9 Financial Instruments effective February 1, 2018. Under IFRS 9, the Company recognizes all financial assets initially at fair value and classifies them into one of the following measurement categories: fair value through profit or loss (“FVTPL”), fair value through other comprehensive (“FVTOCI”) or amortized cost, as appropriate. On adoption of IFRS 9, there was no accounting impact to the financial statements and there were no changes in the carrying values of any of the Company’s financial assets. Financial liabilities are initially recognized at fair value and classified as either FVTPL or amortized cost, as appropriate. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. At each reporting date, the Company assesses whether there is objective evidence that a financial asset has been impaired. The Company had made the following classification of its financial instruments: Financial Asset or Liability Category Cash and cash equivalents amortized cost Receivables amortized cost Reclamation deposits amortized cost Accounts payable and accrued liabilities amortized cost Amounts owing to related parties amortized cost Financial instruments measured at fair value are classified into one of the three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are: · · · (l) Equity instruments Equity instruments issued by the Company are recorded at the proceeds received net of direct issuance costs. The Company has its common shares as equity instruments. (m) Leases The Company adopted IFRS 16 on February 1, 2019. IFRS 16 introduced a single on-balance sheet accounting model for lessees which replaced IAS 17. Leasing activity for the Company typically involves the lease of office space. The Company previously classified leases as either operating or finance leases. The Company elected not to apply the requirements to short-term leases, as permitted in the Recognition exemptions. For the fiscal year ended January 31, 2021, the Company held a twelve month rental lease for the office premises space. The payments made under the rental contract total $87,928 (2020 - $78,558) for the fiscal year. This amount shows on the Statement of Comprehensive Loss as Office Rent. Another 12 month rental agreement for the office space has been signed for the fiscal year ending January 31, 2022. The payments for the rental amount to a total of $90,930 for the fiscal year. This amount will show on the Statement of Comprehensive Loss as Office Rent. (n) Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as a finance cost. The Company has not recognized any legal or constructive obligations based on past events during the current period. (o) Finance costs Finance costs comprise interest expense on borrowings and the reversal of the discount on provisions. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in the income statement using the effective interest method. The Company currently does not have any finance costs.

4. RECENTLY ADOPTED ACCOUNTING

4. RECENTLY ADOPTED ACCOUNTING STANDARDS, AND ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE	12 Months Ended
	Jan. 31, 2021
Notes
4. RECENTLY ADOPTED ACCOUNTING STANDARDS, AND ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE	4. RECENTLY ADOPTED ACCOUNTING STANDARDS, AND ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE There are no new standards issued but not yet effective as of January 31, 2021, that are expected to have a material impact to the Company's financial statements. (a) Adoption of IAS 1 and 8 - Presentation of financial statements The Company adopted IAS 1 and 8 on February 1, 2020. IAS 1 and 8 provide clarification on the definition of materiality and how it should be applied. The amendments also align the definition of material across International Financial Reporting Standards and other publications. There was no impact on the Company's financial statements.

5. MINERAL PROPERTY INTERESTS

5. MINERAL PROPERTY INTERESTS	12 Months Ended
	Jan. 31, 2021
Notes
5. MINERAL PROPERTY INTERESTS	5. MINERAL PROPERTY INTERESTS Title to mineral property interests involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many mineral claims. The Company has investigated title to all of its mineral property interests and, to the best of its knowledge, title to all of its interests are in good standing. The mineral property interests in which the Company has committed to earn an interest are located in Canada. Morrison claims, Canada 2021 2020 2019 Balance, beginning and end of year $ 4,832,500 $ 4,832,500 $ 4,832,500 Copper claims The Company holds a 100% interest in certain mineral claims located in the Granisle area of B.C., subject to a 3% NSR royalty. These claims are located near the Morrison claims. The Company has met its requirements to maintain its recorded interest in the mineral claims with the Province of B.C. until 2021 and there are no other payments required until that year. During the year ended January 31, 2005 the previously capitalized amounts were written-off to operations. CUB claims The Company holds a 100% interest in certain mineral claims located in the Granisle area of B.C., subject to a 3% NSR royalty. These claims are located near the Morrison claims. The Company has met its requirements to maintain its recorded interest in the mineral claims with the Province of B.C. until 2021 and there are no other payments required until that year. During the year ended January 31, 2005 the previously capitalized amounts were written-off to operations. Hearne Hill claims The Company held a 100% interest in the Hearne Hill claims located in the Omineca District of the Province of British Columbia (“B.C.”). During the year ended January 31, 2006, the previously capitalized amounts were written-off to operations. The Hearne Hill claims were subject to a legal claim, which was settled in during the year ended January 31, 2009. Pursuant to the settlement, the Company retains the right, title and interest in and to all claims that were the subject of the action, with the exception of Mineral Tenure No. 242812 (the “Hearne 1 Claim”) and Mineral Tenure No. 242813 (the “Hearne 2 Claim”), which were transferred to the plaintiff optionors. No cash payment was made to the plaintiffs and all claims in the action have been dismissed. Morrison claims On April 19, 2004, the Company and Noranda Mining and Exploration Inc, “Noranda" (which was subsequently acquired by Falconbridge Limited, "Falconbridge", which was subsequently acquired by Xstrata LLP, "Xstrata”, which was subsequently acquired by Glencore PLC, "Glencore”) signed an agreement whereby Noranda agreed to sell its remaining 50% interest to the Company such that the Company would have a 100% interest in the Morrison claims. In order to obtain the remaining 50% interest, the Company agreed to: i) on or before June 19, 2004, pay $1,000,000 (paid to Noranda), issue 250,000 common shares (issued to Noranda) and issue 250,000 share purchase warrants exercisable at $4.05 per share until June 5, 2006 (issued to Noranda); ii) pay $1,000,000 on or before October 19, 2005 (paid to Falconbridge); iii) pay $1,500,000 on or before April 19, 2007 (paid to Falconbridge); and iv) issue 250,000 common shares on or before commencement of commercial production. In the event the trading price of the Company’s common shares is below $4.00 per share, the Company is obligated to pay, in cash, the difference between $1,000,000 and the average trading price which is less than $4.00 per share multiplied by 250,000 common shares. The Company agreed to execute a re-transfer of its 100% interest to Falconbridge if the Company fails to comply with the terms of the agreement. This re-transfer is held by a mutually acceptable third party until the final issue of shares has been made. The Company has also acquired a 100% interest in certain mineral claims adjacent to the Morrison claims, subject to 1.5% NSR royalty. On January 7, 2005, the Company signed an agreement to acquire an option for a 100% interest in additional claims in the Omineca District of B.C. As consideration, the Company issued 45,000 common shares at a value of $180,000. The Company started exploration of the Morrison property in October 1997. A positive Feasibility Study, as defined by National Instrument 43-101, was released by the Company for the Morrison Copper/Gold Project in February 2009. The study described the scope, design and financial viability of a conventional open pit mine with a 30,000 tonnes per day mill with a 21 year mine life. The mineral reserve estimates have been prepared and classified in accordance with CIM Classification established under National Instrument 43-101 of the Canadian Securities Administrators. The reserve estimate takes into consideration all geologic, mining, milling and economic factors and is stated according to the Canadian Standards. Under US standards, no reserve declaration is possible until financing and permits are acquired. The Company has progressed to the certificate/permit stage of the exploration and evaluation of the Morrison property.

6. EXPLORATION AND EVALUATION A

6. EXPLORATION AND EVALUATION ASSETS	12 Months Ended
	Jan. 31, 2021
Notes
6. EXPLORATION AND EVALUATION ASSETS	6. EXPLORATION AND EVALUATION ASSETS Morrison claims, Canada 2021 2020 2019 Balance, beginning of year $ 24,880,659 $ 24,870,119 $ 24,864,119 Exploration and evaluation costs Additions - 10,540 - - - 6,000 Total Exploration and evaluation costs for the year $ - $ 10,540 $ 6,000 Balance, end of year $ 24,880,659 $ 24,880,659 $ 24,870,119

7. EQUIPMENT, VEHICLES AND FURN

7. EQUIPMENT, VEHICLES AND FURNITURE	12 Months Ended
	Jan. 31, 2021
Notes
7. EQUIPMENT, VEHICLES AND FURNITURE	7. EQUIPMENT, VEHICLES AND FURNITURE Balance February 1, 2020 Additions for the year Disposals for the year Balance January 31, 2021 Automobile $ 62,633 $ - $ - $ 62,633 (9,395) (15,971) - (25,366) Net book value $ 53,238 $ (15,971) $ - $ 37,267 Office furniture and equipment $ 23,397 $ - $ - $ 23,397 (22,669) (146) - (22,815) Net book value $ 728 $ (146) $ - $ 582 Computer equipment $ 97,620 $ - $ - $ 97,620 (96,375) (556) - (96,931) Net book value $ 1,245 $ (556) $ - $ 689 Totals $ 55,211 $ (16,673) $ - $ 38,538 7. EQUIPMENT, VEHICLES AND FURNITURE (cont’d) Balance February 1, 2019 Additions for the year Disposals for the year Balance January 31, 2020 Automobile $ 67,320 $ 62,633 $ (67,320) $ 62,633 (65,011) (9,395) 65,011 (9,395) Net book value $ 2,309 $ 53,238 $ (2,309) $ 53,238 Office furniture and equipment $ 23,397 $ - $ - $ 23,397 (22,487) (182) - (22,669) Net book value $ 910 $ (182) $ - $ 728 Computer equipment $ 97,620 $ - $ - $ 97,620 (95,366) (1,009) - (96,375) Net book value $ 2,254 $ (1,009) $ - $ 1,245 Totals $ 5,473 $ 52,047 $ (2,309) $ 55,211

8. SHARE CAPITAL, OPTION BASED

8. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS	12 Months Ended
	Jan. 31, 2021
Notes
8. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS	8. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS Authorized Share Capital: 100,000,000 common shares without par value During the year ended January 31, 2021, the Company did not announce or complete any private placements. During the year ended January 31, 2020, the Company did not announce or complete any private placements. Option based payments During the fiscal year ended January 31, 2004, the Company adopted an equity settled stock option plan whereby the Company can reserve approximately 20% of its outstanding shares for issuance to Eligible Persons (as defined by the policies of the TSX Venture Exchange and/or National Instrument 45-106). Under the plan, the exercise price of each option equals the market price of the Company’s stock as calculated on the date of grant. These options can be granted for a maximum term of 10 years. During the year ended January 31, 2021, no stock options were exercised (2020 - 320,000) at an averaged exercise price of $nil (2020 - $1.00) for total proceeds of $nil (2020 - $320,000). During the year ended January 31, 2021, no stock options were cancelled (2020 - 30,000) at an exercise price of $nil (2020 - $1.00). During the year ended January 31, 2021, 700,000 stock options were granted (2020 - 700,000) at an exercise price of $3.00 (2020 - $3.00).\\ Stock option transactions are summarized as follows: 2021 2020 2019 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Outstanding, beginning of year 2,975,000 $ 1 2,625,000 $ 1 2,525,000 $ 1 700,000 $ 3 700,000 $ 3 100,000 $ 1 (700,000) $ 3 - - - - - - (30,000) $ 1 - - - - (320,000) $ 1 - - Outstanding, end of year 2,975,000 $ 1 2,975,000 $ 1 2,625,000 $ 1 Options exercisable, end of year 2,975,000 $ 1 2,975,000 $ 1 2,625,000 $ 1 Weighted average remaining life of outstanding options granted in years 0 1 2 Weighted average fair value per option granted $ 0 $ 0 $ 0 The following stock options were outstanding at January 31, 2021: Number of Options Outstanding Number Currently Exercisable Exercise Price Expiry Date 100,000 100,000 $ 1 February 20, 2021 (expired unexercised) 2,075,000 2,075,000 $ 1 July 18, 2021 700,000 700,000 $ 3 October 31, 2021 100,000 100,000 $ 1 June 26, 2023 Option based payment expense The fair value of stock options granted and the option based payments recognized during the year ended January 31, 2021 was $221,193 (2020 – $545,662; 2019 – $75,426) which has been recorded in the statements of operations as option based payments with corresponding contributed surplus recorded in shareholders' equity. The following weighted average assumptions were used for the Black-Scholes valuation of stock options granted during the years: 2021 2020 2019 Risk-free interest rate 0.24% 1.56% 1.93% Expected life of options 1 year 1 year 5 years Annualized volatility 98.41% 118.49% 103.17% Dividends 0.00% 0.00% 0.00% Warrants Warrant transactions are summarized as follows: 2021 2020 2019 Number of Warrants Exercise Price Number of Warrants Exercise Price Number of Warrants Exercise Price Outstanding, beginning of year - - 1,575,565 $ 1 2,004,965 $ 1 - - - - (355,900) $ 1 - - (1,575,565) $ 1 (73,500) $ 1 Outstanding, end of year - - - - 1,575,565 $ 1 No share purchase warrants were outstanding and exercisable at January 31 2021.

9. LOSS PER SHARE

9. LOSS PER SHARE	12 Months Ended
	Jan. 31, 2021
Notes
9. LOSS PER SHARE	9. LOSS PER SHARE The weighted average number of common shares outstanding for the year ended January 31, 2021 does not include the nil (2020 - nil; 2019 - 1,575,565) warrants outstanding and the 2,975,000 (2020 - 2,975,000; 2019 - 2,625,000) stock options outstanding as the inclusion of these amounts would reduce the loss per share amount and are therefore considered anti-dilutive. Basic and diluted loss per share is calculated using the weighted-average number of common shares outstanding during the year. 2021 2020 2019 Basic and diluted loss per common share $ (0 $ (0 $ (0 Weighted average number of common shares outstanding (basic and diluted) 16,766,969 16,366,052 14,824,483

10. TRANSACTIONS WITH AND AMOUN

10. TRANSACTIONS WITH AND AMOUNTS OWING TO RELATED PARTIES	12 Months Ended
	Jan. 31, 2021
Notes
10. TRANSACTIONS WITH AND AMOUNTS OWING TO RELATED PARTIES	10. TRANSACTIONS WITH AND AMOUNTS OWING TO RELATED PARTIES The Company entered into the following transactions with related parties: 2021 2020 2019 Amounts paid or payable Option based payment Owed at year end Amounts paid or payable Option based payment Owed at year end Amounts paid or payable Option based payment Owed at year end To a director for: investor relations $ 132,000 $ 221,193 $ 12,246 $ 231,000 $ 545,662 $ 16,980 $ - $ - $ 1,195 consulting (a) 675 - - 900 - - 1,125 - - To an officer of the company (b) 40,725 - 1,732 42,313 - 2,218 25,560 75,426 1,496 $ 173,400 $ 221,193 $ 13,978 $ 274,213 $ 545,662 $ 19,198 $ 26,685 $ 75,426 $ 2,691 a) b) These transactions were in the normal course of operations and have been measured at their exchange amount, which is the amount of consideration established and agreed to by the related parties. The amounts owing are non-interest bearing, unsecured and have no fixed terms of repayment. Compensation of key management personnel Key management personnel include directors and executive officers of the Company. The option based payment amounts (non-cash item) and compensation paid or payable to key management personnel is as follows: 2021 2020 2019 Remuneration or fees $ 184,400 $ 288,713 $ 37,685 Option based payments (non-cash item) 221,193 545,662 75,426 Total compensation for key management personnel $ 405,593 $ 834,375 $ 113,111

11. SUPPLEMENTAL DISCLOSURE WIT

11. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS	12 Months Ended
	Jan. 31, 2021
Notes
11. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS	11. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS 2021 2020 2019 Non-cash transactions were as follows: $ - $ - $ - $ - $ - $ -

12. INCOME TAXES

12. INCOME TAXES	12 Months Ended
	Jan. 31, 2021
Notes
12. INCOME TAXES	12. INCOME TAXES The income tax provision differs from income taxes, which would result from applying the expected tax rate to net loss before income taxes. The following table reconciles the expected income tax expenses (recovery) at the Canadian statutory tax rate to the amounts recognized in the statements of operations and comprehensive income (loss) for the years ended January 31, 2021, 2020 and 2019: 2021 2020 2019 Loss before income taxes $ (643,227) $ (1,061,028) $ (283,552) Canadian statutory income tax rate 27 27 27 Computed “expected” income tax expense (173,671) (286,478) (76,559) Differences resulting from: 59,722 147,329 20,365 1,949 10,149 194 112,000 129,000 56,000 Provision for income tax expense $ - $ - $ - The unrecognized deductible temporary differences are as follows: 2021 2020 2019 Unrecognized deductible temporary differences-Canada $ 10,369,000 $ 9,955,000 $ 9,455,000 5,089,000 5,089,000 5,095,000 - - 16,000 Total Unrecognized deductible and taxable temporary differences not recognized $ 15,459,000 $ 15,044,000 $ 14,566,000 12. INCOME TAXES (cont’d) The Company has Canadian non-capital loss carry forwards which expire as follows: 2026 $ 590,185 2027 808,472 2028 942,980 2029 466,936 2030 957,373 2031 974,551 2032 876,759 2033 910,383 2034 908,862 2035 606,902 2036 488,505 2037 366,614 2038 336,016 2039 205,817 2040 522,300 2041 406,645 Total $ 10,369,300 Deferred tax assets have not been recognized in these financial statements because at this stage of the Company’s development, it is not determinable that future taxable profit will be available against which the Company can utilize such deferred tax assets.

13. COMMITMENTS

13. COMMITMENTS	12 Months Ended
	Jan. 31, 2021
Notes
13. COMMITMENTS	13. COMMITMENTS The Company has signed an agreement with a hunting lodge in the area of the project, which, conditional on the receipt of applicable permits and licences, requires the Company to pay $100,000 (plus sales tax if required) as full and final compensation for any loss of business which the lodge may suffer in connection with the construction, development and overall operation of the mine. This payment is required to be made three months prior to commencement of construction.

14. SEGMENTED INFORMATION

14. SEGMENTED INFORMATION	12 Months Ended
	Jan. 31, 2021
Notes
14. SEGMENTED INFORMATION	14. SEGMENTED INFORMATION The Company has determined that it had only one operating segment, i.e. mining exploration. The Company’s mining operations are centralized whereby the Company’s head office is responsible for the exploration results and to provide support in addressing local and regional issues. As at January 31, 2021 and 2020, the Company’s assets are all located in Canada (Notes 5, 6 and 7).

15. FINANCIAL INSTRUMENTS & FIN

15. FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT	12 Months Ended
	Jan. 31, 2021
Notes
15. FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT	15. FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT The Company's financial instruments include cash and cash equivalents, accounts receivable, accounts payable, amounts due to related parties, accrued liabilities and reclamation deposits. Cash is recognized at fair value and subsequently measured at amortized cost. The carrying values of these financial instruments approximate their fair values due to their relatively short periods to maturity. The Company’s financial instruments at January 31, 2021 are Cash and cash equivalents in the amount of $1,481,302 (2020 - $1,887,924), recognized at Fair Value and subsequently measured at amortized cost. The Company's risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to market conditions and the Company's activities. The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework. The Board has implemented and monitors compliance with risk management policies. The Company has some exposure to credit risk, liquidity risk and market risk as a result of its use of financial instruments. This note presents information about the Company's exposure to each of the above risks and the Company's objectives, policies and processes for measuring and managing these risks. Further quantitative disclosures are included throughout these financial statements. (a) Credit risk Credit risk is the risk of financial loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company's receivables primarily relate to Goods & Services Tax input tax credits. Accordingly, the Company views credit risk on receivables as minimal. (b) Liquidity risk Liquidity risk is the risk that the Company will incur difficulties meeting its financial obligations as they are due. The Company's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions without incurring unacceptable losses or risking harm to the Company's reputation. The Company anticipates it will have adequate liquidity to fund its financial liabilities through cash on hand and future equity contributions. As at January 31, 2021, the Company's financial liabilities were comprised of accounts payable, accrued liabilities and amounts owing to related parties which have a maturity of less than one year. (c) Market risk Market risk consists of currency risk, commodity price risk and interest rate risk. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while maximizing returns. Currency risk Foreign currency exchange rate risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. Although the Company is considered to be in the exploration stage and has not yet developed commercial mineral interests, the underlying market prices in Canada for minerals are impacted by changes in the exchange rate between the Canadian and United States dollar. As most of the Company's transactions are currently denominated in Canadian dollars, the Company is not exposed to foreign currency exchange risk at this time. Commodity price risk Commodity price risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in commodity prices. Commodity prices for minerals are impacted by world economic events that dictate the levels of supply and demand as well as the relationship between the Canadian and United States dollar, as outlined above. As the Company has not yet developed commercial mineral interests, it is not exposed to commodity price risk at this time. Interest rate risk Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. As the Company has no debt or interest-earning investments, it is not exposed to interest rate risk at this time.

16. CAPITAL MANAGEMENT

16. CAPITAL MANAGEMENT	12 Months Ended
	Jan. 31, 2021
Notes
16. CAPITAL MANAGEMENT	16. CAPITAL MANAGEMENT The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to support the exploration of its mineral properties. The Board of Directors have not established a quantitative return on capital criteria for management, but rather relies on the expertise of the Company’s management to sustain future development of the business. The Company defines capital that it manages as share capital. Management reviews its capital management approach on an on-going basis and believes that this approach, given the relative size of the Company, is reasonable. The Company is in the business of mineral exploration and has no source of operating revenue. Operations are financed through the issuance of capital stock. Capital raised is held in cash in an interest bearing bank account until such time as it is required to pay operating expenses or resource property costs. The Company is not subject to any externally imposed capital restrictions. Its objectives in managing its capital are to safeguard its cash and its ability to continue as a going concern, and to utilize as much of its available capital as possible for exploration activities. The Company’s objectives have not changed during the year ended January 31, 2021.

17. EVENTS AFTER REPORTING DATE

17. EVENTS AFTER REPORTING DATE	12 Months Ended
	Jan. 31, 2021
Notes
17. EVENTS AFTER REPORTING DATE	17. EVENTS AFTER REPORTING DATE In February 2021, the Company granted 100,000 options with an exercise period of 5 years at an exercise price of $2.00.

2. BASIS OF PRESENTATION_ (a) S

2. BASIS OF PRESENTATION: (a) Statement of compliance (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(a) Statement of compliance	(a) Statement of compliance These financial statements and the notes thereto (the "Financial Statements") present the Company's financial results of operations in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") for the years ended January 31, 2021, 2020 and 2019 and financial position as at January 31, 2021 and 2020. All adjustments necessary to present fairly the financial position of the Company as at January 31, 2021 and the results of its operations and cash flows for the year then ended have been made. The Board of Directors have approved the annual financial statements for issue on May 25, 2021.

2. BASIS OF PRESENTATION_ (b) G

2. BASIS OF PRESENTATION: (b) Going concern of operations (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(b) Going concern of operations	(b) Going concern of operations These financial statements have been prepared on the basis of the accounting principles applicable to a going concern, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. A going concern in accounting is a term that indicates whether or not the entity can continue in business for the next fiscal year. Indicators against a “going concern” are negative cash flows from operations, consecutive losses from operations, and an accumulated deficit. The Company is a resource company, and must incur expenses during the process of exploring and evaluating a mineral property to prove the commercial viability of the ore body, a necessary step in the process of developing a property to the production stage. As a non-producing resource company, the Company has no operating income, cash flow is generated mostly by the sale of shares by the Company, and an accumulated deficit is the result of operations and exploration activities without production. The Company has incurred losses and negative cash flows from operations since inception and has an accumulated deficit. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern depends upon its ability to continue to raise adequate financing and to develop profitable operations in the future. The ability of the Company to realize the costs it has incurred to date on its mineral property interests is dependent upon the Company being able to continue to finance its exploration and evaluation costs. To date, the Company has not earned any revenue and is considered to be in the advanced exploration stage. Management has based “the ability to continue in operations” judgement on various factors including (but not limited to) the opinion of management that the Morrison project will receive the necessary certificates/permits to allow the Company to proceed with the development of the project to the production phase, that the Company’s claims are in good standing, the NI 43-101 feasibility study (completed in 2009) shows commercially viable quantities of mineral resources. The Company has sufficient cash on hand to meet its obligations for the fiscal year and may receive proceeds from the exercise of options to ensure the Company’s financial resources. There can be no assurance that the Company will be able to continue to raise funds in which case the Company may be unable to meet its obligations. Should the Company be unable to realize on its assets and discharge its liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded on the statements of financial position. These financial statements do not include the adjustments that would be necessary should the Company be unable to continue as a going concern. 2021 2020 2019 Working capital $ 1,534,315 $ 1,939,676 $ 619,755 Loss for the year (643,227) (1,061,028) (283,552) Deficit (40,521,193) (39,877,966) (38,816,938)

2. BASIS OF PRESENTATION_ (c) B

2. BASIS OF PRESENTATION: (c) Basis of Measurement (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(c) Basis of Measurement	(c) Basis of Measurement The financial statements have been prepared under the historical cost convention, except for certain financial instruments which are measured at fair value.

2. BASIS OF PRESENTATION_ (d) F

2. BASIS OF PRESENTATION: (d) Functional and presentation currency (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(d) Functional and presentation currency	(d) Functional and presentation currency The financial statements are presented in Canadian dollars, which is Company’s functional and presentation currency.

2. BASIS OF PRESENTATION_ (e) C

2. BASIS OF PRESENTATION: (e) Critical accounting judgements (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(e) Critical accounting judgements	(e) Critical accounting judgements The preparation of these financial statements, in conformity with IFRS, requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected by that revision. (i) Going concern The Company’s ability to execute its strategy by funding future working capital requirements requires judgment. Assumptions are continually evaluated and are based on historical experience and expectations of future events that are believed to be reasonable under the circumstances (see Note 2(b)).

2. BASIS OF PRESENTATION_ Key s

2. BASIS OF PRESENTATION: Key sources of estimation uncertainty (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
Key sources of estimation uncertainty	(f) Key sources of estimation uncertainty (i) Recoverability of asset carrying values for equipment, vehicles and furniture The declining balance depreciation method used reflects the pattern in which management expects the asset’s future economic benefits to be consumed by the Company. The Company assesses its equipment, vehicles and furniture for possible impairment as described in Note 3(d), if there are events or changes in circumstances that indicate that the recorded carrying values of the assets may not be recoverable at every reporting period. Such indicators include changes in the Company’s business plans affecting the asset use and anticipated life and evidence of current physical damage. (ii) Option based payments The Company has an equity-settled option to purchase shares plan for Eligible Persons (as defined by the policies of the TSX Venture Exchange and/or National Instrument 45-106). The fair value of the share purchase options are estimated on the measurement date by using the Black-Scholes option-pricing model, based on certain assumptions and recognized as option based payments expense over the vesting period of the option with a corresponding increase to equity as contributed surplus. Those assumptions are described in Note 8 of the annual financial statements and include, among others, expected volatility, forfeiture rate, expected life of the options and number of options expected to vest. (iii) Exploration and evaluation assets & Mineral property interests Although the Company has taken steps to verify title to mineral properties in which it has an interest in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company’s title. Property title may be subject to unregistered prior agreements and non-compliance with regulatory requirements. Recovery of amounts indicated under mining properties and the related exploration and evaluation assets are subject to the discovery of economically recoverable reserves, the Company’s ability to obtain the necessary permits, the Company's ability to obtain the financing required to complete development and profitable future production or the proceeds from the sale of such assets. At January 31, 2021, management determined that the carrying value of the mining properties is best represented by historical costs. Management reviews the property for impairments on an on-going basis and considers the carrying value appropriate for the current period. Significant assumptions and estimates used by management to determine the recoverable value are included in Note 3(d). (iv) Restoration and close down provisions The Company recognizes reclamation and close down provisions based on “Best Estimate” which can be based on internal or external costs. The Company is required to have a bond in place in an amount determined by the provincial government to provide for the costs of reclamation of the site disturbances. This bond shows as Reclamation deposit asset on the statement of financial position. Significant assumptions used by management to ascertain the provision are described in Note 3(e). (v) Taxes Provisions for income tax liabilities and assets are calculated using the best estimate of the tax amounts prepared by knowledgeable persons, based on an assessment of relevant factors. The Company reviews the adequacy of the estimate at the end of the reporting period. It is possible that at some future date, an additional liability or asset could result from audits by the taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were originally recorded, such differences will be reflected in the tax provisions in the current period when such determination is made.

3. SUMMARY OF SIGNIFICANT ACC_2

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (a) Foreign currency translation (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(a) Foreign currency translation	(a) Foreign currency translation The monetary assets and liabilities of the Company that are denominated in foreign currencies are translated to the functional currency at the rate of exchange at the reporting date and non-monetary items are translated using the exchange rate at the date of the transaction. Revenues and expenses are translated at the exchange rates approximating those in effect at the time of the transaction. Exchange gains and losses arising on translation are included in the statements of comprehensive loss.

3. SUMMARY OF SIGNIFICANT ACC_3

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (b) Cash and cash equivalents (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(b) Cash and cash equivalents	(b) Cash and cash equivalents Cash includes cash on hand and demand deposits. Cash equivalents includes short-term, highly liquid investments that are readily convertible to known amounts of cash and have a maturity date of less than 90 days and are subject to an insignificant risk of change in value.

3. SUMMARY OF SIGNIFICANT ACC_4

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (c) Mineral property interests and Exploration and evaluation assets (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(c) Mineral property interests and Exploration and evaluation assets	(c) Mineral property interests and Exploration and evaluation assets All costs related to the acquisition of mineral properties are capitalized as Mineral Property interest. The recorded cost of mineral property interests is based on cash paid and the fair market value of share consideration issued for mineral property interest acquisitions. All pre-exploration costs, i.e. costs incurred prior to obtaining the legal right to undertake exploration and evaluation activities on an area of interest, are expensed as incurred. Once the legal right to explore has been acquired, exploration and evaluation expenditures are capitalized in respect of each identifiable area of interest until the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Costs incurred include appropriate technical overheads. Exploration and evaluation assets are carried at historical cost, less any impairment losses recognized. When technical feasibility and commercial viability of extracting a mineral resource are demonstrable for an area of interest, the Company stops capitalizing exploration and evaluation costs for that area, tests recognized exploration and evaluation assets for impairment and reclassifies any unimpaired exploration and evaluation assets either as tangible or intangible mine development assets according to the nature of the assets. Mineral properties are reviewed for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. If, after management review, it is determined that the carrying amount of a mineral property is impaired, that property is written down to its estimated net realizable value. When a property is abandoned, all related costs are written off to operations.

3. SUMMARY OF SIGNIFICANT ACC_5

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (d) Impairment (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(d) Impairment	(d) Impairment (i) Financial assets The Company assesses on a forward-looking basis, the expected credit losses associated with its assets, even if no actual loss events have taken place. In addition to past events and current conditions, reasonable and supportable forward-looking information that is available without undue cost or effort is considered in determining impairment. One model applies to all financial instruments subject to impairment testing. (ii) Non-financial assets The carrying amounts of equipment, vehicles and furniture are reviewed at each reporting date to determine whether there is any indication of impairment. The carrying amounts of mining properties and exploration and evaluation assets are assessed for impairment only when indicators of impairment exist, typically when one of the following circumstances applies: · · · · Mining properties and exploration and evaluation assets are also assessed for impairment upon the transfer of exploration and evaluation assets to development assets regardless of whether facts and circumstances indicate that the carrying amount of the exploration and evaluation assets is in excess of their recoverable amount. The recoverable amount of an asset (or cash-generating unit) is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating unit", or "CGU"). The level identified by the group for the purposes of testing exploration and evaluation assets for impairment corresponds to each mining property. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of CGUs are allocated to the assets in the unit (group of units) on a pro rata basis. Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

3. SUMMARY OF SIGNIFICANT ACC_6

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (e) Restoration and close down provision (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(e) Restoration and close down provision	(e) Restoration and close down provision The Company is required to have a bond in place in an amount determined by the Ministry of Mines to provide for the costs of reclamation of the site disturbances. This bond shows as Reclamation deposit in the assets on the statement of financial position. The reclamation obligation is generally considered to have been incurred when mine assets are constructed or the ground environment is disturbed at the project location. The Company also estimates the timing of the outlays, which is subject to change depending on continued operation or newly discovered reserves. Additional disturbances or changes in restoration obligations will be recognized when they occur. The Company has determined that it has no additional restoration obligations as at January 31, 2021.

3. SUMMARY OF SIGNIFICANT ACC_7

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (f) Equipment, vehicles and furniture (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(f) Equipment, vehicles and furniture	(f) Equipment, vehicles and furniture Equipment, vehicles and furniture are recorded at cost. Depreciation is calculated on the residual value, which is the historical cost of an asset less the prior allowances made. Depreciation methods, useful life and residual value are reviewed at each financial year-end and adjusted, if appropriate. Where an item of equipment, vehicles and furniture is comprised of major components with different useful lives, the components are accounted for as separate items. The Company currently provides for depreciation annually as follows: Automobile 30% declining balance Computer equipment 30% to 45% declining balance Office furniture and equipment 20% declining balance

3. SUMMARY OF SIGNIFICANT ACC_8

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (g) Option based payments (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(g) Option based payments	(g) Option based payments The Company has an equity settled stock option plan that grants options to buy common shares of the Company to Eligible Persons (as defined by the policies of the TSX Venture Exchange and/or National Instrument 45-106). The fair value of stock options are estimated at the measurement date, using the Black-Scholes option pricing model and recorded as option based payments expense in the statement of comprehensive loss and credited to contributed surplus within shareholders’ equity, over the vesting period of the stock options, based on the Company’s estimate of the number of stock options that will eventually vest.

3. SUMMARY OF SIGNIFICANT ACC_9

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Private Placement Unit Offerings (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
Private Placement Unit Offerings	(h) Private Placement Unit Offerings The Company engages in equity financing transactions to obtain the funds necessary to continue operations. These equity financing transactions involve issuance of common shares or units (“Units”). A Unit comprises a specific number of common shares and a specific number of share purchase warrants (“Warrants”) at a set price. The Warrants are exercisable into additional common shares prior to expiry at a price and on the terms and conditions stipulated by the Financing Agreement. Warrants that are part of units are valued using residual value method which involves comparing the selling price of the Units to the Company’s share price on the announcement date of the financing. The market value is then applied to the common share purchase (“Share Capital”), and any residual amount is assigned to the warrants (“Warrant Reserve”). Warrants that are issued as payments for agency fees or other transaction costs are accounted for as share-based payments and are recognized in equity. Under IAS 32, these warrants are an equity instrument as they are not issued in exchange for goods or services and are exercisable for a fixed amount of cash, denominated in the functional currency. Warrants classified as equity instruments are not subsequently re-measured for changes in fair value. If a warrant holder exercises the option to convert the warrants into common shares, the accounting for the exercise will include the transfer of the Warrant Reserve value to the Share Capital account. The accounting for unexercised warrants will transfer the Warrant Reserve value to the Contributed Surplus account at the date the warrants expire unexercised.

3. SUMMARY OF SIGNIFICANT AC_10

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (i) Loss per share (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(i) Loss per share	(i) Loss per share The basic and diluted loss per share shown in these statements is calculated using the weighted-average number of common shares outstanding during the year. The weighted average number of common shares outstanding for the year ended January 31, 2021 does not include the nil (2020 – nil) warrants outstanding and the 2,975,000 (2020 – 2,975,000) stock options outstanding as the inclusion of these amounts would reduce the loss per share amount and are therefore considered anti-dilutive.

3. SUMMARY OF SIGNIFICANT AC_11

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (j) Income taxes (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(j) Income taxes	(j) Income taxes Income tax expense comprises current and deferred tax. Income tax is recognized in the statements of comprehensive loss except to the extent it relates to items recognized in other comprehensive income or directly in equity. (i) Current tax Current tax expense is based on the results for the period as adjusted for items that are not taxable or not deductible. Current tax is calculated using tax rates and laws that were enacted or substantively enacted at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where appropriate on the basis of amounts expected to be paid to the tax authorities. (ii) Deferred tax Deferred taxes are the taxes expected to be payable or recoverable on the difference between the carrying amounts of assets in the statement of financial position and their corresponding tax bases used in the computation of taxable profit, and are accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences between the carrying amounts of assets and their corresponding tax bases. Deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities: · · · Deferred tax assets: · ·

3. SUMMARY OF SIGNIFICANT AC_12

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Schedule of classification of financial instruments (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
Schedule of classification of financial instruments	(k) Financial instruments The Company adopted IFRS 9 Financial Instruments effective February 1, 2018. Under IFRS 9, the Company recognizes all financial assets initially at fair value and classifies them into one of the following measurement categories: fair value through profit or loss (“FVTPL”), fair value through other comprehensive (“FVTOCI”) or amortized cost, as appropriate. On adoption of IFRS 9, there was no accounting impact to the financial statements and there were no changes in the carrying values of any of the Company’s financial assets. Financial liabilities are initially recognized at fair value and classified as either FVTPL or amortized cost, as appropriate. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. At each reporting date, the Company assesses whether there is objective evidence that a financial asset has been impaired. The Company had made the following classification of its financial instruments: Financial Asset or Liability Category Cash and cash equivalents amortized cost Receivables amortized cost Reclamation deposits amortized cost Accounts payable and accrued liabilities amortized cost Amounts owing to related parties amortized cost Financial instruments measured at fair value are classified into one of the three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are: · · ·

3. SUMMARY OF SIGNIFICANT AC_13

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (l) Equity instruments (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(l) Equity instruments	(l) Equity instruments Equity instruments issued by the Company are recorded at the proceeds received net of direct issuance costs. The Company has its common shares as equity instruments.

3. SUMMARY OF SIGNIFICANT AC_14

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (m) Leases (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(m) Leases	(m) Leases The Company adopted IFRS 16 on February 1, 2019. IFRS 16 introduced a single on-balance sheet accounting model for lessees which replaced IAS 17. Leasing activity for the Company typically involves the lease of office space. The Company previously classified leases as either operating or finance leases. The Company elected not to apply the requirements to short-term leases, as permitted in the Recognition exemptions. For the fiscal year ended January 31, 2021, the Company held a twelve month rental lease for the office premises space. The payments made under the rental contract total $87,928 (2020 - $78,558) for the fiscal year. This amount shows on the Statement of Comprehensive Loss as Office Rent. Another 12 month rental agreement for the office space has been signed for the fiscal year ending January 31, 2022. The payments for the rental amount to a total of $90,930 for the fiscal year. This amount will show on the Statement of Comprehensive Loss as Office Rent.

3. SUMMARY OF SIGNIFICANT AC_15

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (n) Provisions (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(n) Provisions	(n) Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as a finance cost. The Company has not recognized any legal or constructive obligations based on past events during the current period.

3. SUMMARY OF SIGNIFICANT AC_16

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (o) Finance costs (Policies)	12 Months Ended
	Jan. 31, 2021
Policies
(o) Finance costs	(o) Finance costs Finance costs comprise interest expense on borrowings and the reversal of the discount on provisions. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in the income statement using the effective interest method. The Company currently does not have any finance costs.

2. BASIS OF PRESENTATION_ (b)_2

2. BASIS OF PRESENTATION: (b) Going concern of operations: Schedule of working capital, loss and deficit (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of working capital, loss and deficit	2021 2020 2019 Working capital $ 1,534,315 $ 1,939,676 $ 619,755 Loss for the year (643,227) (1,061,028) (283,552) Deficit (40,521,193) (39,877,966) (38,816,938)

3. SUMMARY OF SIGNIFICANT AC_17

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (f) Equipment, vehicles and furniture: Schedule of annual depreciation of equipment, vehicles and furniture (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of annual depreciation of equipment, vehicles and furniture	Automobile 30% declining balance Computer equipment 30% to 45% declining balance Office furniture and equipment 20% declining balance

3. SUMMARY OF SIGNIFICANT AC_18

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Schedule of classification of financial instruments: Schedule of classification of financial instruments (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of classification of financial instruments	Financial Asset or Liability Category Cash and cash equivalents amortized cost Receivables amortized cost Reclamation deposits amortized cost Accounts payable and accrued liabilities amortized cost Amounts owing to related parties amortized cost

5. MINERAL PROPERTY INTERESTS_

5. MINERAL PROPERTY INTERESTS: Schedule of Morrison claims (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of Morrison claims	Morrison claims, Canada 2021 2020 2019 Balance, beginning and end of year $ 4,832,500 $ 4,832,500 $ 4,832,500

6. EXPLORATION AND EVALUATION_2

6. EXPLORATION AND EVALUATION ASSETS: Schedule of Morrison Claims Exploration and Evaluation Assets (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of Morrison Claims Exploration and Evaluation Assets	Morrison claims, Canada 2021 2020 2019 Balance, beginning of year $ 24,880,659 $ 24,870,119 $ 24,864,119 Exploration and evaluation costs Additions - 10,540 - - - 6,000 Total Exploration and evaluation costs for the year $ - $ 10,540 $ 6,000 Balance, end of year $ 24,880,659 $ 24,880,659 $ 24,870,119

7. EQUIPMENT, VEHICLES AND FU_2

7. EQUIPMENT, VEHICLES AND FURNITURE: Schedule of Equipment, Vehicles and Furniture (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of Equipment, Vehicles and Furniture	Balance February 1, 2020 Additions for the year Disposals for the year Balance January 31, 2021 Automobile $ 62,633 $ - $ - $ 62,633 (9,395) (15,971) - (25,366) Net book value $ 53,238 $ (15,971) $ - $ 37,267 Office furniture and equipment $ 23,397 $ - $ - $ 23,397 (22,669) (146) - (22,815) Net book value $ 728 $ (146) $ - $ 582 Computer equipment $ 97,620 $ - $ - $ 97,620 (96,375) (556) - (96,931) Net book value $ 1,245 $ (556) $ - $ 689 Totals $ 55,211 $ (16,673) $ - $ 38,538 7. EQUIPMENT, VEHICLES AND FURNITURE (cont’d) Balance February 1, 2019 Additions for the year Disposals for the year Balance January 31, 2020 Automobile $ 67,320 $ 62,633 $ (67,320) $ 62,633 (65,011) (9,395) 65,011 (9,395) Net book value $ 2,309 $ 53,238 $ (2,309) $ 53,238 Office furniture and equipment $ 23,397 $ - $ - $ 23,397 (22,487) (182) - (22,669) Net book value $ 910 $ (182) $ - $ 728 Computer equipment $ 97,620 $ - $ - $ 97,620 (95,366) (1,009) - (96,375) Net book value $ 2,254 $ (1,009) $ - $ 1,245 Totals $ 5,473 $ 52,047 $ (2,309) $ 55,211

8. SHARE CAPITAL, OPTION BASE_2

8. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS: Schedule of Stock option transactions (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of Stock option transactions	Stock option transactions are summarized as follows: 2021 2020 2019 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Outstanding, beginning of year 2,975,000 $ 1 2,625,000 $ 1 2,525,000 $ 1 700,000 $ 3 700,000 $ 3 100,000 $ 1 (700,000) $ 3 - - - - - - (30,000) $ 1 - - - - (320,000) $ 1 - - Outstanding, end of year 2,975,000 $ 1 2,975,000 $ 1 2,625,000 $ 1 Options exercisable, end of year 2,975,000 $ 1 2,975,000 $ 1 2,625,000 $ 1 Weighted average remaining life of outstanding options granted in years 0 1 2 Weighted average fair value per option granted $ 0 $ 0 $ 0 The following stock options were outstanding at January 31, 2021: Number of Options Outstanding Number Currently Exercisable Exercise Price Expiry Date 100,000 100,000 $ 1 February 20, 2021 (expired unexercised) 2,075,000 2,075,000 $ 1 July 18, 2021 700,000 700,000 $ 3 October 31, 2021 100,000 100,000 $ 1 June 26, 2023

8. SHARE CAPITAL, OPTION BASE_3

8. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS: Schedule of Stock options outstanding (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of Stock options outstanding	The following stock options were outstanding at January 31, 2021: Number of Options Outstanding Number Currently Exercisable Exercise Price Expiry Date 100,000 100,000 $ 1 February 20, 2021 (expired unexercised) 2,075,000 2,075,000 $ 1 July 18, 2021 700,000 700,000 $ 3 October 31, 2021 100,000 100,000 $ 1 June 26, 2023

8. SHARE CAPITAL, OPTION BASE_4

8. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS: Schedule of valuation of stock options granted (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of valuation of stock options granted	2021 2020 2019 Risk-free interest rate 0.24% 1.56% 1.93% Expected life of options 1 year 1 year 5 years Annualized volatility 98.41% 118.49% 103.17% Dividends 0.00% 0.00% 0.00%

8. SHARE CAPITAL, OPTION BASE_5

8. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS: Schedule of warrant transactions (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of warrant transactions	2021 2020 2019 Number of Warrants Exercise Price Number of Warrants Exercise Price Number of Warrants Exercise Price Outstanding, beginning of year - - 1,575,565 $ 1 2,004,965 $ 1 - - - - (355,900) $ 1 - - (1,575,565) $ 1 (73,500) $ 1 Outstanding, end of year - - - - 1,575,565 $ 1

9. LOSS PER SHARE_ Schedule of

9. LOSS PER SHARE: Schedule of Basic and diluted loss per share (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of Basic and diluted loss per share	2021 2020 2019 Basic and diluted loss per common share $ (0 $ (0 $ (0 Weighted average number of common shares outstanding (basic and diluted) 16,766,969 16,366,052 14,824,483

10. TRANSACTIONS WITH AND AMO_2

10. TRANSACTIONS WITH AND AMOUNTS OWING TO RELATED PARTIES: Schedule of transactions with related parties (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of transactions with related parties	The Company entered into the following transactions with related parties: 2021 2020 2019 Amounts paid or payable Option based payment Owed at year end Amounts paid or payable Option based payment Owed at year end Amounts paid or payable Option based payment Owed at year end To a director for: investor relations $ 132,000 $ 221,193 $ 12,246 $ 231,000 $ 545,662 $ 16,980 $ - $ - $ 1,195 consulting (a) 675 - - 900 - - 1,125 - - To an officer of the company (b) 40,725 - 1,732 42,313 - 2,218 25,560 75,426 1,496 $ 173,400 $ 221,193 $ 13,978 $ 274,213 $ 545,662 $ 19,198 $ 26,685 $ 75,426 $ 2,691

10. TRANSACTIONS WITH AND AMO_3

10. TRANSACTIONS WITH AND AMOUNTS OWING TO RELATED PARTIES: Schedule of option-based payments and compensation (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of option-based payments and compensation	2021 2020 2019 Remuneration or fees $ 184,400 $ 288,713 $ 37,685 Option based payments (non-cash item) 221,193 545,662 75,426 Total compensation for key management personnel $ 405,593 $ 834,375 $ 113,111

12. INCOME TAXES_ Schedule of I

12. INCOME TAXES: Schedule of Income Tax Reconciliation (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of Income Tax Reconciliation	2021 2020 2019 Loss before income taxes $ (643,227) $ (1,061,028) $ (283,552) Canadian statutory income tax rate 27 27 27 Computed “expected” income tax expense (173,671) (286,478) (76,559) Differences resulting from: 59,722 147,329 20,365 1,949 10,149 194 112,000 129,000 56,000 Provision for income tax expense $ - $ - $ -

12. INCOME TAXES_ Schedule of d

12. INCOME TAXES: Schedule of deferred tax assets and liabilities (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of deferred tax assets and liabilities	2021 2020 2019 Unrecognized deductible temporary differences-Canada $ 10,369,000 $ 9,955,000 $ 9,455,000 5,089,000 5,089,000 5,095,000 - - 16,000 Total Unrecognized deductible and taxable temporary differences not recognized $ 15,459,000 $ 15,044,000 $ 14,566,000

12. INCOME TAXES_ Schedule of e

12. INCOME TAXES: Schedule of expiration of non-capital loss carry forwards (Tables)	12 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of expiration of non-capital loss carry forwards	The Company has Canadian non-capital loss carry forwards which expire as follows: 2026 $ 590,185 2027 808,472 2028 942,980 2029 466,936 2030 957,373 2031 974,551 2032 876,759 2033 910,383 2034 908,862 2035 606,902 2036 488,505 2037 366,614 2038 336,016 2039 205,817 2040 522,300 2041 406,645 Total $ 10,369,300

1. CORPORATE INFORMATION (Detai

1. CORPORATE INFORMATION (Details)	12 Months Ended
	Jan. 31, 2021
Details
Entity Incorporation, Date of Incorporation	Feb. 18, 1983
Entity Information, Date to Change Former Legal or Registered Name	Feb. 8, 2000
Entity Address, Address Line One	Suite #1103
Entity Address, Address Line Two	1166 Alberni Street
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Incorporation, State or Country Code	Z4
Entity Listing, Description	listed on the TSX Venture Exchange (“TSX-V”) under the symbol “BKM”

2. BASIS OF PRESENTATION_ (b)_3

2. BASIS OF PRESENTATION: (b) Going concern of operations: Schedule of working capital, loss and deficit (Details) - CAD ($)	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Details
Working capital	$ 1,534,315	$ 1,939,676	$ 619,755
Net loss and comprehensive loss for the year	(643,227)	(1,061,028)	(283,552)
Deficit	$ (40,521,193)	$ (39,877,966)	$ (38,816,938)

3. SUMMARY OF SIGNIFICANT AC_19

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (f) Equipment, vehicles and furniture: Schedule of annual depreciation of equipment, vehicles and furniture (Details)	12 Months Ended
	Jan. 31, 2021
Vehicles
Depreciation method, property, plant and equipment	30% declining balance
Computer equipment
Depreciation method, property, plant and equipment	30% to 45% declining balance
Office equipment
Depreciation method, property, plant and equipment	20% declining balance

3. SUMMARY OF SIGNIFICANT AC_20

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (i) Loss per share (Details) - shares	Jan. 31, 2021	Jan. 31, 2020
Details
Anti-dilutive warrants outstanding	0	0
Anti-dilutive warrants outstanding	2,975,000	2,975,000

5. MINERAL PROPERTY INTERESTS_2

5. MINERAL PROPERTY INTERESTS: Schedule of Morrison claims (Details) - CAD ($)	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Details
Mineral Property Interest, Morrison Claims	$ 4,832,500	$ 4,832,500	$ 4,832,500

6. EXPLORATION AND EVALUATION_3

6. EXPLORATION AND EVALUATION ASSETS: Schedule of Morrison Claims Exploration and Evaluation Assets (Details) - Morrison claims, Canada - CAD ($)	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Morrison Claims, Starting balance	$ 24,880,659	$ 24,870,119	$ 24,864,119
Environmental
Sub-contracts and labour	0	0	6,000
Total Exploration and evaluation costs	0	10,540	6,000
Geological and geophysical	0	10,540	0
Scoping/Feasibility study
Morrison Claims, Ending balance	$ 24,880,659	$ 24,880,659	$ 24,870,119

7. EQUIPMENT, VEHICLES AND FU_3

7. EQUIPMENT, VEHICLES AND FURNITURE: Schedule of Equipment, Vehicles and Furniture (Details) - CAD ($)		12 Months Ended
		Jan. 31, 2021		Jan. 31, 2020
Equpment, Vehicles and Furniture, starting balance		$ 55,211	[1]	$ 5,473
Additions for the year		(16,673)		52,047
Disposals for period		0		(2,309)
Equpment, Vehicles and Furniture, ending balance	[1]	38,538		55,211
Automobiles - Value at Cost
Equpment, Vehicles and Furniture, starting balance		62,633		67,320
Additions for the year		0		62,633
Disposals for period		0		(67,320)
Equpment, Vehicles and Furniture, ending balance		62,633		62,633
Automobiles - Accumulated Depreciation
Equpment, Vehicles and Furniture, starting balance		(9,395)		(65,011)
Additions for the year		(15,971)		(9,395)
Disposals for period		0		65,011
Equpment, Vehicles and Furniture, ending balance		(25,366)		(9,395)
Automobiles - Net book value
Equpment, Vehicles and Furniture, starting balance		53,238		2,309
Additions for the year		(15,971)		53,238
Disposals for period		0		(2,309)
Equpment, Vehicles and Furniture, ending balance		37,267		53,238
Office furniture and equipment - Value at Cost
Equpment, Vehicles and Furniture, starting balance		23,397		23,397
Additions for the year		0		0
Disposals for period		0		0
Equpment, Vehicles and Furniture, ending balance		23,397		23,397
Office furniture and equipment - Accumulated Depreciation
Equpment, Vehicles and Furniture, starting balance		(22,669)		(22,487)
Additions for the year		(146)		(182)
Disposals for period		0		0
Equpment, Vehicles and Furniture, ending balance		(22,815)		(22,669)
Office furniture and equipment - Net book value
Equpment, Vehicles and Furniture, starting balance		728		910
Additions for the year		(146)		(182)
Disposals for period		0		0
Equpment, Vehicles and Furniture, ending balance		582		728
Computer equipment - Value at Cost
Equpment, Vehicles and Furniture, starting balance		97,620		97,620
Additions for the year		0		0
Disposals for period		0		0
Equpment, Vehicles and Furniture, ending balance		97,620		97,620
Computer equipment - Accumulated Depreciation
Equpment, Vehicles and Furniture, starting balance		(96,375)		(95,366)
Additions for the year		(556)		(1,009)
Disposals for period		0		0
Equpment, Vehicles and Furniture, ending balance		(96,931)		(96,375)
Computer equipment - Net book value
Equpment, Vehicles and Furniture, starting balance		1,245		2,254
Additions for the year		(556)		(1,009)
Disposals for period		0		0
Equpment, Vehicles and Furniture, ending balance		$ 689		$ 1,245
[1]	Note 7

8. SHARE CAPITAL, OPTION BASE_6

8. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS (Details) - $ / shares	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Details
Authorized Share Capital	100,000,000
Number of stock options granted	700,000	700,000
Stock options Exercise Price	$ 3	$ 3

8. SHARE CAPITAL, OPTION BASE_7

8. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS: Schedule of Stock option transactions (Details) - Stock Options - $ / shares	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance	2,975,000	2,625,000	2,525,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance	$ 1.47	$ 1	$ 1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	700,000	700,000	100,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 3	$ 3	$ 1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	(700,000)	0	0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 3	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	0	(30,000)	0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price	$ 0	$ 1	$ 0
Warrants exercised, Shares	0	(320,000)	0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 0	$ 1	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	2,975,000	2,975,000	2,625,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance	$ 1.47	$ 1.47	$ 1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	2,975,000	2,975,000	2,625,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 1.47	$ 1.47	$ 1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	6 months 29 days	1 year 4 months 6 days	2 years 6 months 7 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0.32	$ 0.78	$ 0.75

8. SHARE CAPITAL, OPTION BASE_8

8. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS: Schedule of Stock options outstanding (Details)	12 Months Ended
	Jan. 31, 2021$ / sharesshares
Stock Option Outstanding 1
Number of Options Outstanding | shares	100,000
Exercise Price | $ / shares	$ 1
Expiry Date	Feb. 20, 2021
Stock Option Outstanding 2
Number of Options Outstanding | shares	2,075,000
Exercise Price | $ / shares	$ 1
Expiry Date	Jul. 18, 2021
Stock Option Outstanding 3
Number of Options Outstanding | shares	700,000
Exercise Price | $ / shares	$ 3
Expiry Date	Oct. 31, 2021
Stock Option Outstanding 4
Number of Options Outstanding | shares	100,000
Exercise Price | $ / shares	$ 1
Expiry Date	Jun. 26, 2023

8. SHARE CAPITAL, OPTION BASE_9

8. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS: Schedule of valuation of stock options granted (Details)	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Details
Risk-free interest rate	0.24%	1.56%	1.93%
Expected life of options	1 year	1 year	5 years
Annualized volatility	98.41%	118.49%	103.17%
Dividends	0.00%	0.00%	0.00%

8. SHARE CAPITAL, OPTION BAS_10

8. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS: Schedule of warrant transactions (Details) - Warrants - $ / shares	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance	0	1,575,565	2,004,965
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance	$ 0	$ 1	$ 1.07
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	0	0	(355,900)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price	$ 0	$ 0	$ 1.41
Warrants exercised, Shares	0	(1,575,565)	(73,500)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 0	$ 1	$ 1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	0	0	1,575,565
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance	$ 0	$ 0	$ 1

9. LOSS PER SHARE_ Schedule o_2

9. LOSS PER SHARE: Schedule of Basic and diluted loss per share (Details) - $ / shares		12 Months Ended
		Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Details
Basic and diluted loss per share (Note 9)	[1]	$ (0.04)	$ (0.06)	$ (0.02)
Weighted average number of common shares outstanding (basic and diluted)			16,366,052	14,824,483
[1]	Note 9

10. TRANSACTIONS WITH AND AMO_4

10. TRANSACTIONS WITH AND AMOUNTS OWING TO RELATED PARTIES: Schedule of transactions with related parties (Details) - CAD ($)		12 Months Ended
		Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Amounts paid or payable		$ 173,400	$ 274,213	$ 26,685
Option based payment		221,193	545,662	75,426
Owed at year end		13,978	19,198	2,691
Director for Investor Relations
Amounts paid or payable		132,000	231,000	0
Option based payment		221,193	545,662	0
Owed at year end		12,246	16,980	1,195
Consulting (a)
Amounts paid or payable	[1]	675	900	1,125
Option based payment	[1]	0	0	0
Owed at year end	[1]	0	0	0
To an officer of the company (b)
Amounts paid or payable	[2]	40,725	42,313	25,560
Option based payment	[2]	0	0	75,426
Owed at year end	[2]	$ 1,732	$ 2,218	$ 1,496
[1]	fees for services which have been allocated to operating expenses as consulting fees
[2]	for accounting and management services

10. TRANSACTIONS WITH AND AMO_5

10. TRANSACTIONS WITH AND AMOUNTS OWING TO RELATED PARTIES: Schedule of option-based payments and compensation (Details) - CAD ($)	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Details
Remuneration or fees	$ 184,400	$ 288,713	$ 37,685
Option based payments (non-cash item)	221,193	545,662	75,426
Total compensation for key management personnel	$ 405,593	$ 834,375	$ 113,111

11. SUPPLEMENTAL DISCLOSURE W_2

11. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Details) - CAD ($)	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Details
Deferred exploration expense recorded as accounts payable	$ 0	$ 0
Deferred exploration expense recorded as owing to related parties	$ 0	$ 0

12. INCOME TAXES_ Schedule of_2

12. INCOME TAXES: Schedule of Income Tax Reconciliation (Details) - CAD ($)	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Details
Net loss and comprehensive loss for the year	$ (643,227)	$ (1,061,028)	$ (283,552)
Canadian statutory income tax rate	27.00%	27.00%	27.00%
Computed “expected” income tax expense	$ (173,671)	$ (286,478)	$ (76,559)
Differences resulting from
Option based payments	59,722	147,329	20,365
Other non-deductible items	1,949	10,149	194
Increase/(decrease) in deferred tax assets not recognized	112,000	129,000	56,000
Provision for income tax expense	$ 0	$ 0	$ 0

12. INCOME TAXES_ Schedule of_3

12. INCOME TAXES: Schedule of deferred tax assets and liabilities (Details) - CAD ($)	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Unrecognized deductible temporary differences-Canada
Non-capital loss carry forwards	$ 10,369,000	$ 9,955,000	$ 9,455,000
Mineral property interests and deferred exploration costs	5,089,000	5,089,000	5,095,000
Property and equipment	0	0	16,000
Total Unrecognized deductible temporary differences not recognized	$ 15,459,000	$ 15,044,000	$ 14,566,000

12. INCOME TAXES_ Schedule of_4

12. INCOME TAXES: Schedule of expiration of non-capital loss carry forwards (Details)	12 Months Ended
	Jan. 31, 2021CAD ($)
Non-capital loss carry forwards	$ 10,369,300
Year of expiration - 2026
Non-capital loss carry forwards	590,185
Year of expiration - 2027
Non-capital loss carry forwards	808,472
Year of expiration - 2028
Non-capital loss carry forwards	942,980
Year of expiration - 2029
Non-capital loss carry forwards	466,936
Year of expiration - 2030
Non-capital loss carry forwards	957,373
Year of expiration - 2031
Non-capital loss carry forwards	974,551
Year of expiration - 2032
Non-capital loss carry forwards	876,759
Year of expiration - 2033
Non-capital loss carry forwards	910,383
Year of expiration - 2034
Non-capital loss carry forwards	908,862
Year of expiration - 2035
Non-capital loss carry forwards	606,902
Year of expiration - 2036
Non-capital loss carry forwards	488,505
Year of expiration - 2037
Non-capital loss carry forwards	366,614
Year of expiration - 2038
Non-capital loss carry forwards	336,016
Year of expiration - 2039
Non-capital loss carry forwards	205,817
Year of expiration - 2040
Non-capital loss carry forwards	$ 522,300

17. EVENTS AFTER REPORTING DA_2

17. EVENTS AFTER REPORTING DATE (Details)	12 Months Ended
	Jan. 31, 2021
Details
Description of nature of non-adjusting event after reporting period	Company granted 100,000 options with an exercise period of 5 years at an exercise price of $2.00