Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document And Entity Information | |
Entity Registrant Name | Gold Standard Ventures Corp. |
Entity Central Index Key | 1,321,847 |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 233,536,671 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,017 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current | ||
Cash (Note 3) | $ 18,458,791 | $ 53,611,061 |
Receivables | 66,544 | 229,745 |
Prepaid expenses (Note 4) | 319,603 | 302,730 |
Investments (Note 5) | 309,035 | |
Total current assets | 19,153,973 | 54,143,536 |
Investment in associated company (Note 6) | 6,175,021 | |
Exploration and evaluation assets (Note 7) | 154,435,875 | 93,913,136 |
Reclamation bonds (Note 8) | 1,248,817 | 977,718 |
Property and equipment (Note 9) | 408,363 | 135,318 |
Total assets | 175,247,028 | 155,344,729 |
Current | ||
Accounts payable and accrued liabilities (Note 10) | 1,642,099 | 1,502,694 |
Shareholders' equity | ||
Share capital (Note 11) | 220,941,105 | 191,358,298 |
Reserves (Note 11) | 6,505,922 | 5,310,291 |
Deficit | (53,842,098) | (42,826,554) |
Total shareholders' equity | 173,604,929 | 153,842,035 |
Total liabilities and shareholders' equity | $ 175,247,028 | $ 155,344,729 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Expenses | ||
Community relations | $ 94,149 | |
Consulting fees (Note 13) | 555,765 | 1,563,836 |
Depreciation (Note 9) | 45,018 | 10,149 |
Foreign exchange loss | 741,336 | 350,829 |
Insurance | 397,822 | 283,749 |
Investor relations | 417,089 | 555,535 |
Management fees (Note 13) | 1,750,691 | 1,609,555 |
Office | 487,066 | 400,927 |
Professional fees (Note 13) | 997,809 | 701,681 |
Property investigation | 144,136 | 495,445 |
Regulatory and shareholder services | 646,330 | 207,217 |
Rent | 289,048 | 224,458 |
Share-based compensation | 3,136,225 | 1,324,521 |
Travel and related | 838,453 | 826,679 |
Wages and salaries (Note 13) | 390,694 | 498,804 |
Total expense | (10,931,631) | (9,053,385) |
Loss on settlement of advance (Note 6) | (184,406) | |
Equity loss and dilution loss in associated company (Note 6) | (807,455) | (404,069) |
Unrealized gain on investments (Note 5) | 8,457 | |
Interest income | 303,843 | 176,732 |
Loss and comprehensive loss for the year | $ (11,426,786) | $ (9,465,128) |
Basic and diluted loss per share | $ (0.05) | $ (0.05) |
Weighted average number of common shares outstanding (basic and diluted) | 228,376,609 | 205,007,118 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows used in operating activities | ||
Loss for the year | $ (11,426,786) | $ (9,465,128) |
Items not affecting cash: | ||
Depreciation | 45,018 | 10,149 |
Share-based compensation | 3,136,225 | 1,324,521 |
Unrealized gain on investments | (8,457) | |
Unrealized foreign exchange | 74,811 | 26,163 |
Equity loss in associated company | 807,455 | 404,069 |
Loss on settlement of advance | 184,406 | |
Changes in non-cash working capital items: | ||
Decrease (increase) in receivables | 214,447 | (203,838) |
Decrease (increase) in prepaid expenses | 24,885 | (172,773) |
(Decrease) increase in accounts payable and accrued liabilities | (1,024,870) | 667,879 |
Net cash provided by operating activities | (8,157,272) | (7,224,552) |
Cash flows used in investing activities | ||
Reclamation bonds | (312,760) | (87,499) |
Investments | (300,000) | |
Investment in associated company | (3,668,502) | |
Advance on behalf of associated company | (1,197,598) | |
Acquisition of property and equipment | (433,367) | (30,163) |
Cash acquired on acquisition | 1,355,706 | |
Exploration and evaluation assets expenditures | (29,028,960) | (19,861,215) |
Net cash provided by investing activities | (28,719,381) | (24,844,977) |
Cash flows from financing activities | ||
Proceeds from share issuances | 68,087,433 | |
Share issuance costs | (772,910) | (2,656,500) |
Proceeds from exercise of warrants | 251,505 | 7,468,804 |
Proceeds from exercise of stock options | 2,245,788 | 2,659,700 |
Net cash provided by financing activities | 1,724,383 | 75,559,437 |
Net change in cash | (35,152,270) | 43,489,908 |
Cash, beginning of year | 53,611,061 | 10,121,153 |
Cash, end of year | $ 18,458,791 | $ 53,611,061 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders Equity - CAD ($) | Shares Capital [Member] | Reserves [Member] | Deficit [Member] | Total |
Balance at Dec. 31, 2015 | $ 111,690,762 | $ 6,876,998 | $ (33,869,041) | $ 84,698,719 |
Balance share at Dec. 31, 2015 | 167,769,539 | |||
Statement Line Items [Line Items] | ||||
Shares issued for cash | $ 68,087,433 | 68,087,433 | ||
Shares issued for cash, shares | 41,968,367 | |||
Share issuance costs | $ (3,429,410) | (3,429,410) | ||
Shares issued for investment in associated company | $ 1,678,522 | 1,678,522 | ||
Shares issued for investment in associated company, shares | 532,864 | |||
Stock options exercised | $ 5,862,187 | (2,602,487) | 3,259,700 | |
Stock options exercised, shares | 3,777,161 | |||
Stock options expired | (463,218) | 463,218 | ||
Stock options cancelled | (44,397) | 44,397 | ||
Warrants exercised | $ 7,468,804 | 7,468,804 | ||
Warrants exercised, shares | 7,468,804 | |||
Share-based compensation | 1,324,521 | 1,324,521 | ||
Impact of share-based payment expense in associated company | 218,874 | 218,874 | ||
Net loss for the year | (9,465,128) | (9,465,128) | ||
Balance at Dec. 31, 2016 | $ 191,358,298 | 5,310,291 | (42,826,554) | 153,842,035 |
Balance share at Dec. 31, 2016 | 221,516,735 | |||
Statement Line Items [Line Items] | ||||
Shares issued for investment in associated company | ||||
Stock options exercised | $ 4,028,057 | (1,782,269) | 2,245,788 | |
Stock options exercised, shares | 2,448,916 | |||
Stock options expired | (183,406) | 183,406 | ||
Adjustment in investment in associated company | (218,874) | 227,836 | 8,962 | |
Share issued pursuant to the acquisition of associated company | $ 24,970,694 | 24,970,694 | ||
Share issued pursuant to the acquisition of associated company, shares | 9,352,320 | |||
Issuance of replacement stock options and warrants | 576,506 | 576,506 | ||
Warrants exercised | $ 584,056 | (332,551) | 251,505 | |
Warrants exercised, shares | 218,700 | |||
Share-based compensation | 3,136,225 | 3,136,225 | ||
Net loss for the year | (11,426,786) | (11,426,786) | ||
Balance at Dec. 31, 2017 | $ 220,941,105 | $ 6,505,922 | $ (53,842,098) | $ 173,604,929 |
Balance share at Dec. 31, 2017 | 233,536,671 |
Nature and Continuance of Opera
Nature and Continuance of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Nature and Continuance of Operations [Abstract] | |
Nature and Continuance of Operations | NOTE 1 - Nature and Continuance of Operations Gold Standard Ventures Corp. (the “Company”) was incorporated on February 6, 2004 under the Business Corporations Act of British Columbia and is listed for trading on the Toronto Stock Exchange (“TSX”) under the symbol “GSV” and on the NYSE American under the symbol “GSV”. The Company’s head office, principal address and registered and records office is located at Suite 610 – 815 West Hastings Street, Vancouver, British Columbia, Canada, V6C 1B4. The Company’s exploration and evaluation assets are at the exploration stage and are without a known body of commercial ore. The business of exploring for minerals involves a high degree of risk. Few properties that are explored are ultimately developed into producing mines. Major expenditures may be required to establish ore reserves, to develop metallurgical processes, to acquire construction and operating permits and to construct mining and processing facilities. The amounts shown as exploration and evaluation assets costs represent acquisition, holding and deferred exploration costs and do not necessarily represent present or future recoverable values. The recoverability of the amounts shown for exploration and evaluation assets costs is dependent upon the Company obtaining the necessary financing to complete the exploration and development of the properties, the discovery of economically recoverable reserves and future profitable operations. These consolidated financial statements have been prepared on the assumption that the Company and its subsidiaries will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. Different bases of measurement may be appropriate if the Company is not expected to continue operations for the foreseeable future. As at December 31, 2017, the Company had not advanced its properties to commercial production and is not able to finance day to day activities through operations. The Company’s continuation as a going concern is dependent upon the successful results from its exploration activities and its ability to attain profitable operations and generate funds therefrom and/or raise equity capital or borrowings sufficient to meet current and future obligations. The Company estimates it has sufficient working capital to continue operations for the upcoming year. |
Significant Accounting Policies
Significant Accounting Policies and Basis of Preparation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Significant Accounting Policies and Basis of Preparation [Abstract] | |
Significant Accounting Policies and Basis of Preparation | NOTE 2 - Significant Accounting Policies and Basis of Preparation The following is a summary of significant accounting policies used in the preparation of these consolidated financial statements. Statement of compliance Basis of presentation Basis of consolidation Foreign currency translation The Effects of Changes in Foreign Exchange Rates Transactions in currencies other than Canadian dollars are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated at the period end exchange rate while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in profit or loss. Use of estimates Although management uses historical experience and its best knowledge of the amount, events or actions to form the basis for judgments and estimates, actual results may differ from these estimates. The most significant accounts that require estimates and judgements as the basis for determining the stated amounts include the recoverability of exploration and evaluation assets, determination of functional currency, valuation of the acquisition of an associated company, valuation of share-based compensation, recognition of deferred tax amounts and valuation of investments. Critical judgments exercised in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements are as follows: Economic recoverability and probability of future economic benefits of exploration and evaluation assets Management has determined that exploration, evaluation, and related costs incurred which were capitalized may have future economic benefits and may be economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefits including, geologic and other technical information, a history of conversion of mineral deposits with similar characteristics to its own properties to proven and probable mineral reserves, the quality and capacity of existing infrastructure facilities, evaluation of permitting and environmental issues and local support for the project. Determination of functional currency The Company determines the functional currency through an analysis of several indicators such as expenses and cash flow, financing activities, retention of operating cash flows, and frequency of transactions within the reporting entity. Valuation of the acquisition of an associated company The Company acquired a publicly-traded associated company in June 2017 (Note 6). The process for determining whether the acquisition was an asset purchase versus a business acquisition was performed and primary consideration was given to the exploration stage of mineral properties, among other items. Shares issued for the acquisition were valued on the issue date and the excess of overall acquisition costs over net assets acquired was attributed to the mineral properties acquired. Prior to June 2017, the Company held an investment in the associated company. To value the investment, management obtained financial information from the majority owner and adjusted the carrying value of the investment. The investment was subject to all estimates included in the financial information from the majority owner as well as estimates of impairment losses. Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustments are as follows: Valuation of share-based compensation The Company uses the Black-Scholes Option Pricing Model for valuation of share-based compensation. Option pricing models require the input of subjective assumptions including expected price volatility, risk-free interest rate, and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company’s earnings and equity reserves. Income taxes In assessing the probability of realizing income tax assets, management makes estimates related to expectation of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified. Valuation of investments To value the investments, management obtains publicly-available financial information to estimate the fair value of the investments. Exploration and evaluation assets Costs directly related to the acquisition and exploration of exploration and evaluation assets are capitalized once the legal rights to explore the exploration and evaluation assets are acquired or obtained. When the technical and commercial viability of a mineral resource has been demonstrated and a development decision has been made, the capitalized costs of the related property are first tested for impairment, then transferred to mining assets and depreciated using the units of production method on commencement of commercial production. If it is determined that capitalized acquisition, exploration and evaluation costs are not recoverable, or the property is abandoned or management has determined an impairment in value, the property is written down to its recoverable amount. Exploration and evaluation assets are reviewed for impairment when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. Restoration and environmental obligations The Company’s estimates of restoration costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to the related asset with a corresponding entry to the restoration provision. The Company’s estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates. Changes in the net present value, excluding changes in amount and timing of the Company’s estimates of reclamation costs, are charged to profit or loss for the period. The net present value of restoration costs arising from subsequent site damage that is incurred on an ongoing basis during production are charged to profit or loss in the period incurred. As at December 31, 2017 and 2016, there were no significant restoration and environmental obligations. Investments in associated company The Company assesses its equity investments for impairment at each reporting date if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the equity investment and that the event or events has an impact on the estimated future cash flow of the investment that can be reliably estimated. Objective evidence of impairment of equity investments includes: (i) significant financial difficulty of the associated companies; (ii) becoming probable that the associated companies will enter bankruptcy or other financial reorganization; or (iii) national or local economic conditions that correlate with defaults of the associated companies. If this is the case, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount in profit or loss. Upon loss of significant influence over the associated company, the Company measures and recognizes any remaining investment at its fair value. Any difference between the carrying amount of the associated company upon loss of significant influence and the fair value of the remaining investment and proceeds from disposal is recognized in profit or loss. Share-based compensation Financial instruments Financial assets Fair value through profit or loss - Loans and receivables - Held-to-maturity investments Available-for-sale All financial assets except those measured at fair value through profit or loss are subject to review for impairment at least at each reporting date. Financial assets are impaired when there is objective evidence of impairment as a result of one or more events that have occurred after initial recognition of the asset and that event has an impact on the estimated future cash flows of the financial asset or the group of financial assets. Financial liabilities Fair value through profit or loss Other financial liabilities: As at December 31, 2017, the Company does not have any derivative financial liabilities. Property and equipment Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any replaced parts is derecognized. All other repairs and maintenance are charged to profit or loss during the fiscal period in which they are incurred. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss. Depreciation is calculated using a straight-line method to write off the cost of the assets. The depreciation rates applicable to each category of property and equipment are as follows: Asset Basis Period and Rate Computers Declining-balance 55% Leasehold Improvements Straight-line Remaining lease term Income taxes Current income tax: Current income tax relating to items recognized directly in other comprehensive income (loss) or equity is recognized in other comprehensive income (loss) or equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred income tax: Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. Impairment of non-financial assets The recoverable amount of an asset is the greater of an asset’s fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount, however, not to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. Loss per share Standards issued or amended but not yet effective IFRS 2 – Share Based Payments: the amendments eliminate the diversity in practice in the classification and measurement of particular share-based payment transactions which are narrow in scope and address specific areas of classification and measurement. It is effective for annual periods beginning on or after January 1, 2018, with early adoption permitted provided it is disclosed. The Company does not expect that the adoption of this standard will have a material effect on the Company’s consolidated financial statements. IFRS 9 – Financial Instruments: Applies to classification and measurement of financial assets and liabilities as defined in IAS 39. It is effective for annual periods beginning on or after January 1, 2018 with early adoption permitted. The Company does not expect that the adoption of this standard will have a significant effect on the Company’s disclosure requirements. IFRS 15 – Clarifications to IFRS 15 “Revenue from Contracts with Customers” issued. The amendments do not change the underlying principles of the standard, but simply clarify and offer some additional transition relief. The standard is effective for annual periods beginning on or after January 1, 2018. The Company does not expect that the adoption of this standard will have any effect on the Company’s consolidated financial statements. IFRIC 22 – Foreign Currency Transactions and Advance Consideration: addresses how to determine the ‘date of the transaction’ when applying IAS 21. It is effective for annual periods beginning on or after January 1, 2018 with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on the Company’s consolidated financial statements. IFRS 16 – Leases: On January 13, 2016, the IASB issued the final version of IFRS 16 Leases. The new standard will replace IAS 17 Leases and is effective for annual periods beginning on or after January 1, 2019. IFRS 16 eliminates the classification of leases as either operating leases or finance leases for a lessee. Instead, all leases are treated in a similar way to finance leases applying IAS 17. IFRS 16 does not require a lessee to recognize assets and liabilities for short-term leases (i.e. leases of 12 months or less) and leases of low-value assets. The Company is evaluating the effect of this standard on the Company’s consolidated financial statements. IFRIC 23 – Uncertainty Over Income Tax Treatments: clarifies how to apply the recognition and measurement requirements in IAS 12 when there is uncertainty over income tax treatments. It is effective for annual periods beginning on or after January 1, 2019 with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on the Company’s consolidated financial statements. |
Cash
Cash | 12 Months Ended |
Dec. 31, 2017 | |
Cash [abstract] | |
Cash | NOTE 3 – Cash December 31, 2017 December 31, 2016 $ $ Cash at bank 18,312,333 53,290,859 Cash held in lawyers’ trust account 146,458 320,202 18,458,791 53,611,061 |
Prepaid Expenses
Prepaid Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Prepaid Expenses [Abstract] | |
Prepaid Expenses | NOTE 4 – Prepaid Expenses December 31, 2017 December 31, 2016 $ $ Prepaid expenses 297,003 292,237 Deposits 22,600 10,493 319,603 302,730 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Investment [Abstract] | |
Investments | NOTE 5 –Investments In February 2017, the Company acquired 600,000 shares of Contact Gold Corp. for a total of $300,000, which have been classified as held for trading and measured at fair value. The fair value of the investment as at December 31, 2017 was $306,000 (2016 - $nil). In connection with the acquisition of Battle Mountain Gold Inc. (“BMG”) (Note 6), the Company acquired certain marketable securities, which have been classified as held for trading and measured at fair value. As at December 31, 2017, the fair value of the investment was $3,035 (2016 - $nil). During the year ended December 31, 2017, the Company recorded an unrealized gain of $8,457 on all of its held for trading investments which has been recorded through profit or loss. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about business combination [abstract] | |
Acquisition | NOTE 6 – Acquisition On May 6, 2016, the Company a a public company trading on the TSX-V and its principal business activity was the exploration of mineral properties. The corporate office was located in Vancouver, British Columbia, Canada. In June 2016 and as amended in August 2016, the Company entered into an agreement with BMG and the royalty owner (the “Royalty Owner”) of BMG’s Lewis Gold Project to reduce the royalty rate on gold and silver production of the Lewis Gold Project from 5% to 3.5% (the “BMG Royalty Agreement”). In exchange, the Company agreed to pay US$1.85 million in a combination of cash and shares on behalf of BMG to the Royalty Owner. In August 2016, the Company paid $1,197,598 (US$925,000) in cash and issued 532,864 common shares at a value of $1,678,522 (Note 11) (collectively “the Advance”) to the Royalty Owner. In August 2016, the Company exercised 5,240,717 warrants for 5,240,717 common shares of BMG for a total of $1,939,065 using a portion of the Advance. In addition, BMG issued 885,468 common shares valued at $752,649 to settle the remaining balance of the Advance. As a result, the Company recorded a loss on settlement of advance of $184,406. As at December 31, 2016, the Company owned 16,607,620 common shares of BMG, or 27.58% of the total number of outstanding shares of BMG, which resulted in a market value of $5,314,438. The following is a reconciliation of the Company’s investment in BMG prior to acquisition: $ Balance as at December 31, 2015 - Initial investment 3,668,502 Additional investment 2,691,714 Dilution loss in BMG (67,602 ) Equity loss in BMG (336,467 ) Impact of share-based payment in BMG 218,874 Balance as at December 31, 2016 6,175,021 Dilution loss in BMG (238,057 ) Equity loss in BMG (569,398 ) Impact of share-based payment in BMG 8,962 Value of investment prior to acquisition 5,376,528 In April 2017, the Company entered into a definitive agreement pursuant to which the Company agreed to acquire all of the issued and outstanding common shares of BMG (other than those already owned by the Company) for consideration of 0.1891 of a common share of the Company plus $0.08 in cash for each BMG common shares acquired, by way of a plan of arrangement under the Business Corporations Act ( British Columbia In June 2017, the Company acquired all of the issued and outstanding common shares of BMG, other than those already owned by the Company. As consideration, the Company issued 9,352,320 common shares at a value of $24,970,694 (Note 11) and made cash payments of $3,956,656 to the shareholders of BMG. As part of the arrangement, all unexercised BMG stock options and warrants were exchanged for the Company’s replacement stock options and warrants at the fixed exchange ratio at a value of $576,506 (Note 11). In addition, the Company incurred $561,959 in transaction costs relating to the acquisition and these costs were capitalized as part of the acquisition of the exploration and evaluation assets. The acquisition of BMG has been treated as an acquisition of exploration and evaluation assets. The assets and liabilities of BMG assumed on acquisition were as follows: $ Cash 1,355,706 Receivables 51,246 Held for trading investments 578 Prepaid expenses 41,758 Exploration and evaluation assets 10,189,010 Reclamation bonds 33,150 Accounts payable and accrued liabilities (235,486 ) Loan payable (1,550,000 ) Net assets 9,885,962 The total consideration for the acquisition was as follows: $ Value of investment prior to acquisition 5,376,528 Cash paid 3,956,656 Value of shares issued 24,970,694 Transaction costs 561,959 Value of replacement stock options and warrants 576,506 35,442,343 Less: net assets (9,885,962 ) Excess consideration paid over the net assets of BMG 25,556,381 The excess of the consideration over the net assets of BMG has been added to the exploration and evaluation assets to reflect the fair value of the Lewis Gold Project (Note 7). |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Exploration and Evaluation Assets [Abstract] | |
Exploration and Evaluation Assets | NOTE 7 – Exploration and Evaluation Assets Expenditures for the fiscal year related to exploration and evaluation assets located in Nevada, USA were as follows: Railroad- Pinion Lewis Gold Total $ $ $ Balance as at December 31, 2015 74,682,974 - 74,682,974 Property acquisition and staking costs 27,502 - 27,502 Exploration expenses Claim maintenance fees 247,135 - 247,135 Consulting 2,312,531 - 2,312,531 Data analysis 421,754 - 421,754 Drilling 10,321,270 - 10,321,270 Environmental and permitting 8,221 - 8,221 Geological 722,911 - 722,911 Lease payments 1,292,287 - 1,292,287 Metallurgy 389,766 - 389,766 Sampling and processing 881,118 - 881,118 Site development and reclamation 842,111 - 842,111 Supplies 1,686,103 - 1,686,103 Travel 34,290 - 34,290 Vehicle 43,163 - 43,163 19,230,162 - 19,230,162 Balance as at December 31, 2016 93,913,136 - 93,913,136 Property acquisition and staking costs 253,744 35,745,391 35,999,135 Exploration expenses Claim maintenance fees 369,925 79,138 449,063 Consulting 2,361,902 234,684 2,596,586 Data analysis 498,200 22,482 520,682 Drilling 11,834,010 1,299,403 13,133,413 Environmental and permitting 275,885 4,648 280,533 Equipment rental 78,392 1,849 80,241 Geological 997,238 15,275 1,012,513 Lease payments 1,487,916 109,563 1,597,479 Metallurgy 909,757 - 909,757 Sampling and processing 1,141,491 28,386 1,169,877 Site development and reclamation 1,293,953 149,086 1,443,039 Supplies 1,278,358 2,722 1,281,080 Vehicle 49,341 - 49,341 22,830,112 37,692,627 60,522,739 Balance as at December 31, 2017 116,743,248 37,692,627 154,435,875 Railroad-Pinion Project The Railroad-Pinion project is located in Elko County, Nevada, USA. In August 2009, the Company entered into an agreement to acquire a 100% interest in certain claims comprising the Railroad Property in Nevada from Royal Standard Minerals, Inc (“RSM”) and its subsidiaries. The Railroad property is subject to three underlying agreements as follows: a. Aladdin Sweepstakes Lease/Purchase Agreement whereby the Company acquired certain interests for US$2,965,000 subject to a 1% net smelter royalty (“NSR”). b. Tomera Mining Lease consists of five separate leases, three of which are subject to a 5% NSR. The Company is required to pay annual lease payments of US$87,137 for 2016 and US$96,887 thereafter. c. Sylvania Mining Lease Agreement which is subject to annual lease payments of US$20,000 expiring in December 2021 subject to a 5 % NSR. RSM will retain a 1% NSR on the entire property and certain claims are subject to a 1.5% Mineral Production Royalty payable to Kennecott Holdings Corporation. In April 2011 (and amended June 2016), the Company entered into a minerals lease and agreement with Newmont USA Limited (“Newmont”) to lease four sections and acquire a 100% right to prospect and explore for minerals on and beneath the leased lands. Two of the four sections are staked public lands, which carry no underlying royalty. The other two sections are private surface and minerals lands subject to a total annual lease payment of US$39,680 and an underlying 5% NSR. Under the terms of the agreement, the Company is required to incur US$500,000 in each of 2017 (incurred) and 2018. Beginning in 2019, the Company will be subject to an annual work commitment of US$300,000, or the Company will be required to pay an annual rental payment of US$33,600 to Newmont. Newmont has a first back-in right on or before delivery of a positive feasibility study, enabling Newmont to earn a 51% interest in the lease by incurring expenditures totaling 150% of the expenditures made by the Company. If Newmont elects not to exercise the back-in right, Newmont will deed the claims and assign the leases on the leased lands to the Company in exchange for the Company’s executing a royalty deed conveying a 3% NSR on the claims and a 1% NSR on the leased lands to Newmont. If Newmont exercises its first back-in right, it has a second back-in right to earn an additional 19% interest in the lease by expending an additional 100% of the expenditures made by the Company. The project would then revert to a joint venture between Newmont (70%) and the Company (30%). Between October 2011 and May 2012, the Company entered into various mining lease agreements to acquire a 100% interest in certain claims, collectively known as the Pinion project (“Pinion”), with a lease term of ten years with an option to extend the lease term for an additional ten years. Each lease is subject to a 5% NSR. The lease payment will be cumulatively credited to the Company’s account and will be applied against the Company’s obligation to pay the NSR payment up to 80% of the total lease payment. During the period from January 2014 to February 2017, the Company entered into certain amendments to existing mining lease agreements to include additional mineral properties for additional annual lease payments. These leases are subject to total annual lease payments for the next 5 years in US$ as follows: Year US$ 2018 265,895 2019 269,789 2020 293,872 2021 31,150 2022 and onward - In October 2012, the Company entered into a lease for a 100% right in certain patented mining claims for a primary period of 10 years. The Company is required to make annual lease payments of US$15,000 increasing to US$50,000 in years six to nine. The Company has the option to purchase the property for US$1,500,000 and must purchase the property prior to commencing production. The lease agreement is subject to a 4% NSR. The Company has the option to extend the lease for an additional 10 years with annual lease payments of US$75,000 per year, with provisions for extension after that. If the Company exercises the purchase option, all initial lease payments paid will be credited against future NSR payments. In October 2012, the Company entered into a surface use agreement with a primary term of 10 years, with provisions for extension after that. The surface use agreement is subject to an annual lease payment of US$20,103. The Company has the option to purchase the property for US$8,934,640 and must purchase the property prior to commencing production. In November 2012, the Company entered into a mining lease agreement to lease a 100% interest in certain mineral rights for a period of 12 years. The Company paid an initial amount of US$1,000,000 upon execution of the agreement and must make annual lease payments of US$175,000. The annual lease payments increase by 5% each year. The Company is required to spend US$1,000,000 per year (incurred to date) on exploration for the remainder of the lease term, with the option of making a cash payment to the vendor of any shortfall. The lease agreement is subject to a 5% NSR with a buy-down option of 3% for US$3,500,000 in year one through six or for US$7,000,000 in year seven through twelve. The Company, prior to commencing production on the property and after having exercised its buy-down option of the NSR, has an option to purchase the property for an amount of US$25,000,000. If the Company exercises the purchase option, 70% of the initial amount will be credited towards the purchase price and 70% of all annual lease payments will be credited against future NSR payments. The Company has the option to extend the lease for an additional 10 years by paying US$1,000,000 and making annual lease payments of US$500,000 per year, increasing annually in the amount of 5% of the previous year’s annual lease payment. After the third anniversary, the Company can terminate this agreement by making a cash payment equal to the lease payments for the following two years of the lease term. In December 2012, the Company entered into a mining lease and option to purchase agreement to lease a 100% right in certain patented mining claims for a primary period of 10 years. The Company is required to make annual lease payments of US$20,000 increasing to US$35,000 in years six to nine. The Company has the option to purchase the property for US$1,000,000 and must purchase the property prior to commencing production. The lease agreement is subject to a 4% NSR with a buy-down option of 2% for US$2,000,000 and a further 1% for US$1,500,000. The Company has the option to extend the lease for an additional 10 years with annual lease payments of US$50,000 per year, with provisions for extension after that. If the Company exercises the purchase option, all initial lease payments will be credited against future NSR payments. In July 2013, the Company entered into a lease for a 100% right in certain patented mining claims for a primary period of 10 years. The Company is required to make annual lease payments of US$25,000 increasing to US$43,750 in years six to nine. The Company has the option to purchase the property for US$1,250,000 and must purchase the property prior to commencing production. The lease agreement is subject to a 4% NSR with a buy-down option of 2% for US$2,000,000 and a further 1% for US$1,000,000. The Company has the option to extend the lease for an additional 10 years with annual lease payments of US$62,500 per year, with provisions for extension after that. If the Company exercises the purchase option, all initial lease payments will be credited against future NSR payments. In March 2014, the Company entered into an agreement to acquire a certain portion of the Pinion Gold Deposit (“Pinion Gold Deposit”), which is contiguous to the Company’s Railroad Gold Project. Under the terms of the agreement, the Company made cash payments of $8,500,000 and issued 6,750,000 common shares of the Company valued at $4,807,500. The Company is subject to additional cash consideration of $1,500,000 to $3,000,000 if the Company enters into a transaction whereby it sells a majority of the Company for consideration exceeding $100,000,000. The Pinion Gold Deposit is subject to five underlying lease agreements which require total annual lease payments of US$47,931 increasing to US$49,090 in 2017 as well as a maximum of a 5% NSR pursuant to various underlying lease agreements and royalty agreements. In September 2014, the Company entered into a mining lease with option to purchase agreement to lease a 100% right in certain unpatented mining claims for a primary period of 10 years. The Company is required to make annual lease payments of US$30,000 increasing to US$90,000 in years six to nine. The Company has the option to purchase the property for US$1,500,000 and must purchase the property prior to commencing production. The lease agreement is subject to a 4% NSR with a buy-down option of 1% for US$1,000,000 before the fifth anniversary and a further 1% for US$1,500,000 before the tenth anniversary. The Company has the option to extend the lease for an additional 10 years with annual lease payments of US$100,000 per year, with provisions for extension after that. If the Company exercises the purchase option, all initial lease payments will be credited against future NSR payments. In January 2015, the Company entered into a mining lease with option to purchase agreement to lease a 100% right in certain unpatented mining claims for a primary period of 10 years. The Company is required to make annual lease payments of US$8,000 increasing to US$20,000 in years six to nine. The Company has the option to purchase the property for US$150,000 and must purchase the property prior to commencing production. The lease agreement is subject to a 3% NSR with a buy-down option of 1% for US$150,000 before the fifth anniversary and a further 1% for US$250,000 before the tenth anniversary. The Company has the option to extend the lease for an additional 10 years with annual lease payments of US$25,000 per year, with provisions for extension after that. If the Company exercises the purchase option, all initial lease payments will be credited against future NSR payments. In 2016, the Company entered into certain mining lease and option to purchase agreements to lease a 100% right in certain patented mining claims for a primary period of 10 years. The Company paid US$279,000 upon execution of these agreements and is required to make combined annual lease payments of approximately US$16,500 on the first anniversary; the annual lease payments increase to approximately US$31,000 in years six to nine. The Company has the option to purchase certain properties for US$800,000 and must purchase certain properties prior to commencing production. Certain lease agreements are subject to a 3% NSR with buy-down options of 1% for US$1,100,000. The Company has the option to extend the leases for an additional 10 years with annual lease payments approximately US$31,000 per year, with provisions for extension after that. If the Company exercises the purchase option, all initial lease payments will be credited against future NSR payments. In March 2017, the Company entered into a mining lease agreement to lease a 100% interest in certain mineral rights for a period of 10 years. The Company paid an initial amount of US$75,000 upon execution of the agreement and an annual lease payment of US$75,000. The lease agreement is subject to a 3.5% NSR. The Company has the option to extend the lease for an additional 10 years by paying US$75,000 and making annual lease payments of US$75,000 per year. In addition, the Company entered into a surface use agreement with a primary term of 10 years, with provisions for extension thereafter. The surface use agreement is subject to an annual lease payment of US$9,000. The Company has the option to purchase the property for US$2,000,000 and must exercise the option prior to commencing production. Payment requirements from 2018 to 2022 under the above agreements are approximately as follows: Total Total Work Lease commitment payment Total US$ US$ US$ 2018 1,500,000 1,024,000 2,524,000 2019 1,300,000 1,067,000 2,367,000 2020 1,300,000 1,006,000 2,306,000 2021 1,300,000 755,000 2,055,000 2022 1,300,000 306,000 1,606,000 6,700,000 4,158,000 10,858,000 Lewis Gold Project As a result of the acquisition of BMG, the Company acquired a 100% right, title and interest in mining claims located in the Battle Mountain Mining District in Lander County, Nevada, USA (the “Lewis Gold Project”). The Lewis Gold Project is subject to an advance minimum annual royalty in the amount of US$60,000 in cash, which is subject to an annual escalation based upon a defined consumer price index. The advance minimum royalty payments are to be credited against any production royalty payable in the same year. Production royalties include a 3.5% NSR for gold and silver and a 4% NSR for other minerals such as lead, zinc, and copper. Pursuant to the BMG Royalty Agreement, the Company can further reduce the NSR for gold and silver from 3.5% to 2.5% for an additional payment of US$2,150,000 by August 2018 with an option to extend to August 2019 upon an additional payment of US$250,000. |
Reclamation Bonds
Reclamation Bonds | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Reclamation Bonds [Abstract] | |
Reclamation Bonds | NOTE 8 - Reclamation Bonds In relation to its exploration and evaluation assets, the Company has posted reclamation bonds as at December 31, 2017 of $1,248,817 (US$965,471) (2016 - $977,718 (US$728,174)). |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property and Equipment | NOTE 9 - Property and Equipment Leasehold improvements Computers Total $ $ $ Cost: At December 31, 2015 65,275 - 65,275 Additions 145,467 - 145,467 At December 31, 2016 210,742 - 210,742 Additions 288,581 29,482 318,063 At December 31, 2017 499,323 29,482 528,805 Depreciation: At December 31, 2015 65,275 - 65,275 Charge for the year 10,149 - 10,149 At December 31, 2016 75,424 - 75,424 Charge for the year 40,596 4,422 45,018 At December 31, 2017 116,020 4,422 120,442 Net book value: At December 31, 2016 135,318 - 135,318 At December 31, 2017 383,303 25,060 408,363 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | NOTE 10 – Accounts Payable and Accrued Liabilities December 31, 2017 December 31, 2016 $ $ Accounts payable 636,961 1,286,613 Accrued liabilities 1,005,138 216,081 1,642,099 1,502,694 |
Share Capital and Reserves
Share Capital and Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of classes of share capital [abstract] | |
Share Capital and Reserves | NOTE 11 - Share Capital and Reserves Authorized Share Capital Unlimited number of common shares without par value. Issued Share Capital In February 2016, the Company completed two private placements totalling 29,931,931 common shares of the Company at a price of $1.00 per share for proceeds totalling $28,308,914, net of cash commissions and expenses of $1,623,017. In August 2016, the Company issued 532,864 common shares of the Company at a value of $3.15 per share for total value of $1,678,522 pursuant to the additional investment in BMG (Note 6). In October 2016, the Company completed a private placement totalling 12,036,436 common shares of the Company at $3.17 per share for proceeds of $36,349,109, net of cash commissions and expenses of $1,806,393. In June 2017, in connection to the acquisition of BMG, the Company issued 9,352,320 common shares at a value of $24,970,694 (Note 6). Share Purchase Warrants During the year ended December 31, 2016, the Company issued 7,468,804 common shares in relation to the exercise of 7,468,804 warrants for proceeds of $7,468,804. In addition, 125,444 warrants expired unexercised. In June 2017, in connection to the acquisition of BMG, the Company issued 218,700 replacement warrants, at a value of $332,551, calculated using the Black-Scholes option pricing model assuming a life expectancy of one month, a risk-free rate of 0.56%, a forfeiture rate of 0%, and volatility of 52% (Note 6). In July 2017, the Company issued 218,700 common shares in relation to the exercise of 218,700 replacement warrants for total proceeds of $251,505 and the fair value of $332,551 attributable to these warrants was transferred from reserves to share capital. A summary of share purchase warrant activities are as follows: Number of Weighted average warrants exercise price $ Outstanding at December 31, 2015 7,594,248 1.00 Exercised (7,468,804 ) 1.00 Expired (125,444 ) 1.00 Outstanding at December 31, 2016 - - Replacement warrants issued 218,700 1.15 Exercised (218,700 ) 1.15 Outstanding at December 31, 2017 - - Stock Options The Company has a Stock Option Plan whereby the maximum number of common shares reserved for issue under the plan shall not exceed 10% of the outstanding common shares of the Company, as at the date of the grant. The exercise price of each option granted under the plan may not be less than the Discounted Market Price (as that term is defined in the policies of the TSX). Options may be granted for a maximum term of five years from the date of the grant, are non-transferable and expire within 90 days of termination of employment, consulting arrangement or holding office as a director or officer of the Company, are subject to vesting provisions as determined by the Board and, in the case of death, expire within one year thereafter. Upon death, the options may be exercised by legal representation or designated beneficiaries of the holder of the option. During the year ended December 31, 2016, the Company granted 672,500 stock options with a weighted average exercise price of $2.93 per share, at a fair value of $1,324,521 or $1.97 per option. The Company also issued 3,777,161 common shares in relation to the exercise of 3,777,161 stock options for total proceeds of $3,259,700 and the fair value of $2,602,487 attributable to these stock options was transferred from reserves to share capital. Additionally, 430,400 stock options expired unexercised and 100,000 stock options were cancelled. As a result, the fair value of $507,615 attributable to these stock options was transferred from reserves to deficit. In June 2017, in connection to the acquisition of BMG, the Company issued 153,089 replacement options with a weighted average exercise price of $1.67 per share, at a fair value of $243,955 (Note 6). During the year ended December 31, 2017, the Company issued 2,448,916 common shares in relation to the exercise of 2,448,916 stock options (including 87,477 replacement options) for total proceeds of $2,245,788 and the fair value of $1,782,269 attributable to these stock options was transferred from reserves to share capital. Additionally, 105,612 stock options (including 65,612 replacement options) expired unexercised and the fair value of $183,406 attributable to these stock options was transferred from reserves to deficit. In addition, during the year ended December 31, 2017, the Company granted a total of 3,465,140 stock options as follows: 325,000 stock options with an exercise price of $2.24 per share vested immediately with a fair value of $420,329, or $1.29 per option. 2,455,540 stock options with an exercise price of $2.12 per share vest one-third immediately, one-third on January 2, 2018, and one-third on January 2, 2019, with a fair value of $3,010,246 ($1.23 per option) of which $2,287,670 was expensed. 84,600 stock options with an exercise price of $2.12 per share vested immediately with a fair value of $47,672, or $0.56 per option. 600,000 stock options with an exercise price of $2.25 per share vest one-third immediately and one-third every year thereafter, with a fair value of $786,240 ($1.31 per option) of which $380,554 was expensed. The fair value of options granted is estimated on the grant date using the Black-Scholes option pricing model using the following weighted average variables: For the year ended December 31, 2017 2016 Risk-free interest rate 1.53% 0.60% Expected option life in years 4.90 years 4.72 years Expected stock price volatility 70% 78% Expected dividend rate 0% 0% A summary of stock options activities are as follows: Number of Weighted average options exercise price $ Outstanding at December 31, 2015 11,823,000 0.84 Granted 672,500 2.93 Expired (430,400 ) 1.28 Cancelled (100,000 ) 0.73 Exercised (3,777,161 ) 0.86 Outstanding at December 31, 2016 8,187,939 0.98 Granted 3,465,140 2.15 Expired (105,612 ) 2.57 Exercised (2,448,916 ) 0.92 Replacement options issued 153,089 1.67 Outstanding at December 31, 2017 9,251,640 1.43 A summary of the stock options outstanding and exercisable at December 31, 2017 is as follows: Exercise Number Number Price Outstanding Exercisable Expiry Date $ 0.79* 1,287,000 1,287,000 March 18, 2018 0.76 787,000 787,000 May 23, 2018 2.12 84,600 84,600 August 1, 2018 0.77 745,000 745,000 September 12, 2019 0.73 2,350,000 2,350,000 November 27, 2020 2.14 110,000 110,000 June 21, 2021 3.16 507,500 507,500 September 29, 2021 2.24 325,000 325,000 June 1, 2022 2.12 2,455,540 818,513 August 1, 2022 2.25 600,000 200,000 September 12, 2022 9,251,640 7,214,613 * exercised subsequent to December 31, 2017 (Note 19) The stock option reserves record items recognized as share-based compensation expense until such time that the stock options are exercised, at which time the corresponding amount will be transferred to share capital. If vested options expire unexercised or are forfeited, the amount recorded is transferred to deficit. Restricted Share Unit Award Plan In 2017, the Company adopted a Restricted Share Unit Award Plan (“RSU Plan”) whereby the maximum number of common shares reserved for issue under the RSU Plan shall not exceed 5,000,000 common shares of the Company. In addition, the aggregate number of common shares issuable pursuant to the RSU Plan combined with all of the Company’s other security-based compensation arrangements, including the Company’s Stock Option Plan, shall not exceed 10% of the Company’s outstanding shares. |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating segments [abstract] | |
Segmented Information | NOTE 12 - Segmented Information The Company has one operating segment, being the acquisition and exploration of exploration and evaluation assets. Geographic information is as follows: As at December 31, 2017 Canada US Total $ $ $ Reclamation bonds - 1,248,817 1,248,817 Property and equipment 94,722 313,641 408,363 Exploration and evaluation assets - 154,435,875 154,435,875 94,722 155,998,333 156,093,055 As at December 31, 2016 Canada US Total $ $ $ Reclamation bonds - 977,718 977,718 Property and equipment 135,318 - 135,318 Exploration and evaluation assets - 93,913,136 93,913,136 135,318 94,890,854 95,026,172 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related party transactions [abstract] | |
Related Party Transactions | NOTE 13 - Related Party Transactions During the year ended December 31, 2017, the Company entered into the following transactions with related parties, not disclosed elsewhere in these financial statements: i. As at December 31, 2017, $640,573 (2016 - $2,281) was included in accounts payable and accrued liabilities owing to officers and directors of the Company in relation to accrued management fees, professional fees and reimbursement of expenses. ii. As at December 31, 2017, $7,000 (2016 - $nil) was included in prepaid expenses for prepayments made to directors of the Company in relation to director fees. iii. A director and officer resigned and the Company agreed to pay a total termination payment of $384,902 in accordance with the terms and conditions of his consulting agreement with the Company. iv. The Company received $4,500 (2016 - $nil) of rent from a company related by way of common officers. Summary of key management personnel compensation: Key management personnel includes those persons having authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company has determined that key management personnel consists of members of the Company’s Board of Directors and corporate officers, including the Company’s Chief Executive Officer and Chief Financial Officer. For the year ended December 31, 2017 2016 $ $ Management fees 1,750,691 1,609,555 Consulting fees - 30,570 Professional fees 187,000 - Exploration and evaluation assets expenditures 353,520 521,957 Wages and salaries 43,633 92,110 Share-based compensation 2,228,191 755,153 4,563,035 3,009,345 |
Capital Disclosure and Manageme
Capital Disclosure and Management | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of capital disclosure and Management [Abstract] | |
Capital Disclosure and Management | NOTE 14 - Capital Disclosure and Management The Company considers its capital structure to include the components of shareholders’ equity. Management’s objective is to ensure that there is sufficient capital to minimize liquidity risk and to continue as a going concern. As an exploration stage company, the Company is currently unable to self-finance its operations. Although the Company has been successful in the past in obtaining financing through the sale of equity securities, there can be no assurance that the Company will be able to obtain adequate financing in the future, or that the terms of such financings will be favourable. The Company’s share capital is not subject to any external restrictions and the Company did not change its approach to capital management during the year. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments and Risk Management | NOTE 15 - Financial Instruments and Risk Management Financial instruments measured at fair value are classified into one of 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: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and Level 3 – Inputs that are not based on observable market data. The Company’s financial instruments consist of cash, receivables, investments, reclamation bonds, and accounts payable and accrued liabilities. The fair value of these financial instruments, other than cash and investments, approximates their carrying values due to the short-term nature of these instruments. Cash and investments are measured at fair value using level 1 inputs. The Company is exposed to a variety of financial risks by virtue of its activities including currency, credit, interest rate, liquidity, commodity price, and equity price risk. a) Currency risk The Company conducts exploration and evaluation activities in the United States. As such, it is subject to risk due to fluctuations in the exchange rates for the Canadian and US dollars. As at December 31, 2017, the Company had a foreign currency net monetary asset position of approximately US$4,823,000. Each 1% change in the US dollar relative to the Canadian dollar will result in a foreign exchange gain/loss of approximately $48,200. b) Credit risk Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations. The Company’s cash is held in large Canadian and U.S. financial institutions and the Company considers this risk to be remote. c) Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to limited interest rate risk as it only holds cash and highly liquid short-term investments. d) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its obligations as they come due. The Company’s ability to continue as a going concern is dependent on management’s ability to raise the required capital through future equity or debt issuances. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating any investing and financing activities. Management and the Board of Directors are actively involved in the review, planning, and approval of significant expenditures and commitments. e) Commodity price risk The ability of the Company to explore and develop its exploration and evaluation assets and the future profitability of the Company are directly related to the price of gold. The Company monitors gold prices to determine the appropriate course of action to be taken. f) Equity price risk The equity price risk associated with the Company’s current held for trading investment primarily relates to the change in the market prices of the investments in the portfolio. The Company monitors the financial asset prices to determine the appropriate course of action to be taken. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Commitments [Abstract] | |
Commitments | NOTE 16 - Commitments a) The Company has a lease agreement for an office space in Vancouver, B.C. expiring on April 30, 2020 and incurring minimum monthly rent payments of approximately $6,000 to the year 2020. In August 2017, the Company entered into a lease agreement for office premises in Elko, Nevada expiring on August 28, 2022 and incurring minimum monthly rent payments from US$8,000 (US$12,000 during renovation) in 2017 increasing to US$10,000 in 2022. The Company has an option to purchase the property for US$1,100,000 with a credit to be applied to the purchase price based on a percentage of the minimum rent payments made in the year of purchase. Summary of commitments for office leases: Vancouver Office Elko Office Total $ $ $ Payable not later than one year 72,586 132,977 205,563 Payable later than one year and not later than five years 98,144 514,345 612,489 Payable later than five years - - - Total 170,730 647,322 818,052 b) The Company has two separate consulting agreements with officers and directors of the Company to provide management consulting and exploration services to the Company for an indefinite term. The agreements require total combined payments of $50,750 per month. Included in each agreement is a provision for a two-year payout in the event of termination without cause and three-year payout in the event of a change in control. c) The Company has two separate employment agreements with employees of the Company to provide exploration services to the Company for an indefinite term. The agreements require total combined payments of US$34,517 per month. Included in each agreement is a provision for a two-year payout in the event of termination following a change in control. d) The Company has an employment agreement with an officer of the Company to provide corporate secretarial and legal services to the Company for an indefinite term. The agreement requires payment of $19,167 per month. Included in the agreement is a provision for a two-year payout in the event of termination without cause or in the event of a change in control. |
Supplementary Cash Flow Informa
Supplementary Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Supplementary Cash Flow Information [Abstract] | |
Supplementary Cash Flow Information | Note 17 – Supplementary Cash Flow Information A summary of the non-cash transactions is as follows: For the year ended December 31, 2017 2016 $ $ Non-cash transactions Exploration and evaluation assets expenditures in accounts payable at year end 626,913 359,910 Acquisition of property and equipment in accounts payable at year end - 115,304 Share issuance costs in accounts payable at year end - 772,910 Shares issued for acquisition of exploration and evaluation assets 24,970,694 - Reclassification of cancelled stock options from reserves to deficit 227,836 44,397 Reclassification of expired stock options from reserves to deficit 183,406 463,218 Reclassification of stock options exercised from reserves to share capital 1,782,269 2,602,487 Shares issued for advance to associated company - 1,678,522 Settlement of accounts payable with issuance of shares - 600,000 Conversion of advance to equity investment - 2,691,714 Adjustment in investment in associated company - 218,874 Replacement options and warrants issued 576,506 - Reclassification of investment in associated company to exploration and evaluation assets 5,376,528 - |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |
Income Taxes | NOTE 18 – Income Taxes The reconciliation of the combined Canadian federal and provincial income tax rate to the income tax recovery presented in the accompanying statements of comprehensive loss is provided below: Years ended December 31, 2017 2016 $ $ Loss before income taxes (11,426,786 ) (9,465,128 ) Expected income tax recovery at statutory tax rates (2,971,000 ) (2,461,000 ) Impact of different statutory tax rates on earnings of subsidiaries (1,169,000 ) (156,000 ) Change in statutory, foreign tax rates and other 5,968,000 - Foreign exchange 2,390,000 1,108,000 Non-deductible expenditures 4,147,000 536,000 Share issuance costs - (892,000 ) Adjustment in prior years provision statutory tax returns and expiry of non-capital losses 56,000 188,000 Change in unrecognized deductible temporary differences and others (8,421,000 ) 1,677,000 Total - - Significant components of deferred tax assets that have not been recognized are as follows: As of December 31, 2017 2016 $ $ Share issuance costs 900,000 1,245,000 Non-capital losses 9,489,000 11,398,000 Property and equipment 103,000 26,000 Exploration and evaluation assets 4,787,000 11,033,000 Total 15,279,000 23,702,000 Significant components of unrecognized deductible temporary differences and unused tax losses that have not been recognized on the statements of financial position are as follows: As of December 31, 2017 Expiry dates 2016 Expiry dates $ $ Share issuance costs 3,335,000 2038 to 2040 4,788,000 2037 to 2040 Non-capital losses 40,845,000 2027 to 2037 37,363,000 2017 to 2036 Canadian eligible capital - No Expiry 1,000 No Expiry Property and equipment 385,000 No Expiry 93,000 No Expiry Exploration and evaluation assets 21,480,000 No Expiry 33,503,000 No Expiry Tax attributes are subject to review, and potential adjustment, by tax authorities. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Event | NOTE 19 – Subsequent Events a) In January 2018, the Company granted 100,000 stock options to an employee and a contractor of the Company with an exercise price of $1.96 per option exercisable for a period of 5 years vesting one-third immediately and one-third every year thereafter. In addition, 816,666 stock options were exercised for proceeds of $873,332 and 33,334 stock options expired unvested. b) In February 2018, the Company completed a public offering and private placement financing totalling 18,626,440 common shares of the Company at a price of $2.05 per share for gross proceeds totalling $38,184,202. The Company paid commissions of $2,091,136 related to this financing. c) In March 2018, the Company granted 2,439,256 stock options to certain officers, directors, employees and consultants of the Company with an exercise price of $2.11 per option exercisable for a period of 5 years vesting one-third immediately and one-third every year thereafter. In addition, the Company granted 567,110 restricted share units to certain officers and directors vesting one-third every year. Furthermore, 1,275,000 stock options were exercised for proceeds of $994,060. d) In March 2018, the Company exercised its NSR buy-down option on the mining lease agreement executed in November 2012 to reduce its NSR from 5% to 2% by making a lump-sum payment of US$3,500,000 to the lessee. |
Significant Accounting Polici25
Significant Accounting Policies and Basis of Preparation (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Significant Accounting Policies and Basis of Preparation [Abstract] | |
Statement of compliance | Statement of compliance |
Basis of presentation | Basis of presentation |
Basis of consolidation | Basis of consolidation |
Foreign currency translation | Foreign currency translation The Effects of Changes in Foreign Exchange Rates Transactions in currencies other than Canadian dollars are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated at the period end exchange rate while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in profit or loss. |
Use of estimates | Use of estimates Although management uses historical experience and its best knowledge of the amount, events or actions to form the basis for judgments and estimates, actual results may differ from these estimates. The most significant accounts that require estimates and judgements as the basis for determining the stated amounts include the recoverability of exploration and evaluation assets, determination of functional currency, valuation of the acquisition of an associated company, valuation of share-based compensation, recognition of deferred tax amounts and valuation of investments. Critical judgments exercised in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements are as follows: Economic recoverability and probability of future economic benefits of exploration and evaluation assets Management has determined that exploration, evaluation, and related costs incurred which were capitalized may have future economic benefits and may be economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefits including, geologic and other technical information, a history of conversion of mineral deposits with similar characteristics to its own properties to proven and probable mineral reserves, the quality and capacity of existing infrastructure facilities, evaluation of permitting and environmental issues and local support for the project. Determination of functional currency The Company determines the functional currency through an analysis of several indicators such as expenses and cash flow, financing activities, retention of operating cash flows, and frequency of transactions within the reporting entity. Valuation of the acquisition of an associated company The Company acquired a publicly-traded associated company in June 2017 (Note 6). The process for determining whether the acquisition was an asset purchase versus a business acquisition was performed and primary consideration was given to the exploration stage of mineral properties, among other items. Shares issued for the acquisition were valued on the issue date and the excess of overall acquisition costs over net assets acquired was attributed to the mineral properties acquired. Prior to June 2017, the Company held an investment in the associated company. To value the investment, management obtained financial information from the majority owner and adjusted the carrying value of the investment. The investment was subject to all estimates included in the financial information from the majority owner as well as estimates of impairment losses. Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustments are as follows: Valuation of share-based compensation The Company uses the Black-Scholes Option Pricing Model for valuation of share-based compensation. Option pricing models require the input of subjective assumptions including expected price volatility, risk-free interest rate, and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company’s earnings and equity reserves. Income taxes In assessing the probability of realizing income tax assets, management makes estimates related to expectation of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified. Valuation of investments To value the investments, management obtains publicly-available financial information to estimate the fair value of the investments. |
Exploration and evaluation assets | Exploration and evaluation assets Costs directly related to the acquisition and exploration of exploration and evaluation assets are capitalized once the legal rights to explore the exploration and evaluation assets are acquired or obtained. When the technical and commercial viability of a mineral resource has been demonstrated and a development decision has been made, the capitalized costs of the related property are first tested for impairment, then transferred to mining assets and depreciated using the units of production method on commencement of commercial production. If it is determined that capitalized acquisition, exploration and evaluation costs are not recoverable, or the property is abandoned or management has determined an impairment in value, the property is written down to its recoverable amount. Exploration and evaluation assets are reviewed for impairment when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. |
Restoration and environmental obligations | Restoration and environmental obligations The Company’s estimates of restoration costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to the related asset with a corresponding entry to the restoration provision. The Company’s estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates. Changes in the net present value, excluding changes in amount and timing of the Company’s estimates of reclamation costs, are charged to profit or loss for the period. The net present value of restoration costs arising from subsequent site damage that is incurred on an ongoing basis during production are charged to profit or loss in the period incurred. As at December 31, 2017 and 2016, there were no significant restoration and environmental obligations. |
Investments in associated company | Investments in associated company The Company assesses its equity investments for impairment at each reporting date if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the equity investment and that the event or events has an impact on the estimated future cash flow of the investment that can be reliably estimated. Objective evidence of impairment of equity investments includes: (i) significant financial difficulty of the associated companies; (ii) becoming probable that the associated companies will enter bankruptcy or other financial reorganization; or (iii) national or local economic conditions that correlate with defaults of the associated companies. If this is the case, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount in profit or loss. Upon loss of significant influence over the associated company, the Company measures and recognizes any remaining investment at its fair value. Any difference between the carrying amount of the associated company upon loss of significant influence and the fair value of the remaining investment and proceeds from disposal is recognized in profit or loss. |
Share-based compensation | Share-based compensation |
Financial instruments | Financial instruments Financial assets Fair value through profit or loss - Loans and receivables - Held-to-maturity investments Available-for-sale All financial assets except those measured at fair value through profit or loss are subject to review for impairment at least at each reporting date. Financial assets are impaired when there is objective evidence of impairment as a result of one or more events that have occurred after initial recognition of the asset and that event has an impact on the estimated future cash flows of the financial asset or the group of financial assets. Financial liabilities Fair value through profit or loss Other financial liabilities: As at December 31, 2017, the Company does not have any derivative financial liabilities. |
Property and equipment | Property and equipment Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any replaced parts is derecognized. All other repairs and maintenance are charged to profit or loss during the fiscal period in which they are incurred. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss. Depreciation is calculated using a straight-line method to write off the cost of the assets. The depreciation rates applicable to each category of property and equipment are as follows: Asset Basis Period and Rate Computers Declining-balance 55% Leasehold Improvements Straight-line Remaining lease term |
Income taxes | Income taxes Current income tax: Current income tax relating to items recognized directly in other comprehensive income (loss) or equity is recognized in other comprehensive income (loss) or equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred income tax: Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. |
Impairment of non-financial assets | Impairment of non-financial assets The recoverable amount of an asset is the greater of an asset’s fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount, however, not to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. |
Loss per share | Loss per share |
Standards issued or amended but not yet effective | Standards issued or amended but not yet effective IFRS 2 – Share Based Payments: the amendments eliminate the diversity in practice in the classification and measurement of particular share-based payment transactions which are narrow in scope and address specific areas of classification and measurement. It is effective for annual periods beginning on or after January 1, 2018, with early adoption permitted provided it is disclosed. The Company does not expect that the adoption of this standard will have a material effect on the Company’s consolidated financial statements. IFRS 9 – Financial Instruments: Applies to classification and measurement of financial assets and liabilities as defined in IAS 39. It is effective for annual periods beginning on or after January 1, 2018 with early adoption permitted. The Company does not expect that the adoption of this standard will have a significant effect on the Company’s disclosure requirements. IFRS 15 – Clarifications to IFRS 15 “Revenue from Contracts with Customers” issued. The amendments do not change the underlying principles of the standard, but simply clarify and offer some additional transition relief. The standard is effective for annual periods beginning on or after January 1, 2018. The Company does not expect that the adoption of this standard will have any effect on the Company’s consolidated financial statements. IFRIC 22 – Foreign Currency Transactions and Advance Consideration: addresses how to determine the ‘date of the transaction’ when applying IAS 21. It is effective for annual periods beginning on or after January 1, 2018 with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on the Company’s consolidated financial statements. IFRS 16 – Leases: On January 13, 2016, the IASB issued the final version of IFRS 16 Leases. The new standard will replace IAS 17 Leases and is effective for annual periods beginning on or after January 1, 2019. IFRS 16 eliminates the classification of leases as either operating leases or finance leases for a lessee. Instead, all leases are treated in a similar way to finance leases applying IAS 17. IFRS 16 does not require a lessee to recognize assets and liabilities for short-term leases (i.e. leases of 12 months or less) and leases of low-value assets. The Company is evaluating the effect of this standard on the Company’s consolidated financial statements. IFRIC 23 – Uncertainty Over Income Tax Treatments: clarifies how to apply the recognition and measurement requirements in IAS 12 when there is uncertainty over income tax treatments. It is effective for annual periods beginning on or after January 1, 2019 with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on the Company’s consolidated financial statements. |
Significant Accounting Polici26
Significant Accounting Policies and Basis of Preparation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Significant Accounting Policies and Basis of Preparation [Abstract] | |
Schedule of Depreciation Rates Applicable | Depreciation is calculated using a straight-line method to write off the cost of the assets. The depreciation rates applicable to each category of property and equipment are as follows: Asset Basis Period and Rate Computers Declining-balance 55% Leasehold Improvements Straight-line Remaining lease term |
Cash (Tables)
Cash (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cash [abstract] | |
Schedule of Cash | December 31, 2017 December 31, 2016 $ $ Cash at bank 18,312,333 53,290,859 Cash held in lawyers’ trust account 146,458 320,202 18,458,791 53,611,061 |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Prepaid Expenses [Abstract] | |
Schedule of Prepaid Expenses | December 31, 2017 December 31, 2016 $ $ Prepaid expenses 297,003 292,237 Deposits 22,600 10,493 319,603 302,730 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisition Tables | |
Schedule of Reconciliation of Investment | The following is a reconciliation of the Company’s investment in BMG prior to acquisition: $ Balance as at December 31, 2015 - Initial investment 3,668,502 Additional investment 2,691,714 Dilution loss in BMG (67,602 ) Equity loss in BMG (336,467 ) Impact of share-based payment in BMG 218,874 Balance as at December 31, 2016 6,175,021 Dilution loss in BMG (238,057 ) Equity loss in BMG (569,398 ) Impact of share-based payment in BMG 8,962 Value of investment prior to acquisition 5,376,528 |
Schedule of Assets and Liabilities of Assumed on Acquistion | The assets and liabilities of BMG assumed on acquisition were as follows: $ Cash 1,355,706 Receivables 51,246 Held for trading investments 578 Prepaid expenses 41,758 Exploration and evaluation assets 10,189,010 Reclamation bonds 33,150 Accounts payable and accrued liabilities (235,486 ) Loan payable (1,550,000 ) Net assets 9,885,962 |
Schedule of Consideration for Acquisition | The total consideration for the acquisition was as follows: $ Value of investment prior to acquisition 5,376,528 Cash paid 3,956,656 Value of shares issued 24,970,694 Transaction costs 561,959 Value of replacement stock options and warrants 576,506 35,442,343 Less: net assets (9,885,962 ) Excess consideration paid over the net assets of BMG 25,556,381 |
Exploration and Evaluation As30
Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Exploration and Evaluation Assets [Abstract] | |
Schedule of Expenditures for Exploration and Evaluation Assets | Expenditures for the fiscal year related to exploration and evaluation assets located in Nevada, USA were as follows: Railroad- Pinion Lewis Gold Total $ $ $ Balance as at December 31, 2015 74,682,974 - 74,682,974 Property acquisition and staking costs 27,502 - 27,502 Exploration expenses Claim maintenance fees 247,135 - 247,135 Consulting 2,312,531 - 2,312,531 Data analysis 421,754 - 421,754 Drilling 10,321,270 - 10,321,270 Environmental and permitting 8,221 - 8,221 Geological 722,911 - 722,911 Lease payments 1,292,287 - 1,292,287 Metallurgy 389,766 - 389,766 Sampling and processing 881,118 - 881,118 Site development and reclamation 842,111 - 842,111 Supplies 1,686,103 - 1,686,103 Travel 34,290 - 34,290 Vehicle 43,163 - 43,163 19,230,162 - 19,230,162 Balance as at December 31, 2016 93,913,136 - 93,913,136 Property acquisition and staking costs 253,744 35,745,391 35,999,135 Exploration expenses Claim maintenance fees 369,925 79,138 449,063 Consulting 2,361,902 234,684 2,596,586 Data analysis 498,200 22,482 520,682 Drilling 11,834,010 1,299,403 13,133,413 Environmental and permitting 275,885 4,648 280,533 Equipment rental 78,392 1,849 80,241 Geological 997,238 15,275 1,012,513 Lease payments 1,487,916 109,563 1,597,479 Metallurgy 909,757 - 909,757 Sampling and processing 1,141,491 28,386 1,169,877 Site development and reclamation 1,293,953 149,086 1,443,039 Supplies 1,278,358 2,722 1,281,080 Vehicle 49,341 - 49,341 22,830,112 37,692,627 60,522,739 Balance as at December 31, 2017 116,743,248 37,692,627 154,435,875 |
Schedule of Annual Lease Payments | During the period from January 2014 to February 2017, the Company entered into certain amendments to existing mining lease agreements to include additional mineral properties for additional annual lease payments. These leases are subject to total annual lease payments for the next 5 years in US$ as follows: Year US$ 2018 265,895 2019 269,789 2020 293,872 2021 31,150 2022 and onward - |
Schedule of Payment Requirements | Payment requirements from 2018 to 2022 under the above agreements are approximately as follows: Total Total Work Lease commitment payment Total US$ US$ US$ 2018 1,500,000 1,024,000 2,524,000 2019 1,300,000 1,067,000 2,367,000 2020 1,300,000 1,006,000 2,306,000 2021 1,300,000 755,000 2,055,000 2022 1,300,000 306,000 1,606,000 6,700,000 4,158,000 10,858,000 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property and Equipment | Leasehold improvements Computers Total $ $ $ Cost: At December 31, 2015 65,275 - 65,275 Additions 145,467 - 145,467 At December 31, 2016 210,742 - 210,742 Additions 288,581 29,482 318,063 At December 31, 2017 499,323 29,482 528,805 Depreciation: At December 31, 2015 65,275 - 65,275 Charge for the year 10,149 - 10,149 At December 31, 2016 75,424 - 75,424 Charge for the year 40,596 4,422 45,018 At December 31, 2017 116,020 4,422 120,442 Net book value: At December 31, 2016 135,318 - 135,318 At December 31, 2017 383,303 25,060 408,363 |
Accounts Payable and Accrued 32
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | December 31, 2017 December 31, 2016 $ $ Accounts payable 636,961 1,286,613 Accrued liabilities 1,005,138 216,081 1,642,099 1,502,694 |
Share Capital and Reserves (Tab
Share Capital and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of classes of share capital [line items] | |
Schedule of Stock Options Activities | A summary of stock options activities are as follows: Number of Weighted average options exercise price $ Outstanding at December 31, 2015 11,823,000 0.84 Granted 672,500 2.93 Expired (430,400 ) 1.28 Cancelled (100,000 ) 0.73 Exercised (3,777,161 ) 0.86 Outstanding at December 31, 2016 8,187,939 0.98 Granted 3,465,140 2.15 Expired (105,612 ) 2.57 Exercised (2,448,916 ) 0.92 Replacement options issued 153,089 1.67 Outstanding at December 31, 2017 9,251,640 1.43 |
Schedule of Fair Value of Options Granted Using Black-scholes Option Pricing Model | The fair value of options granted is estimated on the grant date using the Black-Scholes option pricing model using the following weighted average variables: For the year ended December 31, 2017 2016 Risk-free interest rate 1.53% 0.60% Expected option life in years 4.90 years 4.72 years Expected stock price volatility 70% 78% Expected dividend rate 0% 0% |
Schedule of Stock Options Outstanding and Exercisable | A summary of the stock options outstanding and exercisable at December 31, 2017 is as follows: Exercise Number Number Price Outstanding Exercisable Expiry Date $ 0.79* 1,287,000 1,287,000 March 18, 2018 0.76 787,000 787,000 May 23, 2018 2.12 84,600 84,600 August 1, 2018 0.77 745,000 745,000 September 12, 2019 0.73 2,350,000 2,350,000 November 27, 2020 2.14 110,000 110,000 June 21, 2021 3.16 507,500 507,500 September 29, 2021 2.24 325,000 325,000 June 1, 2022 2.12 2,455,540 818,513 August 1, 2022 2.25 600,000 200,000 September 12, 2022 9,251,640 7,214,613 * exercised subsequent to December 31, 2017 (Note 19) |
Warrant [Member] | |
Disclosure of classes of share capital [line items] | |
Schedule of Stock Options Activities | A summary of share purchase warrant activities are as follows: Number of Weighted average warrants exercise price $ Outstanding at December 31, 2015 7,594,248 1.00 Exercised (7,468,804 ) 1.00 Expired (125,444 ) 1.00 Outstanding at December 31, 2016 - - Replacement warrants issued 218,700 1.15 Exercised (218,700 ) 1.15 Outstanding at December 31, 2017 - - |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating segments [abstract] | |
Schedule of Geographic Information | The Company has one operating segment, being the acquisition and exploration of exploration and evaluation assets. Geographic information is as follows: As at December 31, 2017 Canada US Total $ $ $ Reclamation bonds - 1,248,817 1,248,817 Property and equipment 94,722 313,641 408,363 Exploration and evaluation assets - 154,435,875 154,435,875 94,722 155,998,333 156,093,055 As at December 31, 2016 Canada US Total $ $ $ Reclamation bonds - 977,718 977,718 Property and equipment 135,318 - 135,318 Exploration and evaluation assets - 93,913,136 93,913,136 135,318 94,890,854 95,026,172 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related party transactions [abstract] | |
Schedule of Key Management Personnel Compensation | The Company has determined that key management personnel consists of members of the Company’s Board of Directors and corporate officers, including the Company’s Chief Executive Officer and Chief Financial Officer. For the year ended December 31, 2017 2016 $ $ Management fees 1,750,691 1,609,555 Consulting fees - 30,570 Professional fees 187,000 - Exploration and evaluation assets expenditures 353,520 521,957 Wages and salaries 43,633 92,110 Share-based compensation 2,228,191 755,153 4,563,035 3,009,345 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Commitments [Abstract] | |
Schedule of Commitments for Office Leases | Summary of commitments for office leases: Vancouver Office Elko Office Total $ $ $ Payable not later than one year 72,586 132,977 205,563 Payable later than one year and not later than five years 98,144 514,345 612,489 Payable later than five years - - - Total 170,730 647,322 818,052 |
Supplementary Cash Flow Infor37
Supplementary Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Supplementary Cash Flow Information [Abstract] | |
Schedule of Non-cash Transactions | A summary of the non-cash transactions is as follows: For the year ended December 31, 2017 2016 $ $ Non-cash transactions Exploration and evaluation assets expenditures in accounts payable at year end 626,913 359,910 Acquisition of property and equipment in accounts payable at year end - 115,304 Share issuance costs in accounts payable at year end - 772,910 Shares issued for acquisition of exploration and evaluation assets 24,970,694 - Reclassification of cancelled stock options from reserves to deficit 227,836 44,397 Reclassification of expired stock options from reserves to deficit 183,406 463,218 Reclassification of stock options exercised from reserves to share capital 1,782,269 2,602,487 Shares issued for advance to associated company - 1,678,522 Settlement of accounts payable with issuance of shares - 600,000 Conversion of advance to equity investment - 2,691,714 Adjustment in investment in associated company - 218,874 Replacement options and warrants issued 576,506 - Reclassification of investment in associated company to exploration and evaluation assets 5,376,528 - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |
Schedule of Reconciliation of Combined Canadian Federal And Provincial Income Tax Rate | The reconciliation of the combined Canadian federal and provincial income tax rate to the income tax recovery presented in the accompanying statements of comprehensive loss is provided below: Years ended December 31, 2017 2016 $ $ Loss before income taxes (11,426,786 ) (9,465,128 ) Expected income tax recovery at statutory tax rates (2,971,000 ) (2,461,000 ) Impact of different statutory tax rates on earnings of subsidiaries (1,169,000 ) (156,000 ) Change in statutory, foreign tax rates and other 5,968,000 - Foreign exchange 2,390,000 1,108,000 Non-deductible expenditures 4,147,000 536,000 Share issuance costs - (892,000 ) Adjustment in prior years provision statutory tax returns and expiry of non-capital losses 56,000 188,000 Change in unrecognized deductible temporary differences and others (8,421,000 ) 1,677,000 Total - - |
Schedule of Components of Deferred Tax Assets | Significant components of deferred tax assets that have not been recognized are as follows: As of December 31, 2017 2016 $ $ Share issuance costs 900,000 1,245,000 Non-capital losses 9,489,000 11,398,000 Property and equipment 103,000 26,000 Exploration and evaluation assets 4,787,000 11,033,000 Total 15,279,000 23,702,000 |
Schedule of Unrecognized Deductible Temporary Differences and Unused Tax Losses | Significant components of unrecognized deductible temporary differences and unused tax losses that have not been recognized on the statements of financial position are as follows: As of December 31, 2017 Expiry dates 2016 Expiry dates $ $ Share issuance costs 3,335,000 2038 to 2040 4,788,000 2037 to 2040 Non-capital losses 40,845,000 2027 to 2037 37,363,000 2017 to 2036 Canadian eligible capital - No Expiry 1,000 No Expiry Property and equipment 385,000 No Expiry 93,000 No Expiry Exploration and evaluation assets 21,480,000 No Expiry 33,503,000 No Expiry |
Significant Accounting Polici39
Significant Accounting Policies and Basis of Preparation (Schedule of Depreciation Rates Applicable) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Computers [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Basis | Declining-balance |
Period and Rate | 55% |
Leasehold Improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Basis | Straight-line |
Period and Rate | Remaining lease term |
Significant Accounting Polici40
Significant Accounting Policies and Basis of Preparation (Details) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Significant Accounting Policies and Basis of Preparation [Abstract] | ||
Potentially dilutive options and warrants excluded from diluted loss per share | 9,251,640 | 8,187,939 |
Cash (Schedule of Cash) (Detail
Cash (Schedule of Cash) (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Cash [abstract] | ||
Cash at bank | $ 18,312,333 | $ 53,290,859 |
Cash held in lawyers' trust account | 146,458 | 320,202 |
Total Cash | $ 18,458,791 | $ 53,611,061 |
Prepaid Expenses (Schedule of P
Prepaid Expenses (Schedule of Prepaid Expenses) (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Prepaid Expenses [Abstract] | ||
Prepaid expenses | $ 297,003 | $ 292,237 |
Deposits | 22,600 | 10,493 |
Total current prepaid expenses | $ 319,603 | $ 302,730 |
Investments (Details)
Investments (Details) - CAD ($) | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of associates [line items] | |||
Amount of share acquired | $ 300,000 | ||
Unrealized gain | 8,457 | ||
Contact Gold Corp [Member] | |||
Disclosure of associates [line items] | |||
Number of shares acquired | 600,000 | ||
Amount of share acquired | $ 300,000 | ||
Fair value of investment | 306,000 | ||
Certain Marketable Securities [Member] | |||
Disclosure of associates [line items] | |||
Fair value of investment | 3,035 | ||
Unrealized gain | $ 8,457 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) | May 06, 2016$ / sharesshares | Jun. 30, 2017CAD ($)shares | Apr. 30, 2017$ / sharesshares | Aug. 30, 2016USD ($)shares | Aug. 30, 2016CAD ($)shares | Aug. 31, 2016 | Dec. 31, 2017CAD ($) | Dec. 31, 2016CAD ($)shares |
Disclosure of detailed information about business combination [line items] | ||||||||
Total subscription | $ 3,668,502 | |||||||
Cash paid | 1,197,598 | |||||||
Value of Common share | 68,087,433 | |||||||
Proceeds from exercise of warrants | 251,505 | 7,468,804 | ||||||
Loss on settlement of Advance | (184,406) | |||||||
BMG [Member] | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Acquired Units | shares | 10,481,435 | |||||||
Unit price | $ / shares | $ 0.35 | |||||||
Total subscription | $ 3,668,502 | |||||||
Per share price | $ / shares | $ 0.37 | $ 0.08 | ||||||
Percentage acquired of outstanding shares | 27.58% | |||||||
Royalty payment | $ 1,850,000 | |||||||
Cash paid | $ 1,197,598 | |||||||
Common share issued | shares | 9,352,320 | 532,864 | 532,864 | 885,468 | ||||
Value of Common share | $ 24,970,694 | $ 1,678,522 | $ 752,649 | |||||
Warrant exercised | shares | 5,240,717 | 5,240,717 | ||||||
Warrant exercised in lieu of common shares | shares | 5,240,717 | 5,240,717 | ||||||
Proceeds from exercise of warrants | $ 1,939,065 | |||||||
Number of common share acquired | shares | 5,240,717 | 0.1891 | 16,607,620 | |||||
Loss on settlement of Advance | $ 184,406 | |||||||
Market value of shares | $ 5,314,438 | |||||||
Payment for share acquired | $ 3,956,656 | |||||||
Value of replacement stock options and warrants | 576,506 | |||||||
Transaction costs | $ 561,959 | |||||||
BMG [Member] | USD [Member] | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Cash paid | $ 925,000 | |||||||
BMG [Member] | Bottom of range [Member] | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Reduce in percentage of royalty rate | 5.00% | |||||||
BMG [Member] | Top of range [Member] | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Reduce in percentage of royalty rate | 3.50% |
Acquisition (Schedule of Reconc
Acquisition (Schedule of Reconciliation of Investment) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about business combination [line items] | ||
Begining Balance | $ 6,175,021 | |
Initial investment | $ 3,668,502 | |
Equity loss in BMG | (807,455) | (404,069) |
Impact of share based payment in BMG | 8,962 | |
Value of investment prior to acquisition | 6,175,021 | |
BMG [Member] | ||
Disclosure of detailed information about business combination [line items] | ||
Begining Balance | 6,175,021 | |
Initial investment | 3,668,502 | |
Additional investment | 2,691,714 | |
Dilution loss in BMG | (238,057) | (67,602) |
Equity loss in BMG | (569,398) | (336,467) |
Impact of share based payment in BMG | 8,962 | 218,874 |
Value of investment prior to acquisition | $ 5,376,528 | $ 6,175,021 |
Acquisition (Schedule of Assets
Acquisition (Schedule of Assets and Liabilities of Assumed on Acquistion) (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about business combination [line items] | ||
Prepaid expenses | $ 319,603 | $ 302,730 |
Reclamation bonds | 1,248,817 | $ 977,718 |
BMG [Member] | ||
Disclosure of detailed information about business combination [line items] | ||
Cash | 1,355,706 | |
Receivables | 51,246 | |
Held for trading investments | 578 | |
Prepaid expenses | 41,758 | |
Exploration and evaluation assets | 10,189,010 | |
Reclamation bonds | 33,150 | |
Accounts payable and accrued liabilities | (235,486) | |
Loan payable | (1,550,000) | |
Net assets | $ 9,885,962 |
Acquisition (Schedule of consid
Acquisition (Schedule of consideration for the acquisition) (Details) - BMG [Member] | Dec. 31, 2017CAD ($) |
Disclosure of detailed information about business combination [line items] | |
Value of investment prior to acquisition | $ 5,376,528 |
Cash paid | 3,956,656 |
Value of shares issued | 24,970,694 |
Transaction costs | 561,959 |
Value of replacement stock options and warrants | 576,506 |
Gross consideration | 35,442,343 |
Less: net assets | (9,885,962) |
Excess consideration paid over the net assets of BMG | $ 25,556,381 |
Exploration and Evaluation As48
Exploration and Evaluation Assets (Railroad-Pinion Project) (Narrative) (Details) - CAD ($) | 1 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||
Jan. 31, 2019 | Mar. 31, 2017 | Jan. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | Jul. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Oct. 31, 2012 | Apr. 30, 2011 | Aug. 31, 2009 | May 31, 2012 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Annual lease payment | $ 4,158,000 | ||||||||||||||
Annual work commitment | 6,700,000 | ||||||||||||||
Value of Common share | $ 68,087,433 | ||||||||||||||
Newmont USA Limited [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Annual lease payment | $ 33,600 | $ 500,000 | |||||||||||||
Annual work commitment | $ 300,000 | ||||||||||||||
Tomera Mining Lease [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Net Smelter Royalty (NSR) | 5.00% | ||||||||||||||
Annual lease payment | 96,887 | 87,137 | |||||||||||||
Sylvania Mining Lease Agreement [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Net Smelter Royalty (NSR) | 5.00% | ||||||||||||||
Annual lease payment | $ 20,000 | ||||||||||||||
Lease expiring | December 2,021 | ||||||||||||||
RSM [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Net Smelter Royalty (NSR) | 1.00% | ||||||||||||||
Royal Standard Minerals, Inc | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Percentage of interest acquired | 100.00% | ||||||||||||||
Aladdin Sweepstakes Lease [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Amount of interest acquired | $ 2,965,000 | ||||||||||||||
Net Smelter Royalty (NSR) | 1.00% | ||||||||||||||
Kennecott Holdings Corporation [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Percentage of mineral production royalty payable | 1.50% | ||||||||||||||
Newmont USA Limited [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Percentage of interest acquired | 100.00% | ||||||||||||||
Net Smelter Royalty (NSR) | 5.00% | ||||||||||||||
Annual lease payment | $ 39,680 | 500,000 | |||||||||||||
Percentage of Claims (NSR) | 3.00% | ||||||||||||||
Percentage of Lease (NSR) | 1.00% | ||||||||||||||
Percentage of joint venture | 70.00% | ||||||||||||||
Newmont USA Limited [Member] | First Back [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Percentage of interest in lease | 51.00% | ||||||||||||||
Pecentage of expenditure | 150.00% | ||||||||||||||
Newmont USA Limited [Member] | Second Back [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Percentage of interest in lease | 19.00% | ||||||||||||||
Pecentage of expenditure | 100.00% | ||||||||||||||
Parent Company [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Percentage of joint venture | 30.00% | ||||||||||||||
Pinion Project [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Amount of interest acquired | $ 279,000 | ||||||||||||||
Net Smelter Royalty (NSR) | 3.50% | 3.00% | 4.00% | 4.00% | 5.00% | 4.00% | 5.00% | 3.00% | |||||||
Annual lease payment | $ 75,000 | $ 8,000 | $ 30,000 | $ 25,000 | $ 20,000 | $ 175,000 | $ 15,000 | $ 16,500 | |||||||
Percentage of interest in lease | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||
Percentage of Claims (NSR) | 100.00% | ||||||||||||||
Percentage of Lease (NSR) | 80.00% | ||||||||||||||
Lease term | 10 Years | 10 Years | 10 Years | 10 Years | 12 years | 10 Years | lease term of ten years with an option to extend the lease term for an additional ten years. | 10 Years | |||||||
Option to purchase property | $ 2,000,000 | $ 150,000 | $ 1,500,000 | $ 1,250,000 | $ 1,000,000 | $ 25,000,000 | $ 1,500,000 | $ 800,000 | |||||||
Initial amount paid | 75,000 | $ 1,000,000 | |||||||||||||
Percentage of annual lease payments increase each year | 5.00% | ||||||||||||||
Amount required to spend per year on exploration of lease term | $ 1,000,000 | ||||||||||||||
Percentage of buy-down option | 3.00% | ||||||||||||||
Percentage of initial amount credited towards purchase price | 70.00% | ||||||||||||||
Percentage of annual lease payment credited against furture NSR Payment | 70.00% | ||||||||||||||
Pinion Project [Member] | Six to Nine [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Net Smelter Royalty (NSR) | 4.00% | ||||||||||||||
Annual lease payment | 20,000 | $ 90,000 | 43,750 | 35,000 | 50,000 | 31,000 | |||||||||
Pinion Project [Member] | One through Six [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Option to purchase property | $ 3,500,000 | ||||||||||||||
Pinion Project [Member] | Seven through Twelve [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Option to purchase property | 7,000,000 | ||||||||||||||
Pinion Project [Member] | Second Back [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Annual lease payment | $ 50,000 | ||||||||||||||
Lease term | 10 Years | ||||||||||||||
Pinion Project [Member] | Additional Lease [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Annual lease payment | $ 75,000 | $ 25,000 | $ 100,000 | $ 62,500 | $ 500,000 | $ 75,000 | $ 31,000 | ||||||||
Lease term | 10 Years | 10 Years | 10 Years | 10 Years | 10 Years | 10 Years | 10 Years | ||||||||
Initial amount paid | $ 1,000,000 | ||||||||||||||
Percentage of annual lease payments increase each year | 5.00% | ||||||||||||||
Pinion Project [Member] | Surface Agreement [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Annual lease payment | $ 9,000 | $ 20,103 | |||||||||||||
Lease term | 10 Years | 10 Years | |||||||||||||
Option to purchase property | $ 8,934,640 | ||||||||||||||
Pinion Project [Member] | Buy-down option [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Option to purchase property | $ 150,000 | $ 1,000,000 | $ 2,000,000 | $ 2,000,000 | $ 1,100,000 | ||||||||||
Percentage of buy-down option | 1.00% | 1.00% | 2.00% | 2.00% | 1.00% | ||||||||||
Pinion Project [Member] | Buy-down option [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Option to purchase property | $ 250,000 | $ 1,500,000 | $ 1,000,000 | $ 1,500,000 | |||||||||||
Percentage of buy-down option | 1.00% | 1.00% | 1.00% | 1.00% | |||||||||||
Pinion Gold Deposit [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Amount of interest acquired | $ 8,500,000 | ||||||||||||||
Net Smelter Royalty (NSR) | 5.00% | ||||||||||||||
Annual lease payment | $ 47,931 | $ 49,090 | |||||||||||||
Common share issued | 6,750,000 | ||||||||||||||
Value of Common share | $ 4,807,500 | ||||||||||||||
Sale majority for cosideration | 100,000,000 | ||||||||||||||
Pinion Gold Deposit [Member] | Additional Cash Consideration [Member] | Bottom of range [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Amount of interest acquired | 1,500,000 | ||||||||||||||
Pinion Gold Deposit [Member] | Additional Cash Consideration [Member] | Top of range [Member] | |||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||||||||||||
Amount of interest acquired | $ 3,000,000 |
Exploration and Evaluation As49
Exploration and Evaluation Assets (Lewis Gold Project) (Narrative) (Details) - CAD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | Dec. 31, 2017 | |
BMG [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum annual royalty amount | $ 250,000 | $ 2,150,000 | |
BMG [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Percentage of interest acquired | 100.00% | ||
BMG [Member] | Gold and Silver [Member] | Bottom of range [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net Smelter Royalty (NSR) | 3.50% | ||
BMG [Member] | Gold and Silver [Member] | Top of range [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net Smelter Royalty (NSR) | 2.50% | ||
Lewis Gold Project [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Minimum annual royalty amount | $ 60,000 | ||
Lewis Gold Project [Member] | Gold and Silver [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net Smelter Royalty (NSR) | 3.50% | ||
Lewis Gold Project [Member] | Other Minerals[Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Net Smelter Royalty (NSR) | 4.00% |
Exploration and Evaluation As50
Exploration and Evaluation Assets (Schedule of Expenditures for Exploration and Evaluation Assets) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance Begining | $ 93,913,136 | $ 74,682,974 |
Property acquisition and staking costs | 35,999,135 | 27,502 |
Exploration expenses | ||
Claim maintenance fees | 449,063 | 247,135 |
Consulting | 2,596,586 | 2,312,531 |
Data analysis | 520,682 | 421,754 |
Drilling | 13,133,413 | 10,321,270 |
Environmental and permitting | 280,533 | 8,221 |
Geological | 80,241 | 722,911 |
Lease payments | 1,012,513 | 1,292,287 |
Metallurgy | 1,597,479 | 389,766 |
Sampling and processing | 909,757 | 881,118 |
Site development and reclamation | 1,169,877 | 842,111 |
Supplies | 1,443,039 | 1,686,103 |
Travel | 1,281,080 | 34,290 |
Vehicle | 49,341 | 43,163 |
Total Exploration expenses | 60,522,739 | 19,230,162 |
Balance Ending | 154,435,875 | 93,913,136 |
Railroad-Pinion [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance Begining | 93,913,136 | 74,682,974 |
Property acquisition and staking costs | 253,744 | 27,502 |
Exploration expenses | ||
Claim maintenance fees | 369,925 | 247,135 |
Consulting | 2,361,902 | 2,312,531 |
Data analysis | 498,200 | 421,754 |
Drilling | 11,834,010 | 10,321,270 |
Environmental and permitting | 275,885 | 8,221 |
Geological | 78,392 | 722,911 |
Lease payments | 997,238 | 1,292,287 |
Metallurgy | 1,487,916 | 389,766 |
Sampling and processing | 909,757 | 881,118 |
Site development and reclamation | 1,141,491 | 842,111 |
Supplies | 1,293,953 | 1,686,103 |
Travel | 1,278,358 | 34,290 |
Vehicle | 49,341 | 43,163 |
Total Exploration expenses | 22,830,112 | 19,230,162 |
Balance Ending | 116,743,248 | 93,913,136 |
Lewis Gold [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance Begining | ||
Property acquisition and staking costs | 35,745,391 | |
Exploration expenses | ||
Claim maintenance fees | 79,138 | |
Consulting | 234,684 | |
Data analysis | 22,482 | |
Drilling | 1,299,403 | |
Environmental and permitting | 4,648 | |
Geological | 1,849 | |
Lease payments | 15,275 | |
Metallurgy | 109,563 | |
Sampling and processing | ||
Site development and reclamation | 28,386 | |
Supplies | 149,086 | |
Travel | 2,722 | |
Vehicle | ||
Total Exploration expenses | 37,692,627 | |
Balance Ending | $ 37,692,627 |
Exploration and Evaluation As51
Exploration and Evaluation Assets (Schedule of Annual Lease Payments) (Details) | 12 Months Ended |
Dec. 31, 2017CAD ($) | |
2018 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Annual lease payments | $ 265,895 |
2019 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Annual lease payments | 269,789 |
2020 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Annual lease payments | 293,872 |
2021 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Annual lease payments | 31,150 |
2022 and onward [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Annual lease payments |
Exploration and Evaluation As52
Exploration and Evaluation Assets (Schedule of Payment Requirements ) (Details) | 12 Months Ended |
Dec. 31, 2017CAD ($) | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total work commitment | $ 6,700,000 |
Total Lease payment | 4,158,000 |
Total | 10,858,000 |
2018 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total work commitment | 1,500,000 |
Total Lease payment | 1,024,000 |
Total | 2,524,000 |
2019 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total work commitment | 1,300,000 |
Total Lease payment | 1,067,000 |
Total | 2,367,000 |
2020 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total work commitment | 1,300,000 |
Total Lease payment | 1,006,000 |
Total | 2,306,000 |
2021 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total work commitment | 1,300,000 |
Total Lease payment | 755,000 |
Total | 2,055,000 |
2022 and onward [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total work commitment | 1,300,000 |
Total Lease payment | 306,000 |
Total | $ 1,606,000 |
Reclamation Bonds (Details)
Reclamation Bonds (Details) | Dec. 31, 2017USD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CAD ($) |
Statement Line Items [Line Items] | ||||
Reclamation bonds | $ 1,248,817 | $ 977,718 | ||
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Reclamation bonds | $ 965,471 | $ 728,174 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property and Equipment) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | $ 135,318 | |
Ending Balance | 408,363 | $ 135,318 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 210,742 | 65,275 |
Additions | 318,063 | 145,467 |
Ending Balance | 528,805 | 210,742 |
Cost [Member] | Leasehold Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 210,742 | 65,275 |
Additions | 288,581 | 145,467 |
Ending Balance | 499,323 | 210,742 |
Cost [Member] | Computers [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | ||
Additions | 29,482 | |
Ending Balance | 29,482 | |
Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 75,424 | 65,275 |
Charge for the year | 45,018 | 10,149 |
Ending Balance | 120,442 | 75,424 |
Depreciation [Member] | Leasehold Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 75,424 | 65,275 |
Charge for the year | 40,596 | 10,149 |
Ending Balance | 116,020 | 75,424 |
Depreciation [Member] | Computers [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | ||
Charge for the year | 4,422 | |
Ending Balance | 4,422 | |
Net Book Value [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 135,318 | |
Ending Balance | 408,363 | 135,318 |
Net Book Value [Member] | Leasehold Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 135,318 | |
Ending Balance | 383,303 | 135,318 |
Net Book Value [Member] | Computers [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | ||
Ending Balance | $ 25,060 |
Accounts Payable and Accrued 55
Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable | $ 636,961 | $ 1,286,613 |
Accrued liabilities | 1,005,138 | 216,081 |
Total accounts payable and accrued liabilities | $ 1,642,099 | $ 1,502,694 |
Share Capital and Reserves (Nar
Share Capital and Reserves (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||
Jul. 31, 2017CAD ($)shares | Jun. 30, 2017CAD ($)shares | Oct. 31, 2016CAD ($)$ / sharesshares | Aug. 31, 2016CAD ($)$ / sharesshares | Feb. 28, 2016CAD ($)$ / sharesshares | Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($)shares | |
Disclosure of classes of share capital [line items] | |||||||
Proceeds from common share | $ 68,087,433 | ||||||
Proceeds from Warrants exercise | $ 251,505 | $ 7,468,804 | |||||
Risk-free rate | 1.53% | 0.60% | |||||
Volatility | 70.00% | 78.00% | |||||
Stock option, granted | shares | 3,465,140 | 672,500 | |||||
Weighted average exercise price | $ 0.92 | $ 0.86 | |||||
Stock option, Exercise | shares | (2,448,916) | (3,777,161) | |||||
Proceeds from Stock options | $ 2,245,788 | $ 3,259,700 | |||||
Stock option, Expired | shares | (105,612) | (430,400) | |||||
Stock option, Cancelled | shares | (100,000) | ||||||
Replacement option issued | shares | 153,089 | ||||||
Private Placement [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Common share issued | shares | 12,036,436 | 29,931,931 | |||||
Price per share | $ / shares | $ 3.17 | $ 1 | |||||
Proceeds from common share | $ 36,349,109 | $ 28,308,914 | |||||
Net of cash commissions and expenses | $ 1,806,393 | $ 1,623,017 | |||||
BMG [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Common share issued | shares | 218,700 | 9,352,320 | 532,864 | ||||
Price per share | $ / shares | $ 3.15 | ||||||
Proceeds from common share | $ 24,970,694 | $ 1,678,522 | |||||
Proceeds from Warrants exercise | $ 251,505 | ||||||
Replacement warrants issued | shares | 218,700 | 218,700 | |||||
Replacement warrants value | $ 332,551 | ||||||
Risk-free rate | 0.56% | ||||||
Forfeiture rate | 0.00% | ||||||
Volatility | 52.00% | ||||||
Fair value of warrants | $ 332,551 | ||||||
Weighted average exercise price | $ 1.67 | ||||||
Fair value of stock options | $ 243,955 | ||||||
Replacement option issued | shares | 153,089 | ||||||
Warrant [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Common share issued | shares | 7,468,804 | ||||||
Exercise of warrants | shares | 7,468,804 | ||||||
Proceeds from Warrants exercise | $ 7,468,804 | ||||||
Warrants Expired | 125,444 | ||||||
Replacement warrants issued | shares | 218,700 | ||||||
Weighted average exercise price | $ 1.15 | $ 1 | |||||
Stock option, Exercise | shares | (218,700) | (7,468,804) | |||||
Stock option, Expired | shares | (125,444) | ||||||
Stock Option [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Common share issued | shares | 2,448,916 | 3,777,161 | |||||
Stock option, granted | shares | 3,465,140 | 672,500 | |||||
Weighted average exercise price | $ 2.93 | ||||||
Fair value of option | 1,324,521 | ||||||
Stock price per option | $ 1.97 | ||||||
Stock option, Exercise | shares | 2,448,916 | 3,777,161 | |||||
Proceeds from Stock options | $ 2,245,788 | $ 3,259,700 | |||||
Fair value of stock options | $ 1,782,269 | $ 2,602,487 | |||||
Stock option, Expired | shares | 105,612 | 430,400 | |||||
Stock option, Cancelled | shares | 100,000 | ||||||
Fair value transferred from reserves to deficit | $ 183,406 | $ 507,615 | |||||
Replacement option issued | shares | 87,477 | ||||||
Replacement option Expired | shares | 65,612 | ||||||
Stock Option One [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Stock option, granted | shares | 325,000 | ||||||
Weighted average exercise price | $ 2.24 | ||||||
Stock price per option | 1.29 | ||||||
Fair value of stock options | $ 420,329 | ||||||
Stock Option Two [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Stock option, granted | shares | 2,455,540 | ||||||
Weighted average exercise price | $ 2.12 | ||||||
Stock price per option | 1.23 | ||||||
Fair value of stock options | 3,010,246 | ||||||
Stock option expense | $ 2,287,670 | ||||||
Stock Option Three [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Stock option, granted | shares | 84,600 | ||||||
Weighted average exercise price | $ 2.12 | ||||||
Stock price per option | 0.56 | ||||||
Fair value of stock options | $ 47,672 | ||||||
Stock Option Four [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Stock option, granted | shares | 600,000 | ||||||
Weighted average exercise price | $ 2.25 | ||||||
Stock price per option | 1.31 | ||||||
Fair value of stock options | 786,240 | ||||||
Stock option expense | $ 380,554 | ||||||
RestrictedShareUnit (RSU) [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Common Stock reserved for issue | shares | 5,000,000 |
Share Capital and Reserves (Sch
Share Capital and Reserves (Schedule of Share Purchase Warrant Activities) (Details) | 12 Months Ended | |
Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at December 31, 2017 | 8,187,939 | 11,823,000 |
Exercised | (2,448,916) | (3,777,161) |
Expired | (105,612) | (430,400) |
Outstanding at December 31, 2017 | 9,251,640 | 8,187,939 |
Weighted average exercise price outstanding at December 31, 2017 | $ | $ 0.98 | $ 0.84 |
Exercised | $ | 0.92 | 0.86 |
Expired | $ | 2.57 | 1.28 |
Weighted average exercise price outstanding at December 31, 2017 | $ | $ 1.43 | $ 0.98 |
Warrant [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at December 31, 2017 | 7,594,248 | |
Exercised | (218,700) | (7,468,804) |
Expired | (125,444) | |
Replacement warrants issued | 218,700 | |
Outstanding at December 31, 2017 | ||
Weighted average exercise price outstanding at December 31, 2017 | $ | $ 1 | |
Exercised | $ | 1.15 | 1 |
Expired | $ | 1.15 | 1 |
Weighted average exercise price outstanding at December 31, 2017 | $ |
Share Capital and Reserves (S58
Share Capital and Reserves (Schedule of Fair Value of Options Granted Using Black-scholes Option Pricing Model) (Details) - yr | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of classes of share capital [abstract] | ||
Risk-free interest rate | 1.53% | 0.60% |
Expected option life in years | 4.90 | 4.72 |
Expected stock price volatility | 70.00% | 78.00% |
Expected dividend rate | 0.00% | 0.00% |
Share Capital and Reserves (S59
Share Capital and Reserves (Schedule of Stock Options Activities) (Details) | 12 Months Ended | |
Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($)shares | |
Disclosure of classes of share capital [abstract] | ||
Outstanding at December 31, 2017 | shares | 8,187,939 | 11,823,000 |
Granted | shares | 3,465,140 | 672,500 |
Expired | shares | (105,612) | (430,400) |
Cancelled | shares | (100,000) | |
Exercised | shares | (2,448,916) | (3,777,161) |
Replacement Option issued | shares | 153,089 | |
Outstanding at December 31, 2017 | shares | 9,251,640 | 8,187,939 |
Weighted average exercise price outstanding at December 31, 2017 | $ | $ 0.98 | $ 0.84 |
Granted | $ | 2.15 | 2.93 |
Expired | $ | 2.57 | 1.28 |
Cancelled | $ | 0.73 | |
Exercised | $ | 0.92 | 0.86 |
Replacement Option issued | $ | 1.67 | |
Weighted average exercise price outstanding at December 31, 2017 | $ | $ 1.43 | $ 0.98 |
Share Capital and Reserves (S60
Share Capital and Reserves (Schedule of Stock Options Outstanding and Exercisable) (Details) | 12 Months Ended | |||
Dec. 31, 2017CAD ($)shares | Dec. 31, 2016shares | Dec. 31, 2015shares | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number outstanding | 9,251,640 | 8,187,939 | 11,823,000 | |
Number Exercisable | 7,214,613 | |||
0.79 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ | [1] | $ 0.79 | ||
Number outstanding | 1,287,000 | |||
Number Exercisable | 1,287,000 | |||
Expiry Date | March 18, 2018 | |||
0.76 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ | $ 0.76 | |||
Number outstanding | 787,000 | |||
Number Exercisable | 787,000 | |||
Expiry Date | May 23, 2018 | |||
2.12 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ | $ 2.12 | |||
Number outstanding | 84,600 | |||
Number Exercisable | 84,600 | |||
Expiry Date | August 1, 2018 | |||
0.77 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ | $ 0.77 | |||
Number outstanding | 745,000 | |||
Number Exercisable | 745,000 | |||
Expiry Date | September 12, 2019 | |||
0.73 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ | $ 0.73 | |||
Number outstanding | 2,350,000 | |||
Number Exercisable | 2,350,000 | |||
Expiry Date | November 27, 2020 | |||
2.14 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ | $ 2.14 | |||
Number outstanding | 110,000 | |||
Number Exercisable | 110,000 | |||
Expiry Date | June 21, 2021 | |||
3.16 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ | $ 3.16 | |||
Number outstanding | 507,500 | |||
Number Exercisable | 507,500 | |||
Expiry Date | September 29, 2021 | |||
2.24 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ | $ 2.24 | |||
Number outstanding | 325,000 | |||
Number Exercisable | 325,000 | |||
Expiry Date | June 1, 2022 | |||
2.12 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ | $ 2.12 | |||
Number outstanding | 2,455,540 | |||
Number Exercisable | 818,513 | |||
Expiry Date | August 1, 2022 | |||
2.25 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ | $ 2.25 | |||
Number outstanding | 600,000 | |||
Number Exercisable | 200,000 | |||
Expiry Date | September 12, 2022 | |||
[1] | exercised subsequent to December 31, 2017 (Note 19) |
Segmented Information (Schedule
Segmented Information (Schedule of Geographic Information) (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of geographical areas [line items] | |||
Reclamation bonds | $ 1,248,817 | $ 977,718 | |
Property and equipment | 408,363 | 135,318 | |
Exploration and evaluation assets | 154,435,875 | 93,913,136 | $ 74,682,974 |
Total acquisition and exploration of exploration and evaluation assets | 156,093,055 | 95,026,172 | |
Canada [Member] | |||
Disclosure of geographical areas [line items] | |||
Reclamation bonds | |||
Property and equipment | 94,722 | 135,318 | |
Exploration and evaluation assets | |||
Total acquisition and exploration of exploration and evaluation assets | 94,722 | 135,318 | |
US [Member] | |||
Disclosure of geographical areas [line items] | |||
Reclamation bonds | 1,248,817 | 977,718 | |
Property and equipment | 313,641 | ||
Exploration and evaluation assets | 154,435,875 | 93,913,136 | |
Total acquisition and exploration of exploration and evaluation assets | $ 155,998,333 | $ 94,890,854 |
Related Party Transactions (Nar
Related Party Transactions (Narriative) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses | $ 297,003 | $ 292,237 |
Directors [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable and accrued liabilities | 640,573 | 2,281 |
Prepaid expenses | 7,000 | |
Termination payment | 384,902 | |
Rent received | $ 4,500 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Key Management Personnel Compensation) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | ||
Management fees | $ 1,750,691 | $ 1,609,555 |
Consulting fees | 555,765 | 1,563,836 |
Professional fees | 997,809 | 701,681 |
Exploration and evaluation assets expenditures | 60,522,739 | 19,230,162 |
Wages and salaries | 390,694 | 498,804 |
Key Management Personnel [Memeber] | ||
Disclosure of transactions between related parties [line items] | ||
Management fees | 1,750,691 | 1,609,555 |
Consulting fees | 30,570 | |
Professional fees | 187,000 | |
Exploration and evaluation assets expenditures | 353,520 | 521,957 |
Wages and salaries | 43,633 | 92,110 |
Share-based compensation | 2,228,191 | 755,153 |
Total of key management personnel compensation | $ 4,563,035 | $ 3,009,345 |
Financial Instruments and Ris64
Financial Instruments and Risk Management (Details) | 12 Months Ended |
Dec. 31, 2017CAD ($) | |
Disclosure of detailed information about financial instruments [abstract] | |
Foreign currency net monetary asset position | $ 4,823,000 |
Each 1% change in US dollar to Canadian dollar foreign exchange gain/loss | $ 48,200 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017CAD ($) | |
Directors [Member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum monthly payments | $ 50,750 | ||
USD [Member] | Employees [Member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum monthly payments | $ 34,517 | ||
USD [Member] | Officers [Member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum monthly payments | $ 19,167 | ||
Vancouver Office [Member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum monthly payments | $ 6,000 | ||
Lease Expired | April 30, 2020 | April 30, 2020 | |
Eiko Office [Member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Lease Expired | August 28, 2022 | ||
Option to purchase property | $ 1,100,000 | ||
Eiko Office [Member] | USD [Member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum monthly payments | $ 8,000 | $ 10,000 | |
Eiko Office [Member] | USD [Member] | Renovation [Member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum monthly payments | $ 12,000 |
Commitments (Schedule of Commit
Commitments (Schedule of Commitments for Office Leases) (Details) | Dec. 31, 2017CAD ($) |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitment for lease | $ 818,052 |
2018 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitment for lease | 205,563 |
Payable later than one year and not later than five years [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitment for lease | 612,489 |
Payable later than five years [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitment for lease | |
Vancouver Office [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitment for lease | 170,730 |
Vancouver Office [Member] | 2018 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitment for lease | 72,586 |
Vancouver Office [Member] | Payable later than one year and not later than five years [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitment for lease | 98,144 |
Vancouver Office [Member] | Payable later than five years [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitment for lease | |
Eiko Office [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitment for lease | 647,322 |
Eiko Office [Member] | 2018 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitment for lease | 132,977 |
Eiko Office [Member] | Payable later than one year and not later than five years [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitment for lease | 514,345 |
Eiko Office [Member] | Payable later than five years [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitment for lease |
Supplementary Cash Flow Infor67
Supplementary Cash Flow Information (Schedule of Non-cash Transactions) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Non-cash transactions | ||
Exploration and evaluation assets expenditures in accounts payable at year end | $ 626,913 | $ 359,910 |
Acquisition of property and equipment in accounts payable at year end | 115,304 | |
Share issuance costs in accounts payable at year end | 772,910 | |
Shares issued for acquisition of exploration and evaluation assets | 24,970,694 | |
Reclassification of cancelled stock options from reserves to deficit | 227,836 | 44,397 |
Reclassification of expired stock options from reserves to deficit | 183,406 | 463,218 |
Reclassification of stock options exercised from reserves to share capital | 1,782,269 | 2,602,487 |
Shares issued for advance to associated company | 1,678,522 | |
Settlement of accounts payable with issuance of shares | 600,000 | |
Conversion of advance to equity investment | 2,691,714 | |
Adjustment in investment in associated company | 218,874 | |
Replacement options and warrants issued | 576,506 | |
Reclassification of investment in associated company to exploration and evaluation assets | $ 5,376,528 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Combined Canadian Federal And Provincial Income Tax Rate) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Major components of tax expense (income) [abstract] | ||
Loss before income taxes | $ (11,426,786) | $ (9,465,128) |
Expected income tax recovery at statutory tax rates | (2,971,000) | (2,461,000) |
Impact of different statutory tax rates on earnings of subsidiaries | (1,169,000) | (156,000) |
Change in statutory, foreign tax rates and other | 5,968,000 | |
Foreign exchange | 2,390,000 | 1,108,000 |
Non-deductible expenditures | 4,147,000 | 536,000 |
Share issuance costs | (892,000) | |
Adjustment in prior years provision statutory tax returns and expiry of non-capital losses | 56,000 | 188,000 |
Change in unrecognized deductible temporary differences and others | (8,421,000) | 1,677,000 |
Total |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Deferred Tax Assets) (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 15,279,000 | $ 23,702,000 |
Share issuance costs [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 900,000 | 1,245,000 |
Non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 9,489,000 | 11,398,000 |
Property and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 103,000 | 26,000 |
Exploration and evaluation assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 4,787,000 | $ 11,033,000 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Deductible Temporary Differences and Unused Tax Losses) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share issuance costs [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences and unused tax losses | $ 3,335,000 | $ 4,788,000 |
Expiry date | 2038 to 2040 | 2037 to 2040 |
Non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences and unused tax losses | $ 40,845,000 | $ 37,363,000 |
Expiry date | 2027 to 2037 | 2017 to 2036 |
Canadian eligible capital [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences and unused tax losses | $ 1,000 | |
Expiry date | No Expiry | No Expiry |
Property and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences and unused tax losses | $ 385,000 | $ 93,000 |
Expiry date | No Expiry | No Expiry |
Exploration and evaluation assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences and unused tax losses | $ 21,480,000 | $ 33,503,000 |
Expiry date | No Expiry | No Expiry |
Subsequent Event (Details)
Subsequent Event (Details) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2018CAD ($)shares | Feb. 28, 2018CAD ($)$ / sharesshares | Jan. 31, 2018CAD ($)shares | Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($)shares | |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Restricted share unit | shares | 3,465,140 | 672,500 | |||
Share option, exercised | shares | (2,448,916) | (3,777,161) | |||
Proceeds from exercise of option | $ | $ 2,245,788 | $ 2,659,700 | |||
Stock option expired unvested | shares | (105,612) | (430,400) | |||
Proceeds from share issuances | $ | $ 68,087,433 | ||||
Lease payment | $ | $ 4,158,000 | ||||
Employee [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Restricted share unit | shares | 100,000 | ||||
Exercise price | $ | $ 1.96 | ||||
Option term | 5 years | ||||
Share option, exercised | shares | 816,666 | ||||
Proceeds from exercise of option | $ | $ 873,332 | ||||
Stock option expired unvested | shares | 33,334 | ||||
Public offering and private placement [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Common shares issued | shares | 18,626,440 | ||||
Per share price | $ / shares | $ 2.05 | ||||
Proceeds from share issuances | $ | $ 38,184,202 | ||||
Commission paid for financing | $ | $ 2,091,136 | ||||
Officers, directors, employees and consultants [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Restricted share unit | shares | 2,439,256 | ||||
Exercise price | $ | $ 2.11 | ||||
Option term | 5 years | ||||
Share option, exercised | shares | 1,275,000 | ||||
Proceeds from exercise of option | $ | $ 994,060 | ||||
RestrictedShareUnit (RSU) [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Restricted share unit | shares | 567,110 | ||||
Buy-down option [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Lease payment | $ | $ 3,500,000 | ||||
Buy-down option [Member] | Bottom of range [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Net Smelter Royalty (NSR) | 5.00% | ||||
Buy-down option [Member] | Top of range [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Net Smelter Royalty (NSR) | 2.00% |