Star Gold (SRGZ) 10-Q 17 Mar 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Jan. 31, 2015	Mar. 14, 2015
Document And Entity Information
Entity Registrant Name	Star Gold Corp.
Entity Central Index Key	1401835
Document Type	10-Q
Document Period End Date	31-Jan-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-26
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	Yes
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		36,595,726
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2015

Balance_Sheets_Unaudited

Balance Sheets (Unaudited) (USD $)	Jan. 31, 2015	Apr. 30, 2014
Statement of Financial Position [Abstract]
Cash and cash equivalents	$32,011	$542,757
Prepaid expenses	5,795	31,549
TOTAL CURRENT ASSETS	37,806	574,306
EQUIPMENT AND MINING INTERESTS, net (NOTE 4)	496,374	432,811
RESTRICTED CASH	21,600	21,600
TOTAL ASSETS	555,780	1,028,717
CURRENT LIABILITIES:
Accounts payable	20,683	39,734
Other accrued liabilities	5,489	7,396
TOTAL CURRENT LIABILITIES	26,172	47,130
TOTAL LIABILITIES	26,172	47,130
STOCKHOLDERS' EQUITY
Preferred Stock, $.001 par value; 10,000,000 shares authorized, none issued and outstanding
Common Stock, $.001 par value; 300,000,000 shares authorized; 36,595,726 and 34,981,326 shares issued and outstanding, respectively	$36,596	$34,981
Additional paid-in capital	9,112,639	8,670,797
Accumulated deficit	-8,619,627	-7,724,191
TOTAL STOCKHOLDERS' EQUITY	529,608	981,587
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$555,780	$1,028,717

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical)	Jan. 31, 2015	Apr. 30, 2014
Statement of Financial Position [Abstract]
Preferred Stock, $.001 par value, shares authorized	10,000,000	10,000,000
Preferred Stock, $.001 par value, shares issued and outstanding	0	0
Common Stock, $.001 par value, shares authorized	300,000,000	300,000,000
Common Stock, $.001 par value, shares issued and oustanding	36,595,726	34,981,326

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Income Statement [Abstract]
Mineral exploration expense	$134,648	$98,193	$340,579	$614,489
Legal and professional fees	16,795	20,994	132,862	129,254
Management and administrative	116,514	176,462	417,654	445,514
Depreciation	1,478	1,479	4,436	4,437
Directors fees				750
TOTAL OPERATING EXPENSES	269,435	297,128	895,531	1,194,444
LOSS FROM OPERATIONS	-269,435	-297,128	-895,531	-1,194,444
Interest income (expense)	40	347	95	609
TOTAL OTHER INCOME (EXPENSE)	40	347	95	609
NET LOSS BEFORE INCOME TAXES	-269,395	-296,781	-895,436	-1,193,835
Provision for income taxes
NET LOSS	($269,395)	($296,781)	($895,436)	($1,193,835)
Basic and diluted loss per share	($0.01)	($0.01)	($0.02)	($0.04)
Basic and diluted weighted average number shares outstanding	36,595,726	35,036,326	36,069,291	32,517,857

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Statement of Cash Flows [Abstract]
CASH FLOWS FROM OPERATING ACTIVITIES:	($906,581)	($919,971)
Net loss	-895,436	-1,193,835
Adjustments to reconcile net loss to cash used by operating activities
Common stock issued in consideration of services		8,250
Stock based compensation		179,105
Depreciation	4,436	4,437
Prepaid expenses	31,549	64,812
Accounts payable	-39,734	22,069
Other accrued liabilities	-7,396	-4,809
Net cash used by operating activities	-906,581	-919,971
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for mining interests	-9,000	-44,000
Net cash used by investing activities	-9,000	-44,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of stock and warrants	336,412	1,414,800
Collection of receivable from sale of stock
Net cash provided by financing activities	336,412	1,414,800
Net increase in cash and cash equivalents	-579,169	450,829
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	542,757	353,571
CASH AND CASH EQUIVALENTS AT END OF YEAR	-36,412	804,400
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Options to purchase common stock issued for mining interests		5,000
Common stock payable/issued for mining interests		$5,000

Nature_of_Operations

Nature of Operations	9 Months Ended
	Jan. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	NOTE 1 - NATURE OF OPERATIONS
	Star Gold Corp. (the "Company") was initially incorporated as Elan Development, Inc., in the State of Nevada on December 8, 2006. The Company was originally organized to explore mineral properties in British Columbia, Canada but the Company is currently focusing on gold, silver and other base metal-bearing properties in Nevada.
	The financial statement represents those of an exploration stage company whose main focus is in the exploration of gold bearing properties. The Company's main business consists of assembling and/or acquiring land packages and mining claims the Company believes have potential mining reserves, and expending capital to explore these claims by drilling, geophysical work or other exploration work deemed necessary. The business is a high risk business as there is no guarantee that the Company's exploration work will ultimately discover or produce any economically viable minerals.

Significant_Accounting_Policie

Significant Accounting Policies	9 Months Ended
	Jan. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. The accompanying unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of our management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the nine month period ended January 31, 2015 are not necessarily indicative of the results that may be expected for the full year ending April 30, 2015.  All amounts presented are in U.S. dollars.  For further information refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended April 30, 2014.
	Going Concern
	As shown in the accompanying consolidated financial statements, the Company has incurred operating losses since inception. As of January 31, 2015, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows. As shown in the accompanying balance sheets and statements of operations, the Company has an accumulated deficit of $8,619,627, and as of that date the Company's working capital was down to $11,634. Achievement of the Company's objectives will be dependent upon the ability to obtain additional financing, to locate profitable energy properties and generate revenue from current and planned business operations, and control costs. The Company plans to fund its future operations by joint venturing, obtaining additional financing from investors, and/or lenders, and attaining additional commercial production. However, there is no assurance that the Company will be able to achieve these objectives, therefore substantial doubt about its ability to continue as a going concern exists. The financial statements do not include adjustments relating to the recoverability of recorded assets nor the implications of associated bankruptcy costs should the Company be unable to continue as a going concern. In the event the Company is unable to fulfill the annual exploration expenditures as provided for in each respective Property Option Agreement (Note 4), the Company will default on the agreement(s) and surrender its right to future claims on the respective property.
	Use of Estimates
	The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to asset impairments and stock option valuation. Actual results could differ from these estimates and assumptions and could have a material effect on the Company’s reported financial position and results of operations.
	New Accounting Pronouncement
	In August 2014, the FASB issued ASU No. 2014-15—Presentation of Financial Statements—Going Concern. The guidance requires an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). If conditions or events exist that raise substantial doubt about an entity’s ability to continue as a going concern, the guidance requires disclosure in the financial statements. The guidance will be effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter.  Early application is permitted.  The Company is currently evaluating the new standard and its impact on the Company’s consolidated financial statements.
	Cash and Cash Equivalents
	For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents.
	Restricted Cash
	Restricted cash represents collateral for bonds held for exploration permits.
	Fair Value Measures
	ASC Topic 820 "Fair Value Measurements and Disclosures" ("ASC 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:
	Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
		Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
		Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
	Mining Interests and Mineral Exploration Expenditures
	Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations.
	Equipment
	Equipment is stated at cost. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years.  Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses.
	Reclamation and Remediation
	The Company's operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset.
	Impaired Asset Policy
	The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable, pursuant to guidance established in ASC Topic 360, "Accounting for the Impairment or Disposal of Long-lived Assets". The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value.
	Stock-based Compensation
	The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten year maximum term and varying vesting periods as determined by the Board. The value of common stock awards is determined based on the closing price of the Company’s stock on the date of the award.
	Loss Per Share
	Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and warrants.
	The dilutive effect of outstanding securities for the three months and nine months ended January 31, 2015 and 2014, would be as follows:
		31-Jan-15	31-Jan-14
	Stock options	3,597,000	3,222,000
	Warrants	1,614,400	3,929,548
	Total Possible Dilution	5,211,400	7,151,548
	At January 31, 2015 and 2014, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive.
	Income Taxes
	The Company recognizes provision for income tax using the liability method. Deferred income tax liabilities or assets at the end of each period are determined using the tax rates expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized.

Prepaid_Expenses

Prepaid Expenses	9 Months Ended
	Jan. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses	NOTE 3– PREPAID EXPENSES
	The following is a summary of the Company’s prepaid expenses at January 31, 2015 and April 30, 2014:
		31-Jan-15	30-Apr-14
	Exploration expense	$                    25,000	$                           -
	Directors and officers liability insurance	14,817	31,549
	Total prepaid expenses	$                    39,817	$                    31,549

Equipment_and_Mining_Expenses

Equipment and Mining Expenses	9 Months Ended
	Jan. 31, 2015
Extractive Industries [Abstract]
Equipment and Mining Expenses	NOTE 4 – EQUIPMENT AND MINING INTERESTS
	The following is a summary of the Company's equipment and mining interests at January 31, 2015 and April 30, 2014, respectively:
		31-Jan-15		30-Apr-14
	Equipment	$                        -		$              28,992
	Less accumulated depreciation	-		(13,181)
	Equipment, net of accumulated depreciation	-		15,811
	Mining interests	-		417,000
	Total	$                        -		$            432,811
	The Longstreet Property
	On December 10, 2014, the Longstreet Property Option Agreement was amended revising the required expenditures and annual stock option obligation. The schedule of remaining annual payments, minimum expenditures and number of stock options to be issued pursuant to the amended Longstreet Property Option Agreement is as follows:
			Required expenditure		Payment to optioner	Annual stock option obligation
	15-Jan-16		100,000		56,000	25,000
	15-Jan-17		150,000		56,000	25,000
	15-Jan-18		300,000		40,000	40,000
	15-Jan-19		500,000		45,000	45,000
	15-Jan-20		700,000		50,000	50,000
	Total		$          1,750,000		$             247,000	185,000
	Under terms of the agreement, during the year ended April 30, 2014, the Company paid $39,000, issued 25,000 shares of common stock with fair value of $5,000 based on the price of common stock on the date of issuance, and issued options to purchase 25,000 shares of common stock with fair value of $5,000 (Note 6). For the nine months ended January 31, 2015, the Company paid $56,000 and issued options to purchase 25,000 shares of common stock with fair value of $3,000 (Note 6). The Company also paid $9,000 of capitalized mineral claims on the Longstreet property during the nine months ended January 31, 2015.
	Through January 15, 2015 (the “Measurement Date), the Company has incurred eligible exploration expenditures per the terms of the agreement of $1,936,216 compared to a cumulative required exploration expenditure through the same date of $1,800,000, creating a surplus of $136,216 as of the Measurement Date.
	Excalibur Property
	On August 21, 2014, the Excalibur Property Option Agreement was amended revising the payment date of the final required expenditure from October 31, 2014 to October 31, 2015.
	The schedule of remaining minimum expenditures pursuant to the amended Excalibur Property agreement is as follows:
						Required expenditure
	31-Oct-15					$            175,000
	Total					$            175,000
	The Jet Property
	On August 21, 2014, the Jet Property Option Agreement was amended, revising the payment date of the required 2011 to 2013 expenditures to October 31, 2015. As consideration for the amendments, Star Gold Corp. paid the claims filing fees for 2014.
	The schedule of remaining annual payments and minimum expenditures pursuant to the Jet Property Option Agreement is as follows:
					Required expenditure	Payment to optioner
	7-Jul-15				$              10,000	$                5,000
	7-Jul-16				10,000	5,000
	7-Jul-17				40,000	10,000
	Total				$              60,000	$              20,000
	The following is a summary of capitalized mineral interests as of January 31, 2015 and April 30, 2014, respectively:
					31-Jul-14	30-Apr-14
	Longstreet Property				$            229,500	$            220,500
	Excalibur Property				176,500	176,500
	Jet Property				20,000	20,000
	Total				$            426,000	$            417,000

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Jan. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 5 - RELATED PARTY TRANSACTIONS
	On September 1, 2011, the Company moved its offices to Coeur d’Alene, Idaho and leased office space for $2,500 per month plus a proportionate share of utilities and insurance from Marlin Property Management, LLC (“Marlin”) an entity owned by the spouse of the Company’s then President and current Chairman of the Board. For the three and nine months ended January 31, 2015 and 2014, $8,558 and $8,820 and $25,630 and $25,814 respectively, was paid to this related entity inclusive of the Company’s pro-rata share of common area expenses.

Warrants_and_Options_to_Purcha

Warrants and Options to Purchase Common Stock	9 Months Ended
	Jan. 31, 2015
Other Liabilities Disclosure [Abstract]
Warrants and Options to Purchase Common Stock	NOTE 6- WARRANTS AND OPTIONS TO PURCHASE COMMON STOCK
	The following is a summary of the Company’s warrants outstanding:
		Shares	Weighted Average Exercise Price	Expiration Date
	Outstanding at April 30, 2013	1,727,948	$                  0.67
	Issued - October 4, 2013	2,161,600	0.5	4-Oct-14
	Balance outstanding at April 30, 2014	3,889,548	$                  0.62
	Expired - June 18, ,2014	-833,334	-0.75
	Issued - July 29, 2014	1,614,400	0.23	29-Jul-19
	Expired - October 4, 2014	-2,161,600	-0.5
	Expired - January 18, 2015	-894,614	-0.8
	Balance outstanding at January 31, 2015	1,614,400	$                  0.23
	Issue Date	Warrants	Exercise price	Expiration Date
	29-Jul-14	1,614,400	0.23	29-Jul-19
		1,614,400	$                   0.23
	The composition of the Company’s warrants outstanding at January 31, 2015, is as follows:
	Options issued for mining interests
	In consideration for mining interests on several properties (see Note 4), the Company is obligated to issue a total of 400,000 stock options based on "fair market price" which for financial statement purposes is considered to be the closing price of the Company's common stock on the issue dates.
	The Company has estimated the fair value of these option grants using the Black-Scholes model with the following information and range of assumptions:
		For the three and nine months ended
		31-Jan-15	31-Jan-14
	Options issued	25,000	25,000
	Weighted Average volatility	313.20%	356.10%
	Expected term (years)	10	10
	Risk free rate	1.77%	2.67%
	The following is a summary of the Company’s options issued and outstanding in conjunction with certain mining interest agreements on several properties for the three and nine months ended January 31, 2015 and January 31, 2014, respectively:
		For the three and nine months ended		For the three and nine months ended
		31-Jan-15		31-Jan-14
		Shares	Price (a)	Shares	(Price (a)
	Beginning balance, outstanding	325,000	$                   0.36	300,000	$                   0.36
	Issued	25,000	0.12	25,000	0.2
	Exercised	-	-	-	-
	Expired	-	-	-	-
	Balance outstanding	350,000	$                   0.34	325,000	$                   0.35
	(a) Weighted average exercise price per share.
	Future remaining stock option obligations under the terms of property agreements detailed in Note 5 are as follows:
	Fiscal year ending April 30,	Stock options
	2016	25,000
	2017	25,000
		50,000
	Options issued for consulting services
	As per an agreement with Terre Partners, a limited liability company, fully executed on October 3, 2012, in consideration for consulting and advisory services rendered, the Company is obligated to issue a total of 1,000 stock options based on 5 day variable weighted-average price (VWAP) at the end of each month of the associated consulting contract. The consultant options vest on the first day of the following month of service and are exercisable for a period of three months following the termination of the agreement. The Company has estimated the fair value of these option grants using the Black-Scholes model with the following information and range of assumptions:
		For the nine months ended
		31-Jan-15	31-Jan-15
	Options issued	9,000	9,000
	Weighted average volatility	223.6% to 279.4%	279.9% to 366.6%
	Expected term (years)	1	1
	Risk-free rate	.10% to 25%	0.10% to 0.15%
		For the three months ended		For the three months ended
		31-Jan-15		31-Jan-14
		Shares	Price (a)	Shares	Price (a)
	Beginning balance, outstanding	12,000	$                   0.34	12,000	$                   0.44
	Issued	3,000	0.14	3,000	0.29
	Exercised	-	-	-	-
	Expired	-3,000	-0.29	-3,000	-0.47
	Balance outstanding	12,000	$                   0.21	12,000	$                   0.40
	The following is a summary of the Company’s options issued and outstanding associated with certain consulting agreements:
		For the nine months ended		For the nine months ended
		31-Jan-15		31-Jan-14
		Shares	Price (a)	Shares	Price (a)
	Beginning balance, outstanding	12,000	$                  0.34	8,000	$                   0.46
	Issued	9,000	0.21	9,000	0.38
	Exercised	-	-	-	-
	Expired	-9,000	-0.38	-5,000	-0.47
	Balance outstanding	12,000	$                   0.21	12,000	$                   0.40
(a) Weighted average exercise price per share
Total charged against operations under the option grants for consulting services was $585 and $1,109 for the three months ended January 31, 2015 and 2014, respectively. Total charged against operations under the option grants for consulting services was $1,237 and $2,250 for the nine months ended January 31, 2015 and 2014, respectively. These costs are classified as management and administrative expense.
Options issued under the 2011 Stock Option/Restricted Plan
On May 22, 2013 the Board of Directors authorized the grant of 675,000 options to purchase shares of common stock of the Company to various directors, officers and consultants. The options have an exercise price of $0.29 based on the closing price of the Company’s common stock on the date of grant and vest over one year.
On February 13, 2014, the Board of Directors authorized the grant of 350,000 options to purchase shares of common stock of the Company to a director. These options have an exercise price of $0.28 based on the closing price of the Company’s common stock on the date of grant and vest over one year.
The fair value of each option award was estimated on the date of the grant using the information and assumptions noted in the following table:
		For the three and nine months ended
		31-Jan-15	31-Jan-14
Options issued		-	675,000
Expected volatility		N/A	305.30%
Expected term (years)		N/A	3.10%
Risk-free rate		N/A	0.11%
No options were issued or exercised during the three months and nine months ended January 31, 2015.
The following is a summary of the Company’s options issued and outstanding in conjunction with the Company’s Stock Option Plan:
	For the three months ended		For the three months ended
	31-Jan-15		31-Jan-14
	Shares	Price (a)	Shares	Price (a)
Beginning balance, outstanding	3,235,000	$                   0.38	2,885,000	$                   0.40
Issued	-		-	-
Exercised	-	-	-	-
Forfeited or rescinded	-	-	-	-
Balance outstanding	3,235,000	$                   0.38	2,885,000	$                   0.40
	Nine months ended		Nine months ended
	31-Jan-15		31-Jan-14
	Shares	Price (a)	Shares	Price (a)
Beginning balance, outstanding	3,235,000	$                   0.38	2,215,000	$                   0.43
Issued	-	-	675,000	0.29
Exercised	-	-	-	-
Forfeited or rescinded	-	-	-5,000	-0.78
Balance outstanding	3,235,000	$                   0.38	2,885,000	$                   0.40
(a) Weighted average exercise price per shares
The following table summarizes additional information about the options under the Company’s Stock Option Plan as of January 31, 2015:
	Options outstanding			Options exercisable
Date of Grant	Shares	Price (a)	Life	Shares	Price (a)
27-May-11	283,333	$               0.90	6.08	283,333	$                 0.90
22-May-12	226,667	0.78	7.31	226,667	0.78
18-Jun-12	1,700,000	0.3	7.38	1,700,000	0.3
22-May-13	675,000	0.29	8.31	675,000	0.29
13-Feb-14	350,000	0.28	9.04	262,500	0.28
Total options	3,235,000	$               0.38	7.65	3,147,500	$                 0.38
(a) Weighted average exercise price per shares
The total value of the Plan stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of January 31, 2015, there is no unrecognized compensation cost related to stock-based options and awards.
The average remaining contractual term of the options both outstanding and exercisable at January 31, 2015 was 7.65 years.
Total compensation charged against operations under the plan for employees and advisors was $24,365 and $48,937 for the three months ended January 31, 2015 and 2014, respectively. Total compensation charged against operations under the plan for employees and advisor was $104,044 and $179,105 for the nine months ended January 31, 2015 and 2014, respectively. These costs are classified under management and administrative expense.
The following is a summary of the Company’s stock options outstanding and vested:
	Shares	Weighted Average Exercise Price	Expiration Date
Options issued for mining interests	350,000	$                   -	April 11, 2019 through January 15, 2023
Options issued for consulting services	12,000	0.25	November 1, 2014 through October 1 , 2015
Options issued under the 2011 Stock Option/Restricted Plan	3,235,000	0.38	May 30, 2021 through February 13, 2024
Outstanding at October 31, 2014	3,597,000	$             0.34
Total vested stock options	3,509,500
The aggregate intrinsic value of all options vested and exercisable at January 31, 2015, was $770 based on the Company's closing price of $0.12 per common share at January 31, 2015. The Company's current policy is to issue new shares to satisfy option exercises.

Stockholders_Equity

Stockholder's Equity	9 Months Ended
	Jan. 31, 2015
Equity [Abstract]
Stockholder's Equity	NOTE 7 – STOCKHOLDERS’ EQUITY
	On July 29, 2014, the Company issued 1,614,400 shares of its common stock and warrants to purchase an additional 1,614,400 shares of its common stock to nine investors pursuant to a private placement of its securities (the “Offering”). The Offering consisted of the sale of “units” of the Company’s securities at the per unit price of $0.23. Warrants issued pursuant to the Offering entitle the holders thereof to purchase shares of common stock for the price of $0.23 per share. The term of each warrant is for five (5) years commencing with its issuance date. The Company closed the offering and raised a total of $336,412, net of offering costs.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	9 Months Ended
	Jan. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
	This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. The accompanying unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of our management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the nine month period ended January 31, 2015 are not necessarily indicative of the results that may be expected for the full year ending April 30, 2015.  All amounts presented are in U.S. dollars.  For further information refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended April 30, 2014.
Going Concern	Going Concern
	As shown in the accompanying consolidated financial statements, the Company has incurred operating losses since inception. As of January 31, 2015, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows. As shown in the accompanying balance sheets and statements of operations, the Company has an accumulated deficit of $8,619,627, and as of that date the Company's working capital was down to $11,634. Achievement of the Company's objectives will be dependent upon the ability to obtain additional financing, to locate profitable energy properties and generate revenue from current and planned business operations, and control costs. The Company plans to fund its future operations by joint venturing, obtaining additional financing from investors, and/or lenders, and attaining additional commercial production. However, there is no assurance that the Company will be able to achieve these objectives, therefore substantial doubt about its ability to continue as a going concern exists. The financial statements do not include adjustments relating to the recoverability of recorded assets nor the implications of associated bankruptcy costs should the Company be unable to continue as a going concern. In the event the Company is unable to fulfill the annual exploration expenditures as provided for in each respective Property Option Agreement (Note 4), the Company will default on the agreement(s) and surrender its right to future claims on the respective property.
Use of Estimates	Use of Estimates
	The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to asset impairments and stock option valuation. Actual results could differ from these estimates and assumptions and could have a material effect on the Company’s reported financial position and results of operations.
New Accounting Pronouncement	New Accounting Pronouncement
	In August 2014, the FASB issued ASU No. 2014-15—Presentation of Financial Statements—Going Concern. The guidance requires an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). If conditions or events exist that raise substantial doubt about an entity’s ability to continue as a going concern, the guidance requires disclosure in the financial statements. The guidance will be effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter.  Early application is permitted.  The Company is currently evaluating the new standard and its impact on the Company’s consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents
	For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents.
Restricted Cash	Restricted Cash
	Restricted cash represents collateral for bonds held for exploration permits.
Fair Value Measures	Fair Value Measures
	ASC Topic 820 "Fair Value Measurements and Disclosures" ("ASC 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:
	Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
		Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
		Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
Mining Interests and Mineral Exploration Expenditures	Mining Interests and Mineral Exploration Expenditures
	Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations.
Equipment	Equipment
	Equipment is stated at cost. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years.  Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses.
Reclamation and Remediation	Reclamation and Remediation
	The Company's operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset.
Impaired Asset Policy	Impaired Asset Policy
	The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable, pursuant to guidance established in ASC Topic 360, "Accounting for the Impairment or Disposal of Long-lived Assets". The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value.
Stock-based Compensation	Stock-based Compensation
	The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten year maximum term and varying vesting periods as determined by the Board. The value of common stock awards is determined based on the closing price of the Company’s stock on the date of the award.
Loss Per Share	Loss Per Share
	Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and warrants.
	The dilutive effect of outstanding securities for the three months and nine months ended January 31, 2015 and 2014, would be as follows:
		31-Jan-15	31-Jan-14
	Stock options	3,597,000	3,222,000
	Warrants	1,614,400	3,929,548
	Total Possible Dilution	5,211,400	7,151,548
	At January 31, 2015 and 2014, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive.
Income Taxes	Income Taxes
	The Company recognizes provision for income tax using the liability method. Deferred income tax liabilities or assets at the end of each period are determined using the tax rates expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized.

Significant_Accounting_Policie2

Significant Accounting Policies (Tables)	9 Months Ended
	Jan. 31, 2015
Accounting Policies [Abstract]
Dilutive Effect of Outstanding Securities		31-Jan-15	31-Jan-14
	Stock options	3,597,000	3,222,000
	Warrants	1,614,400	3,929,548
	Total Possible Dilution	5,211,400	7,151,548

Prepaid_Expenses_Tables

Prepaid Expenses (Tables)	9 Months Ended
	Jan. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses		31-Jan-15	30-Apr-14
	Exploration expense	$                    25,000	$                           -
	Directors and officers liability insurance	14,817	31,549
	Total prepaid expenses	$                    39,817	$                    31,549

Equipment_and_Mining_Expenses_

Equipment and Mining Expenses (Tables)	9 Months Ended
	Jan. 31, 2015
Extractive Industries [Abstract]
Schedule of Equipment and Mining Expenses		31-Jan-15		30-Apr-14
	Equipment	$                        -		$              28,992
	Less accumulated depreciation	-		(13,181)
	Equipment, net of accumulated depreciation	-		15,811
	Mining interests	-		417,000
	Total	$                        -		$            432,811
Schedule of Debentures Due Under Agreement			Required expenditure		Payment to optioner	Annual stock option obligation
	15-Jan-16		100,000		56,000	25,000
	15-Jan-17		150,000		56,000	25,000
	15-Jan-18		300,000		40,000	40,000
	15-Jan-19		500,000		45,000	45,000
	15-Jan-20		700,000		50,000	50,000
	Total		$          1,750,000		$             247,000	185,000
Required Expenditures						Required expenditure
	31-Oct-15					$            175,000
	Total					$            175,000
Payments to Optioner					Required expenditure	Payment to optioner
	7-Jul-15				$              10,000	$                5,000
	7-Jul-16				10,000	5,000
	7-Jul-17				40,000	10,000
	Total				$              60,000	$              20,000
Schedule of Capitalized Mineral Interests					31-Jul-14	30-Apr-14
	Longstreet Property				$            229,500	$            220,500
	Excalibur Property				176,500	176,500
	Jet Property				20,000	20,000
	Total				$            426,000	$            417,000

Equipment_and_Mining_Expenses_1

Equipment and Mining Expenses - Schedule of Equipment and Mining Expenses (Details) (USD $)	Jan. 31, 2015	Apr. 30, 2014
Extractive Industries [Abstract]
Equipment	$0	$28,992
Less accumulated depreciation		-13,181
Equipment, net of accumulated depreciation		15,811
Mining interests		417,000
Total	$0	$432,811