Star Gold (SRGZ) 10-Q 12 Sep 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2016	Sep. 02, 2016
Document And Entity Information
Entity Registrant Name	Star Gold Corp.
Entity Central Index Key	1,401,835
Document Type	10-Q
Document Period End Date	Jul. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		40,836,726
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 51,889	$ 1,785
Prepaid expenses	8,818	8,767
TOTAL CURRENT ASSETS	60,707	10,552
EQUIPMENT AND MINING INTEREST, net	336,700	326,050
RESTRICTED CASH	21,600	21,600
TOTAL ASSETS	419,007	358,202
CURRENT LIABILITIES:
Accounts payable	73,742	53,742
Other accrued liabilities	23,037	12,381
Notes payable, related party	85,000	15,000
TOTAL CURRENT LIABILITIES	$ 181,779	$ 81,123
LONG TERM LIABILITIES:
Deposits on stock subscriptions	137,500	18,000
TOTAL LONG TERM LIABILITIES	$ 137,500	$ 18,000
TOTAL LIABILITIES	$ 319,279	$ 99,123
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; 40,836,726 shares issued and outstanding	$ 40,837	$ 40,837
Additional paid-in capital	9,535,966	9,535,751
Accumulated deficit	(9,477,075)	(9,317,509)
TOTAL STOCKHOLDERS' EQUITY	99,728	259,079
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 419,007	$ 358,202

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - shares	Jul. 31, 2016	Apr. 30, 2016
Statement of Financial Position [Abstract]
Preferred Stock, $.001 par value; authorized	10,000,000	10,000,000
Preferred Stock, $.001 par value; issued and outstanding	0	0
Common Stock, $.001 par value; shares authorized	300,000,000	300,000,000
Common Stock, $.001 par value; issued and outstanding	40,836,726	40,836,726

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	2 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
OPERATING EXPENSE
Mineral exploration expense	$ 100,797	$ 113,455
Legal and professional fees	28,774	21,734
Management and administrative	26,835	26,159
Depreciation	1,350	1,350
TOTAL OPERATING EXPENSES	157,756	162,698
LOSS FROM OPERATIONS	(157,756)	(162,698)
OTHER INCOME (EXPENSE)
Interest expense	(1,810)	(2,321)
TOTAL OTHER INCOME (EXPENSE)	(1,810)	(2,321)
NET LOSS BEFORE INCOME TAXES	(159,566)	(165,019)
Provision for income tax
NET LOSS	$ (159,566)	$ (165,019)
Basic and diluted loss per share
Basic and diluted weighted average number shares outstanding	40,836,726	36,595,726

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	2 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Statement of Cash Flows [Abstract]
CASH FLOWS FROM OPERATING ACTIVITIES:	$ (127,396)	$ (81,406)
Net loss	(159,566)	(165,019)
Adjustments to reconcile net loss to cash used by operating activities
Stock based compensation	215	291
Depreciation	1,350	1,350
Changes in operating assets and liabilities:
Prepaid expenses	(51)	33,740
Accounts payable	20,000	58,169
Other accrued liabilities	10,656	(9,937)
Net cash used by operating activities	(127,396)	(81,406)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for mining interest	(12,000)	(12,000)
Net cash used by investing activities	(12,000)	(12,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from note payable, related party	70,000	40,000
Repayment of note payable, related party		101,916
Proceeds from stock subscriptions	119,500	268,000
Net cash provided by financing activities	189,500	206,084
Net increase in cash and cash equivalents	50,104	112,678
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	1,785	5,358
CASH AND CASH EQUIVALENTS AT END OF PERIOD	51,889	118,036
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Reduction of note payable, related party by vendor refund		$ (12,337)

Nature of Operations

Nature of Operations	3 Months Ended
	Jul. 31, 2016
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 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 Policies

Significant Accounting Policies	3 Months Ended
	Jul. 31, 2016
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 three-month period ended July 31, 2016 are not necessarily indicative of the results that may be expected for the full year ending April 30, 2017. 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, 2016. Going Concern As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of July 31, 2016, 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 $9,477,075, and at July 31, 2016 the Company's working capital deficit was $121,072. Achievement of the Company's objectives will be dependent upon the ability to obtain additional financing, to locate profitable mining 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 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 specified in the Property Option Agreement (Note 3), 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. 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. Financial Instruments The Company's financial instruments include cash and cash equivalents, reclamation bonds, and short term notes payable, related party. All instruments are accounted for on a historical cost basis, which, due to the short maturity of these financial instruments, approximates fair value at July 31,2016 and 2015. Fair Value Measures The Financial Accounting Standards Board Accounting Standards Codification Topic 820 "Fair Value Measurements" ("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. At July 31, 2016 and 2015, the Company had no assets or liabilities accounted for at fair value on a recurring basis. 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 of Directors. The value of shares 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 at July, 2016 and 2015, would be as follows: July 31, 2016 July 31, 2015 Stock options 3,083,667 3,058,667 Warrants 5,855,400 1,614,400 TOTAL POSSIBLE DILUTION 8,939,067 4,673,067 At July 31, 2016 and 2015, 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. 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 has concluded that adoption of the standard would have minimal impact on the Company’s financial statements as such disclosure is already included the financial statements.

Equipment and Mining Interests

Equipment and Mining Interests	3 Months Ended
	Jul. 31, 2016
Property, Plant and Equipment [Abstract]
Equipment and Mining Interests	NOTE 3 – EQUIPMENT AND MINING INTEREST The following is a summary of the Company's equipment and mining interest at July 31,2016 and April 30, 2015. July 31, 2016 April 30, 2016 Equipment $ 27,007 $ 27,007 Less accumulated depreciation (24,306) (22,956) Equipment, net of accumulated depreciation 2,701 4,051 Mining interest - Longstreet 333,999 321,999 TOTAL EQUIPMENT AND MINING INTEREST $ 336,700 $ 326,050 The Longstreet Property The Company leases with an option to acquire unpatented mining claims located in the State of Nevada and known as the Longstreet Property. On December 10, 2014, the Longstreet Property Option Agreement was amended revising the required expenditures and annual stock option obligation. The Company is also obligated to pay an annual owners advance royalty payment of $12,000 related to the Clifford claims. On January 5, 2016, the Longstreet Property Option Agreement was further amended revising the required expenditures and annual stock option obligation. All allowable expenditures in excess of the required annual expenditures shall be carried-over to the subsequent year. For the year ended April 30, 2016, the Company made an annual required payment to the optioner of $20,000 which is included in “Equipment and Mining Interest”. The Company issued options to purchase 25,000 shares of common stock with fair value of $1,500 (Note 6). For the three months ended July 31, 2016, the Company paid the annual $12,000 advance royalty for additional mining interest on the Longstreet property related to the Clifford claims. The schedule of annual payments, minimum expenditures and number of stock options to be issued pursuant to the amended Longstreet Property Option Agreement of January 5, 2016, is as follows: Required annual expenditure between: Required Expenditure Cash payment (1) Stock options January 17, 2016 through January 16, 2017 $ 150,000 $ 25,000 25,000 January 17, 2017 through January 16, 2018 300,000 35,000 40,000 January 17, 2018 through January 16, 2019 500,000 40,000 45,000 January 17, 2019 through January 16, 2020 700,000 45,000 50,000 Payment due upon transfer but no later than January 16, 2021 - 85,000 - TOTAL $ 1,650,000 $ 230,000 160,000 (1) Does not include $12,000 annual advance royalty payment related to Clifford claims.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jul. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 4 – RELATED PARTY TRANSACTIONS On March 16, April 10 and April 14, 2015, the Company entered into short term promissory notes with the Company’s Chairman of the Board of Directors in the aggregate amount of $101,916. The notes matured on December 31, 2015 and bore interest at 8% per annum with bi-monthly payments of $450 commencing on August 1, 2015. The notes and accrued interest were paid during the year ended April 30, 2016. On March 20, 2016, the Company entered into short term promissory note with the Company’s Chairman of the Board of Directors in the amount of $15,000. The note matures on December 31, 2016 and bears interest at 8% per annum. On May 4, 2016, the Company entered into short term promissory note with the Company’s Chairman of the Board of Directors in the amount of $70,000. The note matures on December 31, 2016 and bears interest at 8% per annum. For the three months ended July 31, 2016 and 2015, interest expense on the short term promissory notes in aggregate was $1,656 and $2,113 respectively. At July 31 and April 30, 2016, accrued interest associated with these notes was $1,787 and $131, respectively, and is included in other accrued liabilities on the balance sheet.

Stock Options

Stock Options	3 Months Ended
	Jul. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options	NOTE 5 - STOCK OPTIONS Options issued for mining interest In consideration for mining interests (see Note 4), the Company is obligated to issue stock options to purchase shares of the Company’s common stock 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 following is a summary of the Company’s options issued and outstanding in conjunction with certain mining interest agreements on properties for the years ended July 31, 2016 and July 31, 2015, respectively: For the three months ended July 31, 2016 For the three months ended July 31, 2015 Options Price (a) Options Price (a) Beginning balance 375,000 $ 0.32 350,000 $ 0.34 Issued - - - - Exercised - - - - Expired - - - - Ending balance 375,000 $ 0.32 350,000 $ 0.34 (a) Options issued for consulting services As per an agreement 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 stock options have a term of 1 year. The consultant options vest on the first day of the following month of service and are exercisable for a period of six 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 three months ended July 31, 2016 July 31, 2015 Options issued 3,000 3,000 Weighted average exercise price $ 0.06 $ 0.10 Weighted average volatility 440.2% to 452.3% 244.4% to 307.6% Weighted average life remaining 0.46 0.46 Risk free rate 0.48% to 0.54% 0.25% to 0.28%. The following is a summary of the Company’s options issued and outstanding associated with the consulting agreement: For the three months ended July 31, 2016 For the three months ended July 31, 2015 Options Price (a) Options Price (a) Beginning balance 12,000 $ 0.16 12,000 $ 0.34 Issued 3,000 0.06 3,000 0.10 Exercised - - - Expired (3,000) (0.10) (3,000) (0.24) Ending balance 12,000 $ 0.08 12,000 $ 0.16 (a) Total charged against operations under the option grants for consulting services was $215 and $291, for the three months ended July 31, 2016 and 2015, respectively. These costs are classified as management and administrative expense. Options issued under the 2011 Stock Option/Restricted Plan The Company established the 2011 Stock Option/Restricted Stock Plan. The Stock Option Plan is administered by the Board of Directors and provides for the grant of stock options to eligible individual including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction. The Stock Option Plan has a fixed maximum percentage of 10% of the Company's outstanding shares that are eligible for the plan pool, whereby the number of Shares under the plan increases automatically increases as the total number of shares outstanding increase. The number of shares subject to the Stock Option Plan and any outstanding awards will be adjusted appropriately by the Board of Directors if the Company's common stock is affected through a reorganization, merger, consolidation, recapitalization, restructuring, reclassification dividend (other than quarterly cash dividends) or other distribution, stock split, spin-off or sale of substantially all of the Company's assets. The Stock Option plan also has terms and conditions, including without limitations that the exercise price for stock options granted under the Stock Option Plan must equal the stock's fair market value, based on the closing price per share of common stock, at the time the stock option is granted. The fair value of each option award is estimated on the date of grant utilizing the Black-Scholes model and commonly utilized assumptions associated with the Black-Scholes methodology. Options granted under the Plan have a ten-year maximum term and varying vesting periods as determined by the Board. 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 July 31, 2016 For the three months ended July 31, 2015 Options Price (a) Options Price (a) Beginning balance 2,696,667 $ 0.37 2,696,667 $ 0.37 Issued - - - - Exercised - - - - Forfeited - - - - Ending balance 2,696,667 $ 0.37 2,696,667 $ 0.37 (a) The following table summarizes additional information about the options under the Company’s Stock Option Plan as of July 31, 2016: Options outstanding and exercisable Date of Grant Number Price (a) Remaining term (b) May 27, 2011 200,000 $ 0.90 4.83 May 22, 2012 146,667 0.78 5.65 June 18, 2012 1,350,000 0.30 5.89 May 22, 2013 650,000 0.29 6.67 February 13, 2014 350,000 0.28 7.55 Total options 2,696,667 $ 0.37 6.22 (a) Weighted average exercise price per shares (b) Weighted average remaining contractual term in years. The total value of the Plan stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of July 31, 2016, there was no unrecognized compensation cost related to stock-based options and awards. Summary: The following is a summary of the Company’s stock options outstanding and exercisable: Options Weighted average exercise price Expiration date Options issued for mining interests 375,000 $ 0.32 April 11, 2019 through January 15, 2025 Options issued for consulting services 12,000 0.08 August 1, 2016 through July 1, 2017 Options issued under Stock Option Plan 2,696,667 0.37 May 27, 2021 through February 13, 2024 Total outstanding and exercisable 3,083,667 $ 0.36 The aggregate intrinsic value of all options vested and exercisable at April 30, 2016, was $76 based on the Company's closing price of $0.06 per common share at April 30, 2016. The Company's current policy is to issue new shares to satisfy option exercises.

Warrants

Warrants	3 Months Ended
	Jul. 31, 2016
Other Liabilities Disclosure [Abstract]
Warrants	NOTE 6 - WARRANTS The following is a summary of the Company’s warrants activity: Warrants Weighted Average Exercise Price Balance outstanding at April 30, 2015 1,614,400 $ 0.23 Issued – October 12, 2015 4,241,000 0.20 Balance outstanding at April 30, 2016 and July 31, 2016 5,855,400 $ 0.21 The composition of the Company’s warrants outstanding at July 31, 2016, is as follows: Issue Date Warrants Exercise Price Expiration Date July 29, 2014 1,614,400 $ 0.23 July 29, 2019 October 12, 2015 4,241,000 0.20 October 12, 2020 5,855,400 $ 0.21

Deposits on Stock Subscriptions

Deposits on Stock Subscriptions	3 Months Ended
	Jul. 31, 2016
Equity [Abstract]
Deposits on Stock Subscriptions	NOTE 7– DEPOSITS ON STOCK SUBSCRIPTIONS The Company is engaged in a private placement offering that has raised a total of $137,500 as of July 31, 2016. The private placement consists of the sale of Units at $0.06 per Unit. Each Unit will consist of one common share of the Company’s stock and one common share purchase warrant (each a “Warrant” and together the “Warrants”). Each Warrant will be exercisable no later than sixty months from the date of the issuance thereof to purchase one common Share of the Company’s stock at an exercise price of $0.15. Once the Company has obtained a Record of Decision from the federal Bureau of Land Management approving an Environmental Impact Statement for the Longstreet Project, the Company, at its sole discretion may call the Warrants issued hereunder as due and exercisable by providing the holders of the Warrants with 60-day written notice of same. As of July 31, 2016, the Company raised a total of $137,500 which is included as “Deposits on Stock Subscriptions” on the balance sheet.

Subsequent Events

Subsequent Events	3 Months Ended
	Jul. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	NOTE 8 – SUBSEQUENT EVENTS On August 23, 2016, the Company paid $85,000 in principal and $2,224 in accrued interest to the Chairman of the Board of Directors in satisfaction of two notes payable, related party (Note 4). The Chairman subsequently deposited $150,000 for the Company’s ongoing private placement offering (Note 7). As of September 2, 2016, the Company raised a total of $537,500 in a private placement offering (Note 7).

Significant Accounting Polici14

Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 31, 2016
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 three-month period ended July 31, 2016 are not necessarily indicative of the results that may be expected for the full year ending April 30, 2017. 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, 2016.
Going Concern	Going Concern As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of July 31, 2016, 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 $9,477,075, and at July 31, 2016 the Company's working capital deficit was $121,072. Achievement of the Company's objectives will be dependent upon the ability to obtain additional financing, to locate profitable mining 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 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 specified in the Property Option Agreement (Note 3), 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.
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.
Financial Instruments	Financial Instruments The Company's financial instruments include cash and cash equivalents, reclamation bonds, and short term notes payable, related party. All instruments are accounted for on a historical cost basis, which, due to the short maturity of these financial instruments, approximates fair value at July 31,2016 and 2015.
Fair Value Measures	Fair Value Measures The Financial Accounting Standards Board Accounting Standards Codification Topic 820 "Fair Value Measurements" ("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. At July 31, 2016 and 2015, the Company had no assets or liabilities accounted for at fair value on a recurring basis.
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 of Directors. The value of shares 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 at July, 2016 and 2015, would be as follows: July 31, 2016 July 31, 2015 Stock options 3,083,667 3,058,667 Warrants 5,855,400 1,614,400 TOTAL POSSIBLE DILUTION 8,939,067 4,673,067 At July 31, 2016 and 2015, 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.
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 has concluded that adoption of the standard would have minimal impact on the Company’s financial statements as such disclosure is already included the financial statements.

Significant Accounting Polici15

Significant Accounting Policies (Tables)	3 Months Ended
	Jul. 31, 2016
Accounting Policies [Abstract]
Dilutive Securities	July 31, 2016 July 31, 2015 Stock options 3,083,667 3,058,667 Warrants 5,855,400 1,614,400 TOTAL POSSIBLE DILUTION 8,939,067 4,673,067

Equipment and Mining Interests

Equipment and Mining Interests (Tables)	3 Months Ended
	Jul. 31, 2016
Property, Plant and Equipment [Abstract]
Property Plant and Equipment	July 31, 2016 April 30, 2016 Equipment $ 27,007 $ 27,007 Less accumulated depreciation (24,306) (22,956) Equipment, net of accumulated depreciation 2,701 4,051 Mining interest - Longstreet 333,999 321,999 TOTAL EQUIPMENT AND MINING INTEREST $ 336,700 $ 326,050

Deposits on Stock Subscriptio17

Deposits on Stock Subscriptions (Details Narrative) - USD ($)	2 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Equity [Abstract]
Proceeds from Stock Sales	$ 119,500	$ 268,000