Star Gold (SRGZ) 10-Q 16 Mar 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jan. 31, 2020	Mar. 11, 2020
Document And Entity Information
Entity Registrant Name	STAR GOLD CORP.
Entity Central Index Key	0001401835
Document Type	10-Q
Document Period End Date	Jan. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	NV
Entity File Number	000-52711
Entity Common Stock, Shares Outstanding		77,394,841
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jan. 31, 2020	Apr. 30, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 20,035	$ 440,316
Other current assets (NOTE 5)	28,015	22,845
TOTAL CURRENT ASSETS	48,050	463,161
EQUIPMENT AND MINING INTEREST, net (NOTE 4)	543,901	467,107
OTHER ASSETS - NON-CURRENT (NOTE 5)	0	2,557
RECLAMATION BOND	89,400	21,600
TOTAL ASSETS	681,351	954,425
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	16,090	19,246
Deferred compensation to officers and directors	73,500	0
TOTAL CURRENT LIABILITIES	89,590	19,246
TOTAL LIABILITIES	89,590	19,246
COMMITMENTS AND CONTINGENCIES (NOTE 4)
STOCKHOLDERS' EQUITY
Preferred Stock, $.001 par value; 10,000,000 shares authorized, none issued and outstanding	0	0
Common Stock, $.001 par value; 300,000,000 shares authorized; 77,394,841 shares issued and outstanding	77,395	77,395
Additional paid-in capital	11,576,571	11,560,527
Accumulated deficit	(11,062,205)	(10,702,743)
TOTAL STOCKHOLDERS' EQUITY	591,761	935,179
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 681,351	$ 954,425

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Jan. 31, 2020	Apr. 30, 2019
Statement of Financial Position [Abstract]
Preferred stock, par or stated value per share	$ .001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ .001	$ .001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	77,394,841	77,394,841
Common stock, shares outstanding	77,394,841	77,394,841

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
OPERATING EXPENSE
Mineral exploration expense	$ 0	$ 1,383	$ 26,630	$ 21,297
Pre-development expense	42,331	8,994	100,094	99,806
Legal and professional fees	9,099	19,768	68,821	55,020
Management and administrative	72,895	27,968	162,756	97,909
Depreciation	417	416	1,249	1,249
TOTAL OPERATING EXPENSES	124,742	58,529	359,550	275,281
LOSS FROM OPERATIONS	(124,742)	(58,529)	(359,550)	(275,281)
OTHER INCOME (EXPENSE)
Interest expense	(223)	(200)	(671)	(600)
Interest income	43	603	759	1,752
TOTAL OTHER INCOME (EXPENSE)	(180)	403	88	1,152
NET LOSS	$ (124,922)	$ (58,126)	$ (359,462)	$ (274,129)
Basic and diluted loss per share	$ .00	$ .00	$ .00	$ .00
Basic and diluted weighted average number shares outstanding	77,394,841	77,394,841	77,394,841	76,771,962

STATEMENTS OF CHANGES IN STOCKH

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance, shares at Apr. 30, 2018	76,434,424
Beginning balance, amount at Apr. 30, 2018	$ 76,434	$ 11,501,613	$ (10,367,039)	$ 1,211,008
Net loss			(131,079)	(131,079)
Ending balance, shares at Jul. 31, 2018	76,434,424
Ending balance, amount at Jul. 31, 2018	$ 76,434	11,501,613	(10,498,118)	1,079,929
Beginning balance, shares at Apr. 30, 2018	76,434,424
Beginning balance, amount at Apr. 30, 2018	$ 76,434	11,501,613	(10,367,039)	1,211,008
Common stock issued in lieu of cash for vendor payable, amount				57,625
Net loss				(274,129)
Ending balance, shares at Jan. 31, 2019	77,394,841
Ending balance, amount at Jan. 31, 2019	$ 77,395	11,560,527	(10,641,168)	996,754
Beginning balance, shares at Jul. 31, 2018	76,434,424
Beginning balance, amount at Jul. 31, 2018	$ 76,434	11,501,613	(10,498,118)	1,079,929
Common stock issued in lieu of cash for vendor payable, shares	960,417
Common stock issued in lieu of cash for vendor payable, amount	$ 961	56,664		57,625
Net loss			(84,924)	(84,924)
Ending balance, shares at Oct. 31, 2018	77,394,841
Ending balance, amount at Oct. 31, 2018	$ 77,395	11,558,277	(10,583,042)	1,052,630
Options issued for mining interest		2,250		2,250
Net loss			(58,126)	(58,126)
Ending balance, shares at Jan. 31, 2019	77,394,841
Ending balance, amount at Jan. 31, 2019	$ 77,395	11,560,527	(10,641,168)	996,754
Beginning balance, shares at Apr. 30, 2019	77,394,841
Beginning balance, amount at Apr. 30, 2019	$ 77,395	11,560,527	(10,702,743)	935,179
Net loss			(124,451)	(124,451)
Ending balance, shares at Jul. 31, 2019	77,394,841
Ending balance, amount at Jul. 31, 2019	$ 77,395	11,560,527	(10,827,194)	810,728
Beginning balance, shares at Apr. 30, 2019	77,394,841
Beginning balance, amount at Apr. 30, 2019	$ 77,395	11,560,527	(10,702,743)	935,179
Common stock issued in lieu of cash for vendor payable, amount				0
Net loss				(359,462)
Ending balance, shares at Jan. 31, 2020	77,394,841
Ending balance, amount at Jan. 31, 2020	$ 77,395	11,576,571	(11,062,205)	591,761
Beginning balance, shares at Jul. 31, 2019	77,394,841
Beginning balance, amount at Jul. 31, 2019	$ 77,395	11,560,527	(10,827,194)	810,728
Options issued for mining interest		16,044		16,044
Net loss			(110,089)	(110,089)
Ending balance, shares at Oct. 31, 2019	77,394,841
Ending balance, amount at Oct. 31, 2019	$ 77,395	11,576,571	(10,937,283)	716,683
Net loss			(124,922)	(124,922)
Ending balance, shares at Jan. 31, 2020	77,394,841
Ending balance, amount at Jan. 31, 2020	$ 77,395	$ 11,576,571	$ (11,062,205)	$ 591,761

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (359,462)	$ (274,129)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation	1,249	1,249
Changes in operating assets and liabilities:
Other current assets	(5,170)	3,520
Other assets	2,557	10,849
Accounts payable and accrued liabilities	(3,155)	(33,388)
Deferred compensation to officers and directors	73,500	0
Net cash used by operating activities	(290,481)	(291,899)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for mining interest	(62,000)	(52,000)
Payments for collateral on reclamation bond	(67,800)	0
Net cash used in investing activities	(129,800)	(52,000)
Net change in cash and cash equivalents	(420,281)	(343,899)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	440,316	832,426
CASH AND CASH EQUIVALENTS AT END OF PERIOD	20,035	488,527
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Options issued for mining interest	16,044	2,250
Common stock issued for accounts payable	$ 0	$ 57,625

NOTE 1 - NATURE OF OPERATIONS

NOTE 1 - NATURE OF OPERATIONS	9 Months Ended
	Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 focused on gold, silver and other base metal-bearing properties in Nevada. On April 25, 2008, the name of the company was changed to Star Gold Corp. The Company’s core 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, and performing geophysical work or other exploration work deemed necessary to move such claims towards development and production. 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.

NOTE 2 - SIGNIFICANT ACCOUNTING

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jan. 31, 2020
Accounting Policies [Abstract]
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. I 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, 2019. Going Concern As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of January 31, 2020, 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 $11,062,205 and, at January 31, 2020, the Company’s working capital deficit was $41,540. Individuals to whom deferred compensation has accrued have agreed to forego payment until sufficient cash is available for payment of the liability (Note 6). On March 10, 2020, the Company’s Chairman of the Board of Directors loaned the Company $50,000 which provides the Company liquidity to meet short-term financial obligations (Note 10). 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 or obtaining additional financing from investors and/or lenders. 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 long-lived asset impairments and stock-based compensation 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. Risks and Uncertainties The Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological and other risks associated with operating an emerging exploration mining business, including the potential risk of business failure. 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. Reclamation Bond The Reclamation bond constitutes cash held as collateral for the faithful performance of the bond securing exploration permits and are accounted for on a cost basis. Financial Instruments The Company’s financial instruments include cash and cash equivalents and reclamation bond. All instruments are accounted for on a cost basis, which, due to the short maturity of these financial instruments, approximates fair value at January 31, 2020. Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At January 31, 2020 and April 30, 2019, the Company had no assets or liabilities accounted for at fair value on a recurring or nonrecurring 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, 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. Pre-development Expenditures Pre-development activities involve costs incurred in the exploration stage that may ultimately benefit production which are expensed due to the lack of evidence of economic development which is necessary to demonstrate future recoverability of these costs. Equipment Equipment is stated at cost. Significant improvements are capitalized and depreciated. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which range from three to seven years. Maintenance and repairs are charged to operations as incurred. 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. Impairment of Long-lived Assets 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. 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. Income Taxes The Company accounts for income taxes using the liability method. The liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of (i) temporary differences between financial statement carrying amounts of assets and liabilities and their basis for tax purposes and (ii) operating loss and tax credit carryforwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when management concludes that it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. Reclassifications Certain reclassifications have been made to the 2019 financial statements in order to conform to the 2020 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported. New Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. Adoption of this update on May 1, 2019 had no impact on the Company’s financial statement. In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation, Improvements to Nonemployee Share-Based Payment Accounting. ASU No. 2018-07 expands the scope of the standard for stock-based compensation to include share-based payment transactions for acquiring goods and services from nonemployees. ASU No. 2018-07 became effective for the Company on May 1, 2019. Adoption of this update on May 1, 2019 had no impact on the Company’s financial statement. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

NOTE 3 - EARNINGS PER SHARE

NOTE 3 - EARNINGS PER SHARE	9 Months Ended
	Jan. 31, 2020
Earnings Per Share [Abstract]
EARNINGS 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 outstanding securities at January 31, 2020 and 2019 that could have a dilutive effect are as follows: January 31, 2020 January 31, 2019 Stock options 7,145,000 6,695,000 Warrants 29,039,849 30,654,249 TOTAL POSSIBLE DILUTIVE SHARES 36,184,849 37,349,249 For the three and nine months ended January 31, 2020 and 2019, respectively, the effect of the Company’s outstanding stock options and warrants would have been anti-dilutive and so are excluded in the diluted EPS.

NOTE 4 - EQUIPMENT AND MINING I

NOTE 4 - EQUIPMENT AND MINING INTEREST	9 Months Ended
	Jan. 31, 2020
Property, Plant and Equipment [Abstract]
EQUIPMENT AND MINING INTEREST	The following is a summary of the Company’s equipment and mining interest at January 31, 2020 and April 30, 2019: January 31, 2020 April 30, 2019 Equipment $ 4,995 $ 32,002 Less accumulated depreciation (3,261 ) (29,019 ) Equipment, net of accumulated depreciation 1,734 2,983 Mining interest - Longstreet 542,167 464,124 TOTAL EQUIPMENT AND MINING INTEREST $ 543,901 $ 467,107 Pursuant to the Longstreet Property Option Agreement with Great Basin Resources, Inc. (“Great Basin”), as amended, which was originally entered into by the Company on or about January 15, 2010 (the “Longstreet Agreement”), the Company leases, with an option to acquire, unpatented mining claims located in the State of Nevada known as the Longstreet Property. Through August 12, 2019, the Company was required to make minimal lease payments in the form of cash and options to purchase shares of the Company’s common stock. On December 4, 2018, the Company amended the Longstreet Agreement to change the due date of certain expenditures required by that agreement (the “2018 Amendment”). The 2018 Amendment extended the due date of the 2019 expenditures from January 16, 2019 to August 31, 2019 and also extended the due date of the 2020 expenditures from January 16, 2020 to August 31, 2020. No other provisions of the Longstreet Agreement, as previously amended, were affected by the 2018 Amendment. On August 12, 2019, the Company and Great Basin agreed to amend the Longstreet Agreement (the “2019 Amendment”) to eliminate the required property expenditure structure and to implement new consideration for the transfer of the Longstreet Property pursuant to that agreement. The 2019 Amendment eliminated the remainder of the required property expenditures. The 2019 Amendment sets forth Great Basin to transfer title to the Company, of the Longstreet Property upon the Company: a) Adjusting the exercise price to $0.04 on 435,000 existing options to purchase Company common stock from exercise prices ranging from $0.05 to $0.08 per share; b) issuing an additional 500,000 options to purchase Company common stock at the exercise price of $0.04; c) making a cash payment of $50,000 to Great Basin (paid on August 19, 2019) and d) entering into a consulting agreement with Great Basin with a term of eighteen (18) months. On August 12, 2019, the Company repriced 435,000 existing options to purchase the Company’s common stock to an exercise price of $0.04 and issued an additional 500,000 options to purchase the Company’s common stock at an exercise price of $0.04. The fair value of the re-pricing and issuance of additional stock options was $16,044 which was capitalized as “Mining Interest”. On September 1, 2019, the Company executed a consulting agreement with Great Basin for a term of eighteen (18) months (the (“Consulting Agreement”). Under the Consulting Agreement, the Company will pay Great Basin $7,500 per month for the term of the Consulting Agreement. The Company paid Great Basin $22,500 and $37,500 for the three- and nine-months ended January 31, 2020, respectively. The payments to Great Basin are included in “Pre-development expense” for the three- and nine-month periods ended January 31, 2020. The 2019 Amendment also grants the Company the option, to be exercised no later than six (6) months following the first receipt of proceeds from the sale of ore from the Longstreet Property, to purchase one-half of Great Basin’s 3.0% Net Smelter Royalty, on the Longstreet Project, for a payment of $1,750,000. No other provisions of the Longstreet Agreement, as previously amended, were affected by the 2019 Amendment. In addition, the Company is obligated, pursuant to the Longstreet Agreement, to pay an annual advance royalty payment of $12,000 related to the Clifford claims. For the nine months ended January 31, 2020 and 2019, respectively, the Company paid the annual $12,000 advance royalty for additional mining interest on the Longstreet Property. On September 20, 2019, the Company paid $67,800 to the United States Forest Service to increase the Reclamation Bond as collateral on the Longstreet Property. The bond is collateral on reclamation of planned drilling activities on the Longstreet Property and is refundable subject to the Company completing defined reclamation actions upon completion of drilling.

NOTE 5 - OTHER ASSETS

NOTE 5 - OTHER ASSETS	9 Months Ended
	Jan. 31, 2020
Other Assets [Abstract]
OTHER ASSETS	On December 31, 2016, the Company entered into an Option and Lease of Water Rights with Stone Cabin Company, LLC (the “Stone Cabin Water Rights Agreement”). In exchange for a one-time payment of $20,000, the Stone Cabin Water Rights Agreement granted the Company a three-year option to commence a ten-year lease of certain water rights in Nevada. The water rights are for use in conjunction with the Company’s Longstreet Project. Lease payments for the water rights do not commence unless the Company exercises the option to lease. The Stone Cabin Water Rights Agreement also granted the Company the ability to extend, upon additional option payments, the option to lease for up to an additional three years and the ability to extend the water rights lease (if exercised) for an additional ten-year period. The $20,000 payment was deferred as Other Assets and was being amortized on a straight-line basis over the three-year option period ending December 31, 2019. On December 31, 2019, the Company exercised its first option to extend the Stone Cabin Water Rights agreement for an additional twelve months and made a $20,000 payment thereof. The $20,000 payment was deferred as “Other Currents Assets” and is being amortized on a straight-line basis over the one-year option period. On August 21, 2017, the Company entered into an Option and Lease of Water Rights, with High Test Hay, LLC (the “High Test Water Rights Agreement”). In exchange for a one-time payment of $25,000, the High Test Water Rights Agreement grants the Company a three-year option to commence a ten-year lease on certain water rights in Nevada. The water rights are for use in conjunction with the Company’s Longstreet Project. Lease payments for the water rights do not commence unless and until the Company exercises the option to lease. The High Test Water Rights Agreement also grants the Company the ability to extend, upon additional option payments, the option to lease for up to an additional three years and the ability to extend the water rights lease (if exercised) for up to an additional twenty years. The following is a summary of the Company’s Other Assets at January 31, 2020 and April 30, 2019. January 31, 2020 April 30, 2019 Option on water rights lease agreements, net $ 22,913 $ 15,735 Prepaid insurance and other expenses 5,102 9,667 Total 28,015 25,402 Less Other Assets - Current (28,015 ) (22,845 ) TOTAL OTHER ASSETS - NON-CURRENT $ — $ 2,557

NOTE 6 - RELATED PARTY TRANSACT

NOTE 6 - RELATED PARTY TRANSACTIONS	9 Months Ended
	Jan. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	The Company rented office space from Marlin Property Management, LLC (“Marlin”) an entity owned by the spouse of the Company’s former President and current Chairman of the Board of Directors. The lease was on a month-to-month basis as financial resources were available. The Company terminated the lease effective November 1, 2018. For the three and nine months ended January 31, 2019, office rent was $Nil and $1,500, respectively. No rent was incurred under this agreement in the three and nine months ended January 31, 2020. During the three and nine months ended January 31, 2020, the Company paid a member of the Company’s Board of Directors (the “Board”) for consulting and investor relation services in the amount of $Nil and $8,000, respectively. There was no payment for services during the three and nine months ended January 31, 2019. Effective September 1, 2019, the Board authorized the Company to enter into separate consulting agreements for a monthly total of $18,000 with the Chairman of the Board, two respective members of the Board, and the Company’s Chief Financial Officer to reward, compensate and incentivize. Under the agreements, in the event of a change of control or sale of substantially all of the Company’s assets, these individuals shall collectively be granted bonuses equal to an aggregate two per cent (2%) of the value of the change of control or sale. During the three and nine months ended January 31, 2020, the Company incurred management and administrative expenses of $54,000 and $90,000, respectively, associated with these agreements. These individuals have agreed to defer payment of the balance due until sufficient cash is available.

NOTE 7 - STOCKHOLDERS' EQUITY

NOTE 7 - STOCKHOLDERS' EQUITY	9 Months Ended
	Jan. 31, 2020
Stockholders' Equity Attributable to Parent [Abstract]
STOCKHOLDERS' EQUITY	On October 26, 2018, the Company issued 960,417 shares of its common stock in lieu of cash payment for accounts payable. The value of the shares issued was $57,625, based on a price of $0.06 per share which was the fair value on the date of issuance. No shares of common stock have been issued during the three and nine months ended January 31, 2020.

NOTE 8 - WARRANTS

NOTE 8 - WARRANTS	9 Months Ended
	Jan. 31, 2020
Share-based Payment Arrangement [Abstract]
WARRANTS	The following is a summary of activity for warrants to purchase shares of the Company’s stock through January 31, 2020. Warrants Weighted average exercise price Balance outstanding at April 30, 2018 and April 30, 2019 30,654,249 $ 0.16 Expired (1,614,400 ) (0.23 ) Balance outstanding at January 31, 2020 29,039,849 $ 0.16 There were no warrants to purchase shares of the Company’s common stock issued or exercised during the three and nine months ended January 31, 2020 and 2019, respectively. The composition of the Company’s warrants outstanding at January 31, 2020 is as follows: Issue Date Expiration Date Warrants Exercise Price Remaining life (years) October 12, 2015 October 12, 2020 4,241,000 $ 0.20 0.70 October 12, 2016 October 12, 2021 14,000,000 0.15 1.70 October 31, 2017 October 31, 2020 10,798,849 0.15 0.75 29,039,849 $ 0.16 1.20

NOTE 9 - STOCK OPTIONS

NOTE 9 - STOCK OPTIONS	9 Months Ended
	Jan. 31, 2020
Share-based Payment Arrangement [Abstract]
STOCK OPTIONS	Options issued for mining interest In consideration for its mining interest (see Note 4), the Company was 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. Those costs are capitalized as Mining Interest (Note 4). For the nine months ended January 31, 2020, there were 500,000 options issued for mining interest at the exercise price of $0.04 per share. For the three months ended January 31, 2020 there were no options issued for mining interest. During the nine months ended January 31, 2020, the Company repriced 435,000 existing options to purchase Company common stock, to the exercise price of $0.04 per share, from exercise prices ranging from $0.05 to $0.80. The fair value of the issuance and repricing was $16,044. For the three moths ended January 31, 2020, there were no options issued for mining interest. On January 16, 2019, the Company issued 45,000 stock options for mining interests with fair value of $2,250. Options outstanding for mining interest totaled 435,000 at April 30, 2019 and 935,000 options at January 31, 2020 and are fully vested. As of January 31, 2020, the remaining weighted average term of the option grants for mining interest was 4.59 years. As of January 31, 2020, the weighted average exercise price of the option grants for mining interest was $0.04 per share. Options issued under the 2011 Stock Option/Restricted Stock 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 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 total value of stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of January 31, 2020 and 2019, respectively, there was no unrecognized compensation cost related to stock-based options and awards. No options were issued under the 2011 Plan during the three and nine months ended January 31, 2020 and 2019, respectively. The following table summarizes additional information about the options under the Company’s Stock Option Plan as of January 31, 2020: Options outstanding and exercisable Date of Grant Shares Price Remaining Term October 18, 2016 4,810,000 $ 0.06 1.72 April 30, 2018 1,400,000 0.065 3.25 Total options 6,210,000 $ 0.06 2.06 Summary: The following is a summary of the Company’s stock options outstanding and exercisable: Options issued for: Expiration Date Options Weighted Average Mining interests April 11, 2020 to January 15, 2029 935,000 $ 0.04 Stock option plan October 18, 2021 to April 30, 2023 6,210,000 0.06 Outstanding and exercisable at January 31, 2020 7,145,000 $ 0.06 The aggregate intrinsic value of all options vested and exercisable at January 31, 2020, was $Nil based on the Company’s closing price of $0.03 per common share at January 31, 2020. The Company’s current policy is to issue new shares to satisfy option exercises.

NOTE 2 - SIGNIFICANT ACCOUNTI_2

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jan. 31, 2020
Accounting Policies [Abstract]
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. I 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, 2019.
Going Concern	As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of January 31, 2020, 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 $11,062,205 and, at January 31, 2020, the Company’s working capital deficit was $41,540. Individuals to whom deferred compensation has accrued have agreed to forego payment until sufficient cash is available for payment of the liability (Note 6). On March 10, 2020, the Company’s Chairman of the Board of Directors loaned the Company $50,000 which provides the Company liquidity to meet short-term financial obligations (Note 10). 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 or obtaining additional financing from investors and/or lenders.
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 long-lived asset impairments and stock-based compensation 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.
Risks and Uncertainties	The Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological and other risks associated with operating an emerging exploration mining business, including the potential risk of business failure.
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.
Reclamation Bond	The Reclamation bond constitutes cash held as collateral for the faithful performance of the bond securing exploration permits and are accounted for on a cost basis.
Financial Instruments	The Company’s financial instruments include cash and cash equivalents and reclamation bond. All instruments are accounted for on a cost basis, which, due to the short maturity of these financial instruments, approximates fair value at January 31, 2020.
Fair Value Measures	When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At January 31, 2020 and April 30, 2019, the Company had no assets or liabilities accounted for at fair value on a recurring or nonrecurring 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, 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.
Pre-development Expenditures	Pre-development activities involve costs incurred in the exploration stage that may ultimately benefit production which are expensed due to the lack of evidence of economic development which is necessary to demonstrate future recoverability of these costs.
Equipment	Equipment is stated at cost. Significant improvements are capitalized and depreciated. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which range from three to seven years. Maintenance and repairs are charged to operations as incurred. 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.
Impairment of Long-lived Assets	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. 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.
Income Taxes	The Company accounts for income taxes using the liability method. The liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of (i) temporary differences between financial statement carrying amounts of assets and liabilities and their basis for tax purposes and (ii) operating loss and tax credit carryforwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when management concludes that it is more likely than not that a portion of the deferred tax assets will not be realized in a future period.
Reclassifications	Certain reclassifications have been made to the 2019 financial statements in order to conform to the 2020 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported.
New Accounting Pronouncements	In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. Adoption of this update on May 1, 2019 had no impact on the Company’s financial statement. In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation, Improvements to Nonemployee Share-Based Payment Accounting. ASU No. 2018-07 expands the scope of the standard for stock-based compensation to include share-based payment transactions for acquiring goods and services from nonemployees. ASU No. 2018-07 became effective for the Company on May 1, 2019. Adoption of this update on May 1, 2019 had no impact on the Company’s financial statement. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

NOTE 3 - EARNINGS PER SHARE (Ta

NOTE 3 - EARNINGS PER SHARE (Tables)	9 Months Ended
	Jan. 31, 2020
Earnings Per Share [Abstract]
Dilutive securities	January 31, 2020 January 31, 2019 Stock options 7,145,000 6,695,000 Warrants 29,039,849 30,654,249 TOTAL POSSIBLE DILUTIVE SHARES 36,184,849 37,349,249

NOTE 4 - EQUIPMENT AND MINING_2

NOTE 4 - EQUIPMENT AND MINING INTEREST (Tables)	9 Months Ended
	Jan. 31, 2020
Property, Plant and Equipment [Abstract]
Equipment and mining interest	January 31, 2020 April 30, 2019 Equipment $ 4,995 $ 32,002 Less accumulated depreciation (3,261 ) (29,019 ) Equipment, net of accumulated depreciation 1,734 2,983 Mining interest - Longstreet 542,167 464,124 TOTAL EQUIPMENT AND MINING INTEREST $ 543,901 $ 467,107

NOTE 5 - OTHER ASSETS (Tables)

NOTE 5 - OTHER ASSETS (Tables)	9 Months Ended
	Jan. 31, 2020
Other Assets [Abstract]
Other assets	January 31, 2020 April 30, 2019 Option on water rights lease agreements, net $ 22,913 $ 15,735 Prepaid insurance and other expenses 5,102 9,667 Total 28,015 25,402 Less Other Assets - Current (28,015 ) (22,845 ) TOTAL OTHER ASSETS - NON-CURRENT $ — $ 2,557

NOTE 8 - WARRANTS (Tables)

NOTE 8 - WARRANTS (Tables)	9 Months Ended
	Jan. 31, 2020
Share-based Payment Arrangement [Abstract]
Warrant activity	Warrants Weighted average exercise price Balance outstanding at April 30, 2018 and April 30, 2019 30,654,249 $ 0.16 Expired (1,614,400 ) (0.23 ) Balance outstanding at January 31, 2020 29,039,849 $ 0.16
Warrants outstanding	Issue Date Expiration Date Warrants Exercise Price Remaining life (years) October 12, 2015 October 12, 2020 4,241,000 $ 0.20 0.70 October 12, 2016 October 12, 2021 14,000,000 0.15 1.70 October 31, 2017 October 31, 2020 10,798,849 0.15 0.75 29,039,849 $ 0.16 1.20

NOTE 9 - STOCK OPTIONS (Tables)

NOTE 9 - STOCK OPTIONS (Tables)	9 Months Ended
	Jan. 31, 2020
Share-based Payment Arrangement [Abstract]
Additional information about the options	Options outstanding and exercisable Date of Grant Shares Price Remaining Term October 18, 2016 4,810,000 $ 0.06 1.72 April 30, 2018 1,400,000 0.065 3.25 Total options 6,210,000 $ 0.06 2.06
Options outstanding and exercisable	Options issued for: Expiration Date Options Weighted Average Mining interests April 11, 2020 to January 15, 2029 935,000 $ 0.04 Stock option plan October 18, 2021 to April 30, 2023 6,210,000 0.06 Outstanding and exercisable at January 31, 2020 7,145,000 $ 0.06

NOTE 2 - SIGNIFICANT ACCOUNTI_3

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Jan. 31, 2020	Apr. 30, 2019
Accounting Policies [Abstract]
Accumulated deficit	$ (11,062,205)	$ (10,702,743)
Working capital deficit	$ (41,540)

NOTE 3 - EARNINGS PER SHARE (De

NOTE 3 - EARNINGS PER SHARE (Details) - shares	9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Total possible dilutive shares	36,184,849	37,349,249
Stock options
Total possible dilutive shares	4,145,000	6,695,000
Warrants
Total possible dilutive shares	29,039,849	30,654,249

NOTE 4 - EQUIPMENT AND MINING_3

NOTE 4 - EQUIPMENT AND MINING INTEREST (Details) - USD ($)	Jan. 31, 2020	Apr. 30, 2019
Property, Plant and Equipment [Abstract]
Equipment	$ 4,995	$ 32,002
Less accumulated depreciation	(3,261)	(29,019)
Equipment, net of accumulated depreciation	1,734	2,983
Mining interest - Longstreet	542,167	464,124
TOTAL EQUIPMENT AND MINING INTEREST	$ 543,901	$ 467,107

NOTE 5 - OTHER ASSETS (Details)

NOTE 5 - OTHER ASSETS (Details) - USD ($)	Jan. 31, 2020	Apr. 30, 2019
Other assets	$ 28,015	$ 25,402
Other assets, current	(28,015)	(22,845)
Other assets, non-current	0	2,557
Option on water rights lease agreements, net
Other assets	22,913	15,735
Prepaid insurance and other expenses
Other assets	$ 5,102	$ 9,667

NOTE 6 - RELATED PARTY TRANSA_2

NOTE 6 - RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Related Party Transactions [Abstract]
Rent expense	$ 0	$ 0	$ 0	$ 1,500
Consulting and investor services	0	$ 0	8,000	$ 0
Management fees	$ 54,000		$ 90,000

NOTE 8 - WARRANTS (Details)

NOTE 8 - WARRANTS (Details)	9 Months Ended
	Jan. 31, 2020$ / sharesshares
Share-based Payment Arrangement [Abstract]
Warrants outstanding, beginning | shares	30,654,249
Warrants expired | shares	(1,614,400)
Warrants outstanding, ending | shares	29,039,849
Weighted average exercise price, beginning | $ / shares	$ .16
Weighted average exercise price expired | $ / shares	(.23)
Weighted average exercise price, ending | $ / shares	$ .16

NOTE 8 - WARRANTS (Details 1)

NOTE 8 - WARRANTS (Details 1) - $ / shares	9 Months Ended
	Jan. 31, 2020	Apr. 30, 2019
Warrants	29,039,849	30,654,249
Exercise price	$ .16	$ .16
Remaining life (years)	1 year 2 months 12 days
Warrant 1
Issue date	Oct. 12, 2015
Expiration date	Oct. 12, 2020
Warrants	4,241,000
Exercise price	$ .20
Remaining life (years)	8 months 12 days
Warrant 2
Issue date	Oct. 12, 2016
Expiration date	Oct. 12, 2021
Warrants	14,000,000
Exercise price	$ .15
Remaining life (years)	1 year 8 months 12 days
Warrant 3
Issue date	Oct. 31, 2017
Expiration date	Oct. 31, 2020
Warrants	10,798,849
Exercise price	$ .15
Remaining life (years)	9 months

NOTE 9 - STOCK OPTIONS (Details

NOTE 9 - STOCK OPTIONS (Details)	9 Months Ended
	Jan. 31, 2020$ / sharesshares
Options outstanding and exercisable, shares | shares	7,145,000
Options outstanding and exercisable, price | $ / shares	$ .06
2011 Stock Option/Restricted Stock Plan
Options outstanding and exercisable, shares | shares	6,210,000
Options outstanding and exercisable, price | $ / shares	$ .06
Options outstanding and exercisable, remaining term	2 years 22 days
2011 Stock Option/Restricted Stock Plan | Stock Option 1
Options outstanding and exercisable, shares | shares	4,810,000
Options outstanding and exercisable, price | $ / shares	$ .06
Options outstanding and exercisable, remaining term	1 year 8 months 19 days
2011 Stock Option/Restricted Stock Plan | Stock Option 2
Options outstanding and exercisable, shares | shares	1,400,000
Options outstanding and exercisable, price | $ / shares	$ .065
Options outstanding and exercisable, remaining term	3 years 3 months

NOTE 9 - STOCK OPTIONS (Detai_2

NOTE 9 - STOCK OPTIONS (Details 1)	9 Months Ended
	Jan. 31, 2020$ / sharesshares
Options outstanding and exercisable, shares | shares	7,145,000
Options outstanding and exercisable, price | $ / shares	$ .06
Mining Interest
Options outstanding and exercisable, shares | shares	935,000
Options outstanding and exercisable, price | $ / shares	$ .04
Mining Interest | Minimum
Expiration date	Apr. 11, 2020
Mining Interest | Maximum
Expiration date	Jan. 15, 2029
2011 Stock Option/Restricted Stock Plan
Options outstanding and exercisable, shares | shares	6,210,000
Options outstanding and exercisable, price | $ / shares	$ .06
2011 Stock Option/Restricted Stock Plan | Minimum
Expiration date	Oct. 18, 2021
2011 Stock Option/Restricted Stock Plan | Maximum
Expiration date	Apr. 30, 2023