Star Gold (SRGZ) 10-Q 17 Mar 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jan. 31, 2021	Mar. 17, 2021
Cover [Abstract]
Entity Registrant Name	STAR GOLD CORP.
Entity Central Index Key	0001401835
Document Type	10-Q
Document Period End Date	Jan. 31, 2021
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		97,290,810
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021

BALANCE SHEETS (UNAUDITED)

BALANCE SHEETS (UNAUDITED) - USD ($)	Jan. 31, 2021	Apr. 30, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 346,816	$ 26,617
Other current assets (Note 5)	34,626	20,331
Total current assets	381,442	46,948
Equipment and mining interest, net (Note 4)	554,236	543,485
Reclamation bond	89,400	89,400
Total assets	1,025,078	679,833
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	65,922	24,460
Deferred compensation to officers and directors	0	89,000
Total current liabilities	65,922	113,460
Other liabilities	0	20,000
Note payable related party	0	50,000
Total liabilities	65,922	183,460
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; 97,290,810 and 77,394,841 shares issued and outstanding, respectively	97,291	77,395
Additional paid-in capital	12,453,993	11,576,571
Accumulated deficit	(11,592,128)	(11,157,593)
Total stockholders' equity	959,156	496,373
Total liabilities and stockholders' equity	$ 1,025,078	$ 679,833

BALANCE SHEETS (UNAUDITED) (Par

BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jan. 31, 2021	Apr. 30, 2020
Statement of Financial Position [Abstract]
Preferred stock, par or stated value per share	$ .001	$ .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	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	97,290,810	77,394,841
Common stock, shares outstanding	97,290,810	77,394,841

STATEMENTS OF OPERATIONS (UNAUD

STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
OPERATING EXPENSES
Mineral exploration expense	$ 0	$ 0	$ 25,146	$ 26,630
Pre-development expense	95,168	42,331	231,076	100,094
Legal and professional fees	48,179	9,099	109,767	68,821
Management and administrative	21,868	72,895	65,283	162,756
Depreciation	416	417	1,248	1,249
Total operating expenses	165,631	124,742	432,520	359,550
Loss from operations	(165,631)	(124,742)	(432,520)	(359,550)
OTHER INCOME (EXPENSE)
Interest income	127	43	138	759
Interest expense	(262)	(223)	(786)	(671)
Interest expense, related party	0	0	(1,367)	0
Total other income (expense)	(135)	(180)	(2,015)	88
Net loss before income tax	(165,766)	(124,922)	(434,535)	(359,462)
Provision (benefit) for income tax	0	0	0	0
Net loss	$ (165,766)	$ (124,922)	$ (434,535)	$ (359,462)
Basic and diluted loss per share	$ 0	$ 0	$ 0	$ 0
Basic and diluted weighted average number shares outstanding	97,290,810	77,394,841	88,706,972	77,394,841

STATEMENTS OF CHANGES IN STOCKH

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
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
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
Net loss			(110,089)	(110,089)
Options issued for mining interest		16,044		16,044
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
Beginning balance, shares at Apr. 30, 2020	77,394,841
Beginning balance, amount at Apr. 30, 2020	$ 77,395	11,560,527	(11,157,593)	496,373
Common shares issued for exercise of warrants, shares	816,000
Common shares issued for exercise of warrants, amount	$ 816	35,904		36,720
Net loss			(121,076)	(121,076)
Ending balance, shares at Jul. 31, 2020	78,210,841
Ending balance, amount at Jul. 31, 2020	$ 78,211	11,612,475	(11,278,669)	412,017
Beginning balance, shares at Apr. 30, 2020	77,394,841
Beginning balance, amount at Apr. 30, 2020	$ 77,395	11,560,527	(11,157,593)	496,373
Net loss				(434,535)
Ending balance, shares at Jan. 31, 2021	97,290,810
Ending balance, amount at Jan. 31, 2021	$ 97,291	12,453,993	(1,159,128)	959,156
Beginning balance, shares at Jul. 31, 2020	78,210,841
Beginning balance, amount at Jul. 31, 2020	$ 78,211	11,612,475	(11,278,669)	412,017
Common shares issued for exercise of warrants, shares	18,679,969
Common shares issued for exercise of warrants, amount	$ 18,680	821,918		840,598
Common shares issued for accounts payable, shares	400,000
Common shares issued for accounts payable, amount	$ 400	19,600		20,000
Net loss			(147,693)	(147,693)
Ending balance, shares at Oct. 31, 2020	97,290,810
Ending balance, amount at Oct. 31, 2020	$ 97,291	12,453,993	(11,426,362)	1,124,922
Net loss			(165,766)	(165,766)
Ending balance, shares at Jan. 31, 2021	97,290,810
Ending balance, amount at Jan. 31, 2021	$ 97,291	$ 12,453,993	$ (1,159,128)	$ 959,156

STATEMENTS OF CASH FLOWS (UNAUD

STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (434,535)	$ (359,462)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation	1,248	1,249
Changes in operating assets and liabilities:
Other current assets	(14,295)	(5,170)
Other assets	0	2,557
Accounts payable and accrued liabilities	41,463	(3,155)
Deferred compensation to officers and directors	(89,000)	73,500
Net cash used by operating activities	(495,119)	(290,481)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for mining interest	(12,000)	(62,000)
Payments for collateral on reclamation bond	0	(67,800)
Net cash used in investing activities	(12,000)	(129,800)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from note payable, related party	30,000	0
Repayment of note payable, related party	(80,000)	0
Proceeds from exercise of warrants	877,318	0
Net cash provided by financing activities	827,318	0
Net change in cash and cash equivalents	320,199	(420,281)
Cash and cash equivalents at beginning of period	26,617	440,316
Cash and cash equivalents at end of period	$ 346,816	$ 20,035

NOTE 1 - NATURE OF OPERATIONS

NOTE 1 - NATURE OF OPERATIONS	9 Months Ended
	Jan. 31, 2021
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 focusing on gold, silver and other base metal-bearing properties in Nevada. 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. 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, 2021
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, 2020. Going Concern As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of January 31, 2021, 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 at January 31, 2021, the Company has an accumulated deficit of $11,592,128. At January 31, 2021, the Company’s working capital was $315,520. 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, 2021. 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, 2021 and April 30, 2020, 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 based on 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. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon its evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where there is a greater than 50% likelihood that a tax benefit will be sustained, our policy is to record the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit will be recognized in the financial statements. Reclassifications Certain reclassifications have been made to the 2020 financial statements in order to conform to the 2021 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported. New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The update removes, modifies and makes additions to the disclosure requirements on fair value measurements. The Company adopted ASU No. 2108-13 on May 1, 2020. There is no impact on the effect of this update on fair value measurement disclosures for the period ended January 31, 2021. 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 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, 2021
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, 2021 and 2020, that could have a dilutive effect are as follows: J anuary 31, 2021 January 31, 2020 Stock options 7,145,000 7,145,000 Warrants 6,789,667 29,039,849 TOTAL POSSIBLE DILUTIVE SHARES 13,934,667 36,184,849 For the three and nine months ended January 31, 2021 and 2020, 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, 2021
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, 2021 and April 30, 2020. January 31, 2021 April 30, 2020 Equipment $ 4,995 $ 4,995 Less accumulated depreciation (4,926 ) (3,677 ) Equipment, net of accumulated depreciation 69 1,318 Mining interest - Longstreet 554,167 542,167 TOTAL EQUIPMENT AND MINING INTEREST $ 554,236 $ 543,485 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 leased, 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, again, 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 set forth Great Basin would transfer title of the Longstreet Property to the Company upon the Company: a) Adjusting the exercise price, to $0.04, on 435,000 existing options to purchase shares of Company common stock from exercise prices ranging from $0.05 to $0.08 per share; b) issuing an additional 500,000 options to purchase shares of 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 shares of the Company’s common stock to an exercise price of $0.04 and issued an additional 500,000 options to purchase shares of 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 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 $60,000 for the year ended April 30, 2020. The payments to Great Basin are included in “Pre-development expense” on the statement of operations. On August 24, 2020, the Company executed an amendment to the Consulting Agreement which accelerated the payments to Great Basin to include a $22,500 lump sum payment and three subsequent monthly payments of $7,500 in consideration of the execution and recording of a quit claim deed on the Longstreet claims for benefit of the Company. For the nine months ended January 31, 2021, the Company paid Great Basin a total of $67,500 which is included in pre-development expense. 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, 2021 and year ended April 30, 2020, 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 Department of Agriculture-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 CURRENT ASSETS

NOTE 5 - OTHER CURRENT ASSETS	9 Months Ended
	Jan. 31, 2021
Other Assets [Abstract]
OTHER CURRENT 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 annual 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 initial $20,000 payment was deferred 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. The $20,000 payment was deferred as “Other Currents Assets” and is being amortized on a straight-line basis over the subsequent one-year option period. The Company retains the right to exercise two additional options to extend the Stone Cabin Water Rights Agreement, upon annual payments of $20,000 each. As of January 31, 2021, the unamortized portion of the Stone Cabin Water Rights Agreement and subsequent exercise of its first option is $18,302. 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. On August 21, 2020, the Company exercised its first option to extend the High Test Hay Water Rights agreement for an additional twelve months and made a $25,000 payment. The following is a summary of the Company’s Other Assets at January 31 and April 30, 2020. January 31, 2021 April 30, 2020 Option on water rights lease agreements, net $ 32,435 $ 15,927 Prepaid insurance and other expenses 2,191 2,488 Other receivables — 1,916 TOTAL OTHER CURRENT ASSETS $ 34,626 $ 20,331

NOTE 6 - RELATED PARTY TRANSACT

NOTE 6 - RELATED PARTY TRANSACTIONS	9 Months Ended
	Jan. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	Effective September 1, 2019, the Board authorized the Company to accrue for a period of six months a monthly total of $18,000 to reward, compensate and incentivize for the Chairman of the Board, two respective members of the Board, and the Company’s Chief Financial Officer. Under the resolution, 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 months ended October 31, 2020, the accrued balance of $89,000 was paid to the respective officers and directors. As of January 31, 2021, the balance of “Deferred compensation to officers and directors” was $Nil. On March 10, 2020 and June 25, 2020, the Company entered into promissory notes with the Company’s Chairman of the Board of Directors in the amount of $50,000 and $30,000, respectively. The notes mature on March 10, 2022 and June 27, 2022, respectively and accrue interest at 6% per annum. For the three months ended January 31, 2021 and January 31, 2020, interest expense, related party on the promissory notes was $Nil and $Nil, respectively. For the nine months ended January 31, 2021 and 2020, interest expense, related party on the promissory notes was $1,367 and $Nil, respectively. During the nine months ended January 31, 2021, the outstanding balance of the respective promissory notes of $80,000 and accrued interest of $1,786 was repaid to the Company’s Chairman of the Board. For the nine months ended January 31, 2021, officers and directors of the Company exercised warrants to purchase 2,072,222 shares of the Company’s common stock at $0.045 per share for proceeds of $93,250 (Notes 7 and 9).

NOTE 7 - WARRANTS

NOTE 7 - WARRANTS	9 Months Ended
	Jan. 31, 2021
Share-based Payment Arrangement [Abstract]
WARRANTS	On June 8, 2020, Star Gold notified all of its warrant holders that the Company was re-pricing, for a limited time, all issued and outstanding common stock warrants, of the Company, to an Exercise Price of $0.045 per share. During the period beginning on June 8, 2020 and ending on August 31, 2020, each outstanding warrant to purchase Star Gold common stock could be exercised, in whole or in part, at the per share price of $0.045 per share regardless of the exercise price set forth in the warrant being exercised. After August 31, 2020 each remaining outstanding and unexercised common stock warrant will then revert to its original exercise price as set forth in each respective warrant. On August 31, 2020 the Board approved extending the expiration of the repricing, of all issued and outstanding warrants, to September 11, 2020. On September 11, 2020 the Board approved extending the expiration of the repricing, of all issued and outstanding warrants, to September 30, 2020. On October 1, 2020, all warrants outstanding reverted to their original exercise price as set forth in each respective warrant. For the nine months ended January 31, 2021, forty-three (43) warrant holders exercised a total of 18,679,969 warrants to purchase shares of the Company’s common stock at $0.045 per share for aggregate cash proceeds of $877,318, inclusive of five (5) officers and directors who exercised 1,622,222 at $0.045 per share for aggregate cash proceeds of $73,000. The following is a summary of the Company’s warrants to purchase shares of common stock activity: Warrants Weighted Average Exercise Price Balance outstanding at April 30, 2019 30,654,249 $ 0.16 Expired (1,614,400 ) 0.23 Balance outstanding at April 30, 2020 29,039,849 $ 0.16 Exercised (19,495,969 ) (0.05 ) Expired (2,754,213 ) (0.05 ) Balance outstanding at January 31, 2021 6,789,667 $ 0.15 The composition of the Company’s warrants outstanding at January 31, 2021 is as follows: Issue Date Expiration Date Warrants Exercise Price Remaining life (years) October 12, 2016 October 12, 2021 6,789,667 $ 0.15 0.70 6,789,667 $ 0.15 0.70

NOTE 8 - STOCK OPTIONS

NOTE 8 - STOCK OPTIONS	9 Months Ended
	Jan. 31, 2021
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. Options outstanding for mining interest totaled 935,000 options at both January 31, 2021 and April 30, 2020 and are all fully vested. As of January 31, 2021, the remaining weighted average term of the option grants for mining interest was 3.58 years. As of January 31, 2021, 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 individuals 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 of Common Stock that are eligible for the plan pool, whereby the number of Shares under the plan increases automatically increases as the total number of outstanding shares of Common Stock increase. The number of shares of Common Stock 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, 2021 and 2020, 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 months and nine months ended January 31, 2021 and 2020, respectively. The following table summarizes additional information about the options under the Company’s Stock Option Plan as of January 31, 2021: Options outstanding and exercisable Date of Grant Shares Price Remaining Term October 18, 2016 4,810,000 $ 0.06 0.71 April 30, 2018 1,400,000 0.065 2.25 Total options 6,210,000 $ 0.06 1.06 Summary: The following is a summary of the Company’s stock options outstanding and exercisable: Options issued for: Expiration Date Options Weighted Average Exercise Price Mining interests August 31, 2024 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, 2021 7,145,000 $ 0.06 The aggregate intrinsic value of all options vested and exercisable at January 31, 2021, was $9,631 based on the Company’s closing price of $0.0503 per common share at January 31, 2021. The Company’s current policy is to issue new shares to satisfy option exercises.

NOTE 9 - STOCKHOLDERS' EQUITY

NOTE 9 - STOCKHOLDERS' EQUITY	9 Months Ended
	Jan. 31, 2021
Stockholders' Equity Attributable to Parent [Abstract]
STOCKHOLDERS' EQUITY	On August 1, 2020, the Company issued 400,000 shares of its common stock in lieu of cash to at $0.05 per share for other liabilities. For the nine months ended January 31, 2020, the Company issued a total of 18,679,969 shares of its common stock upon exercise of warrants at $0.045 per share by 43 warrant holders for aggregate proceeds of $877,318. (Note 7).

NOTE 2 - SIGNIFICANT ACCOUNTI_2

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jan. 31, 2021
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, 2020.
Going Concern	As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of January 31, 2021, 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 at January 31, 2021, the Company has an accumulated deficit of $11,592,128. At January 31, 2021, the Company’s working capital was $315,520. 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, 2021.
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, 2021 and April 30, 2020, 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 based on 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. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon its evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where there is a greater than 50% likelihood that a tax benefit will be sustained, our policy is to record the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit will be recognized in the financial statements.
Reclassifications	Certain reclassifications have been made to the 2020 financial statements in order to conform to the 2021 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported.
New Accounting Pronouncements	In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The update removes, modifies and makes additions to the disclosure requirements on fair value measurements. The Company adopted ASU No. 2108-13 on May 1, 2020. There is no impact on the effect of this update on fair value measurement disclosures for the period ended January 31, 2021. 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 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, 2021
Earnings Per Share [Abstract]
Dilutive securities	J anuary 31, 2021 January 31, 2020 Stock options 7,145,000 7,145,000 Warrants 6,789,667 29,039,849 TOTAL POSSIBLE DILUTIVE SHARES 13,934,667 36,184,849

NOTE 4 - EQUIPMENT AND MINING_2

NOTE 4 - EQUIPMENT AND MINING INTEREST (Tables)	9 Months Ended
	Jan. 31, 2021
Property, Plant and Equipment [Abstract]
Equipment and mining interest	January 31, 2021 April 30, 2020 Equipment $ 4,995 $ 4,995 Less accumulated depreciation (4,926 ) (3,677 ) Equipment, net of accumulated depreciation 69 1,318 Mining interest - Longstreet 554,167 542,167 TOTAL EQUIPMENT AND MINING INTEREST $ 554,236 $ 543,485

NOTE 5 - OTHER CURRENT ASSETS (

NOTE 5 - OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Jan. 31, 2021
Other Assets [Abstract]
Other current assets	January 31, 2021 April 30, 2020 Option on water rights lease agreements, net $ 32,435 $ 15,927 Prepaid insurance and other expenses 2,191 2,488 Other receivables — 1,916 TOTAL OTHER CURRENT ASSETS $ 34,626 $ 20,331

NOTE 7 - WARRANTS (Tables)

NOTE 7 - WARRANTS (Tables)	9 Months Ended
	Jan. 31, 2021
Share-based Payment Arrangement [Abstract]
Warrant activity	Warrants Weighted Average Exercise Price Balance outstanding at April 30, 2019 30,654,249 $ 0.16 Expired (1,614,400 ) 0.23 Balance outstanding at April 30, 2020 29,039,849 $ 0.16 Exercised (19,495,969 ) (0.05 ) Expired (2,754,213 ) (0.05 ) Balance outstanding at January 31, 2021 6,789,667 $ 0.15
Warrants outstanding	Issue Date Expiration Date Warrants Exercise Price Remaining life (years) October 12, 2016 October 12, 2021 6,789,667 $ 0.15 0.70 6,789,667 $ 0.15 0.70

NOTE 8 - STOCK OPTIONS (Tables)

NOTE 8 - STOCK OPTIONS (Tables)	9 Months Ended
	Jan. 31, 2021
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 0.71 April 30, 2018 1,400,000 0.065 2.25 Total options 6,210,000 $ 0.06 1.06
Options outstanding and exercisable	Options issued for: Expiration Date Options Weighted Average Exercise Price Mining interests August 31, 2024 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, 2021 7,145,000 $ 0.06

NOTE 2 - SIGNIFICANT ACCOUNTI_3

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Jan. 31, 2021	Apr. 30, 2020
Accounting Policies [Abstract]
Accumulated deficit	$ (11,592,128)	$ (11,157,593)
Working capital	$ 315,520

NOTE 3 - EARNINGS PER SHARE (De

NOTE 3 - EARNINGS PER SHARE (Details) - shares	9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Total possible dilutive shares	13,934,667	36,184,849
Stock Options
Total possible dilutive shares	7,145,000	7,145,000
Warrants
Total possible dilutive shares	6,789,667	29,039,849

NOTE 4 - EQUIPMENT AND MINING_3

NOTE 4 - EQUIPMENT AND MINING INTEREST (Details) - USD ($)	Jan. 31, 2021	Apr. 30, 2020
Property, Plant and Equipment [Abstract]
Equipment	$ 4,995	$ 4,995
Less accumulated depreciation	(4,926)	(3,677)
Equipment, net of accumulated depreciation	69	1,318
Mining interest - Longstreet	554,167	542,167
Total equipment and mining interest	$ 554,236	$ 543,485

NOTE 5 - OTHER CURRENT ASSETS_2

NOTE 5 - OTHER CURRENT ASSETS (Details) - USD ($)	Jan. 31, 2021	Apr. 30, 2020
Other assets, current	$ 34,626	$ 20,331
Option on Water Rights Lease Agreements, Net
Other assets, current	32,435	15,927
Prepaid Insurance and Other Expenses
Other assets, current	2,191	2,488
Other Receivables
Other assets, current	$ 0	$ 1,916

NOTE 7 - WARRANTS (Details)

NOTE 7 - WARRANTS (Details) - $ / shares	9 Months Ended	12 Months Ended
	Jan. 31, 2021	Apr. 30, 2020
Share-based Payment Arrangement [Abstract]
Warrants outstanding, beginning	29,039,849	30,654,249
Warrants exercised	(19,495,969)
Warrants expired	(2,754,213)	(1,614,400)
Warrants outstanding, ending	6,789,667	29,039,849
Weighted average exercise price, beginning	$ 0.16	$ 0.16
Weighted average exercise price exercised	(.05)
Weighted average exercise price expired	(0.05)	0.23
Weighted average exercise price, ending	$ .15	$ 0.16

NOTE 7 - WARRANTS (Details 1)

NOTE 7 - WARRANTS (Details 1) - $ / shares	9 Months Ended
	Jan. 31, 2021	Apr. 30, 2020	Apr. 30, 2019
Warrants	6,789,667	29,039,849	30,654,249
Exercise price	$ .15	$ 0.16	$ 0.16
Remaining life (years)	8 months 12 days
Warrant 1
Issue date	Oct. 12, 2016
Expiration date	Oct. 12, 2021
Warrants	6,789,667
Exercise price	$ .15
Remaining life (years)	8 months 12 days

NOTE 8 - STOCK OPTIONS (Details

NOTE 8 - STOCK OPTIONS (Details)	9 Months Ended
	Jan. 31, 2021$ / sharesshares
Options outstanding and exercisable, shares | shares	7,145,000
Options outstanding and exercisable, price | $ / shares	$ 0.06
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	1 year 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	8 months 16 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	2 years 3 months

NOTE 8 - STOCK OPTIONS (Detai_2

NOTE 8 - STOCK OPTIONS (Details 1)	9 Months Ended
	Jan. 31, 2021$ / sharesshares
Options outstanding and exercisable, shares | shares	7,145,000
Options outstanding and exercisable, price | $ / shares	$ 0.06
Mining Interest
Expiration date	Aug. 31, 2024
Options outstanding and exercisable, shares | shares	935,000
Options outstanding and exercisable, price | $ / shares	$ .04
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