Star Gold (SRGZ) 10-Q 8 Mar 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jan. 31, 2022	Mar. 04, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--04-30
Entity File Number	000-52711
Entity Registrant Name	STAR GOLD CORP.
Entity Central Index Key	0001401835
Entity Tax Identification Number	27-0348508
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	1875 N. Lakewood Drive
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Coeur d’Alene
Entity Address, State or Province	ID
Entity Address, Postal Zip Code	83814
City Area Code	(208)
Local Phone Number	664-5066
Title of 12(b) Security	Common Stock
Trading Symbol	SRGZ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		97,290,810

CONDENSED BALANCE SHEETS (UNAUD

CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($)	Jan. 31, 2022	Apr. 30, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 32,402	$ 265,944
Other current assets (NOTE 5)	149,738	33,331
TOTAL CURRENT ASSETS	182,140	299,275
MINING INTEREST (NOTE 4)	566,167	554,167
RECLAMATION BOND	89,400	89,400
TOTAL ASSETS	837,707	942,842
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	29,153	32,336
TOTAL CURRENT LIABILITIES	29,153	32,336
CONVERTIBLE NOTES PAYABLE – RELATED PARTIES (NOTE 6)	150,000
TOTAL LIABILITIES	179,153	32,336
COMMITMENTS AND CONTINGENCIES (NOTE 4)
STOCKHOLDERS’ EQUITY
Preferred stock, $.001 par value; 10,000,000 shares authorized, none issued and outstanding
Common stock, $.001 par value; 300,000,000 shares authorized; 97,290,810 shares issued and outstanding	97,291	97,291
Additional paid-in capital	12,702,879	12,615,008
Accumulated deficit	(12,141,616)	(11,801,793)
TOTAL STOCKHOLDERS’ EQUITY	658,554	910,506
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 837,707	$ 942,842

CONDENSED BALANCE SHEETS (UNA_2

CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jan. 31, 2022	Apr. 30, 2021
Statement of Financial Position [Abstract]
Preferred Stock, Par Value	$ 0.001	$ 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	$ 0.001	$ 0.001
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares, Issued	97,290,810	97,290,810
Common Stock, Shares, Outstanding	97,290,810	97,290,810

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
OPERATING EXPENSES
Mineral exploration expense			$ 25,146	$ 25,146
Pre-development expense	11,768	95,168	38,679	231,076
Legal and professional fees	14,916	48,179	63,596	109,767
Management and administrative	40,834	21,868	210,411	65,283
Depreciation		416		1,248
TOTAL OPERATING EXPENSES	67,518	165,631	337,832	432,520
LOSS FROM OPERATIONS	(67,518)	(165,631)	(337,832)	(432,520)
OTHER INCOME (EXPENSE)
Interest income	3	127	69	138
Interest expense	(262)	(262)	(786)	(786)
Interest expense, related parties	(1,274)		(1,274)	(1,367)
TOTAL OTHER INCOME (EXPENSE)	(1,533)	(135)	(1,991)	(2,015)
NET LOSS BEFORE INCOME TAX	(69,051)	(165,766)	(339,823)	(434,535)
Provision (benefit) for income tax
NET LOSS	$ (69,051)	$ (165,766)	$ (339,823)	$ (434,535)
Earnings Per Share, Basic and Diluted	$ 0	$ 0	$ 0	$ 0
Basic and diluted weighted average number shares outstanding	97,290,810	97,290,810	97,290,810	88,706,972

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Apr. 30, 2020	$ 77,395	$ 11,576,571	$ (11,157,593)	$ 496,373
Shares, Issued, Beginning Balance at Apr. 30, 2020				77,394,841
Common shares issued for exercise of warrants	816	35,904		$ 36,720
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				816,000
Net loss			(121,076)	$ (121,076)
Ending balance, value at Jul. 31, 2020	78,211	11,612,475	(11,278,669)	$ 412,017
Shares, Issued, Ending Balance at Jul. 31, 2020				78,210,841
Beginning balance, value at Apr. 30, 2020	$ 77,395	11,576,571	(11,157,593)	$ 496,373
Shares, Issued, Beginning Balance at Apr. 30, 2020				77,394,841
Common shares issued for exercise of warrants				$ 877,318
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	19,495,969
Net loss				(434,535)
Warrants issued for other current assets
Ending balance, value at Jan. 31, 2021	$ 97,291	12,453,993	(11,592,128)	$ 959,156
Shares, Issued, Ending Balance at Jan. 31, 2021				97,290,810
Beginning balance, value at Jul. 31, 2020	78,211	11,612,475	(11,278,669)	$ 412,017
Shares, Issued, Beginning Balance at Jul. 31, 2020				78,210,841
Common shares issued for exercise of warrants	18,680	821,918		$ 840,598
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				18,679,969
Net loss			(147,693)	$ (147,693)
Common shares issued for accounts payable	$ 400	19,600		20,000
Stock Issued During Period, Shares, Other	400,000
Ending balance, value at Oct. 31, 2020	$ 97,291	12,453,993	(11,426,362)	$ 1,124,922
Shares, Issued, Ending Balance at Oct. 31, 2020				97,290,810
Net loss			(165,766)	$ (165,766)
Ending balance, value at Jan. 31, 2021	97,291	12,453,993	(11,592,128)	$ 959,156
Shares, Issued, Ending Balance at Jan. 31, 2021				97,290,810
Beginning balance, value at Apr. 30, 2021	97,291	12,615,008	(11,801,793)	$ 910,506
Shares, Issued, Beginning Balance at Apr. 30, 2021				97,290,810
Net loss			(165,384)	$ (165,384)
Ending balance, value at Jul. 31, 2021	97,291	12,615,008	(11,967,177)	$ 745,122
Shares, Issued, Ending Balance at Jul. 31, 2021				97,290,810
Beginning balance, value at Apr. 30, 2021	97,291	12,615,008	(11,801,793)	$ 910,506
Shares, Issued, Beginning Balance at Apr. 30, 2021				97,290,810
Net loss				$ (339,823)
Warrants issued for other current assets				87,871
Ending balance, value at Jan. 31, 2022	97,291	12,702,879	(12,141,616)	$ 658,554
Shares, Issued, Ending Balance at Jan. 31, 2022				97,290,810
Beginning balance, value at Jul. 31, 2021	97,291	12,615,008	(11,967,177)	$ 745,122
Shares, Issued, Beginning Balance at Jul. 31, 2021				97,290,810
Net loss			(105,388)	$ (105,388)
Warrants issued for other current assets		87,871		87,871
Ending balance, value at Oct. 31, 2021	97,291	12,702,879	(12,072,565)	$ 727,605
Shares, Issued, Ending Balance at Oct. 31, 2021				97,290,810
Net loss			(69,051)	$ (69,051)
Ending balance, value at Jan. 31, 2022	$ 97,291	$ 12,702,879	$ (12,141,616)	$ 658,554
Shares, Issued, Ending Balance at Jan. 31, 2022				97,290,810

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (339,823)	$ (434,535)
Adjustments to reconcile net loss to net cash used by operating activities
Depreciation		1,248
Conversion of deferred compensation to officers and directors to convertible notes payable – related parties	150,000
Changes in operating assets and liabilities:
Other current assets	(28,536)	(14,295)
Accounts payable and accrued liabilities	(3,183)	41,463
Deferred compensation to officers and directors		(89,000)
Net cash used by operating activities	(221,542)	(495,119)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for mining interest	(12,000)	(12,000)
Net cash used by investing activities	(12,000)	(12,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from note payable, related party		30,000
Repayment of note payable, related party		(80,000)
Proceeds from exercise of warrants		877,318
Net cash provided by financing activities		827,318
Net decrease in cash and cash equivalents	(233,542)	320,199
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	265,944	26,617
CASH AND CASH EQUIVALENTS AT END OF PERIOD	32,402	346,816
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Warrants issued for prepaid expense	$ 87,871

NATURE OF OPERATIONS

NATURE OF OPERATIONS	9 Months Ended
	Jan. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NOTE 1 – NATURE OF OPERATIONS Star Gold Corp. (the “Company”) was initially incorporated as Elan Development, Inc., in the State of Nevada on December 8, 2006. The Company was originally organized to explore mineral properties in British Columbia, Canada but the Company is currently focusing on gold, silver and other base metal-bearing properties in Nevada. The Company’s 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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jan. 31, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. The accompanying unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. I n the opinion of the Company’s management, all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair statement of the interim financial statements have been included. The balance sheet at April 30, 2021 was derived from audited annual financial statements but does not contain all the footnote disclosures from the annual financial statements. All amounts presented are in U.S. dollars. Operating results for the three- and nine-month periods ended January 31, 2022 are not necessarily indicative of the results that may be expected for the full fiscal year ending April 30, 2022. 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, 2021. Going Concern As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of January 31, 2022, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows, which raises substantial doubt about the Company’s ability to continue as a going concern. As shown in the accompanying balance sheets of January 31, 2022, the Company has an accumulated deficit of $ 12,141,616 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. 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, 2022 and April 30, 2021, the Company had no assets or liabilities accounted for at fair value on a recurring basis. Reclassifications Certain reclassifications have been made to the 2021 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Jan. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 3 – 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, 2022 and 2021 that could have a dilutive effect are as follows: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share January 31, 2022 January 31, 2021 Stock options 5,035,000 7,145,000 Warrants 2,000,000 6,789,667 TOTAL POSSIBLE DILUTIVE SHARES 7,035,000 13,934,667 For the three- and nine-months ended January 31, 2022 and 2021, respectively, the effect of the Company’s outstanding stock options and warrants would have been anti-dilutive and so are excluded in the calculation of diluted EPS .

MINING INTEREST

MINING INTEREST	9 Months Ended
	Jan. 31, 2022
Property, Plant and Equipment [Abstract]
MINING INTEREST	NOTE 4 – MINING INTEREST The following is a summary of the Company’s equipment and mining interest at January 31, 2022 and April 30, 2021. Schedule of Company Equipment and Mining Interest January 31, 2022 April 30, 2021 Mining interest - Longstreet $ 566,167 $ 554,167 TOTAL MINING INTEREST $ 566,167 $ 554,167 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 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 agreed to pay Great Basin $7,500 per month for the term of the Consulting Agreement. 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 year ended April 30, 2021, the Company paid Great Basin a total of $67,500 which is included in pre-development expense. As of January 31, 2022, no amount is due to Great Basin under the Consulting Agreement. The August 24, 2020 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. In addition, the Company is obligated, pursuant to the Longstreet Agreement, as amended, to pay an annual advance royalty payment of $12,000 related to the Clifford claims. For the nine-months ended January 31, 2022 and 2021, respectively, the Company paid the annual $12,000 advance royalty for additional mining interest on the Longstreet Property. At January 31, 2022 and April 30, 2021, the Company has a reclamation bond of $89,400 with 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.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	9 Months Ended
	Jan. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER CURRENT ASSETS	NOTE 5 – OTHER CURRENT ASSETS 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 initial $25,000 payment has been deferred and was amortized on a straight-line basis over the three-year option period. 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 to be amortized over twelve months. On August 21, 2021, the Company exercised its second option to extend the High Test Hay Water Rights agreement for an additional twelve months and made a $25,000 payment to be amortized over twelve months. As of January 31, 2022, the unamortized portion of the High Test Hay Water Rights Agreement and subsequent exercise of its second option is $13,836. On October 31, 2021, the Company issued 2,000,000 warrants to purchase stock. for services. The fair value of the warrants issued was $87,871 and is included in “Other Current Assets” and will be recognized over subsequent periods when services are received. For the three months and nine months ended January 31, 2022, no share based compensation has been recognized. (Note 7). The following is a summary of the Company’s Other Current Assets at January 31, 2022 and April 30, 2021: Schedule of Company Other Current Assets January 31, 2022 April 30, 2021 Option on water rights lease agreements, net $ 13,836 $ 21,570 Prepaid insurance 8,868 11,761 Prepaid promotion expense 125,084 - Prepaid legal expense 1,950 - Total $ 149,738 $ 33,331

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Jan. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 6 – RELATED PARTY TRANSACTIONS Effective September 1, 2019, the Board authorized the Company to accrue for a period of nine months a monthly total of $18,000 to reward, compensate and incentivize for the Chairman of the Board, two other respective members of the Board, and the Company’s Chief Financial Officer. During the year ended April 30, 2021, the accrued balance of $89,000 was paid to the respective officers and directors. As of April 30, 2021, there were no further payments due under this board action. On May 1, 2021, the Company entered into consulting agreements with four members of the Company’s management team (the “Consulting Agreements”). The Company entered into an Agreement each with the Chairman of the Board, the President, the Chief Financial Officer and the Vice President of Finance. Each Agreement is for a two-year period, automatically renewable annually thereafter, and paid each executive $6,000 per month. Each executive was eligible to receive a bonus payable upon a change in control event equal to eighteen (18) months’ compensation. The Consulting Agreements superseded any previous agreements or resolutions. Effective December 1, 2022, the Consulting Agreements were amended. Under the terms of the amended agreements, three executives are to be paid $1 annual compensation and one executive will be paid $2,500 per month. Each executive is eligible to receive a bonus payable of $108,000 upon a change of control. For the three months ended January 31, 2022, the Company recognized $53,000 in management and administrative expense under the Consulting Agreements. For the nine months ended January 31, 2022, the Company recognized $173,000 in management and administrative expense under the Consulting Agreements. On November 30, 2021, the Company entered into four Convertible Promissory Notes (the “Convertible Promissory Notes”) with certain officers and directors of the Company in consideration of deferred compensation totaling $150,000. The notes accrue interest at 5% per annum with monthly interest-only payments through April 30, 2025. The notes mature April 30, 2025. The Convertible Promissory Notes are convertible at any time after the original issue date into a number of shares of the Company’s common stock, determined by dividing the amount to be converted by a conversion price equal to $0.05 per share. The Convertible Promissory Notes are convertible to an aggregate of 3,000,000 shares. At January 31, 2022, the balance of the Convertible Promissory Notes is $150,000. 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 had maturity dates of March 10, 2022 and June 27, 2022, respectively and accrued interest at 6% per annum. During the year ended April 30, 2021, the total outstanding balance of the respective promissory notes of $80,000 and accrued interest of $1,786 was paid to the Company’s Chairman of the Board. For the three months ended January 31, 2022 and 2021, the Company recognized interest expense, related parties of $1,274 and $Nil, respectively. For the nine months ended January 31, 2022 and 2021, the Company recognized interest expense, related parties of $1,274 and $1,367, respectively. At January 31, 2022, the balance of accrued interest is $1,274.

WARRANTS

WARRANTS	9 Months Ended
	Jan. 31, 2022
Warrants
WARRANTS	NOTE 7 – WARRANTS On October 31, 2021, the Company granted 2,000,000 warrants to purchase common stock in lieu of cash payment for future services. The warrants have an exercise price of $0.0442. The expiration date of the warrants is October 31, 2026. The fair value of the warrants granted was $87,871 and is included in “Other Current Assets” and will be amortized for services to be provided over the subsequent twelve months (Note 5). The Company estimated the fair value of the October 31, 2021 warrants issued using the Black-Scholes model with the following information and range of assumptions: Schedule of Estimated Fair Value of Warrant using Black-Scholes model Warrants issued 2,000,000 Fair value of warrant issuance $ 87,871 Exercise price $ 0.0442 Expected volatility 244.99% Expected term 5 years Risk free rate 1.18% The following is a summary of the Company’s warrants to purchase shares of common stock activity: Schedule of Company’s Warrants to Purchase of Common Stock Warrants Weighted Average 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 April 30, 2021 6,789,667 $ 0.15 Issued 2,000,000 0.0442 Expired (6,789,667 ) (0.15 ) Balance outstanding at January 31, 2022 2,000,000 $ 0.0442 The composition of the Company’s warrants outstanding at January 31, 2022 is as follows: Schedule of Company’s Warrants Outstanding Issue Date Expiration Date Warrants Exercise Price Remaining life (years) October 31, 2021 October 31, 2026 2,000,000 $ 0.0442 4.75 2,000,000 $ 0.0442 4.75

STOCK OPTIONS

STOCK OPTIONS	9 Months Ended
	Jan. 31, 2022
Share-based Payment Arrangement [Abstract]
STOCK OPTIONS	NOTE 8 – 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 on January 31, 2022 and April 30, 2021, and are fully vested. As of January 31, 2022, the remaining weighted average term of the option grants for mining interest was 2.58 years. As of January 31, 2022, 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 “2011 Plan”). The 2011 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. On April 30, 2021, the Board of Directors authorized the grant of 2,700,000 options to purchase shares of common stock of the Company to various directors and officers. The options have an exercise price of $0.06 based on the closing price of the Company’s common Stock on the date of grant and vest immediately. The expiration date of the options is April 30, 2026. The Company estimated the fair value of the April 30, 2021 option grants using the Black-Scholes model with the following information and range of assumptions: Schedule of Estimated Fair Value of Options using Black-Scholes model Options granted 2,700,000 Fair value of option grant $ 161,015 Exercise price $ 0.06 Expected volatility 244.74% Expected term 5 years Risk free rate 0.86% No options were issued under the Stock Option Plan during the three- and nine months ended January 31, 2022 or 2021. The total value of stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of January 31, 2022 and April 30, 2021, respectively, there was no unrecognized compensation cost related to stock-based options and awards. The following table summarizes additional information about the options under the Company’s 2011 Plan as of January 31, 2022: Schedule of Company’s Stock Option Plan Options outstanding and exercisable Date of Grant Shares Price Remaining Term (years) April 30, 2018 1,400,000 $ 0.065 1.24 April 30, 2021 2,700,000 0.06 4.25 Total plan options 4,100,000 $ 0.06 3.22 Summary: The following is a summary of the Company’s stock options outstanding and exercisable: Schedule of Company’s Stock Option Outstanding and Exercisable Options issued for: Expiration Date Options Weighted Average Mining interests August 31, 2024 935,000 $ 0.04 Stock option plan April 30, 2023 April 30, 2026 4,100,000 0.06 Outstanding and exercisable at January 31, 2022 5,035,000 $ 0.06 The aggregate intrinsic value of all options vested and exercisable at January 31, 2022, was $Nil based on the Company’s closing price of $0.0338 per common share at January 31, 2022. The Company’s current policy is to issue new shares to satisfy option exercises.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
	Jan. 31, 2022
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 9 – STOCKHOLDERS’ EQUITY On August 1, 2020, the Company issued 400,000 For the nine months ended January 31, 2021, the Company issued a total of 19,495,969 877,318 For the three- and nine-months ended January 31, 2022, the Company did not issue any shares of its common stock.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jan. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. The accompanying unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. I n the opinion of the Company’s management, all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair statement of the interim financial statements have been included. The balance sheet at April 30, 2021 was derived from audited annual financial statements but does not contain all the footnote disclosures from the annual financial statements. All amounts presented are in U.S. dollars. Operating results for the three- and nine-month periods ended January 31, 2022 are not necessarily indicative of the results that may be expected for the full fiscal year ending April 30, 2022. 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, 2021.
Going Concern	Going Concern As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of January 31, 2022, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows, which raises substantial doubt about the Company’s ability to continue as a going concern. As shown in the accompanying balance sheets of January 31, 2022, the Company has an accumulated deficit of $ 12,141,616
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to 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.
Fair Value Measures	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, 2022 and April 30, 2021, the Company had no assets or liabilities accounted for at fair value on a recurring basis.
Reclassifications	Reclassifications Certain reclassifications have been made to the 2021 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.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Jan. 31, 2022
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The outstanding securities at January 31, 2022 and 2021 that could have a dilutive effect are as follows: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
EARNINGS PER SHARE	January 31, 2022 January 31, 2021 Stock options 5,035,000 7,145,000 Warrants 2,000,000 6,789,667 TOTAL POSSIBLE DILUTIVE SHARES 7,035,000 13,934,667

MINING INTEREST (Tables)

MINING INTEREST (Tables)	9 Months Ended
	Jan. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Company Equipment and Mining Interest	The following is a summary of the Company’s equipment and mining interest at January 31, 2022 and April 30, 2021. Schedule of Company Equipment and Mining Interest
EQUIPMENT AND MINING INTEREST	January 31, 2022 April 30, 2021 Mining interest - Longstreet $ 566,167 $ 554,167 TOTAL MINING INTEREST $ 566,167 $ 554,167

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Jan. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Company Other Current Assets	The following is a summary of the Company’s Other Current Assets at January 31, 2022 and April 30, 2021: Schedule of Company Other Current Assets
OTHER CURRENT ASSETS	January 31, 2022 April 30, 2021 Option on water rights lease agreements, net $ 13,836 $ 21,570 Prepaid insurance 8,868 11,761 Prepaid promotion expense 125,084 - Prepaid legal expense 1,950 - Total $ 149,738 $ 33,331

WARRANTS (Tables)

WARRANTS (Tables)	9 Months Ended
	Jan. 31, 2022
WARRANTS	Warrants issued 2,000,000 Fair value of warrant issuance $ 87,871 Exercise price $ 0.0442 Expected volatility 244.99% Expected term 5 years Risk free rate 1.18%
Schedule of Company’s Warrants to Purchase of Common Stock	The following is a summary of the Company’s warrants to purchase shares of common stock activity: Schedule of Company’s Warrants to Purchase of Common Stock
WARRANTS (Details 2)	Warrants Weighted Average 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 April 30, 2021 6,789,667 $ 0.15 Issued 2,000,000 0.0442 Expired (6,789,667 ) (0.15 ) Balance outstanding at January 31, 2022 2,000,000 $ 0.0442
Schedule of Company’s Warrants Outstanding	The composition of the Company’s warrants outstanding at January 31, 2022 is as follows: Schedule of Company’s Warrants Outstanding
WARRANTS (Details 3)	Issue Date Expiration Date Warrants Exercise Price Remaining life (years) October 31, 2021 October 31, 2026 2,000,000 $ 0.0442 4.75 2,000,000 $ 0.0442 4.75
Warrant [Member]
Schedule of Estimated Fair Value of Warrant using Black-Scholes model	The Company estimated the fair value of the October 31, 2021 warrants issued using the Black-Scholes model with the following information and range of assumptions: Schedule of Estimated Fair Value of Warrant using Black-Scholes model

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	9 Months Ended
	Jan. 31, 2022
Offsetting Assets [Line Items]
STOCK OPTIONS	Options granted 2,700,000 Fair value of option grant $ 161,015 Exercise price $ 0.06 Expected volatility 244.74% Expected term 5 years Risk free rate 0.86%
Schedule of Company’s Stock Option Plan	The following table summarizes additional information about the options under the Company’s 2011 Plan as of January 31, 2022: Schedule of Company’s Stock Option Plan
STOCK OPTIONS (Details 2)	Options outstanding and exercisable Date of Grant Shares Price Remaining Term (years) April 30, 2018 1,400,000 $ 0.065 1.24 April 30, 2021 2,700,000 0.06 4.25 Total plan options 4,100,000 $ 0.06 3.22
Schedule of Company’s Stock Option Outstanding and Exercisable	The following is a summary of the Company’s stock options outstanding and exercisable: Schedule of Company’s Stock Option Outstanding and Exercisable
STOCK OPTIONS (Details 3)	Options issued for: Expiration Date Options Weighted Average Mining interests August 31, 2024 935,000 $ 0.04 Stock option plan April 30, 2023 April 30, 2026 4,100,000 0.06 Outstanding and exercisable at January 31, 2022 5,035,000 $ 0.06
Equity Option [Member]
Offsetting Assets [Line Items]
Schedule of Estimated Fair Value of Options using Black-Scholes model	The Company estimated the fair value of the April 30, 2021 option grants using the Black-Scholes model with the following information and range of assumptions: Schedule of Estimated Fair Value of Options using Black-Scholes model

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Jan. 31, 2022	Apr. 30, 2021
Accounting Policies [Abstract]
Retained Earnings (Accumulated Deficit)	$ 12,141,616	$ 11,801,793

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares	9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
TOTAL POSSIBLE DILUTIVE SHARES	7,035,000	13,934,667
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
TOTAL POSSIBLE DILUTIVE SHARES	5,035,000	7,145,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
TOTAL POSSIBLE DILUTIVE SHARES	2,000,000	6,789,667

EQUIPMENT AND MINING INTEREST (

EQUIPMENT AND MINING INTEREST (Details) - USD ($)	Jan. 31, 2022	Apr. 30, 2021
Property, Plant and Equipment [Abstract]
Mining interest - Longstreet	$ 566,167	$ 554,167
TOTAL MINING INTEREST	$ 566,167	$ 554,167

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($)	Jan. 31, 2022	Apr. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Option on water rights lease agreements, net	$ 13,836	$ 21,570
Prepaid insurance	8,868	11,761
Prepaid promotion expense	125,084
Prepaid legal expense	1,950
Total	$ 149,738	$ 33,331

WARRANTS (Details)

WARRANTS (Details) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Oct. 31, 2021	Jan. 31, 2022	Jan. 31, 2021	Apr. 30, 2021
Warrants
Debt Conversion, Converted Instrument, Warrants or Options Issued		2,000,000
[custom:WarrantsIssuedForOtherCurrentAssets]	$ 87,871	$ 87,871
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price		$ 0.0442
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		244.99%		244.74%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		5 years		5 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		1.18%		0.86%

WARRANTS (Details 2)

WARRANTS (Details 2) - $ / shares	9 Months Ended	12 Months Ended
	Jan. 31, 2022	Apr. 30, 2021
Offsetting Assets [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance	2,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance	$ 0.0442
Warrant [Member]
Offsetting Assets [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance	6,789,667	29,039,849
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance	$ 0.15	$ 0.16
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised		(19,495,969)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ (0.0442)	$ (0.05)
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations	(6,789,667)	(2,754,213)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ (0.15)	$ (0.05)
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance	2,000,000	6,789,667
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance	$ 0.0442	$ 0.15
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted	2,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0.0442	$ 0.05

WARRANTS (Details 3)

WARRANTS (Details 3) - $ / shares	9 Months Ended
	Jan. 31, 2022	Apr. 30, 2021	Apr. 30, 2020
Offsetting Assets [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	2,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 0.0442
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	4 years 9 months
Warrant [Member]
Offsetting Assets [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	2,000,000	6,789,667	29,039,849
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 0.0442	$ 0.15	$ 0.16
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	4 years 9 months

STOCK OPTIONS (Details)

STOCK OPTIONS (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jan. 31, 2022	Apr. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		2,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		$ 161,015
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price		$ 0.06
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	244.99%	244.74%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	5 years	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.18%	0.86%

STOCK OPTIONS (Details 2)

STOCK OPTIONS (Details 2)	9 Months Ended
	Jan. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares	5,035,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares	$ 0.06
Stock Option Plan - April 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares	1,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares	$ 0.065
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	1 year 2 months 26 days
Stock Option Plan - April 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares	2,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares	$ 0.06
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years 3 months
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares	4,100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares	$ 0.06
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	3 years 2 months 20 days

STOCK OPTIONS (Details 3)

STOCK OPTIONS (Details 3)	9 Months Ended
	Jan. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares	5,035,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares	$ 0.06
Mining Interest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares	935,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares	$ 0.04
Expiration Date	Aug. 31, 2024
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares	4,100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares	$ 0.06
Stock Option Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration Date	Apr. 30, 2023
Stock Option Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration Date	Apr. 30, 2026

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	Aug. 02, 2020	Oct. 31, 2020	Jul. 31, 2020	Jan. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		18,679,969	816,000
Stock Issued During Period, Value, Stock Options Exercised		$ 840,598	$ 36,720	$ 877,318
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock Issued During Period, Shares, Other	400,000	400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				19,495,969
Stock Issued During Period, Value, Stock Options Exercised		$ 18,680	$ 816