Star Gold (SRGZ) 10-Q 22 Mar 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jan. 31, 2023	Mar. 22, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jan. 31, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
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 303
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
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 INTERIM BALANCE SHEET

CONDENSED INTERIM BALANCE SHEETS (UNAUDITED) - USD ($)	Jan. 31, 2023	Apr. 30, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 11,885	$ 50,815
Other current assets (NOTE 5)	141,854	139,332
TOTAL CURRENT ASSETS	153,739	190,147
MINING INTEREST (NOTE 4)	578,167	566,167
RECLAMATION BOND (NOTE 4)	89,400	89,400
TOTAL ASSETS	821,306	845,714
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	42,506	37,306
Accrued interest, related parties	18,449	3,226
TOTAL CURRENT LIABILITIES	60,955	40,532
LONG TERM LIABILITIES:
Promissory notes, related parties (NOTE 6)	260,000	50,000
Convertible promissory notes, related parties (NOTE 6)	150,000	150,000
TOTAL LIABILITIES	470,955	240,532
COMMITMENTS AND CONTINGENCIES (NOTE 4 & 6)
STOCKHOLDERS’ EQUITY
Preferred Stock, $.001 par value; 10,000,000 shares authorized, none issued and outstanding
Common Stock, $.001 par value; 1,000,000,000 shares authorized; 97,290,810 shares issued and outstanding	97,291	97,291
Additional paid-in capital	12,702,879	12,702,879
Accumulated deficit	(12,449,819)	(12,194,988)
TOTAL STOCKHOLDERS’ EQUITY	350,351	605,182
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 821,306	$ 845,714

CONDENSED INTERIM BALANCE SHE_2

CONDENSED INTERIM BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jan. 31, 2023	Apr. 30, 2022
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	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	97,290,810	97,290,810
Common Stock, Shares, Outstanding	97,290,810	97,290,810

CONDENSED INTERIM STATEMENTS OF

CONDENSED INTERIM STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
OPERATING EXPENSE
Mineral exploration expense			$ 25,146	$ 25,146
Pre-development expense	24,280	11,768	93,728	38,679
Legal and professional fees	9,533	14,916	55,193	63,596
Management and administrative	22,444	40,834	63,709	210,411
TOTAL OPERATING EXPENSES	56,257	67,518	237,776	337,832
LOSS FROM OPERATIONS	(56,257)	(67,518)	(237,776)	(337,832)
OTHER INCOME (EXPENSE)
Interest income		3		69
Interest expense	(406)	(262)	(1,218)	(786)
Interest expense, related parties	(6,620)	(1,274)	(15,837)	(1,274)
TOTAL OTHER INCOME (EXPENSE)	(7,026)	(1,533)	(17,055)	(1,991)
NET LOSS BEFORE INCOME TAXES	(63,283)	(69,051)	(254,831)	(339,823)
Provision for income taxes
NET LOSS	$ (63,283)	$ (69,051)	$ (254,831)	$ (339,823)
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	97,290,810

CONDENSED INTERIM STATEMENTS _2

CONDENSED INTERIM 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, 2021	$ 97,291	$ 12,615,008	$ (11,801,793)	$ 910,506
Beginning Balance, Shares 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
Ending Balance, Shares at Jul. 31, 2021	97,290,810
Beginning balance, value at Apr. 30, 2021	$ 97,291	12,615,008	(11,801,793)	910,506
Beginning Balance, Shares at Apr. 30, 2021	97,290,810
Ending balance, value at Oct. 31, 2021	$ 97,291	12,702,879	(12,072,565)	727,605
Ending Balance, Shares at Oct. 31, 2021	97,290,810
Beginning balance, value at Apr. 30, 2021	$ 97,291	12,615,008	(11,801,793)	910,506
Beginning Balance, Shares 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
Ending Balance, Shares at Jan. 31, 2022	97,290,810
Beginning balance, value at Jul. 31, 2021	$ 97,291	12,615,008	(11,967,177)	745,122
Beginning Balance, Shares 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
Ending Balance, Shares 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
Ending Balance, Shares at Jan. 31, 2022	97,290,810
Beginning balance, value at Apr. 30, 2022	$ 97,291	12,702,879	(12,194,988)	605,182
Beginning Balance, Shares at Apr. 30, 2022	97,290,810
Net loss			(140,046)	(140,046)
Ending balance, value at Jul. 31, 2022	$ 97,291	12,702,879	(12,335,034)	465,136
Ending Balance, Shares at Jul. 31, 2022	97,290,810
Beginning balance, value at Apr. 30, 2022	$ 97,291	12,702,879	(12,194,988)	605,182
Beginning Balance, Shares at Apr. 30, 2022	97,290,810
Net loss				(254,831)
Warrants issued for other current assets
Ending balance, value at Jan. 31, 2023	$ 97,291	12,702,879	(12,449,819)	350,351
Ending Balance, Shares at Jan. 31, 2023	97,290,810
Beginning balance, value at Jul. 31, 2022	$ 97,291	12,702,879	(12,335,034)	465,136
Beginning Balance, Shares at Jul. 31, 2022	97,290,810
Net loss			(51,502)	(51,502)
Ending balance, value at Oct. 31, 2022	$ 97,291	12,702,879	(12,386,536)	413,634
Ending Balance, Shares at Oct. 31, 2022	97,290,810
Net loss			(63,283)	(63,283)
Ending balance, value at Jan. 31, 2023	$ 97,291	$ 12,702,879	$ (12,449,819)	$ 350,351
Ending Balance, Shares at Jan. 31, 2023	97,290,810

CONDENSED INTERIM STATEMENTS _3

CONDENSED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (254,831)	$ (339,823)
Adjustments to reconcile net loss to cash used by operating activities
Compensation settled with convertible promissory notes – related parties		150,000
Changes in assets and liabilities:
Other current assets	(2,522)	(28,536)
Accounts payable and accrued liabilities	5,200	(3,183)
Accrued interest, related parties	15,223
Net cash used by operating activities	(236,930)	(221,542)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for mining interests	(12,000)	(12,000)
Net cash used by investing activities	(12,000)	(12,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from promissory notes payable, related parties	290,000
Repayment of promissory notes payable, related party	(80,000)
Net cash provided by financing activities	210,000
Net decrease in cash and cash equivalents	(38,930)	(233,542)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	50,815	265,944
CASH AND CASH EQUIVALENTS AT END OF PERIOD	11,885	32,402
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Warrants issued for other current assets		$ 87,871

NATURE OF OPERATIONS

NATURE OF OPERATIONS	9 Months Ended
	Jan. 31, 2023
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, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods reported. The condensed balance sheet at April 30, 2022 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Operating results for the three- and nine-month period ended January 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2023. These unaudited condensed interim financial statements have been prepared by management in accordance with generally accepted accounting principles used in the United States of America (“U.S. GAAP”). These unaudited condensed interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2022 filed with the Securities and Exchange Commission on July 29, 2022. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements. Going Concern As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of January 31, 2023, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows. The lack of sufficient working capital and continuing losses raises substantial doubt about the Company’s ability to continue as a going concern. As shown in the accompanying condensed balance sheet as of January 31, 2023, the Company has an accumulated deficit of $ 12,449,819 Reclassifications Certain reclassifications have been made to the 2023 financial statements in order to conform to the 2022 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported. New Accounting Pronouncements Accounting Standards Updates Adopted In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12 Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update is to address issues identified as a result of the complexity associated with applying generally accepted accounting principles for certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and with early adoption permitted. Early adoption of this update had no impact on the Company’s consolidated financial statements. 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Jan. 31, 2023
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 on January 31, 2023 and 2022 that could have a dilutive effect are as follows: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share January 31, 2023 January 31, 2022 Stock options 5,035,000 5,035,000 Convertible promissory notes, related parties 3,000,000 - Warrants 2,000,000 2,000,000 Total Possible Dilution 10,035,000 7,035,000 For the three- and nine- months ended January 31, 2023 and 2022, respectively, the effect of the Company’s outstanding stock options, convertible promissory notes, related parties 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, 2023
Property, Plant and Equipment [Abstract]
MINING INTEREST	NOTE 4 – MINING INTEREST The following is a summary of the Company’s equipment and mining interest on January 31, 2023 and April 30, 2022. Schedule of Company Equipment and Mining Interest January 31, 2023 April 30, 2022 Mining interest - Longstreet 578,167 566,167 Total $ 578,167 $ 566,167 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 August 24, 2020, the Company executed an amendment which 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, 2023 and 2022, respectively, the Company paid the annual $12,000 advance royalty on the Longstreet Property. At January 31, 2023 and April 30, 2022, 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, 2023
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”). On August 21, 2022, the Company exercised its third and final 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, 2023 and April 30, 2022, the unamortized portion of the High Test Hay Water Rights Agreement and subsequent exercise of its option is $13,836 and $7,740, respectively. On January 31, 2022, the Company issued 2,000,000 warrants to purchase common stock in accordance with an agreement whereby the Company will receive promotional services to be performed in the future. The fair value of the warrants issued was $87,871 was recorded as other current assets and will be amortized over subsequent periods when services are received. For the three-and nine-months ended January 31, 2023 and the year ended April 30, 2022, no share-based compensation has been recognized. (Note 8). The following is a summary of the Company’s Other Current Assets at January 31, 2023 and April 30, 2022: Schedule of Company Other Current Assets January 31, 2023 April 30, 2022 Option on water rights lease agreement, net $ 13,836 $ 7,740 Prepaid insurance 984 4,558 Prepaid promotion expense 125,084 125,084 Prepaid legal expense 1,950 1,950 Total $ 141,854 $ 139,332

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Jan. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 6 – RELATED PARTY TRANSACTIONS 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 with each of 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 originally paid each executive $6,000 per month. Each executive was originally eligible to receive a bonus equal to eighteen (18) months’ compensation, payable upon a change in control event. The consulting agreements superseded all previous agreements or resolutions. Effective December 1, 2021, the Company amended existing consulting agreements with the Company’s management team. Under the terms of the amended consulting agreements, three (3) 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 of $108,000 payable upon a change of control. For the three months ended January 31, 2023, the Company recognized $7,500 in management and administrative expense under the consulting agreements. For the three months ended January 31, 2022, the Company recognized $29,000 in management and administrative expense under the consulting agreements. For the nine months ended January 31, 2023, the Company recognized $22,500 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 Convertible Promissory Notes accrue interest at 5% per annum with monthly interest-only payments through April 30, 2025. The Convertible Promissory 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 into an aggregate of 3,000,000 shares. At January 31, 2023 and April 30, 2022, the balance of the Convertible Promissory Notes was $150,000. On April 12, 2022, the Company entered in a promissory note with the Company’s Chairman of the Board of Directors in the amount of $50,000. The note has a maturity date of April 12, 2024 and accrued interest at 5% per annum. On June 28, 2022, the Company entered in a promissory note with the Company’s Chairman of the Board of Directors in the amount of $30,000. The note has a maturity date of April 12, 2024 and accrued interest at 5% per annum. On July 5, 2022, the Company entered into a promissory note with an entity controlled by the Chairman of the Board of Directors and another Company director in the amount of $80,000. The proceeds repaid the April 12, 2022 and June 28, 2022 promissory notes outstanding. The July 5, 2022 promissory note has a maturity date of July 31, 2025 and accrues interest at 8% per annum. At January 31, 2023, the principal balance of the promissory note is $80,000. On August 4, 2022, the Company entered into a promissory note with an entity controlled the Chairman of the Board of Directors and another Company director in the amount of $150,000. The promissory note has a maturity date of July 31, 2025 and accrues interest at 8% per annum. At January 31, 2023, the principal balance of the promissory note is $150,000. On January 17, 2023, the Company entered into a promissory note with an entity controlled the Chairman of the Board of Directors and another Company director in the amount of $30,000. The promissory note has a maturity date of January 31, 2026 and accrues interest at 8% per annum. At January 31, 2023, the principal balance of the promissory note is $30,000. For the three months ended January 31, 2023 and 2022, the Company recognized interest expense, related parties of $ 6,620 1,274 15,837 1,274 At January 31, 2023 and April 30, 2022, the balance of accrued interest due to related parties is $18,449 and $3,226, respectively, which is included in “Accounts payable and other accrued liabilities”.

WARRANTS

WARRANTS	9 Months Ended
	Jan. 31, 2023
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 promotional services. The warrants have an exercise price of $0.0442. The expiration date of the warrants is January 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 Company’s Warrants Outstanding 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, 2021 6,789,667 $ 0.15 Issued 2,000,000 0.0442 Expired (6,789,667 ) (0.15 ) Balance outstanding at April 30, 2022 and January 31, 2023 2,000,000 $ 0.0442

STOCK OPTIONS

STOCK OPTIONS	9 Months Ended
	Jan. 31, 2023
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 were capitalized as mining interest. Options outstanding for mining interest totaled 935,000 at January 31, 2023 and April 30, 2022 and are fully vested. As of January 31, 2023, the remaining weighted average term of the option grants for mining interest was 1.58 years. As of January 31, 2023, 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. No options were issued, exercised, expired or forfeited under the Stock Option Plan during the three- and nine- months ended January 31, 2023 or 2022. The total value of stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of January 31, 2023 and April 30, 2022, 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 Stock Option Plan as of January 31, 2023: Schedule of Company’s Stock Option Plan Options outstanding and exercisable Date of Grant Shares Remaining Term Price April 30, 2018 1,400,000 0.25 $ 0.065 April 30, 2021 2,700,000 3.25 0.06 Total options 4,100,000 2.22 $ 0.06 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: Options Weighted Weighted Mining interests 935,000 1.58 $ 0.04 Stock option plan 4,100,000 2.22 0.06 Outstanding and exercisable at January 31, 2023 5,035,000 2.10 $ 0.06 The aggregate intrinsic value of all options vested and exercisable at January 31, 2023, was $Nil based on the Company’s closing price of $0.022 per common share at January 31, 2023. The Company’s current policy is to issue new shares to satisfy option exercises.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jan. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods reported. The condensed balance sheet at April 30, 2022 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Operating results for the three- and nine-month period ended January 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2023. These unaudited condensed interim financial statements have been prepared by management in accordance with generally accepted accounting principles used in the United States of America (“U.S. GAAP”). These unaudited condensed interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2022 filed with the Securities and Exchange Commission on July 29, 2022. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements.
Going Concern	Going Concern As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of January 31, 2023, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows. The lack of sufficient working capital and continuing losses raises substantial doubt about the Company’s ability to continue as a going concern. As shown in the accompanying condensed balance sheet as of January 31, 2023, the Company has an accumulated deficit of $ 12,449,819
Reclassifications	Reclassifications Certain reclassifications have been made to the 2023 financial statements in order to conform to the 2022 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported.
New Accounting Pronouncements	New Accounting Pronouncements Accounting Standards Updates Adopted In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12 Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update is to address issues identified as a result of the complexity associated with applying generally accepted accounting principles for certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and with early adoption permitted. Early adoption of this update had no impact on the Company’s consolidated financial statements. 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.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Jan. 31, 2023
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The outstanding securities on January 31, 2023 and 2022 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, 2023 January 31, 2022 Stock options 5,035,000 5,035,000 Convertible promissory notes, related parties 3,000,000 - Warrants 2,000,000 2,000,000 Total Possible Dilution 10,035,000 7,035,000

MINING INTEREST (Tables)

MINING INTEREST (Tables)	9 Months Ended
	Jan. 31, 2023
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 on January 31, 2023 and April 30, 2022. Schedule of Company Equipment and Mining Interest
EQUIPMENT AND MINING INTEREST	January 31, 2023 April 30, 2022 Mining interest - Longstreet 578,167 566,167 Total $ 578,167 $ 566,167

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Jan. 31, 2023
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, 2023 and April 30, 2022: Schedule of Company Other Current Assets
OTHER CURRENT ASSETS	January 31, 2023 April 30, 2022 Option on water rights lease agreement, net $ 13,836 $ 7,740 Prepaid insurance 984 4,558 Prepaid promotion expense 125,084 125,084 Prepaid legal expense 1,950 1,950 Total $ 141,854 $ 139,332

WARRANTS (Tables)

WARRANTS (Tables)	9 Months Ended
	Jan. 31, 2023
Warrants
Schedule of Company’s Warrants Outstanding	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 Company’s Warrants Outstanding
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, 2021 6,789,667 $ 0.15 Issued 2,000,000 0.0442 Expired (6,789,667 ) (0.15 ) Balance outstanding at April 30, 2022 and January 31, 2023 2,000,000 $ 0.0442

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	9 Months Ended
	Jan. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Company’s Stock Option Plan	The following table summarizes additional information about the options under the Company’s Stock Option Plan as of January 31, 2023: Schedule of Company’s Stock Option Plan
STOCK OPTIONS	Options outstanding and exercisable Date of Grant Shares Remaining Term Price April 30, 2018 1,400,000 0.25 $ 0.065 April 30, 2021 2,700,000 3.25 0.06 Total options 4,100,000 2.22 $ 0.06
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 2)	Options issued for: Options Weighted Weighted Mining interests 935,000 1.58 $ 0.04 Stock option plan 4,100,000 2.22 0.06 Outstanding and exercisable at January 31, 2023 5,035,000 2.10 $ 0.06

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Jan. 31, 2023	Apr. 30, 2022
Accounting Policies [Abstract]
Retained Earnings (Accumulated Deficit)	$ 12,449,819	$ 12,194,988

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares	9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Possible Dilution	10,035,000	7,035,000
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Possible Dilution	5,035,000	5,035,000
Convertible Promissory Notes Related Parties [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Possible Dilution	3,000,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Possible Dilution	2,000,000	2,000,000

EQUIPMENT AND MINING INTEREST (

EQUIPMENT AND MINING INTEREST (Details) - USD ($)	Jan. 31, 2023	Apr. 30, 2022
Property, Plant and Equipment [Abstract]
Mining interest - Longstreet	$ 578,167	$ 566,167
Total	$ 578,167	$ 566,167

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($)	Jan. 31, 2023	Apr. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Option on water rights lease agreement, net	$ 13,836	$ 7,740
Prepaid insurance	984	4,558
Prepaid promotion expense	125,084	125,084
Prepaid legal expense	1,950	1,950
Total	$ 141,854	$ 139,332

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Related Party Transactions [Abstract]
Interest Expense, Related Party	$ 6,620	$ 1,274	$ 15,837	$ 1,274

WARRANTS (Details)

WARRANTS (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended		12 Months Ended
	Oct. 31, 2021	Oct. 31, 2021	Jan. 31, 2023	Jan. 31, 2022	Apr. 30, 2022
Warrants Issued For Other Current Assets	$ 87,871			$ 87,871
Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period		2,000,000			2,000,000
Warrants Issued For Other Current Assets		$ 87,871
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price	$ 0.0442	$ 0.0442
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate		244.99%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term		5 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		1.18%

WARRANTS (Details 2)

WARRANTS (Details 2) - Warrant [Member] - $ / shares	6 Months Ended	12 Months Ended
	Oct. 31, 2021	Apr. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance	6,789,667	6,789,667
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	$ 0.15
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	2,000,000	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
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period		(6,789,667)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value		$ (0.15)

STOCK OPTIONS (Details)

STOCK OPTIONS (Details)	9 Months Ended
	Jan. 31, 2023 $ / shares shares
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
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	2 years 1 month 6 days
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	3 months
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	3 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	2 years 2 months 19 days

STOCK OPTIONS (Details 2)

STOCK OPTIONS (Details 2)	9 Months Ended
	Jan. 31, 2023 $ / shares shares
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
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	2 years 1 month 6 days
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
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	1 year 6 months 29 days
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	2 years 2 months 19 days

Uncategorized Items - srgz-10q.

Label	Element	Value
Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber	2,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue	$ 0.0442