Star Gold (SRGZ) 10-Q 8 Mar 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	Dec. 12, 2018	Jan. 31, 2019
Details
Registrant Name		STAR GOLD CORP.
Registrant CIK		1,401,835
SEC Form		10-Q
Period End date		Jan. 31, 2019
Fiscal Year End		--04-30
Trading Symbol		SRGZ
Tax Identification Number (TIN)		270,348,508
Number of common stock shares outstanding	77,394,841
Filer Category		Smaller Reporting Company
Current with reporting		Yes
Voluntary filer		No
Well-known Seasoned Issuer		No
Emerging Growth Company		false
Ex Transition Period		false
Amendment Flag		false
Document Fiscal Year Focus		2,019
Document Fiscal Period Focus		Q3
Entity Incorporation, State Country Name		NEVADA
Entity Address, Address Line One		PO Box 2227
Entity Address, City or Town		Coeur d'Alene
Entity Address, State or Province		Idaho
Entity Address, Postal Zip Code		83,816
Entity Listing, Par Value Per Share	$ 0.001

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jan. 31, 2019	Apr. 30, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 488,527	$ 832,426
Other current assets (NOTE 5)	19,116	22,636
TOTAL CURRENT ASSETS	507,643	855,062
EQUIPMENT AND MINING INTEREST, net (NOTE 4)	467,523	414,522
OTHER ASSETS - NON-CURRENT (NOTE 5)	4,886	15,735
RECLAMATION BOND	21,600	21,600
TOTAL ASSETS	1,001,652	1,306,919
CURRENT LIABILITIES
Accounts payable and accrued liabilities	4,898	95,911
TOTAL CURRENT LIABILITIES	4,898	95,911
TOTAL LIABILITIES	4,898	95,911
STOCKHOLDERS' EQUITY
Additional paid-in capital	11,560,527	11,501,613
Accumulated deficit	(10,641,168)	(10,367,039)
TOTAL STOCKHOLDERS' EQUITY	996,754	1,211,008
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,001,652	$ 1,306,919

BALANCE SHEETS - Parenthetical

BALANCE SHEETS - Parenthetical - $ / shares	Jan. 31, 2019	Apr. 30, 2018
Details
Preferred Stock, Par or Stated Value Per Share	$ 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, Outstanding	77,394,841	76,434,424

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
OPERATING EXPENSE
Mineral exploration expense	$ 1,383	$ 2,592	$ 21,297	$ 27,893
Pre-development expense	8,994	20,227	99,806	75,066
Legal and professional fees	19.768	11,667	55,020	65,107
Management and administrative	27,968	25,954	97,909	102,030
Depreciation	416	0	1,249	0
TOTAL OPERATING EXPENSES	58,529	60,440	275,281	270,096
LOSS FROM OPERATIONS	(58,529)	(60,440)	(275,281)	(270,096)
Interest expense	(200)	(187)	(600)	(562)
Interest income	603	290	1,752	403
NET LOSS	$ (58,126)	$ (60,337)	$ (274,129)	$ (270,255)
Basic and diluted loss per share	$ 0	$ 0	$ 0	$ 0
Basic and diluted weighted average number shares outstanding	77,394,841	76,434,424	76,771,962	62,035,959

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ (274,129)	$ (270,255)
Depreciation	1,249	0
Other current assets	3,520	(5,521)
Other assets	10,849	(8,282)
Accounts payable	(33,388)	32,804
Net cash used by operating activities	(291,899)	(251,254)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for mining interest	(52,000)	(47,000)
Net cash used in investing activities	(52,000)	(47,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common stock subscriptions	0	1,079,884
Net cash provided by financing activities	0	1,079,884
Net change in cash and cash equivalents	(343,899)	781,630
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	832,426	109,380
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 488,527	$ 891,010

NOTE 1 - NATURE OF OPERATIONS

NOTE 1 - NATURE OF OPERATIONS	9 Months Ended
	Jan. 31, 2019
Notes
NOTE 1 - 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 focused 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 to move such claims towards development and production. The business is a high-risk business as there is no guarantee that the Company’s exploration work will ultimately discover or produce any economically viable minerals.

NOTE 2 - SIGNIFICANT ACCOUNTING

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jan. 31, 2019
Notes
NOTE 2 - 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 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. [ Financial Instruments The Company’s financial instruments include cash and cash equivalents and reclamation bonds. 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, 2019. 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, 2019 and April 30, 2018, 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, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations. Pre-development Expenditures Pre-development activities involve costs incurred in the exploration stage that may ultimately benefit production, such as underground ramp development, which are expensed due to the lack of evidence of economic development, which is necessary to demonstrate future recoverability of these expenses. Equipment Equipment is stated at cost. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years. Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses. Reclamation and Remediation The Company’s operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset. 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 carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when management concludes that it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. Reclassifications Certain reclassifications have been made to the 2018 financial statements in order to conform to the 2019 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported. New Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. There was no impact to the financial statements upon adoption of this update effective May 1, 2018. In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. There was no impact to the financial statements upon adoption of this update effective May 1, 2018. In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company will apply the provisions of the update to potential future acquisitions. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

NOTE 3- EARNINGS PER SHARE

NOTE 3- EARNINGS PER SHARE	9 Months Ended
	Jan. 31, 2019
Notes
NOTE 3- 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, 2019 and 2018 that could have a dilutive effect are as follows: January 31, 2019 January 31, 2018 Stock options 6,695,000 5,210,000 Warrants 30,654,249 30,654,249 TOTAL POSSIBLE DILUTIVE SHARES 37,349,249 35,864,249 For the nine months ended January 31, 2019 and 2018, 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 IN

NOTE 4- EQUIPMENT AND MINING INTEREST	9 Months Ended
	Jan. 31, 2019
Notes
NOTE 4- EQUIPMENT AND MINING INTEREST	NOTE 4– EQUIPMENT AND MINING INTEREST The following is a summary of the Company’s equipment and mining interest at January 31, 2019 and April 30, 2018. January 31, 2019 April 30, 2018 Equipment $ 32,002 $ 32,002 Less accumulated depreciation (28,603) (27,354) Equipment, net of accumulated depreciation 3,399 4,648 Mining interest - Longstreet 464,124 409,874 TOTAL EQUIPMENT AND MINING INTEREST $ 467,523 $ 414,522 Pursuant to the Longstreet Property Option Agreement, as amended, (the “Longstreet Agreement”) entered into by the Company on or about January 15, 2010, the Company leases, with an option to acquire, unpatented mining claims located in the State of Nevada known as the Longstreet Property. Under the agreement, the Company is 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 “Amendment”). The Amendment extends the due date of the 2019 expenditures from January 16, 2019 to August 31, 2019 and also extends 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 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. The Longstreet Agreement obligates the Company to make at least a set forth minimum amount expenditures to be spent on the property. All allowable expenditures in excess of the required annual expenditures are carried-over and applied to the subsequent year’s required expenditure. For the year ended April 30, 2018, the Company made the annual required payment to the optioner of $35,000 which is included in “Equipment and Mining Interest”. The Company also issued options to purchase 40,000 shares of common stock with fair value of $2,000 during the year ended April 30, 2018. For the nine months ended January 31, 2019, the Company paid the annual $12,000 advance royalty for additional mining interest on the Longstreet Property related to the Clifford claims. The Company also paid the annual required payment of $40,000 to the optioner which is included in “Equipment and Mining Interest”. The Company also issued options to purchase 45,000 shares of common stock with a fair value of $2,250 for the nine months ended January 31, 2019. The schedules of future minimum required expenditures, annual payments, and number of stock options to be issued pursuant to the Longstreet Agreement are as follows: Required expenditure January 17, 2018 through August 31, 2019 $ 500,000 September 1, 2019 through August 31, 2020 700,000 TOTAL $ 1,200,000 Cash payment (1) Stock options January 16, 2020 45,000 50,000 Payment due upon transfer but no later than January 16, 2021 85,000 - TOTAL $ 130,000 50,000 (1) As of January 31, 2019, the Company was in compliance with all provisions of the Longstreet Agreement.

NOTE 5 -OTHER ASSETS

NOTE 5 -OTHER ASSETS	9 Months Ended
	Jan. 31, 2019
Notes
NOTE 5 -OTHER ASSETS	NOTE 5 –OTHER ASSETS On January 19, 2017, the Company entered into an Option and Lease of Water Rights with Stone Cabin Company, LLC (the “Stone Cabin Water Rights Agreement”). In exchange for a one-time payment of $20,000, the Stone Cabin Water Rights Agreement granted the Company a three-year option to commence a ten-year lease of certain water rights in Nevada. The water rights are for use in conjunction with the Company’s Longstreet Project. Lease payments for the water rights do not commence unless the Company exercises the option to lease. The Stone Cabin Water Rights Agreement also granted the Company the ability to extend, upon additional option payments, the option to lease for up to an additional three years and the ability to extend the water rights lease (if exercised) for an additional ten-year period. The $20,000 payment was deferred as Other Assets and is being amortized on a straight-line basis over the three-year option period. On August 21, 2017, the Company entered into an Option and Lease of Water Rights, with High Test Hay, LLC (the “High Test Water Rights Agreement”). In exchange for a one-time payment of $25,000, the High Test Water Rights Agreement grants the Company a three-year option to commence a ten-year lease on certain water rights in Nevada. The water rights are for use in conjunction with the Company’s Longstreet Project. Lease payments for the water rights do not commence unless and until the Company exercises the option to lease. The High Test Water Rights Agreement also grants the Company the ability to extend, upon additional option payments, the option to lease for up to an additional three years and the ability to extend the water rights lease (if exercised) for up to an additional twenty years. The following is a summary of the Company’s Other Assets at January 31, 2019 and April 30, 2018. January 31, 2019 April 30, 2018 Option on water rights lease agreements, net $ 19,393 $ 30,735 Prepaid insurance 4,609 7,636 Total 24,002 38,371 Less Other Assets - Current (19,116) (22,636) TOTAL OTHER ASSETS - NON-CURRENT $ 4,886 $ 15,735

NOTE 6- RELATED PARTY TRANSACTI

NOTE 6- RELATED PARTY TRANSACTIONS	9 Months Ended
	Jan. 31, 2019
Notes
NOTE 6- RELATED PARTY TRANSACTIONS	NOTE 6– RELATED PARTY TRANSACTIONS The Company rented office space from Marlin Property Management, LLC (“Marlin”) an entity owned by the spouse of the Company’s former President and current Chairman of the Board of Directors. The lease was on a month-to-month basis as financial resources were available. The Company terminated the lease effective November 1, 2018. For the nine months ended January 31, 2019 and 2018, office rent was $1,500 and $1,500, respectively.

NOTE 7 - STOCKHOLDERS' EQUITY

NOTE 7 - STOCKHOLDERS' EQUITY	9 Months Ended
	Jan. 31, 2019
Notes
NOTE 7 - STOCKHOLDERS' EQUITY	NOTE 7 – STOCKHOLDERS’ EQUITY On October 17, 2017, the Company issued 21,597,698 shares of its common stock and 10,798,849 warrants to purchase common stock to 34 investors pursuant to a private placement of its securities (the “2017 Offering”). The 2017 Offering consisted of the sale of “units” of the Company’s securities at the per unit price of $0.10. Each unit consisted of two shares of common stock and one warrant to purchase an additional share of common stock at an exercise price of $0.15. The warrants expiration date is October 31, 2020. The Company raised a total of $1,079,884. On October 26, 2018, the Company issued 960,417 shares of its common stock in lieu of cash payment for accounts payable. The value of the shares issued was $57,625, based on a price of $0.06 per share which approximated fair value on the date of issuance.

NOTE 8 - WARRANTS

NOTE 8 - WARRANTS	9 Months Ended
	Jan. 31, 2019
Notes
NOTE 8 - WARRANTS	NOTE 8 – WARRANTS 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, 2017 19,855,400 $ 0.17 Issued – October 31, 2017 (Note 7) 10,798,849 0.15 Balance outstanding at January 31, 2019 and April 30, 2018 30,654,249 $ 0.16 The composition of the Company’s warrants outstanding at January 31, 2019 is as follows: Issue Date Expiration Date Warrants Exercise Price Remaining life (years) July 29, 2014 July 29, 2019 1,614,400 $ 0.23 0.49 October 12, 2015 October 12, 2020 4,241,000 0.20 1.70 October 12, 2016 October 12, 2021 14,000,000 0.15 2.70 October 31, 2017 October 31, 2020 10,798,849 0.15 1.75 30,654,249 $ 0.16 2.11

NOTE 9 - STOCK OPTIONS

NOTE 9 - STOCK OPTIONS	9 Months Ended
	Jan. 31, 2019
Notes
NOTE 9 - STOCK OPTIONS	NOTE 9 - STOCK OPTIONS Options issued for mining interest In consideration for its mining interest (see Note 4), the Company is obligated to issue stock options to purchase shares of the Company’s common stock based on "fair market price" which for financial statement purposes is considered to be the closing price of the Company's common stock on the issue dates. Those costs are capitalized as Mining Interest (Note 4). On January 16, 2019, the Company issued 45,000 stock options with an exercise price of $0.05 per share and a term of 10 years. The Black-Scholes inputs for the stock options were as follows: Volatility – 336.6%, Risk-free rate – 2.73%, Share Price - $0.05. As of January 31, 2019, the remaining weighted average term of the option grants for mining interest was 4.20 years. As of January 31, 2019, the weighted average exercise price of the option grants for mining interest was $0.26 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 that are eligible for the plan pool, whereby the number of Shares under the plan increases automatically as the total number of issued and outstanding shares of the Company’s common stock increases. The number of shares subject to the Stock Option Plan and any outstanding awards will be adjusted appropriately by the Board of Directors if the Company’s common stock is affected through a reorganization, merger, consolidation, recapitalization, restructuring, reclassification dividend (other than quarterly cash dividends) or other distribution, stock split, spin-off or sale of substantially all of the Company’s assets. The Stock Option plan also has terms and conditions, including without limitations that the exercise price for stock options granted under the Stock Option Plan must equal the stock’s fair value, based on the closing price per share of common stock, at the time the stock option is granted. The fair value of each option award is estimated on the date of grant utilizing the Black-Scholes model and commonly utilized assumptions associated with the Black-Scholes methodology. Options granted under the Plan have a ten-year maximum term and varying vesting periods as determined by the Board. The total value of stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of January 31, 2019, there was no unrecognized compensation cost related to stock-based options and awards. No options were issued under the 2011 Plan during the three and nine months ended January 31, 2019. The following table summarizes additional information about the options under the Company’s Stock Option Plan as of January 31, 2019: Options outstanding and exercisable Date of Grant Shares Exercise Price Remaining Term October 18, 2016 4,810,000 $ 0.06 2.72 April 30, 2018 1,400,000 0.065 4.25 Total options 6,210,000 $ 0.06 3.06 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 April 22, 2019 to January 15, 2029 485,000 $ 0.26 Stock option plan October 18, 2021 to April 30, 2023 6,210,000 0.06 Outstanding and exercisable at January 31, 2019 6,695,000 $ 0.07 The aggregate intrinsic value of all options vested and exercisable at January 31, 2019 was $Nil based on the Company’s closing price of $0.05 per common share at January 31, 2019. The Company’s current policy is to issue new shares to satisfy option exercises.

NOTE 2 - SIGNIFICANT ACCOUNTI_2

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies)	9 Months Ended
	Jan. 31, 2019
Policies
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

NOTE 2 - SIGNIFICANT ACCOUNTI_3

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates (Policies)	9 Months Ended
	Jan. 31, 2019
Policies
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.

NOTE 2 - SIGNIFICANT ACCOUNTI_4

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Cash and cash equivalents (Policies)	9 Months Ended
	Jan. 31, 2019
Policies
Cash and cash equivalents	Cash and cash equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents.

NOTE 2 - SIGNIFICANT ACCOUNTI_5

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Financial Instruments (Policies)	9 Months Ended
	Jan. 31, 2019
Policies
Financial Instruments	Financial Instruments The Company’s financial instruments include cash and cash equivalents and reclamation bonds. 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, 2019.

NOTE 2 - SIGNIFICANT ACCOUNTI_6

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Fair Value Measures (Policies)	9 Months Ended
	Jan. 31, 2019
Policies
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, 2019 and April 30, 2018, the Company had no assets or liabilities accounted for at fair value on a recurring or nonrecurring basis.

NOTE 2 - SIGNIFICANT ACCOUNTI_7

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Mining Interests and Mineral Exploration Expenditures (Policies)	9 Months Ended
	Jan. 31, 2019
Policies
Mining Interests and Mineral Exploration Expenditures	Mining Interests and Mineral Exploration Expenditures Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations. Pre-development Expenditures Pre-development activities involve costs incurred in the exploration stage that may ultimately benefit production, such as underground ramp development, which are expensed due to the lack of evidence of economic development, which is necessary to demonstrate future recoverability of these expenses.

NOTE 2 - SIGNIFICANT ACCOUNTI_8

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Equipment (Policies)	9 Months Ended
	Jan. 31, 2019
Policies
Equipment	Equipment Equipment is stated at cost. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years. Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses.

NOTE 2 - SIGNIFICANT ACCOUNTI_9

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Reclamation and Remediation (Policies)	9 Months Ended
	Jan. 31, 2019
Policies
Reclamation and Remediation	Reclamation and Remediation The Company’s operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset.

NOTE 2 - SIGNIFICANT ACCOUNT_10

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Impaired Asset Policy (Policies)	9 Months Ended
	Jan. 31, 2019
Policies
Impaired Asset Policy	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.

NOTE 2 - SIGNIFICANT ACCOUNT_11

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Stock-based Compensation (Policies)	9 Months Ended
	Jan. 31, 2019
Policies
Stock-based Compensation	Stock-based Compensation The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten-year maximum term and varying vesting periods as determined by the Board of Directors. The value of shares of common stock awards is determined based on the closing price of the Company’s stock on the date of the award.

NOTE 2 - SIGNIFICANT ACCOUNT_12

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Income Taxes (Policies)	9 Months Ended
	Jan. 31, 2019
Policies
Income Taxes	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 carry-forwards 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.

NOTE 2 - SIGNIFICANT ACCOUNT_13

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Reclassifications (Policies)	9 Months Ended
	Jan. 31, 2019
Policies
Reclassifications	Reclassifications Certain reclassifications have been made to the 2018 financial statements in order to conform to the 2019 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported.

NOTE 2 - SIGNIFICANT ACCOUNT_14

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: New Accounting Pronouncements (Policies)	9 Months Ended
	Jan. 31, 2019
Policies
New Accounting Pronouncements	New Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. There was no impact to the financial statements upon adoption of this update effective May 1, 2018. In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. There was no impact to the financial statements upon adoption of this update effective May 1, 2018. In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company will apply the provisions of the update to potential future acquisitions. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

NOTE 3- EARNINGS PER SHARE_ Sch

NOTE 3- EARNINGS PER SHARE: Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method (Tables)	9 Months Ended
	Jan. 31, 2019
Tables/Schedules
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method	January 31, 2019 January 31, 2018 Stock options 6,695,000 5,210,000 Warrants 30,654,249 30,654,249 TOTAL POSSIBLE DILUTIVE SHARES 37,349,249 35,864,249

NOTE 3- EARNINGS PER SHARE_ S_2

NOTE 3- EARNINGS PER SHARE: Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method (Details) - shares	Jan. 31, 2019	Jan. 31, 2018
Details
Stock options	6,695,000	5,210,000
Warrants	30,654,249	30,654,249
TOTAL POSSIBLE DILUTIVE SHARES	37,349,249	35,864,249

NOTE 8 - WARRANTS (Details)

NOTE 8 - WARRANTS (Details)	9 Months Ended
	Jan. 31, 2019shares
Details
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance	19,855,400
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	10,798,849
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	30,654,249