I-Minerals (IMAHF) 10-Q 15 Mar 16 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jan. 31, 2016	Mar. 14, 2016
Document And Entity Information
Entity Registrant Name	I-Minerals Inc
Entity Central Index Key	1,405,663
Document Type	10-Q
Document Period End Date	Jan. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		86,328,952
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jan. 31, 2016	Apr. 30, 2015
Current assets
Cash	$ 206,937	$ 272,040
Receivables	37,707	33,500
Prepaids	141,026	252,819
[us-gaap:AssetsCurrent]	385,670	558,359
Equipment	11,635	14,632
Mineral property interest	305,850	305,850
Deposits	14,932	14,932
TOTAL ASSETS	718,087	893,773
Current liabilities
Accounts payable and accrued liabilities	770,672	876,844
[us-gaap:LiabilitiesCurrent]	770,672	876,844
Promissory notes	5,644,578	5,543,991
Second promissory notes	4,188,780	1,432,565
Derivative liabilities	780,020	1,245,456
TOTAL LIABILITIES	11,384,050	9,098,856
CAPITAL DEFICIT
Unlimited common shares with no par value Issued and fully paid: 86,328,952 (April 30, 2015 - 79,255,728)	17,963,265	16,586,067
Additional paid-in capital	1,839,639	1,827,780
Commitment to issue shares	21,327	136,735
Deficit	(30,490,194)	(26,755,665)
TOTAL CAPITAL DEFICIT	(10,665,963)	(8,205,083)
TOTAL LIABILITIES AND CAPITAL DEFICIT	$ 718,087	$ 893,773

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2016	Apr. 30, 2015
Statement of Financial Position [Abstract]
Common Stock, par value
Common Stock, shares authorized
Common Stock, shares issued	86,328,952	79,255,728
Common Stock, shares outstanding	86,328,952	79,255,728

Condensed Consolidated Statemen

Condensed Consolidated Statements of Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
OPERATING EXPENSES
Amortization	$ 922	$ 1,416	$ 2,997	$ 4,238
Management and consulting fees	53,145	272,913	150,346	366,149
Mineral property expenditures	848,075	464,615	2,382,611	1,118,699
General and miscellaneous	120,214	117,315	412,267	271,463
Professional fees	36,028	120,933	309,150	484,208
[us-gaap:OperatingExpenses]	(1,058,384)	(977,192)	(3,257,371)	(2,244,757)
OTHER (EXPENSES) INCOME
Foreign exchange (loss) gain	$ (646)	$ 3,774	(361)	$ 5,313
Loss on settlement of liabilities			(31,512)
Accretion expense	$ (98,711)	$ (35,806)	(261,743)	$ (84,548)
Interest expense	(306,882)	(173,061)	(843,229)	(485,163)
Change in fair value of derivative liabilities	502,358	754,598	659,687	2,730,303
LOSS FOR THE PERIOD	$ (962,265)	$ (427,687)	$ (3,734,529)	$ (78,852)
Loss per share - basic and diluted	$ (0.01)	$ (0.01)	$ (0.05)	$ 0
Weighted average number of shares outstanding	84,367,010	78,158,611	82,311,551	77,055,768

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015
OPERATING ACTIVITIES
Loss for the period	$ (3,734,529)	$ (78,852)
Items not involving cash:
Amortization	2,997	4,238
Stock-based compensation	34,900	$ 294,186
Loss on settlement of liabilities	31,512
Accretion expense	261,743	$ 84,548
Change in fair value of derivative liabilities	(659,687)	(2,730,303)
Change in non-cash operating working capital items:
Receivables	(4,207)	(176,893)
Prepaids	111,793	(59,410)
Accounts payable and accrued liabilities	845,926	661,025
Cash flows used in operating activities	$ (3,109,552)	(2,001,461)
INVESTING ACTIVITIES
Deposits paid		(6,204)
Purchase of equipment		(804)
Cash flows used in investing activities		(7,008)
FINANCING ACTIVITIES
Proceeds from exercise of stock options	$ 4,449	9,185
Promissory notes received		1,233,000
Second promissory notes received	$ 3,040,000	217,000
Cash flows from financing activities	3,044,449	1,459,185
DECREASE IN CASH	(65,103)	(549,284)
CASH, BEGINNING OF THE PERIOD	272,040	604,936
CASH, END OF THE PERIOD	$ 206,937	$ 55,652
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid
Taxes paid

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Capital Deficit (Unaudited)	9 Months Ended
	Jan. 31, 2016USD ($)shares
Common Stock
Beginning Balance	$ 16,586,067
Balance (in Shares) | shares	79,255,728
Shares issued as a debt discount	$ 409,031
Shares issued as a debt discount (shares) | shares	1,832,108
Shares issuable as a debt discount
Shares issued to settle accounts payable and accrued liabilities	$ 963,718
Shares issued to settle accounts payable and accrued liabilities (shares) | shares	5,216,116
Shares issued on exercise of warrants	$ 4,449
Shares issued on exercise of warrants (shares) | shares	25,000
Share-based payments - vesting
Reallocation of vested options to liabilities
Ending Balance	$ 17,963,265
Balance (in Shares) | shares	86,328,952
Commitment to Issue Shares
Beginning Balance	$ 136,735
Shares issued as a debt discount	(136,735)
Shares issuable as a debt discount	$ 21,327
Shares issued to settle accounts payable and accrued liabilities
Shares issued on exercise of warrants
Share-based payments - vesting
Reallocation of vested options to liabilities
Ending Balance	$ 21,327
Additional Paid-In Capital
Beginning Balance	$ 1,827,780
Shares issued as a debt discount
Shares issuable as a debt discount
Shares issued to settle accounts payable and accrued liabilities	$ 19,892
Shares issued on exercise of warrants
Share-based payments - vesting	$ 3,333
Reallocation of vested options to liabilities	(11,366)
Ending Balance	1,839,639
Accumulated Deficit
Beginning Balance	$ (26,755,665)
Shares issued as a debt discount
Shares issuable as a debt discount
Shares issued to settle accounts payable and accrued liabilities
Shares issued on exercise of warrants
Share-based payments - vesting
Reallocation of vested options to liabilities
Loss for the period	$ (3,734,529)
Ending Balance	(30,490,194)
Beginning Balance	$ (8,205,083)
Balance (in Shares) | shares	79,255,728
Shares issued as a debt discount	$ 272,296
Shares issuable as a debt discount	155,832
Shares issued to settle accounts payable and accrued liabilities	983,610
Shares issued on exercise of warrants	4,449
Share-based payments - vesting	3,333
Reallocation of vested options to liabilities	(11,366)
Loss for the period	(3,734,529)
Ending Balance	$ (10,665,963)
Balance (in Shares) | shares	86,328,952

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY	9 Months Ended
	Jan. 31, 2016
Accounting Policies [Abstract]
NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY	1. NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY: I-Minerals Inc. (the “Company”) was incorporated under the laws of British Columbia, Canada, in 1984. The Company is listed for trading on the TSX Venture Exchange under the symbol “IMA” and the OTCQX marketplace under the symbol “IMAHF”. The Company’s principal business is the development of the Helmer-Bovill industrial mineral property (“the Property”) located in Latah County, Idaho. The Helmer-Bovill property is comprised of eleven mineral leases that host potentially economic deposits of feldspar, quartz and kaolinitic clays, primarily kaolinite and halloysite. Basis of Presentation and Liquidity The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information as well as Article 10 of Regulation S-X on the basis that the Company will continue as a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for the next year . Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At January 31, 2016, the Company had not yet achieved profitable operations, had an accumulated deficit of $30,490,194 since inception and expects to incur further losses in the development of its business, all of which casts substantial doubt upon the Company’s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. Accordingly, the financial statements do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of our management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the nine months ended January 31, 2016 are not necessarily indicative of the results that may be expected for the full year ending April 30, 2016. All amounts presented are in US dollars except where otherwise indicated. For further information refer to the financial statements and footnotes thereto for the year ended April 30, 2015 included in the Company’s Annual Report on Form 10-K filed on July 28, 2015. The Company’s ability to continue as a going concern is dependent upon its ability to complete a feasibility study, to obtain the necessary financing to develop the Property and to meet its obligations and repay its liabilities arising from normal business operations when they come due. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. The Company is currently receiving funds from a company controlled by a director of the Company through promissory notes (Notes 5, 6 and 13).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jan. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Financial Instruments and Fair Value Measures The book value of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the immediate or short-term maturity of those instruments. The fair value hierarchy under US GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s Promissory Notes and Second Promissory Notes are based on Level 2 inputs in the ASC 820 fair value hierarchy. The Company calculated the fair value of these instruments by discounting future cash flows using rates representative of current borrowing rates. At January 31, 2016, the Promissory Notes had a fair value of $5,603,841 (April 30, 2015 – $5,479,007) and the Second Promissory Notes had a fair value of $4,476,164 (April 30, 2015 - $1,532,123). The Company had certain Level 3 liabilities required to be recorded at fair value on a recurring basis in accordance with US GAAP as at January 31, 2016 and April 30, 2015. As at January 31, 2016, the Company’s Level 3 liabilities consisted of the warrants issued in connection with the Company’s offering of equity units in a private placement and warrants issued as financing fees as well as the grant of share purchase options to non-employees. The resulting Level 3 liabilities have no active market and are required to be measured at their fair value each reporting period based on information that is unobservable. A summary of the Company’s Level 3 liabilities for the nine months ended January 31, 2016 and 2015 is as follows: January 31, 2016 $ January 31, 2015 $ Warrants (Note 7) Beginning fair value 1,128,841 3,211,386 Issuance 151,318 70,878 Change in fair value (631,185) (2,686,359) Ending fair value 648,974 595,905 Non-employee options (Note 8(c)) Beginning fair value 116,615 68,859 Vesting 42,933 70,000 Change in fair value (28,502) (43,944) Ending fair value 131,046 94,915 Total Level 3 liabilities 780,020 690,820 Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the periods ended January 31, 2016 and April 30, 2015. Earnings (Loss) Per Share The basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. For the nine months ended January 31, 2016, loss per share excludes 30,414,438 (2015 – 29,288,934) potentially dilutive common shares (related to outstanding options and warrants) as their effect was anti-dilutive

MINERAL PROPERTY INTEREST

MINERAL PROPERTY INTEREST	9 Months Ended
	Jan. 31, 2016
Extractive Industries [Abstract]
MINERAL PROPERTY INTEREST	3. MINERAL PROPERTY INTEREST: Helmer-Bovill Property – Latah County, Idaho The Company entered into a purchase and sale agreement with Idaho Industrial Minerals LLC (“IIM”), a company in which one of the Company’s directors has a 25% interest, under which the Company had the right to acquire a 100% interest in 11 lease applications that comprise the Helmer-Bovill property by issuing to IIM a total of 1,750,000 shares of the Company. During fiscal 2009, 50,000 shares were issued in return for an extension of the agreement. During fiscal 2010, the terms of the agreement were further amended and the agreement was extended until August 2013. Under the terms of the amended agreement, the shares were to be issued based on certain development-based benchmarks being attained as follows: · 100,000 shares upon assignment of the mineral lease applications to the Company (issued); · 350,000 shares upon the State of Idaho issuing mineral leases to the Company (issued); · 600,000 shares upon the completion of a feasibility study (issued); and, · 700,000 shares upon completion of the permitting process necessary to construct and operate a mining facility (issued). On January 21, 2013, the Company issued the final 1,300,000 shares to IIM. With the issuances of the final tranches of shares, the Company believes it has now fulfilled all its obligations under the purchase and sale agreement with IIM (Note 11). During the year ended April 30, 2012, the Company acquired an undivided 100% interest in two State of Idaho mineral leases contiguous to the Helmer-Bovill Property. The Company paid $10,000 and issued 50,000 shares at the fair value of $15,170. The two State of Idaho mineral leases are subject to a 3% production royalty on gross sales.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	9 Months Ended
	Jan. 31, 2016
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES: January 31, 2016 $ April 30, 2015 $ Trade payables 384,184 383,977 Amounts due to related parties (Note 9) 178,278 175,789 Interest payable on promissory notes and second promissory notes 208,210 317,078 Total accounts payable and accrued liabilities 770,672 876,844

PROMISSORY NOTES

PROMISSORY NOTES	9 Months Ended
	Jan. 31, 2016
Debt Disclosure [Abstract]
PROMISSORY NOTES	5. PROMISSORY NOTES: January 31, 2016 $ April 30, 2015 $ Promissory notes 5,644,578 5,543,991 Total promissory notes 5,644,578 5,543,991 On September 13, 2013 and January 27, 2014, the Company entered into agreements with a company controlled by a director of the Company (the “Lender”) pursuant to which $5,787,280 was advanced to the Company in tranches (the “Promissory Notes”). The Promissory Notes mature as to $3,000,000 on December 2, 2016 and the balance due on December 31, 2016. Certain conditions may result in early repayment including immediate repayment in the event a person currently not related to the Company acquires more than 40% of the outstanding common shares of the Company. The following table outlines the estimated cash payments required in order to repay the principal balance of the Promissory Notes: 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ Total $ - 5,787,280 - - - 5,787,280 The Promissory Notes bear interest at the rate of 12% per annum and during the nine months ended January 31, 2016, the Company recorded interest of $525,136 (2015 - $483,982). Interest is payable semi-annually as calculated on May 31 st th $27,526. The interest settled was for the period from December 1, 2014 to May 31, 2015. In December 2015, the Company settled $348,188 of interest payable by the issuance of 1,844,982 common shares at the fair value of $335,741. The Company recorded an increase in additional paid-in capital on extinguishment of debt of $12,447. The interest settled was for the period from June 1, 2015 to November 30, 2015. The Company and the Lender agreed that the Lender would receive bonus shares equal to 6% of each loan tranche advanced divided by the Company’s common share market price where, for purposes of calculating the number of shares issuable for each loan tranche, the Company’s common share market share price is discounted by 25% as allowed by regulation. The amount of bonus shares issued were subject to a minimum price of CAD$0.105 and a maximum of 1,720,649 bonus shares. In addition, the Company would issue the Lender an equal number of share purchase warrants for each loan tranche advanced. Each bonus share purchase warrant entitles the Lender to purchase one common share of the Company at a price equal to the greater of (a) the market price of the Company’s common shares on the date of the advance and (b) the volume weighted average price of the Company’s common shares over the twenty trading days immediately prior to the date of the advance. The bonus share purchase warrants expire on the earlier of (a) December 1, 2016 and (b) the date the advance has been repaid in full, including interest. During the nine months ended January 31, 2016, the Company issued 13,588 bonus shares to the Lender at the fair value of $2,640, based on their quoted market price at the date the advances were received. At April 30, 2015, the $2,640 was recorded in commitment to issue shares. The aggregate finance fees (bonus shares and bonus warrants) are recorded against the Promissory Notes balance and are being amortized to the Statement of Loss over the life of the Promissory Notes, based on the later of the original maturity dates and one year after the resolution of the IIM litigation using the effective interest method. The unamortized debt discount as at January 31, 2016 is $142,702 (April 30, 2015 $243,289). The Promissory Notes are collateralized by the Company’s Helmer-Bovill Property.

SECOND PROMISSORY NOTES

SECOND PROMISSORY NOTES	9 Months Ended
	Jan. 31, 2016
Debt Disclosure [Abstract]
SECOND PROMISSORY NOTES	6. SECOND PROMISSORY NOTES: January 31, 2016 $ April 30, 2015 $ Second promissory notes 4,188,780 1,432,565 Total second promissory notes 4,188,780 1,432,565 On February 18, 2015, the Company entered into an agreement with a company controlled by a director of the Company (the “Lender”) pursuant to which up to $4,463,000 will be advanced to the Company in tranches (the “Second Promissory Notes”). On December 1, 2015, the Company entered into an amending agreement whereby the Lender agreed to advance an additional $1,000,000 in tranches. As at January 31, 2016, $4,657,000 had been advanced to the Company. The Second Promissory Notes mature as to $1,000,000 on December 2, 2016, $2,000,000 on June 2, 2017 and the balance due on December 2, 2017. Certain conditions may result in early repayment including immediate repayment in the event a person currently not related to the Company acquires more than 40% of the outstanding common shares of the Company. Debt issuance costs will be amortized over the estimated maturity life of the promissory notes. The following table outlines the estimated cash payments required in order to repay the principal balance of the Second Promissory Notes: 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ Total $ - 1,000,000 3,657,000 - - 4,657,000 The Second Promissory Notes bear interest at the rate of 12% per annum and during nine months ended January 31, 2016, the Company recorded interest of $318,093 (2015 - $1,181). Interest is payable semi-annually as calculated on May 31st and November 30th. Interest is to be paid either in cash or in common shares at the option of the Lender. In July 2015, the Company settled $50,049 of interest payable on the Second Promissory Notes by the issuance of 286,845 common shares at the fair value of $54,035. The interest settled was for the period from January 8, 2015 to May 31, 2015. In December 2015, the Company settled $208,245 of interest payable by the issuance of 1,103,449 common shares at the fair value of $200,800. The Company recorded an increase in additional paid-in capital on extinguishment of debt of $7,445. The interest settled was for the period from June 1, 2015 to November 30, 2015. The Company and the Lender agreed that the Lender is to receive bonus shares equal to 7.5% of each loan tranche advanced divided by the Company’s common share market price. In addition, the Company will issue the Lender an equal number of share purchase warrants for each loan tranche advanced. Each bonus share purchase warrant will entitle the Lender to purchase one common share of the Company at a price equal to the greater of (a) the market price of the Company’s common shares on the date of the advance and (b) the volume weighted average price of the Company’s common shares over the twenty trading days immediately prior to the date of the advance. The bonus share purchase warrants expire on the earlier of (a) December 31, 2018 and (b) the date the advance has been repaid in full, including interest. During the nine months ended January 31, 2016, the Company issued 1,818,520 bonus shares to the Lender at the fair value of $406,391, based on their quoted market price at the date the advances were received, including 679,985 shares having a fair value of $134,095 that the Company had previously committed to issue. At January 31, 2016, the Company was committed to issuing an additional 85,308 bonus shares to the Lender at the fair value of $21,327. The fair value of the bonus shares was determined by reference to the trading price of the Company’s common shares on the date the advances were received. The fair value of 1,223,843 bonus share purchase warrants committed to be issued (based on advances received during the period) during the nine months ended January 31, 2016 of $151,318 was estimated using the The aggregate finance fees (bonus shares and bonus warrants) are recorded against the Second Promissory Notes balance and are being amortized to the Statement of Loss over the life of the Second Promissory Notes, based on two years after the resolution of the IIM litigation, using the effective interest method. The unamortized debt discount as at January 31, 2016 is $468,220 (April 30, 2015 $184,435). The Second Promissory Notes are collateralized by the Company’s Helmer-Bovill Property.

WARRANT LIABILITIES

WARRANT LIABILITIES	9 Months Ended
	Jan. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
WARRANT LIABILITIES	7. WARRANT LIABILITIES: The Company has share purchase warrants exercisable into common shares at an exercise price denominated in Canadian dollars. As a variable amount of US dollars are exercisable into a fixed number of common shares, the share purchase warrants are classified as derivative liabilities. The Company records the fair value of the share purchase warrants in accordance with ASC 815, “Derivatives and Hedging”. The Company uses the Black-Scholes option pricing model to calculate the fair values of the derivative liabilities. The fair value of the derivative liability is revalued on each balance sheet date with corresponding gains and losses recorded in the consolidated statement of loss. $ Balance, April 30, 2015 1,128,841 Bonus warrants issued pursuant to Second Promissory Notes (Note 6) 151,318 Change in fair value of warrant derivatives (631,185) Balance, January 31, 2016 648,974 Warrant Derivative Liabilities At January 31, 2016, the Company determined the fair value of Warrant Derivative Liabilities to be $648,974 (April 30, 2015 - $1,128,841) as estimated using the Black-Scholes option pricing model with the following weighted average assumptions: January 31, 2016 April 30, 2015 Stock price (CAD$) 0.26 0.25 Exercise price (CAD$) 0.37 0.38 Risk-free interest rate (%) 0.86 1.11 Expected life (years) 0.54 0.79 Expected volatility (%) 95 87 Expected dividends ($) Nil Nil

SHARE CAPITAL

SHARE CAPITAL	9 Months Ended
	Jan. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE CAPITAL	8. SHARE CAPITAL: Common shares a) Authorized: Unlimited number of common shares, without par value. The holders of common shares are entitled to receive dividends which are declared from time to time, and are entitled to one vote per share at meetings of the Company. All shares are ranked equally with regards to the Company’s residual assets. b) Stock transactions: During the nine months ended January 31, 2016, the Company completed the following stock transactions: i) On July 10, 2015, the Company issued 1,085,297 common shares with a fair value of $228,775 including 693,573 shares having a fair value of $136,735 which the Company had committed to issue at April 30, 2015. The common shares were issued as debt discounts pursuant to the Promissory Notes and the Second Promissory Notes (Notes 5 and 6). ii) On July 14, 2015, the Company issued 2,267,685 common shares with a fair value of $427,177 as settlement of accrued interest payable on Promissory Notes and Second Promissory Notes (Notes 5 and 6). iii) On December 15, 2015, the Company issued 2,948,431 common shares with a fair value of $536,541 as settlement of accrued interest payable on Promissory Notes and Second Promissory Notes (Notes 5 and 6). iv) On January 5, 2016, the Company issued 746,811 common shares with a fair value of $180,256. The common shares were issued as debt discounts pursuant to the Second Promissory Notes (Note 6). v) On January 29, 2016, the Company issued 25,000 shares on the exercise of share purchase warrants. c) Stock options: The Company has granted stock options under the terms of its Stock Option Plan (the “Plan”). The Plan provides that the directors of the Company may grant options to purchase common shares to directors, officers, employees and service providers of the Company on terms that the directors of the Company may determine are within the limitations set forth in the Plan. The maximum number of shares available under the Plan is limited to 10% of the issued common shares. The maximum term of stock options is ten years. All stock options vest on the date of grant, unless otherwise stated. As at January 31, 2016, the Company had 3,797,895 stock options available for grant pursuant to the Plan (April 30, 2015 - 2,790,573). The Company’s stock options outstanding as at January 31, 2016 and April 30, 2015 and the changes for the periods then ended are as follows: Number Outstanding Weighted Average Exercise Price Balance outstanding at April 30 , 2015 5,135,000 CAD$ 0.22 Granted 200,000 CAD$ 0.25 Expired (500,000) CAD$ 0.40 Balance outstanding at January 31, 2016 4,835,000 CAD$ 0.20 Balance exercisable at January 31, 2016 4,225,000 CAD$ 0.21 Summary of stock options outstanding at January 31, 2016: Security Number Outstanding Exercise Price Expiry Date Remaining Contractual Life (years) Stock options 1,300,000 CAD$ 0.10 July 30, 2018 2.50 Stock options 260,000 CAD$ 0.15 July 30, 2018 2.50 Stock options 300,000 CAD$ 0.25 July 30, 2018 2.50 Stock options 200,000 CAD$ 0.25 November 19, 2018 2.80 Stock options 150,000 CAD$ 0.25 January 8, 2019 2.94 Stock options 300,000 CAD$ 0.25 May 23, 2019 3.31 Stock options 150,000 CAD$ 0.25 December 16, 2017 1.88 Stock options 1,975,000 CAD$ 0.25 January 29, 2020 4.00 Stock options 200,000 CAD$ 0.25 August 4, 2020 4.51 Non-Employee Stock Options In accordance with the guidance of ASC 815-40-15, stock options awarded to non-employees that are fully vested and exercisable in Canadian dollars are required to be accounted for as derivative liabilities because they are considered not to be indexed to the Company’s stock due to their exercise price being denominated in a currency other than the Company’s functional currency. Stock options awarded to non-employees that are not vested are accounted for as equity awards until the terms associated with their vesting requirements have been met. As at January 31, 2016, there were no non-employee stock option awards that had not vested (April 30, 2015 – 112,500). The non-employee stock options are accounted for at their respective fair values and are summarized as follows for the nine months ended January 31, 2016 and 2015: 2016 $ 2015 $ Fair value of non-employee options, beginning of the period 116,615 68,859 Fair value of non-employee options, at vesting 42,933 70,000 Change in fair value of non-employee stock options during the period (28,502) (43,944) Fair value of non-employee options, end of the period 131,046 94,915 The Company determined the fair value of its non-employee stock options as at January 31, 2016 and April 30, 2015 using the Black-Scholes option pricing model with the following weighted average assumptions: January 31, 2016 April 30, 2015 Stock price (CAD$) 0.26 0.25 Exercise price (CAD$) 0.21 0.19 Risk-free interest rate (%) 1.18 1.23 Expected life (years) 3.25 3.82 Expected volatility (%) 96 101 Expected dividends ($) Nil Nil The non-employee options are required to be re-valued with the change in fair value of the liability recorded as a gain or loss on the change of fair value of derivative liability and included in other items in the Company’s Consolidated Statements of Loss at the end of each reporting period. The fair value of the options will continue to be classified as a liability until such time as they are exercised, expire or there is an amendment to the respective agreements that renders these financial instruments to be no longer classified as a liability. As at , the unamortized compensation cost of options is $41,579 and the intrinsic value of options expected to vest is $138,338 (CAD$193,750). Share-based payments are classified in the Company’s Statement of Loss during the nine months ended January 31, 2016 and 2015 as follows: 2016 $ 2015 $ Management and consulting fees 34,900 294,186 34,900 294,186 d) Share purchase warrants: A summary of fully-exercisable share purchase warrants as at and April 30, 2015 and the changes for the periods then ended are as follows: Number Outstanding Weighted Average Exercise Price Balance at April 30, 2015 24,555,595 CAD $ 0.37 Issued 1,223,843 CAD$ 0.25 Expired (175,000) CAD$ 0.25 Exercised (25,000) CAD$ 0.25 Balance at January 31, 2016 25,579,438 CAD $ 0.37 Summary of warrants outstanding and issuable at : Security Number Outstanding Exercise Price Expiry Date Warrants 1,550,000 CAD$ 0.40 January 31, 2017 Warrants 20,000,000 CAD$ 0.40 April 29, 2016 Warrants 667,520 CAD$ 0.14 December 1, 2016 (1) Warrants 122,142 CAD$ 0.14266 December 1, 2016 (1) Warrants 104,119 CAD$ 0.165 December 1, 2016 (1) Warrants 76,723 CAD$ 0.17 December 1, 2016 (1) Warrants 87,818 CAD$ 0.17223 December 1, 2016 (1) Warrants 111,762 CAD$ 0.185 December 1, 2016 (1) Warrants 132,208 CAD$ 0.217 December 1, 2016 (1) Warrants 62,002 CAD$ 0.222 December 1, 2016 (1) Warrants 58,181 CAD$ 0.225 December 1, 2016 (1) Warrants 165,326 CAD$ 0.23 December 1, 2016 (1) Warrants 51,202 CAD$ 0.25 December 1, 2016 (1) Warrants 92,357 CAD$ 0.276 December 1, 2016 (1) Warrants 200,091 CAD$ 0.28 December 1, 2016 (1) Warrants 45,439 CAD$ 0.29 December 1, 2016 (1) Warrants 96,261 CAD$ 0.292 December 1, 2016 (1) Warrants 52,459 CAD$ 0.305 December 1, 2016 (1) Warrants 730,848 CAD$ 0.22 December 31, 2018 (1) Warrants 242,545 CAD$ 0.23 December 31, 2018 (1) Warrants 194,344 CAD$ 0.24 December 31, 2018 (1) Warrants 37,203 CAD$ 0.245 December 31, 2018 (1) Warrants 85,308 CAD$ 0.25 December 31, 2018 (1) Warrants 192,206 CAD$ 0.259 December 31, 2018 (1) Warrants 126,843 CAD$ 0.265 December 31, 2018 (1) Warrants 198,750 CAD$ 0.272 December 31, 2018 (1) Warrants 95,781 CAD$ 0.291 December 31, 2018 (1) Notes: (1) The warrants are exercisable until the earlier of the date disclosed or the date that the promissory note or second promissory note advance, including interest, is repaid (Notes 5 and 6).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Jan. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS: During the nine months ended January 31, 2016, the Company settled $952,098 of interest payable on the Promissory Notes and Second Promissory Notes owed to a company controlled by a Director by issuing 5,216,116 common shares at the fair value of $963,718 (Notes 5 and 6). During the nine months ended January 31, 2016, management and consulting fees of $72,099 (2015 - $53,654) were charged by RJG Capital Corporation, a wholly-owned company of W. Barry Girling, Director. Wayne Moorhouse, Director, charged $2,293 (2015 - $nil) in management and consulting fees. $17,776 (2015 - $23,044) was charged by Malaspina Consultants Inc. for the services of Matt Anderson, CFO, and are included in professional fees. Included in accounts payable and accrued liabilities are amounts owed to directors or officers or companies controlled by them. As at January 31, 2016, the amount was $178,278 (April 30, 2015 – The promissory notes and second promissory notes received from a company controlled by a director (Notes 5, 6 and 13) are related party transactions.

SEGMENT DISCLOSURES

SEGMENT DISCLOSURES	9 Months Ended
	Jan. 31, 2016
Segment Reporting [Abstract]
SEGMENT DISCLOSURES	10. SEGMENT DISCLOSURES: The Company considers its business to comprise a single operating segment being the exploration of its resource property. Substantially all of the Company’s long-term assets and operations are located in Latah County, Idaho.

NON-CASH TRANSACTIONS

NON-CASH TRANSACTIONS	9 Months Ended
	Jan. 31, 2016
Supplemental Cash Flow Elements [Abstract]
NON-CASH TRANSACTIONS	11. NON-CASH TRANSACTIONS: Investing and financing activities that affect recognized assets or liabilities but that do not result in cash receipts or cash payments are excluded from the condensed consolidated statements of cash flows. During the nine months ended January 31, 2016, the following transactions were excluded from the condensed consolidated statement of cash flows: a) The issuance by the Company of 3,825,822 common shares at the fair value of $708,883 as payment of interest on the Promissory Notes; b) The issuance by the Company of 1,390,294 common shares at the fair value of $54,035 as payment of interest on the Second Promissory Notes; and c) The commitment to issue 1,223,843 common shares at the fair value of $293,623 and 1,223,843 warrants at the fair value of $151,318 pursuant to the Second Promissory Notes. During the nine months ended , the following transactions were excluded from the consolidated statement of cash flows: a) The issuance by the Company of 2,363,262 common shares at the fair value of $523,866 as payment of interest on the Promissory Notes; b) The commitment to issue 472,998 common shares at the fair value of $98,640 and 472,998 warrants at the fair value of $60,161 pursuant to the Promissory Notes; and, c) The commitment to issue 82,368 common shares at the fair value of $16,275 and 82,368 warrants at the fair value of $10,717 pursuant to the Second Promissory Notes.

IIM LITIGATION

IIM LITIGATION	9 Months Ended
	Jan. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
IIM LITIGATION	12. IIM LITIGATION: On June 6, 2014, the Company was named as a defendant in a lawsuit in Latah County, State of Idaho (the “Latah County Lawsuit”). The plaintiffs who filed the Latah County Lawsuit, Hoodoo Resources, LLC (“Hoodoo”) and Brent Thomson as trustee for the Brent Thomson Family Trust (the “Thomson Family Trust”) (collectively referred to as the “Plaintiffs”), alleged both direct claims and derivative claims on behalf of Idaho Industrial Minerals, LLC (“IIM”). The derivative claims alleged by the Plaintiffs against the Company seeked damages for breach of the terms of the August 10, 2001 agreement, as amended, between the Company and IIM (the “IIM Agreement”) and the return of the Idaho state mineral leases of the Helmer-Bovill Property to IIM. During the nine months ended January 31, 2016, a court-ordered mediation was held. The mediation was successful and all parties entered into an agreement in principle to settle the parties’ claims against one another that was documented in a Binding Settlement Term Sheet whereby the Company agreed to pay $100,000 (accrued in accounts payable and accrued liabilities) of the Plaintiffs legal fees and the Plaintiffs agreed to dismiss the Latah County Lawsuit. On December 2, 2015, the Latah County Lawsuit was dismissed and the Company paid a total of $100,000.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Jan. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS: Subsequent to : a) The Company received an aggregate of $400,000 of Second Promissory Notes (Note 6).

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jan. 31, 2016
Accounting Policies [Abstract]
Financial Instruments and Fair Value Measures	Financial Instruments and Fair Value Measures The book value of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the immediate or short-term maturity of those instruments. The fair value hierarchy under GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s Promissory Notes and Second Promissory Notes are based on Level 2 inputs in the ASC 820 fair value hierarchy. The Company calculated the fair value of these instruments by discounting future cash flows using rates representative of current borrowing rates. At January 31, 2016, the Promissory Notes had a fair value of $5,603,841 (April 30, 2015 – $5,479,007) and the Second Promissory Notes had a fair value of $4,476,164 (April 30, 2015 - $1,532,123). The Company had certain Level 3 liabilities required to be recorded at fair value on a recurring basis in accordance with US GAAP as at January 31, 2016 and April 30, 2015. As at January 31, 2016, the Company’s Level 3 liabilities consisted of the warrants issued in connection with the Company’s offering of equity units in a private placement and warrants issued as financing fees as well as the grant of share purchase options to non-employees. The resulting Level 3 liabilities have no active market and are required to be measured at their fair value each reporting period based on information that is unobservable. A summary of the Company’s Level 3 liabilities for the nine months ended January 31, 2016 and 2015 is as follows: January 31, 2016 $ January 31, 2015 $ Warrants (Note 7) Beginning fair value 1,128,841 3,211,386 Issuance 151,318 70,878 Change in fair value (631,185) (2,686,359) Ending fair value 648,974 595,905 Non-employee options (Note 8(c)) Beginning fair value 116,615 68,859 Vesting 42,933 70,000 Change in fair value (28,502) (43,944) Ending fair value 131,046 94,915 Total Level 3 liabilities 780,020 690,820 Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the periods ended January 31, 2016 and April 30, 2015.
Earnings (Loss) Per Share	Earnings (Loss) Per Share The basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. For the nine months ended January 31, 2016, loss per share excludes 30,414,438 (2015 – 29,288,934) potentially dilutive common shares (related to outstanding options and warrants) as their effect was anti-dilutive

SUMMARY OF SIGNIFICANT ACCOUN21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Jan. 31, 2016
Accounting Policies [Abstract]
Summary of Liabilities	January 31, 2016 $ January 31, 2015 $ Warrants (Note 7) Beginning fair value 1,128,841 3,211,386 Issuance 151,318 70,878 Change in fair value (631,185) (2,686,359) Ending fair value 648,974 595,905 Non-employee options (Note 8(c)) Beginning fair value 116,615 68,859 Vesting 42,933 70,000 Change in fair value (28,502) (43,944) Ending fair value 131,046 94,915 Total Level 3 liabilities 780,020 690,820

ACCOUNTS PAYABLE AND ACCRUED 22

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	9 Months Ended
	Jan. 31, 2016
Payables and Accruals [Abstract]
Schedule of Accounts Payable And Accrued Liabilities	January 31, 2016 $ April 30, 2015 $ Trade payables 384,184 383,977 Amounts due to related parties (Note 9) 178,278 175,789 Interest payable on promissory notes and second promissory notes 208,210 317,078 Total accounts payable and accrued liabilities 770,672 876,844

PROMISSORY NOTES (Tables)

PROMISSORY NOTES (Tables)	9 Months Ended
	Jan. 31, 2016
Debt Disclosure [Abstract]
Schedule of Promissory Notes	January 31, 2016 $ April 30, 2015 $ Promissory notes 5,644,578 5,543,991 Total promissory notes 5,644,578 5,543,991
Schedule of Payments To Repay Principal Balance	2016 $ 2017 $ 2018 $ 2019 $ 2020 $ Total $ - 5,787,280 - - - 5,787,280

SECOND PROMISSORY NOTES (Tables

SECOND PROMISSORY NOTES (Tables)	9 Months Ended
	Jan. 31, 2016
Debt Disclosure [Abstract]
Schedule of Second Promissory Notes	January 31, 2016 $ April 30, 2015 $ Second promissory notes 4,188,780 1,432,565 Total second promissory notes 4,188,780 1,432,565
Schedule of Payments To Repay Principal Balance	2016 $ 2017 $ 2018 $ 2019 $ 2020 $ Total $ - 1,000,000 3,657,000 - - 4,657,000

WARRANT LIABILITIES (Tables)

WARRANT LIABILITIES (Tables)	9 Months Ended
	Jan. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Fair Value of Derivative Liabilities	$ Balance, April 30, 2015 1,128,841 Bonus warrants issued pursuant to Second Promissory Notes (Note 6) 151,318 Change in fair value of warrant derivatives (631,185) Balance, January 31, 2016 648,974
Schedule of Weighted Average Assumptions of Derivative Liabilities	January 31, 2016 April 30, 2015 Stock price (CAD$) 0.26 0.25 Exercise price (CAD$) 0.37 0.38 Risk-free interest rate (%) 0.86 1.11 Expected life (years) 0.54 0.79 Expected volatility (%) 95 87 Expected dividends ($) Nil Nil

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	9 Months Ended
	Jan. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options Outstanding	Number Outstanding Weighted Average Exercise Price Balance outstanding at April 30 , 2015 5,135,000 CAD$ 0.22 Granted 200,000 CAD$ 0.25 Expired (500,000) CAD$ 0.40 Balance outstanding at January 31, 2016 4,835,000 CAD$ 0.20 Balance exercisable at January 31, 2016 4,225,000 CAD$ 0.21
Summary Of Stock Options Outstanding	Security Number Outstanding Exercise Price Expiry Date Remaining Contractual Life (years) Stock options 1,300,000 CAD$ 0.10 July 30, 2018 2.50 Stock options 260,000 CAD$ 0.15 July 30, 2018 2.50 Stock options 300,000 CAD$ 0.25 July 30, 2018 2.50 Stock options 200,000 CAD$ 0.25 November 19, 2018 2.80 Stock options 150,000 CAD$ 0.25 January 8, 2019 2.94 Stock options 300,000 CAD$ 0.25 May 23, 2019 3.31 Stock options 150,000 CAD$ 0.25 December 16, 2017 1.88 Stock options 1,975,000 CAD$ 0.25 January 29, 2020 4.00 Stock options 200,000 CAD$ 0.25 August 4, 2020 4.51
Fair Values of Non-Employee Stock Options	2016 $ 2015 $ Fair value of non-employee options, beginning of the period 116,615 68,859 Fair value of non-employee options, at vesting 42,933 70,000 Change in fair value of non-employee stock options during the period (28,502) (43,944) Fair value of non-employee options, end of the period 131,046 94,915
Weighted Average Assumptions of Non-Employee Stock Options	January 31, 2016 April 30, 2015 Stock price (CAD$) 0.26 0.25 Exercise price (CAD$) 0.21 0.19 Risk-free interest rate (%) 1.18 1.23 Expected life (years) 3.25 3.82 Expected volatility (%) 96 101 Expected dividends ($) Nil Nil
Income Statement Share-based payments	2016 $ 2015 $ Management and consulting fees 34,900 294,186 34,900 294,186
Summary Of Fully-Exercisable Share Purchase Warrants	Number Outstanding Weighted Average Exercise Price Balance at April 30, 2015 24,555,595 CAD $ 0.37 Issued 1,223,843 CAD$ 0.25 Expired (175,000) CAD$ 0.25 Exercised (25,000) CAD$ 0.25 Balance at January 31, 2016 25,579,438 CAD $ 0.37
Summary Of Warrants Outstanding And Issuable	Security Number Outstanding Exercise Price Expiry Date Warrants 1,550,000 CAD$ 0.40 January 31, 2017 Warrants 20,000,000 CAD$ 0.40 April 29, 2016 Warrants 667,520 CAD$ 0.14 December 1, 2016 (1) Warrants 122,142 CAD$ 0.14266 December 1, 2016 (1) Warrants 104,119 CAD$ 0.165 December 1, 2016 (1) Warrants 76,723 CAD$ 0.17 December 1, 2016 (1) Warrants 87,818 CAD$ 0.17223 December 1, 2016 (1) Warrants 111,762 CAD$ 0.185 December 1, 2016 (1) Warrants 132,208 CAD$ 0.217 December 1, 2016 (1) Warrants 62,002 CAD$ 0.222 December 1, 2016 (1) Warrants 58,181 CAD$ 0.225 December 1, 2016 (1) Warrants 165,326 CAD$ 0.23 December 1, 2016 (1) Warrants 51,202 CAD$ 0.25 December 1, 2016 (1) Warrants 92,357 CAD$ 0.276 December 1, 2016 (1) Warrants 200,091 CAD$ 0.28 December 1, 2016 (1) Warrants 45,439 CAD$ 0.29 December 1, 2016 (1) Warrants 96,261 CAD$ 0.292 December 1, 2016 (1) Warrants 52,459 CAD$ 0.305 December 1, 2016 (1) Warrants 730,848 CAD$ 0.22 December 31, 2018 (1) Warrants 242,545 CAD$ 0.23 December 31, 2018 (1) Warrants 194,344 CAD$ 0.24 December 31, 2018 (1) Warrants 37,203 CAD$ 0.245 December 31, 2018 (1) Warrants 85,308 CAD$ 0.25 December 31, 2018 (1) Warrants 192,206 CAD$ 0.259 December 31, 2018 (1) Warrants 126,843 CAD$ 0.265 December 31, 2018 (1) Warrants 198,750 CAD$ 0.272 December 31, 2018 (1) Warrants 95,781 CAD$ 0.291 December 31, 2018 (1)

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail) - Summary of Liabilities - USD ($)	9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Apr. 30, 2015
Total Level 3 liabilities	$ 780,020		$ 1,245,456
Warrants [Member]
Beginning fair value	1,128,841	$ 3,211,386
Issuance	151,318	70,878
Change in fair value	(631,185)	(2,686,359)
Ending fair value	648,974	595,905
Non-employee Options [Member]
Beginning fair value	116,615	68,859
Vesting	42,933	70,000
Change in fair value	(28,502)	(43,944)
Ending fair value	$ 131,046	$ 94,915

ACCOUNTS PAYABLE AND ACCRUED 28

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Detail) - Schedule of Accounts Payable And Accrued Liabilities - USD ($)	Jan. 31, 2016	Apr. 30, 2015
Payables and Accruals [Abstract]
Trade payables	$ 384,184	$ 383,977
Amounts due to related parties	178,278	175,789
Interest payable on promissory notes and second promissory notes	208,210	317,078
Total accounts payable and accrued liabilities	$ 770,672	$ 876,844

PROMISSORY NOTES (Detail) - Sch

PROMISSORY NOTES (Detail) - Schedule of Promissory Notes - USD ($)	Jan. 31, 2016	Apr. 30, 2015
Debt Disclosure [Abstract]
Promissory notes	$ 5,644,578	$ 5,543,991
Total promissory notes	$ 5,644,578	$ 5,543,991

PROMISSORY NOTES (Detail) - S30

PROMISSORY NOTES (Detail) - Schedule of Payments To Repay Principal Balance - Promissory Notes [Member]	Jan. 31, 2016USD ($)
2,016
2,017	$ 5,787,280
2,018
2,019
2,020
Total	$ 5,787,280

SECOND PROMISSORY NOTES (Detail

SECOND PROMISSORY NOTES (Detail) - Schedule of Second Promissory Notes - USD ($)	Jan. 31, 2016	Apr. 30, 2015
Debt Disclosure [Abstract]
Second promissory notes	$ 4,188,780	$ 1,432,565
Total second promissory notes	$ 4,188,780	$ 1,432,565

SECOND PROMISSORY NOTES (Deta32

SECOND PROMISSORY NOTES (Detail) - Schedule of Payments To Repay Principal Balance - Second Promissory Notes [Member]	Jan. 31, 2016USD ($)
2,016
2,017	$ 1,000,000
2,018	$ 3,657,000
2,019
2,020
Total	$ 4,657,000

WARRANT LIABILITIES (Detail) -

WARRANT LIABILITIES (Detail) - Schedule of Fair Value of Derivative Liabilities	9 Months Ended
	Jan. 31, 2016USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Balance, April 30, 2015	$ 1,128,841
Bonus warrants issued pursuant to Second Promissory Notes	151,318
Change in fair value of warrant derivatives	(631,185)
Balance, January 31, 2016	$ 648,974

WARRANT LIABILITIES (Detail) 34

WARRANT LIABILITIES (Detail) - Schedule of Weighted Average Assumptions of Derivative Liabilities - Warrants [Member] - USD ($)	9 Months Ended	12 Months Ended
	Jan. 31, 2016	Apr. 30, 2015
Stock price (CAD$)	$ 0.26	$ 0.25
Exercise price (CAD$)	$ 0.37	$ 0.38
Risk-free interest rate (%)	86.00%	111.00%
Expected life (years)	6 months 14 days	9 months 14 days
Expected volatility (%)	95.00%	87.00%
Expected dividends ($)

SHARE CAPITAL (Detail) - Stock

SHARE CAPITAL (Detail) - Stock Options Outstanding - $ / shares	9 Months Ended
	Jan. 31, 2016	Apr. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options Outstanding	4,835,000	5,135,000
Stock Options Outstanding Weighted Average Exercise Price	$ 0.20	$ 0.22
Stock Options Grants In Period	200,000
Stock Options Grants In Period Weighted Average Exercise Price	$ 0.25
Stock Options Expired In Period	(500,000)
Stock Options Expired In Period Weighted Average Exercise Price	$ 0.40
Stock Options Exercisable	4,835,000
Stock Options Exercisable Weighted Average Exercise Price	$ 0.21

SHARE CAPITAL (Detail) - Summar

SHARE CAPITAL (Detail) - Summary Of Stock Options Outstanding	9 Months Ended
	Jan. 31, 2016$ / sharesshares
Set 1 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	1,300,000
Exercise Price | $ / shares	$ 0.10
Expiry Date	Jul. 30, 2018
Remaining Contractual Life (years)	2 years 6 months
Set 2 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	260,000
Exercise Price | $ / shares	$ 0.15
Expiry Date	Jul. 30, 2018
Remaining Contractual Life (years)	2 years 6 months
Set 3 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	300,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	Jul. 30, 2018
Remaining Contractual Life (years)	2 years 6 months
Set 4 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	200,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	Nov. 19, 2018
Remaining Contractual Life (years)	2 years 9 months 18 days
Set 5 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	150,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	Jan. 8, 2019
Remaining Contractual Life (years)	2 years 11 months 8 days
Set 6 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	300,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	May 23, 2019
Remaining Contractual Life (years)	3 years 3 months 22 days
Set 7 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	150,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	Dec. 16, 2017
Remaining Contractual Life (years)	1 year 10 months 17 days
Set 8 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	1,975,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	Jan. 29, 2020
Remaining Contractual Life (years)	4 years
Set 9 [Member]
Type of Security	Stock options
Outstanding Stock Options | shares	200,000
Exercise Price | $ / shares	$ 0.25
Expiry Date	Aug. 4, 2020
Remaining Contractual Life (years)	4 years 6 months 3 days

SHARE CAPITAL (Detail) - Fair V

SHARE CAPITAL (Detail) - Fair Values of Non-Employee Stock Options - USD ($)	9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Fair value of non-employee options, beginning of the period	$ 116,615	$ 68,859
Fair value of non-employee options, at vesting	42,933	70,000
Change in fair value of non-employee stock options during the period	(28,502)	(43,944)
Fair value of non-employee options, end of the period	$ 131,046	$ 94,915

SHARE CAPITAL (Detail) - Weight

SHARE CAPITAL (Detail) - Weighted Average Assumptions of Non-Employee Stock Options - Non-employee Options [Member] - USD ($)	9 Months Ended	12 Months Ended
	Jan. 31, 2016	Apr. 30, 2015
Stock price (CAD$)	$ 0.26	$ 0.25
Exercise price (CAD$)	$ 0.21	$ 0.19
Risk-free interest rate (%)	118.00%	123.00%
Expected life (years)	3 years 2 months 30 days	3 years 9 months 25 days
Expected volatility (%)	9600.00%	10100.00%
Expected dividends ($)

SHARE CAPITAL (Detail) - Income

SHARE CAPITAL (Detail) - Income Statement Share-based payments - USD ($)	9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share Based Payments, Management and consulting fees	$ 34,900	$ 294,186
Total	$ 34,900	$ 294,186

SHARE CAPITAL (Detail) - Summ40

SHARE CAPITAL (Detail) - Summary Of Fully-Exercisable Share Purchase Warrants - $ / shares	9 Months Ended
	Jan. 31, 2016	Apr. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share Purchase Warrants, Number Outstanding	25,579,438	24,555,595
Share Purchase Warrants, Weighted Average Exercise Price	$ 0.37	$ 0.37
Share Purchase Warrants, Issued in Period	1,223,843
Share Purchase Warrants, Issued in Period, Weighted Average Exercise Price	$ 0.25
Share Purchase Warrants, Expired in Period	(175,000)
Share Purchase Warrants, Expired in Period, Weighted Average Exercise Price	$ 0.25
Share Purchase Warrants, Exercised in Period	(25,000)
Share Purchase Warrants, Exercised in Period, Weighted Average Exercise Price	$ 0.25

SHARE CAPITAL (Detail) - Summ41

SHARE CAPITAL (Detail) - Summary Of Warrants Outstanding And Issuable	9 Months Ended
	Jan. 31, 2016$ / sharesshares
Warrants 1 [Member]
Outstanding Stock Options | shares	1,550,000
Exercise Price | $ / shares	$ 0.4
Expiry Date	Jan. 31, 2017
Warrants 2 [Member]
Outstanding Stock Options | shares	20,000,000
Exercise Price | $ / shares	$ 0.4
Expiry Date	Apr. 29, 2016
Warrants 3 [Member]
Outstanding Stock Options | shares	667,520
Exercise Price | $ / shares	$ 0.14
Expiry Date	Dec. 1, 2016
Warrants 4 [Member]
Outstanding Stock Options | shares	122,142
Exercise Price | $ / shares	$ 0.14266
Expiry Date	Dec. 1, 2016
Warrants 5 [Member]
Outstanding Stock Options | shares	104,119
Exercise Price | $ / shares	$ 0.165
Expiry Date	Dec. 1, 2016
Warrants 6 [Member]
Outstanding Stock Options | shares	76,723
Exercise Price | $ / shares	$ 0.17
Expiry Date	Dec. 1, 2016
Warrants 7 [Member]
Outstanding Stock Options | shares	87,818
Exercise Price | $ / shares	$ 0.17223
Expiry Date	Dec. 1, 2016
Warrants 8 [Member]
Outstanding Stock Options | shares	111,762
Exercise Price | $ / shares	$ 0.185
Expiry Date	Dec. 1, 2016
Warrants 9 [Member]
Outstanding Stock Options | shares	132,208
Exercise Price | $ / shares	$ 0.217
Expiry Date	Dec. 1, 2016
Warrants 10 [Member]
Outstanding Stock Options | shares	62,002
Exercise Price | $ / shares	$ 0.222
Expiry Date	Dec. 1, 2016
Warrants 11 [Member]
Outstanding Stock Options | shares	58,181
Exercise Price | $ / shares	$ 0.225
Expiry Date	Dec. 1, 2016
Warrants 12 [Member]
Outstanding Stock Options | shares	165,326
Exercise Price | $ / shares	$ 0.23
Expiry Date	Dec. 1, 2016
Warrants 13 [Member]
Outstanding Stock Options | shares	51,202
Exercise Price | $ / shares	$ 0.25
Expiry Date	Dec. 1, 2016
Warrants 14 [Member]
Outstanding Stock Options | shares	92,357
Exercise Price | $ / shares	$ 0.276
Expiry Date	Dec. 1, 2016
Warrants 15 [Member]
Outstanding Stock Options | shares	200,091
Exercise Price | $ / shares	$ 0.28
Expiry Date	Dec. 1, 2016
Warrants 16 [Member]
Outstanding Stock Options | shares	45,439
Exercise Price | $ / shares	$ 0.29
Expiry Date	Dec. 1, 2016
Warrants 17 [Member]
Outstanding Stock Options | shares	96,261
Exercise Price | $ / shares	$ 0.292
Expiry Date	Dec. 1, 2016
Warrants 18 [Member]
Outstanding Stock Options | shares	52,459
Exercise Price | $ / shares	$ 0.305
Expiry Date	Dec. 1, 2016
Warrants 19 [Member]
Outstanding Stock Options | shares	730,848
Exercise Price | $ / shares	$ 0.22
Expiry Date	Dec. 31, 2018
Warrants 20 [Member]
Outstanding Stock Options | shares	242,545
Exercise Price | $ / shares	$ 0.23
Expiry Date	Dec. 31, 2018
Warrants 21 [Member]
Outstanding Stock Options | shares	194,344
Exercise Price | $ / shares	$ 0.24
Expiry Date	Dec. 31, 2018
Warrants 22 [Member]
Outstanding Stock Options | shares	37,203
Exercise Price | $ / shares	$ 0.245
Expiry Date	Dec. 31, 2018
Warrants 23 [Member]
Outstanding Stock Options | shares	85,308
Exercise Price | $ / shares	$ 0.25
Expiry Date	Dec. 31, 2018
Warrants 24 [Member]
Outstanding Stock Options | shares	192,206
Exercise Price | $ / shares	$ 0.259
Expiry Date	Dec. 31, 2018
Warrants 25 [Member]
Outstanding Stock Options | shares	126,843
Exercise Price | $ / shares	$ 0.265
Expiry Date	Dec. 31, 2018
Warrants 26 [Member]
Outstanding Stock Options | shares	198,750
Exercise Price | $ / shares	$ 0.272
Expiry Date	Dec. 31, 2018
Warrants 27 [Member]
Outstanding Stock Options | shares	95,781
Exercise Price | $ / shares	$ 0.291
Expiry Date	Dec. 31, 2018

NATURE OF BUSINESS AND BASIS 42

NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY (Details Narrative) - USD ($)	Jan. 31, 2016	Apr. 30, 2015
Accounting Policies [Abstract]
Accumulated Deficit	$ 30,490,194	$ 26,755,665

SUMMARY OF SIGNIFICANT ACCOUN43

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Apr. 30, 2015
Shares Excluded from Loss Per Share, potentially dilutive	30,414,438	29,288,934
Promissory Notes [Member]
Notes Fair Value	$ 5,603,841		$ 5,479,007
Second Promissory Notes [Member]
Notes Fair Value	$ 4,476,164		$ 1,532,123

MINERAL PROPERTY INTEREST (Deta

MINERAL PROPERTY INTEREST (Details Narrative) - Idaho Industrial Minerals LLC [Member] - USD ($)	1 Months Ended	12 Months Ended
	Jan. 21, 2013	Apr. 30, 2012	Apr. 30, 2009
Mineral Interests		$ 10,000
Shares Issued, Shares	1,300,000	50,000	50,000
Shares Issued, Fair Value		$ 15,170

PROMISSORY NOTES (Details Narra

PROMISSORY NOTES (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Dec. 31, 2015	Jul. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Dec. 02, 2016	Apr. 30, 2015
Promissory Notes Maturity			$ 178,278		$ 178,278			$ 175,789
Interest Payable Settled			$ 306,882	$ 173,061	843,229	$ 485,163
Loss On Settlement Of Liabilities					$ (31,512)
Promissory Notes [Member] | Company Controlled By A Director Of The Company [Member]
Promissory Notes Description					On September 13, 2013 and January 27, 2014, the Company entered into additional agreements with a company controlled by a director of the Company (the "Lender") pursuant to which $5,787,280 was advanced to the Company in tranches (the "Promissory Notes").
Promissory Notes Maturity							$ 3,000,000
Interest Rate			12.00%		12.00%
Interest Recorded					$ 525,136	$ 483,982
Promissory Note Interest Payable Terms					Interest is payable semi-annually as calculated on May 31st and November 30th. Interest is to be paid either in cash or in common shares at the option of the Lender.
Interest Payable Settled	$ 348,188	$ 345,616
Shares Issued, Shares	1,844,982	1,980,840
Shares Issued, Fair Value	$ 335,741	$ 373,142
Loss On Settlement Of Liabilities		$ 27,526
Unamortized Debt Discount			$ 142,702		$ 142,702			$ 243,289
Debt Collateral					Company's Helmer-Bovill Property
Additional Paid-In Capital	$ 12,447

SECOND PROMISSORY NOTES (Deta46

SECOND PROMISSORY NOTES (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Dec. 31, 2015	Jul. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Jun. 02, 2017	Dec. 02, 2016	Apr. 30, 2015
Promissory Notes Maturity			$ 178,278		$ 178,278				$ 175,789
Interest Payable Settled			$ 306,882	$ 173,061	843,229	$ 485,163
Loss On Settlement Of Liabilities					$ (31,512)
Second Promissory Notes [Member] | Company Controlled By A Director Of The Company [Member]
Promissory Notes Description					On February 18, 2015, the Company entered into an agreement with a company controlled by a director of the Company (the "Lender") pursuant to which up to $4,463,000 will be advanced to the Company in tranches (the "Second Promissory Notes"). On December 1, 2015, the Company entered into an amending agreement whereby the Lender agreed to advance an additional $1,000,000 in tranches.
Outstanding Debt			$ 4,657,000		$ 4,657,000
Promissory Notes Maturity							$ 2,000,000	$ 1,000,000
Interest Rate			12.00%		12.00%
Interest Recorded					$ 318,093	$ 1,181
Promissory Note Interest Payable Terms					Interest is payable semi-annually as calculated on May 31st and November 30th. Interest is to be paid either in cash or in common shares at the option of the Lender.
Interest Payable Settled	$ 208,245	$ 50,049
Shares Issued, Shares	1,103,449	286,845
Shares Issued, Fair Value	$ 200,800	$ 54,035
Loss On Settlement Of Liabilities		$ 3,986
Unamortized Debt Discount			$ 468,220		$ 468,220				$ 184,435
Debt Collateral					The Second Promissory Notes are collateralized by the Company's Helmer-Bovill Property.
Additional Paid-In Capital	$ 7,445

WARRANT LIABILITIES (Details Na

WARRANT LIABILITIES (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Jan. 31, 2016	Apr. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Warrant Derivative Liabilities Fair Value	$ 648,974	$ 1,128,841

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative) - USD ($)	9 Months Ended
	Jan. 31, 2016	Apr. 30, 2015
Stock Options Available For Grant	3,797,895	2,790,573
Non Vested Stock Options		112,500
Unamortized Compensation Cost of Options	$ 41,579
Non Vested Stock Options Intrinsic Value	$ 138,338
July 10, 2015 [Member]
Shares Issued, Shares	1,085,297
Shares Issued, Fair Value	$ 228,775
July 14, 2015 [Member]
Shares Issued, Shares	2,267,685
Shares Issued, Fair Value	$ 427,177
December 15, 2015 [Member]
Shares Issued, Shares	2,948,431
Shares Issued, Fair Value	$ 536,541
January 5, 2016 [Member]
Shares Issued, Shares	746,811
Shares Issued, Fair Value	$ 180,256
January 29, 2016 [Member]
Shares Issued, Shares	25,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Apr. 30, 2015
Interest Payable Settled	$ 306,882	$ 173,061	$ 843,229	$ 485,163
Management And Consulting Fees	53,145	272,913	150,346	366,149
Professional fees	36,028	$ 120,933	309,150	484,208
Accounts payable and accrued liabilities	770,672		770,672		$ 876,844
Company Controlled By Director [Member]
Interest Payable Settled			$ 952,098
Shares Issued, Shares			5,216,116
Shares Issued, Fair Value			$ 963,718
RJG Capital Corporation [Member]
Management And Consulting Fees			72,099	$ 53,654
Wayne Moorhouse, Director [Member]
Management And Consulting Fees			2,293
Malaspina Consultants Inc. [Member
Professional fees			17,776	$ 23,044
Directors Or Officers Or Companies Controlled By Them [Member]
Accounts payable and accrued liabilities	$ 178,278		$ 178,278		$ 175,789

SEGMENT DISCLOSURES (Details Na

SEGMENT DISCLOSURES (Details Narrative)	9 Months Ended
	Jan. 31, 2016
Segment Reporting [Abstract]
Number of Operating Segments	1

NON-CASH TRANSACTIONS (Details

NON-CASH TRANSACTIONS (Details Narrative) - USD ($)	9 Months Ended
	Jan. 31, 2016	Jan. 31, 2015
Interest On Promissory Notes [Member]
Shares Issued, Shares	3,825,822
Shares Issued, Fair Value	$ 708,883
Interest On Second Promissory Notes [Member]
Shares Issued, Shares	1,390,294
Shares Issued, Fair Value	$ 54,035
Second Promissory Notes [Member]
Shares Issued, Shares	1,223,843	82,368
Shares Issued, Fair Value	$ 293,623	$ 16,275
Warrants, Shares	1,223,843	82,368
Warrants, Fair Value	$ 151,318	$ 10,717
Promissory Notes Interest [Member]
Shares Issued, Shares		2,363,262
Shares Issued, Fair Value		$ 523,866
Promissory Notes [Member]
Shares Issued, Shares		472,998
Shares Issued, Fair Value		$ 98,640
Warrants, Shares		472,998
Warrants, Fair Value		$ 60,161

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	1 Months Ended
	Feb. 29, 2016
Second Promissory Notes [Member]
Event Description	The Company received an aggregate of $200,000 of Second Promissory Notes