I-Minerals (IMAHF) 10-Q 16 Dec 19 2019 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Oct. 31, 2019	Dec. 13, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2019
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019
Current Fiscal Year End Date	--04-30
Entity File Number	000-55321
Entity Registrant Name	I-Minerals Inc
Entity Central Index Key	0001405663
Entity Tax Identification Number	20-4644299
Entity Incorporation, State or Country Code	A1
Entity Address, Address Line One	Suite 880, 580 Hornby Street
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V6C 3B6
City Area Code	604
Local Phone Number	303-6573
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		92,676,115

Condensed Interim Consolidated

Condensed Interim Consolidated Balance Sheets (Unaudited) - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Current assets
Cash	$ 34,106	$ 241,721
Receivables	6,023	5,708
Prepaids	38,837	54,163
Current Assets	78,966	301,592
Equipment	13,870	14,517
Mineral property interest and deferred development costs	1,892,410	1,892,410
Deposits	28,728	28,728
TOTAL ASSETS	2,013,974	2,237,247
Current liabilities
Accounts payable and accrued liabilities	1,769,101	1,464,724
Promissory notes	24,784,305	22,685,537
Derivative liabilities	4,868	6,191
Current Liabilities	26,558,274	24,156,452
CAPITAL DEFICIT
Unlimited common shares with no par value Issued and fully paid: 92,676,115 (April 30, 2019 - 92,676,115)	19,118,229	19,118,229
Additional paid-in capital	1,865,342	1,866,274
Commitment to issue shares	106,858	106,858
Deficit	(45,634,729)	(43,010,566)
TOTAL CAPITAL DEFICIT	(24,544,300)	(21,919,205)
TOTAL LIABILITIES AND CAPITAL DEFICIT	$ 2,013,974	$ 2,237,247

Condensed Interim Consolidate_2

Condensed Interim Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2019	Apr. 30, 2019
Statement of Financial Position [Abstract]
Common Stock, par value
Common Stock, shares authorized
Common Stock, shares issued	92,676,115	92,676,115
Common Stock, shares outstanding	92,676,115	92,676,115

Condensed Interim Consolidate_3

Condensed Interim Consolidated Statements of Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
OPERATING EXPENSES
Amortization	$ 981	$ 1,190	$ 3,305	$ 2,377
Management and consulting fees	44,569	49,210	101,513	98,294
Mineral property expenditures	444,967	61,964	724,205	115,530
General and miscellaneous	72,928	147,180	136,811	294,203
Professional fees	49,030	28,669	111,398	102,756
Operating Expenses	(612,475)	(288,213)	(1,077,232)	(613,160)
OTHER (EXPENSES) INCOME
Foreign exchange loss	(1,310)	(1,993)	(1,015)	(121)
Accretion expense	(34,810)	(68,249)	(60,348)	(130,580)
Interest expense	(751,201)	(559,429)	(1,488,711)	(1,110,060)
Change in fair value of derivative liabilities	7,457	98,320	3,143	235,443
LOSS FOR THE PERIOD	$ (1,392,339)	$ (819,564)	$ (2,624,163)	$ (1,618,478)
Loss per share - basic and diluted	$ (0.02)	$ (0.01)	$ (0.03)	$ (0.02)
Weighted average number of shares outstanding	92,676,115	90,758,233	92,676,115	90,301,615

Condensed Interim Consolidate_4

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
OPERATING ACTIVITIES
Loss for the period	$ (2,624,163)	$ (1,618,478)
Items not involving cash:
Amortization	3,305	2,377
Stock-based compensation	888	5,865
Accretion expense	60,348	130,580
Change in fair value of derivative liabilities	(3,143)	(235,443)
Unrealized foreign exchange (gain) loss		(4,535)
Change in non-cash operating working capital items:
Receivables	(315)	397
Prepaids	15,326	1,720
Accounts payable and accrued liabilities	1,667,750	1,099,452
Cash flows used in operating activities	(880,004)	(618,065)
INVESTING ACTIVITIES
Additions to mineral property interest and deferred development	(4,953)	(511,482)
Purchase of equipment	(2,658)	(3,865)
Cash flows used in investing activities	(7,611)	(515,347)
FINANCING ACTIVITIES
Proceeds from exercise of stock options and warrants		46,084
Promissory notes received	680,000	1,115,000
Cash flows from financing activities	680,000	1,161,084
(DECREASE) INCREASE IN CASH	(207,615)	27,672
CASH, BEGINNING OF THE PERIOD	241,721	213,322
CASH, END OF THE PERIOD	34,106	240,994
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid
Taxes paid

Condensed Interim Consolidate_5

Condensed Interim Consolidated Statements of Capital Deficit (Equity) (Unaudited) - USD ($)	Common Stock	Commitment to Issue Shares	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance at Apr. 30, 2018	$ 18,787,998	$ 50,625	$ 1,890,220	$ (39,300,909)	$ (18,572,066)
Beginning Balance (in Shares) at Apr. 30, 2018	89,831,955
Shares issued on exercise of options	$ 94,002		(24,878)		69,124
Shares issued on exercise of options (Shares)	600,000
Shares issued as a debt discount	$ 81,000	(81,000)
Shares issued as a debt discount (Shares)	361,657
Shares issuable as a debt discount		72,975			72,975
Share-based payments - vesting			5,865		5,865
Loss for the period				(1,618,478)	(1,618,478)
Ending Balance at Oct. 31, 2018	$ 18,963,000	42,600	1,871,207	(40,919,387)	(20,042,580)
Ending Balance (Shares) at Oct. 31, 2018	90,793,612
Beginning Balance at Apr. 30, 2019	$ 19,118,229	106,858	1,866,274	(43,010,566)	$ (21,919,205)
Beginning Balance (in Shares) at Apr. 30, 2019	92,676,115				92,676,115
Share-based payments - vesting			888		$ 888
Reallocation of vested options to liabilities			(1,820)		(1,820)
Loss for the period				(2,624,163)	(2,624,163)
Ending Balance at Oct. 31, 2019	$ 19,118,229	$ 106,858	$ 1,865,342	$ (45,634,729)	$ (24,544,300)
Ending Balance (Shares) at Oct. 31, 2019	92,676,115				92,676,115

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY	6 Months Ended
	Oct. 31, 2019
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 OTCQB 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. Since inception, the Company has been in the exploration and evaluation stage but moved into the development stage in fiscal 2018. In fiscal 2019, the Company reverted back to the evaluation stage as management determined that the Feasibility Study on the property should be considered non-current. 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 interim 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 October 31, 2019, the Company had not yet achieved profitable operations, had an accumulated deficit of $ 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. 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. 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 six months ended October 31, 2019 are not necessarily indicative of the results that may be expected for the full year ending April 30, 2020. 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, 2019 included in the Company’s Annual Report on Form 10-K filed on July 29, 2019. The Company’s ability to continue as a going concern is dependent upon its ability 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 has been receiving funds from a company controlled by a director of the Company through promissory notes (Notes 5 and 10).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Oct. 31, 2019
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, receivables, 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 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. October 31, 2019, the promissory notes had a fair value of $24,210,914 (April 30, 2019 – $22,602,379). 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 October 31, 2019 and April 30, 2019. As at October 31, 2019, the Company’s Level 3 liabilities consisted of share purchase options granted 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 six months ended October 31, 2019 and 2018 is as follows: 2019 $ 2018 $ Warrants Beginning fair value - 95,570 Issuance - 1,602 Change in fair value - (97,111) Ending fair value - 61 Non-employee options (Note 6(c)) Beginning fair value 6,191 205,120 Transfer value on exercise - (23,040) Fair value of options on vesting 1,820 - Change in fair value (3,143) (138,332) Ending fair value 4,868 43,748 Total Level 3 liabilities 4,868 43,809 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 six months ended October 31, 2019, loss per share excludes 5,979,097 (2018 – 11,340,737) potentially dilutive common shares (related to outstanding options and warrants as well as shares committed to be issued pursuant to the Fifth Promissory Notes) as their effect was anti-dilutive. New Accounting Pronouncements Leases In February 2016, the FASB issued ASU 2016-02, as amended, Leases (Topic 842), which requires a lessee to record a right-of-use asset and a lease liability for all leases with a term greater than twelve months regardless of whether the lease is classified as an operating lease or a financing lease. Effective May 1, 2019, the Company adopted the new standard under the modified retrospective approach, applying the current-period adjustment method. Under the transition guidance of the modified retrospective approach there are a number of optional practical expedients made available to simplify the transition of the new standard. The Company has elected the following: - The condensed consolidated balance sheets for reporting periods beginning on or after May 1, 2019 are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported in accordance with ASC Topic 840, Leases. The Company did not recognize any cumulative effect adjustment to the opening balance of deficit as there was no impact on adoption of the new standard. - The Company has elected to utilize the package of practical expedients permitted under the transition guidance in the standard, which allowed the Company to not reassess (i) whether any expired or existing contracts contain leases, (ii) historical lease classification, and (iii) initial direct costs. - The Company has elected to keep leases with an initial term of 12 months or less off of the balance sheet. Upon adoption, the Company did not record any adjustments to the balance sheet, statement of loss or statement of cash flows. Fair Value Measurements In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement" which adds the disclosure of the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Certain alternatives apply. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019. The Company is assessing the impact of this standard.

MINERAL PROPERTY INTEREST AND D

MINERAL PROPERTY INTEREST AND DEFERRED DEVELOPMENT COSTS	6 Months Ended
	Oct. 31, 2019
Extractive Industries [Abstract]
MINERAL PROPERTY INTEREST	3. MINERAL PROPERTY INTEREST AND DEFERRED DEVELOPMENT COSTS: Helmer-Bovill Property – Latah County, Idaho The Company has an undivided 100% interest in 11 State of Idaho mineral leases. The State of Idaho mineral leases are subject to a 5% production royalty on gross sales. The mineral leases are in good standing until March 1, 2023 at which time they will be held by us contingent on production. In May 2017, the Idaho Department of Lands accepted our operation and reclamation plan. Together with a water rights permit from the Idaho Department of Water Resources, we were able to proceed with development and construction of the mine, subject to obtaining sufficient financing. As a result, Management made the decision to begin capitalizing all development expenditures directly related to the Helmer-Bovill Property. In February 2019, the Company determined that the Feasibility Study should be considered non-current and accordingly, the Company has returned to the evaluation stage for accounting purposes.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	6 Months Ended
	Oct. 31, 2019
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES: October 31, 2019 $ April 30, 2019 $ Trade payables 311,925 150,766 Amounts due to related parties (Note 7) 203,407 190,480 Interest payable on promissory notes (Note 5) 1,253,769 1,123,478 Total accounts payable and accrued liabilities 1,769,101 1,464,724

PROMISSORY NOTES

PROMISSORY NOTES	6 Months Ended
	Oct. 31, 2019
Debt Disclosure [Abstract]
PROMISSORY NOTES	5. PROMISSORY NOTES: October 31, 2019 $ April 30, 2019 $ Third promissory notes 22,159,774 20,908,690 Fifth promissory notes 2,624,531 1,776,847 Total promissory notes 24,784,305 22,685,537 The Company has Third Promissory Notes and Fifth Promissory Notes due to a company controlled by a director of the Company (the “Lender”). The Third Promissory Notes were due on June 30, 2019. On June 28, 2019, the Company entered into an amending agreement with the Lender extending the maturity date to October 31, 2019 for no consideration. The Fifth Promissory Notes were due on December 31, 2019. On October 25, 2019, the Company entered into an amending agreement with the Lender extending the maturity date for both notes, for no consideration, to the earlier of (i) June 30, 2020 and (ii) 60 days after a pre-feasibility study has been filed on SEDAR. The Sixth Promissory Notes have the same maturity date. In accordance with the guidance of ASC 470-50 and ASC 470-60, the Company determined that the June 28, 2019 and October 25, 2019 extension agreements qualify as troubled debt restructurings. here was no accounting impact from the debt modifications. 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. Third Promissory Notes The Third Promissory Notes bear interest at the rate of 12% per annum and during the six months ended October 31, 2019, the Company recorded interest of $1,327,764 (2018 - $1,177,442), of which $nil was capitalized to mineral property interest (2018 - $87,434) and $1,327,764 was expensed (2018 - $1,090,008). Interest is payable semi-annually as calculated on May 31 st th During the six months ended October 31, 2019, the Lender elected to have interest payable from December 1, 2018 to May 31, 2019 of $1,251,084 deemed as advances. Fifth Promissory Notes On September 11, 2018, the Company entered into a Loan Agreement with the Lender pursuant to which up to $2,500,000 will be advanced to the Company in tranches (the “Fifth Promissory Notes”). As at October 31, 2019, the Company had received $2,500,000 (April 30, 2019 - $1,820,000) in advances pursuant to the Fifth Promissory Notes. The Fifth Promissory Notes bear interest at the rate of 14% per annum and during the six months ended October 31, 2019, the Company recorded interest of $160,947 (2018 - $8,450). Interest is st th During the six months ended October 31, 2019, the Lender elected to have interest payable from December 1, 2018 to May 31, 2019 of $107,336 deemed as advances. The Company and the Lender agreed that the Lender is to receive bonus shares equal to 6% of each loan tranche advanced under the Fifth Promissory Notes divided by the Company’s common share market price up to a maximum of 1,054,097 bonus shares. At October 31, 2019 and April 30, 2019, the Company was committed to issuing 1,054,097 bonus shares to the Lender with a fair value of $106,858. 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 aggregate finance fees (bonus shares) are recorded against the promissory notes balance and are being amortized to the Statement of Loss over the life of the promissory notes using the effective interest method. The accretion expense in respect of the debt discount recorded on the issuance of bonus shares totalled $60,348 for the six months ended October 31, 2019 (2018 - $2,538). The unamortized debt discount as at October 31, 2019 is $nil (April 30, 2019 $60,348). Sixth Promissory Notes On October 25, 2019, the Company entered into a Loan Agreement with the Lender pursuant to which up to $700,000 will be advanced to the Company in tranches (the “Sixth Promissory Notes”). Subsequent to October 31, 2019, the Company received advances of $500,000. The Sixth Promissory Notes bear interest at the rate of 14% per annum . Interest is st th The Third Promissory Notes, the Fifth Promissory Notes and the Sixth Promissory Notes are collateralized by the Company’s Helmer-Bovill Property. The following table outlines the estimated cash payments required, by calendar year, in order to repay the principal balance of the Third Promissory Notes, the Fifth Promissory Notes and the Sixth Promissory Notes: 2019 $ 2020 $ 2021 $ 2022 $ 2023 $ Total $ - 24,784,305 - - - 24,784,305

SHARE CAPITAL

SHARE CAPITAL	6 Months Ended
	Oct. 31, 2019
Share-based Payment Arrangement [Abstract]
SHARE CAPITAL	6. 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 six months ended October 31, 2019, the Company did not complete any stock transactions. During the six months ended October 31, 2018, the Company completed the following stock transactions: i) On July 30, 2018, the Company issued 600,000 common shares on the exercise of stock options with an exercise price of CAD$0.10 per common share resulting in gross proceeds of CAD$60,000 ($46,085). ii) On August 10, 2018, the Company issued 361,657 common shares with a fair value of $81,000. The common shares were issued as debt discounts pursuant to the Third Promissory Notes (Note 5). c) Stock options: The Company has granted stock options under the terms of its Stock Option Plan (the “Plan”). The Plan provides that the directors of the Company may grant options to purchase common shares to directors, officers, employees and service providers of the Company on terms that the directors of the Company may determine are within the limitations set forth in the Plan. The maximum number of shares available under the Plan is limited to 10% of the issued common shares. The maximum term of stock options is ten years. All stock options vest on the date of grant, unless otherwise stated. As at October 31, 2019, the Company had 4,342,612 stock options available for grant pursuant to the Plan (April 30, 2019 – 3,642,612). The Company’s stock options outstanding as at October 31, 2019 and the changes for the period then ended are as follows: Number Outstanding Weighted Average Exercise Price (in CAD$) Balance outstanding at April 30, 2019 5,625,000 0.26 Expired (300,000) 0.25 Forfeited (400,000) 0.30 Balance outstanding at October 31, 2019 4,925,000 0.25 Balance exercisable at October 31, 2019 3,675,000 0.25 Summary of stock options outstanding at : Security Number Outstanding Number Exercisable Exercise Price (CAD$) Expiry Date Remaining Contractual Life (years) Stock options 1,975,000 1,975,000 0.25 January 29, 2020 0.25 Stock options 200,000 200,000 0.25 August 4, 2020 0.76 Stock options 300,000 300,000 0.30 July 21, 2021 1.72 Stock options 1,000,000 1,000,000 0.25 April 20, 2022 2.47 Stock options (1) (1) 0.25 August 9, 2023 3.78 Notes: (1) 1,250,000 stock options vest on the completion of certain milestones including equity financing, project financing, mine construction and achieving commercial production. 200,000 stock options vested as to 25% every three months from the date of grant. 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 October 31, 2019, there were nil (April 30, 2019 – 100,000) non-employee stock option awards that had not yet vested. The non-employee stock options are accounted for at their respective fair values and are summarized as follows for the six months ended October 31, 2019 and 2018: 2019 $ 2018 $ Fair value of non-employee options, beginning of the period 6,191 205,120 Transfer value on exercise of options - (23,040) Fair value of options on vesting 1,820 - Change in fair value of non-employee stock options during the period (3,143) (138,332) Fair value of non-employee options, end of the year 4,868 43,748 The Company determined the fair value of its non-employee stock options as at October 31, 2019 and April 30, 2019 using the Black-Scholes option pricing model with the following weighted average assumptions: October 31, 2019 April 30, 2019 Stock price (CAD$) 0.03 0.07 Exercise price (CAD$) 0.26 0.26 Risk-free interest rate (%) 1.74 1.52 Expected life (years) 2.16 2.23 Expected volatility (%) 106 64 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 October 31, 2019, the unamortized compensation cost of options is $93,382 and the intrinsic value of options expected to vest is $nil. Share-based payments are classified in the Company’s Statement of Loss during the six months ended October 31, 2019 and 2018 as follows: 2019 $ 2018 $ Management and consulting fees 888 5,865 888 5,865

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Oct. 31, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	7. RELATED PARTY TRANSACTIONS: During the six months ended October 31, 2019, management and consulting fees of $48,000 (2018 - $48,000) were charged by RJG Capital Corporation, a wholly-owned company of W. Barry Girling, Director. Wayne Moorhouse, Director, charged $8,320 (2018 - $1,363) in management and consulting fees. Gary Childress, Director, charged $6,805 (2018 - $nil) in management and consulting fees. $12,760 (2018 - $13,117) 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 October 31, 2019, the amount was $203,407 (April 30, 2019 – The promissory notes received from a company controlled by a director (Notes 5 and 10) are related party transactions.

SEGMENT DISCLOSURES

SEGMENT DISCLOSURES	6 Months Ended
	Oct. 31, 2019
Segment Reporting [Abstract]
SEGMENT DISCLOSURES	8. SEGMENT DISCLOSURES: The Company considers its business to comprise a single operating segment being the exploration and development 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	6 Months Ended
	Oct. 31, 2019
Supplemental Cash Flow Elements [Abstract]
NON-CASH TRANSACTIONS	9. 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 consolidated statements of cash flows. During the six months ended October 31, 2019, the following transactions were excluded from the consolidated statement of cash flows: a) The transfer of $1,358,420 of interest payable on the Third and Fifth Promissory Notes from accounts payable and accrued liabilities to promissory notes; and, b) Deferred mineral property expenditures of $52,791 included in accounts payable and accrued liabilities at October 31, 2019, less $57,744 included in accounts payable at April 30, 2019 (net inclusion of $4,953). During the , the following transactions were excluded from the consolidated statement of cash flows: a) The commitment to issue 478,377 common shares at the fair value of $72,975 and 139,984 warrants at the fair value of $1,602 pursuant to the promissory notes; b) The transfer of $1,069,392 of interest payable on the Third Promissory Notes from accounts payable and accrued liabilities to promissory notes; and, c) Deferred mineral property expenditures of $89,849 included in accounts payable and accrued liabilities at October 31, 2018, less $140,561 included in accounts payable at April 30, 2018 (net inclusion of $50,712).

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Oct. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	10. SUBSEQUENT EVENT: Subsequent to October 31, 2019: i) The Company received advances of $500,000 under the Sixth Promissory Notes (Note 5);

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Oct. 31, 2019
Accounting Policies [Abstract]
Financial Instruments and Fair Value Measures	Financial Instruments and Fair Value Measures The book value of cash, receivables, 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 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. October 31, 2019, the promissory notes had a fair value of $24,210,914 (April 30, 2019 – $22,602,379). 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 October 31, 2019 and April 30, 2019. As at October 31, 2019, the Company’s Level 3 liabilities consisted of share purchase options granted 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 six months ended October 31, 2019 and 2018 is as follows: 2019 $ 2018 $ Warrants Beginning fair value - 95,570 Issuance - 1,602 Change in fair value - (97,111) Ending fair value - 61 Non-employee options (Note 6(c)) Beginning fair value 6,191 205,120 Transfer value on exercise - (23,040) Fair value of options on vesting 1,820 - Change in fair value (3,143) (138,332) Ending fair value 4,868 43,748 Total Level 3 liabilities 4,868 43,809
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 six months ended October 31, 2019, loss per share excludes 5,979,097 (2018 – 11,340,737) potentially dilutive common shares (related to outstanding options and warrants as well as shares committed to be issued pursuant to the Fifth Promissory Notes) as their effect was anti-dilutive.
New Accounting Pronouncements	New Accounting Pronouncements Leases In February 2016, the FASB issued ASU 2016-02, as amended, Leases (Topic 842), which requires a lessee to record a right-of-use asset and a lease liability for all leases with a term greater than twelve months regardless of whether the lease is classified as an operating lease or a financing lease. Effective May 1, 2019, the Company adopted the new standard under the modified retrospective approach, applying the current-period adjustment method. Under the transition guidance of the modified retrospective approach there are a number of optional practical expedients made available to simplify the transition of the new standard. The Company has elected the following: - The condensed consolidated balance sheets for reporting periods beginning on or after May 1, 2019 are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported in accordance with ASC Topic 840, Leases. The Company did not recognize any cumulative effect adjustment to the opening balance of deficit as there was no impact on adoption of the new standard. - The Company has elected to utilize the package of practical expedients permitted under the transition guidance in the standard, which allowed the Company to not reassess (i) whether any expired or existing contracts contain leases, (ii) historical lease classification, and (iii) initial direct costs. - The Company has elected to keep leases with an initial term of 12 months or less off of the balance sheet. Upon adoption, the Company did not record any adjustments to the balance sheet, statement of loss or statement of cash flows.
Fair Value Measurements	Fair Value Measurements In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement" which adds the disclosure of the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Certain alternatives apply. This ASU is effective for interim and annual reporting periods beginning after December 15, 2019. The Company is assessing the impact of this standard.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Oct. 31, 2019
Accounting Policies [Abstract]
Summary of Liabilities	2019 $ 2018 $ Warrants Beginning fair value - 95,570 Issuance - 1,602 Change in fair value - (97,111) Ending fair value - 61 Non-employee options (Note 6(c)) Beginning fair value 6,191 205,120 Transfer value on exercise - (23,040) Fair value of options on vesting 1,820 - Change in fair value (3,143) (138,332) Ending fair value 4,868 43,748 Total Level 3 liabilities 4,868 43,809

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	6 Months Ended
	Oct. 31, 2019
Payables and Accruals [Abstract]
Schedule of Accounts Payable And Accrued Liabilities	October 31, 2019 $ April 30, 2019 $ Trade payables 311,925 150,766 Amounts due to related parties (Note 7) 203,407 190,480 Interest payable on promissory notes (Note 5) 1,253,769 1,123,478 Total accounts payable and accrued liabilities 1,769,101 1,464,724

PROMISSORY NOTES (Tables)

PROMISSORY NOTES (Tables)	6 Months Ended
	Oct. 31, 2019
Debt Disclosure [Abstract]
Schedule of Promissory Notes	October 31, 2019 $ April 30, 2019 $ Third promissory notes 22,159,774 20,908,690 Fifth promissory notes 2,624,531 1,776,847 Total promissory notes 24,784,305 22,685,537
Schedule of Payments To Repay Principal Balance	2019 $ 2020 $ 2021 $ 2022 $ 2023 $ Total $ - 24,784,305 - - - 24,784,305

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	6 Months Ended
	Oct. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock Options Outstanding	Number Outstanding Weighted Average Exercise Price (in CAD$) Balance outstanding at April 30, 2019 5,625,000 0.26 Expired (300,000) 0.25 Forfeited (400,000) 0.30 Balance outstanding at October 31, 2019 4,925,000 0.25 Balance exercisable at October 31, 2019 3,675,000 0.25
Summary Of Stock Options Outstanding	Security Number Outstanding Number Exercisable Exercise Price (CAD$) Expiry Date Remaining Contractual Life (years) Stock options 1,975,000 1,975,000 0.25 January 29, 2020 0.25 Stock options 200,000 200,000 0.25 August 4, 2020 0.76 Stock options 300,000 300,000 0.30 July 21, 2021 1.72 Stock options 1,000,000 1,000,000 0.25 April 20, 2022 2.47 Stock options (1) (1) 0.25 August 9, 2023 3.78
Non-Employee Stock Options
Fair Values of Non-Employee Stock Options	2019 $ 2018 $ Fair value of non-employee options, beginning of the period 6,191 205,120 Transfer value on exercise of options - (23,040) Fair value of options on vesting 1,820 - Change in fair value of non-employee stock options during the period (3,143) (138,332) Fair value of non-employee options, end of the year 4,868 43,748
Weighted Average Assumptions of Non-Employee Stock Options	October 31, 2019 April 30, 2019 Stock price (CAD$) 0.03 0.07 Exercise price (CAD$) 0.26 0.26 Risk-free interest rate (%) 1.74 1.52 Expected life (years) 2.16 2.23 Expected volatility (%) 106 64 Expected dividends ($) Nil Nil
Income Statement Share-based payments	2019 $ 2018 $ Management and consulting fees 888 5,865 888 5,865

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail) - Summary of Liabilities - USD ($)	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Warrants [Member]
Beginning fair value		$ 95,570
Issuance		1,602
Change in fair value		(97,111)
Ending fair value		61
Non-employee Options [Member]
Beginning fair value	6,191	205,120
Transfer value on exercise		(23,040)
Vesting	1,820
Change in fair value	(3,143)	(138,332)
Ending fair value	4,868	43,748
Total Level 3 liabilities	$ 4,868	$ 43,809

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Detail) - Schedule of Accounts Payable And Accrued Liabilities - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Payables and Accruals [Abstract]
Trade payables	$ 311,925	$ 150,766
Amounts due to related parties	203,407	190,480
Interest payable on promissory notes	1,253,769	1,123,478
Total accounts payable and accrued liabilities	$ 1,769,101	$ 1,464,724

PROMISSORY NOTES (Detail) - Sch

PROMISSORY NOTES (Detail) - Schedule of Promissory Notes - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Third Promissory Note [Member]
Promissory notes	$ 22,159,774	$ 20,908,690
Fifth Promissory Note [Member]
Promissory notes	2,624,531	1,776,847
Total [Member]
Promissory notes	$ 24,784,305	$ 22,685,537

PROMISSORY NOTES (Detail) - S_2

PROMISSORY NOTES (Detail) - Schedule of Payments To Repay Principal Balance - Promissory Notes [Member]	Oct. 31, 2019USD ($)
2019
2020	24,784,305
2021
2022
2023
Total	$ 24,784,305

SHARE CAPITAL (Detail) - Stock

SHARE CAPITAL (Detail) - Stock Options Outstanding	6 Months Ended
	Oct. 31, 2019$ / sharesshares
Share-based Payment Arrangement [Abstract]
Outstanding, Beginning | shares	5,625,000
Outstanding, Weighted Average Exercise Price, Beginning | $ / shares	$ 0.26
Expired | shares	(300,000)
Forfeited | shares	(400,000)
Expired, Weighted Average Exercise Price | $ / shares	$ 0.25
Forfeited, Weighted Average Exercise Price | $ / shares	0.30
Outstanding, Weighted Average Exercise Price | $ / shares	$ 0.25
Outstanding, End | shares	4,925,000
Exercisable, Weighted Average Exercise Price | $ / shares	$ 0.25
Exercisable | shares	3,675,000

SHARE CAPITAL (Detail) - Summar

SHARE CAPITAL (Detail) - Summary Of Stock Options Outstanding	6 Months Ended
	Oct. 31, 2019$ / sharesshares
Exercisable	3,675,000
Set 1 [Member]
Type of Security	Stock options
Outstanding	1,975,000
Exercisable	1,975,000
Exercise Price (CAD$) | $ / shares	$ 0.25
Expiry Date	Jan. 29, 2020
Remaining Contractual Life (years)	3 months
Set 2 [Member]
Type of Security	Stock options
Outstanding	200,000
Exercisable	200,000
Exercise Price (CAD$) | $ / shares	$ 0.25
Expiry Date	Aug. 4, 2020
Remaining Contractual Life (years)	277 days 9 hours 36 minutes
Set 3 [Member]
Type of Security	Stock options
Outstanding	300,000
Exercisable	300,000
Exercise Price (CAD$) | $ / shares	$ 0.3
Expiry Date	Jul. 21, 2021
Remaining Contractual Life (years)	1 year 262 days 19 hours 12 minutes
Set 4 [Member]
Type of Security	Stock options
Outstanding	1,000,000
Exercisable	1,000,000
Exercise Price (CAD$) | $ / shares	$ 0.25
Expiry Date	Apr. 20, 2022
Remaining Contractual Life (years)	2 years 171 days 13 hours 12 minutes
Set 5 [Member]
Type of Security	Stock options
Outstanding	1,450,000
Exercisable	200,000
Exercise Price (CAD$) | $ / shares	$ 0.25
Expiry Date	Aug. 9, 2023
Remaining Contractual Life (years)	3 years 284 days 16 hours 48 minutes

SHARE CAPITAL (Detail) - Fair V

SHARE CAPITAL (Detail) - Fair Values of Non-Employee Stock Options - USD ($)	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Share-based Payment Arrangement [Abstract]
Fair value of non-employee options, beginning of the year	$ 6,191	$ 205,120
Transfer value on exercise of options		(23,040)
Fair value of options on vesting	1,820
Change in fair value of non-employee stock options during the year	(3,143)	(138,332)
Fair value of non-employee options, end of the year	$ 4,868	$ 43,748

SHARE CAPITAL (Detail) - Weight

SHARE CAPITAL (Detail) - Weighted Average Assumptions of Non-Employee Stock Options - Non-employee Options [Member] - USD ($)	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Stock price (CAD$)	$ 0.03	$ 0.07
Exercise price (CAD$)	$ 0.26	$ 0.26
Risk-free interest rate (%)	1.74%	1.52%
Expected life (years)	2 years 58 days 9 hours 36 minutes	2 years 83 days 22 hours 48 minutes
Expected volatility (%)	106.00%	64.00%
Expected dividends ($)

SHARE CAPITAL (Detail) - Income

SHARE CAPITAL (Detail) - Income Statement Share-based payments - USD ($)	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Share-based Payment Arrangement [Abstract]
Share Based Payments, Management and consulting fees	$ 888	$ 5,865
Total	$ 888	$ 5,865

NATURE OF BUSINESS AND BASIS _2

NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY (Details Narrative) - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Accounting Policies [Abstract]
Accumulated Deficit	$ 45,634,729	$ 43,010,566

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Apr. 30, 2019
Shares Excluded from Loss Per Share, potentially dilutive	5,979,097	11,340,737
Promissory Notes [Member]
Notes Fair Value	$ 24,210,914		$ 22,602,379

MINERAL PROPERTY INTEREST (Deta

MINERAL PROPERTY INTEREST (Details Narrative) - Idaho [Member]	6 Months Ended
	Oct. 31, 2019
Mineral Leases Interest	100.00%
Number of Mineral Leases	11
Mineral Royalty	The State of Idaho mineral leases are subject to a 5% production royalty on gross sales.

PROMISSORY NOTES (Details Narra

PROMISSORY NOTES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Accretion Expense	$ (34,810)	$ (68,249)	$ (60,348)	$ (130,580)
Third Promissory Notes [Member]
Interest Rate	12.00%		12.00%
Interest Terms			Interest is payable semi-annually as calculated on May 31st and November 30th of each year.
Interest Recorded			$ 1,327,764	1,177,442
Interest Capitalized to Mineral Property Interest				87,434
Interest Expense			$ 1,327,764	1,090,008
Debt Conversion			During the six months ended October 31, 2019, the Lender elected to have interest payable from December 1, 2018 to May 31, 2019 of $1,251,084 deemed as advances.
Fifth Promissory Notes [Member]
Promissory Notes Description			On September 11, 2018, the Company entered into a Loan Agreement with the Lender pursuant to which up to $2,500,000 will be advanced to the Company in tranches (the “Fifth Promissory Notes”). As at October 31, 2019, the Company had received $2,500,000 (April 30, 2019 - $1,820,000) in advances pursuant to the Fifth Promissory Notes.
Promissory Notes Advances	$ 2,500,000	1,820,000	$ 2,500,000	1,820,000
Interest Rate	14.00%		14.00%
Interest Terms			is payable semi-annually as calculated on May 31st and November 30th of each year.
Interest Recorded			$ 160,947	8,450
Debt Conversion			During the six months ended October 31, 2019, the Lender elected to have interest payable from December 1, 2018 to May 31, 2019 of $107,336 deemed as advances. The Company and the Lender agreed that the Lender is to receive bonus shares equal to 6% of each loan tranche advanced under the Fifth Promissory Notes divided by the Company’s common share market price up to a maximum of 1,054,097 bonus shares. At October 31, 2019 and April 30, 2019, the Company was committed to issuing 1,054,097 bonus shares to the Lender with a fair value of $106,858. 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.
Accretion Expense			$ 60,348	2,538
Unamortized Debt Discount		$ 60,348		$ 60,348
Sixth Promissory Notes [Member]
Promissory Notes Description			On October 25, 2019, the Company entered into a Loan Agreement with the Lender pursuant to which up to $700,000 will be advanced to the Company in tranches (the “Sixth Promissory Notes”). Subsequent to October 31, 2019, the Company received advances of $500,000.
Promissory Notes Advances	$ 500,000		$ 500,000
Interest Rate	14.00%		14.00%
Interest Terms			Interest is payable semi-annually as calculated on May 31st and November 30th of each year. Interest is to be paid either in cash, in common shares or deemed an advance of principal at the option of the Lender.

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative) - USD ($)	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Apr. 30, 2019
Stock Options Available For Grant	4,342,612		3,642,612
Non Vested Stock Options			100,000
Unamortized Compensation Cost of Options	$ 93,382
Non Vested Stock Options Intrinsic Value
July 30, 2018 [Member]
Shares Issued, Shares		600,000
Shares Issued, Value		$ 46,085
Exercise Price		$ 0.10
August 10, 2018 [Member]
Shares Issued, Shares		361,657
Shares Issued, Value		$ 81,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018	Apr. 30, 2019
Management And Consulting Fees	$ 44,569	$ 49,210	$ 101,513	$ 98,294
Professional fees	49,030	28,669	111,398	102,756
Accounts payable and accrued liabilities	1,769,101		1,769,101		$ 1,464,724
RJG Capital Corporation [Member]
Management And Consulting Fees			48,000	48,000
Wayne Moorhouse, Director [Member]
Management And Consulting Fees			8,320	1,363
Gary Childress, Director [Member]
Management And Consulting Fees			6,805
Malaspina Consultants Inc. [Member]
Professional fees			12,760	13,117
Directors Or Officers Or Companies Controlled By Them [Member]
Accounts payable and accrued liabilities	$ 203,407	$ 190,480	$ 203,407	$ 190,480

NON-CASH TRANSACTIONS (Details

NON-CASH TRANSACTIONS (Details Narrative) - USD ($)	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Apr. 30, 2019
Accounts payable and accrued liabilities	$ 1,769,101		$ 1,464,724
Deferred Mineral Property Expenditures [Member]
Accounts payable and accrued liabilities	52,791	$ 50,712
Promissory Notes [Member]
Shares Issued, Shares		478,377
Shares Issued, Fair Value		$ 72,975
Warrants, Shares		139,984
Warrants, Fair Value		$ 1,602
Transfer of Interest Payable to Promissory Note	$ 1,358,420
Third Promissory Note [Member]
Transfer of Interest Payable to Promissory Note		$ 1,069,392

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	1 Months Ended
	Dec. 13, 2019
Sixth Promissory Notes [Member]
Event Description	The Company received advances of $500,000 under the Sixth Promissory Notes (Note 5);