I-Minerals (IMAHF) 10-Q 11 Sep 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jul. 31, 2020	Sep. 11, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2020
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
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		93,730,212

Condensed Interim Consolidated

Condensed Interim Consolidated Balance Sheets (Unaudited) - USD ($)	Jul. 31, 2020	Apr. 30, 2020
Current assets
Cash	$ 219,056	$ 347,887
Receivables	6,916	9,184
Prepaids	37,781	18,816
Current Assets	263,753	375,887
Equipment	9,798	14,860
Mineral property interest and deferred development costs	1,892,410	1,892,410
Deposits	29,208	29,208
TOTAL ASSETS	2,195,169	2,312,365
Current liabilities
Accounts payable and accrued liabilities	1,015,316	1,743,094
Promissory notes due to related party	29,384,334	27,589,617
Derivative liabilities		16,541
Current Liabilities	30,399,650	29,349,252
CAPITAL DEFICIT
Unlimited common shares with no par value, Issued and fully paid: 93,730,212 (April 30, 2020 - 93,730,212)	19,225,087	19,225,087
Additional paid-in capital	1,865,342	1,865,342
Deficit	(49,294,910)	(48,127,316)
TOTAL CAPITAL DEFICIT	(28,204,481)	(27,036,887)
TOTAL LIABILITIES AND CAPITAL DEFICIT	$ 2,195,169	$ 2,312,365

Condensed Interim Consolidate_2

Condensed Interim Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2020	Apr. 30, 2020
Statement of Financial Position [Abstract]
Common Stock, par value
Common Stock, shares authorized
Common Stock, shares issued	93,730,212	93,730,212
Common Stock, shares outstanding	93,730,212	93,730,212

Condensed Interim Consolidate_3

Condensed Interim Consolidated Statements of Loss (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
OPERATING EXPENSES
Amortization	$ 5,062	$ 2,324
Management and consulting fees	50,159	56,944
Mineral property expenditures	138,490	279,238
General and miscellaneous	37,912	63,883
Professional fees	70,382	62,368
Operating Expenses	(302,005)	(464,757)
OTHER (EXPENSES) INCOME
Foreign exchange gain	7,979	295
Accretion expense		(25,538)
Interest expense	(890,109)	(737,510)
Change in fair value of derivative liabilities		(4,314)
NET LOSS FOR THE PERIOD	$ (1,184,135)	$ (1,231,824)
Loss per share - basic and diluted	$ (0.01)	$ (0.01)
Weighted average number of shares outstanding	93,730,212	92,676,115

Condensed Interim Consolidate_4

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
OPERATING ACTIVITIES
Net loss for the period	$ (1,184,135)	$ (1,231,824)
Items not involving cash:
Amortization	5,062	2,324
Stock-based compensation		858
Accretion expense		25,538
Change in fair value of derivative liabilities		4,314
Change in non-cash operating working capital items:
Receivables	2,268	(2,274)
Prepaids	(18,965)	4,626
Accounts payable and accrued liabilities	946,939	792,356
Cash flows used in operating activities	(248,831)	(404,082)
INVESTING ACTIVITIES
Additions to mineral property interest and deferred development		(4,953)
Purchase of equipment		(2,658)
Cash flows used in investing activities		(7,611)
FINANCING ACTIVITIES
Promissory notes received	120,000	245,000
Cash flows from financing activities	120,000	245,000
DECREASE IN CASH	(128,831)	(166,693)
CASH, BEGINNING OF THE PERIOD	347,887	241,721
CASH, END OF THE PERIOD	219,056	75,028
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 [Member]	Total
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
Share-based payments - vesting			858		858
Reallocation of vested options to liabilities			1,100		1,100
Loss for the period				(1,231,824)	(1,231,824)
Ending Balance at Jul. 31, 2019	$ 19,118,229	106,858	1,866,032	(44,242,390)	(23,151,271)
Ending Balance (Shares) at Jul. 31, 2019	92,676,115
Shares issued as a debt discount	$ 106,858	$ (106,858)
Shares issued as a debt discount (Shares)	1,054,097
Share-based payments - vesting			30		30
Reallocation of vested options to liabilities			(720)		(720)
Loss for the period				(3,884,926)	(3,884,926)
Ending Balance at Apr. 30, 2020	$ 19,225,087		1,865,342	(48,127,316)	$ (27,036,887)
Ending Balance (Shares) at Apr. 30, 2020	93,730,212				93,730,212
Adoption of ASU 2018-07 adjustment				16,541	$ 16,541
Loss for the period				(1,184,135)	(1,184,135)
Ending Balance at Jul. 31, 2020	$ 19,225,087		$ 1,865,342	$ (49,294,910)	$ (28,204,481)
Ending Balance (Shares) at Jul. 31, 2020	93,730,212				93,730,212

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY	3 Months Ended
	Jul. 31, 2020
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 Going Concern 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 July 31, 2020, 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 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 (Note 5). On January 30, 2020, the World Health Organization ("WHO") announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the "COVID-19 outbreak”) and the risk to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve. As such, it is uncertain as the full magnitude that the pandemic will have on the Company's financial condition and liquidity. Management is actively monitoring the global situation and its potential impact. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effect of the COVID-19 outbreak on management's assumptions for fiscal year 2021. Although the Company cannot estimate the length or the gravity of the impact of the COVID-19 outbreak at this time, the longer the pandemic continues, the greater the likelihood that it will have an adverse effect on the Company's financial position in fiscal year 2021.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jul. 31, 2020
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 Accounting Standards Codification (“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 July 31, 2020, the promissory notes had a fair value of $19,540,582 (April 30, 2020 – $18,347,095). 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 three months ended July 31, 2020, loss per share excludes 2,950,000 (July 31, 2019 – 5,979,097) potentially dilutive common shares (related to outstanding options and warrants as well as shares committed to be issued pursuant to the promissory notes) as their effect was anti-dilutive. Adoption of New Accounting Pronouncements Fair Value Measurements In August 2018, the Financial Accounting Standards Board (“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. Effective May 1, 2020, the Company adopted the new standard The adoption of this ASU did not result in any adjustments to the financial statements. Compensation – Stock Compensation In June 2018, the FASB issued ASU No. 2018-07, “Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”), which aligns the measurement and classification guidance for share-based payments to nonemployees with that for employees, with certain exceptions. It expands the scope of ASC 718 to include share-based payments granted to nonemployees in exchange for goods or services used or consumed in the entity’s own operations and supersedes the guidance in ASC 505-50. The ASU retains the existing cost attribution guidance, which requires entities to recognize compensation cost for nonemployee awards in the same period and in the same manner (i.e. capitalize or expense) they would if they paid cash for the goods or services, but it moves the guidance to ASC 718. Effective May 1, 2020, the Company adopted the new standard Upon adoption, the Company applied the modified retrospective transition approach and recorded an adjustment on May 1, 2020 to decrease derivative liabilities by $16,541 and decrease opening deficit by $16,541.

MINERAL PROPERTY INTEREST AND D

MINERAL PROPERTY INTEREST AND DEFERRED DEVELOPMENT COSTS	3 Months Ended
	Jul. 31, 2020
Extractive Industries [Abstract]
MINERAL PROPERTY INTEREST AND DEFERRED DEVELOPMENT COSTS	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	3 Months Ended
	Jul. 31, 2020
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES: July 31, 2020 $ April 30, 2020 $ Trade payables 195,077 157,419 Amounts due to related parties (Note 7) 218,276 199,104 Interest payable on promissory notes (Note 5) 601,963 1,386,571 Total accounts payable and accrued liabilities 1,015,316 1,743,094

PROMISSORY NOTES

PROMISSORY NOTES	3 Months Ended
	Jul. 31, 2020
Debt Disclosure [Abstract]
PROMISSORY NOTES	5. PROMISSORY NOTES: July 31, 2020 $ April 30, 2020 $ Third promissory notes 24,906,446 23,493,003 Fifth promissory notes 2,989,937 2,793,833 Sixth promissory notes 1,487,951 1,302,781 Total promissory notes 29,384,334 27,589,617 The Company has Third Promissory Notes, Fifth Promissory Notes and Sixth Promissory Notes due to a company controlled by a director of the Company (the “Lender”). The Third Promissory Notes were due on March 31, 2019. On March 27, 2019, an amending agreement was entered into extending the maturity date of the Promissory Notes from March 31, 2019 to June 30, 2019 for no consideration. On June 28, 2019, the Company entered into an amending agreement with the Lender further extending this 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. On June 4, 2020, all three promissory notes were extended to December 15, 2020 for no consideration. In accordance with the guidance of ASC 470-50 and ASC 470-60, the Company determined that the March 27, 2019, June 28, 2019, October 25, 2019 and June 4, 2020 extension agreements qualified as troubled debt restructurings. here was no accounting impact of the troubled 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 three months ended July 31, 2020, the Company recorded interest of $738,929 (2019 - $657,507). Interest is payable semi-annually as calculated on May 31 st th During the three months ended July 31, 2020, the Lender elected to have interest payable from December 1, 2019 to May 31, 2020 of $1,413,443 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 July 31, 2020, the Company had received $2,500,000 (April 30, 2020 - $2,500,000) in advances pursuant to the Fifth Promissory Notes. The Fifth Promissory Notes bear interest at the rate of 14% per annum and during the three months ended July 31, 2020, the Company recorded interest of $103,176 (2019 - $80,003). Interest is st th During the three months ended July 31, 2020, the Lender elected to have interest payable from December 1, 2019 to May 31, 2020 of $196,104 deemed as advances. 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”). On January 20, 2020 and July 8, 2020, the Company entered into amending agreements whereby the Lender agreed to advance an additional $600,000 and $1,200,000, respectively, under the same terms as the Sixth Promissory Notes. As at July 31, 2020, the Company had received $1,420,000 in advances pursuant to the Sixth Promissory Notes (April 30, 2020 - $1,300,000). The Sixth Promissory Notes bear interest at the rate of 14% per annum and during the three months ended July 31, 2020, the Company recorded interest of $48,004 (2019 - $nil). Interest is st th During the three months ended July 31, 2020, the Lender elected to have interest payable from December 1, 2019 to May 31, 2020 of $65,170 deemed as advances. 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: 2020 $ 2021 $ 2022 $ 2023 $ 2024 $ Total $ 29,384,334 - - - - 29,384,334

SHARE CAPITAL

SHARE CAPITAL	3 Months Ended
	Jul. 31, 2020
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 three months ended July 31, 2020 or 2019, the Company did not complete any stock transactions. 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 July 31, 2020, the Company had 6,423,021 stock options available for grant pursuant to the Plan (April 30, 2020 – 6,423,021). The Company’s stock options outstanding as at July 31, 2020 and the changes for the period then ended are as follows: Number Outstanding Weighted Average Exercise Price (in CAD$) Balance outstanding at July 31, 2020 and April 30, 2020 2,950,000 0.26 Balance exercisable at July 31, 2020 1,700,000 0.26 Summary of stock options outstanding at : Security Number Outstanding Number Exercisable Exercise Price (CAD$) Expiry Date Remaining Contractual Life (years) Stock options (2) (2) 0.25 August 4, 2020 0.01 Stock options 300,000 300,000 0.30 July 21, 2021 0.97 Stock options 1,000,000 1,000,000 0.25 April 20, 2022 1.72 Stock options (1) (1) 0.25 August 9, 2023 3.02 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. (2) Subsequent to July 31, 2020, these stock options expired unexercised. As at July 31, 2020, 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 three months ended July 31, 2020 and 2019 as follows: 2020 $ 2019 $ Management and consulting fees - 858 - 858

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Jul. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	7. RELATED PARTY TRANSACTIONS: During the three months ended July 31, 2020, management and consulting fees of $24,000 (2019 - $24,000) were charged by RJG Capital Corporation, a wholly-owned company of W. Barry Girling, Director. Wayne Moorhouse, Director, charged $4,098 (2019 - $4,156) in management and consulting fees. Gary Childress, Director, charged $3,310 (2019 - $5,609) in management and consulting fees. $6,929 (2019 - $8,113) 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 July 31, 2020, the amount was $218,276 (April 30, 2020 – The promissory notes received from a company controlled by a director (Note 5) are related party transactions.

SEGMENT DISCLOSURES

SEGMENT DISCLOSURES	3 Months Ended
	Jul. 31, 2020
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	3 Months Ended
	Jul. 31, 2020
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 three months ended July 31, 2020, the following transactions were excluded from the consolidated statement of cash flows: a) The transfer of $1,674,717 of interest payable on the Third, Fifth and Sixth Promissory Notes from accounts payable and accrued liabilities to promissory notes; and, b) Deferred mineral property expenditures of $40,062 included in accounts payable and accrued liabilities at July 31, 2020, less $40,062 included in accounts payable at April 30, 2020 (net inclusion of $nil). During the , 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 July 31, 2019, less $57,744 included in accounts payable at April 30, 2019 (net inclusion of $4,953).

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jul. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	10. SUBSEQUENT EVENTS: Subsequent to July 31, 2020: i) 200,000 stock options expired unexercised.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jul. 31, 2020
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 Accounting Standards Codification (“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 July 31, 2020, the promissory notes had a fair value of $19,540,582 (April 30, 2020 – $18,347,095).
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 three months ended July 31, 2020, loss per share excludes 2,950,000 (July 31, 2019 – 5,979,097) potentially dilutive common shares (related to outstanding options and warrants as well as shares committed to be issued pursuant to the promissory notes) as their effect was anti-dilutive.
Fair Value Measurements	Fair Value Measurements In August 2018, the Financial Accounting Standards Board (“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. Effective May 1, 2020, the Company adopted the new standard The adoption of this ASU did not result in any adjustments to the financial statements.
Compensation - Stock Compensation	Compensation – Stock Compensation In June 2018, the FASB issued ASU No. 2018-07, “Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”), which aligns the measurement and classification guidance for share-based payments to nonemployees with that for employees, with certain exceptions. It expands the scope of ASC 718 to include share-based payments granted to nonemployees in exchange for goods or services used or consumed in the entity’s own operations and supersedes the guidance in ASC 505-50. The ASU retains the existing cost attribution guidance, which requires entities to recognize compensation cost for nonemployee awards in the same period and in the same manner (i.e. capitalize or expense) they would if they paid cash for the goods or services, but it moves the guidance to ASC 718. Effective May 1, 2020, the Company adopted the new standard Upon adoption, the Company applied the modified retrospective transition approach and recorded an adjustment on May 1, 2020 to decrease derivative liabilities by $16,541 and decrease opening deficit by $16,541.

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	3 Months Ended
	Jul. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accounts Payable And Accrued Liabilities	July 31, 2020 $ April 30, 2020 $ Trade payables 195,077 157,419 Amounts due to related parties (Note 7) 218,276 199,104 Interest payable on promissory notes (Note 5) 601,963 1,386,571 Total accounts payable and accrued liabilities 1,015,316 1,743,094

PROMISSORY NOTES (Tables)

PROMISSORY NOTES (Tables)	3 Months Ended
	Jul. 31, 2020
Debt Disclosure [Abstract]
Schedule of Promissory Notes	July 31, 2020 $ April 30, 2020 $ Third promissory notes 24,906,446 23,493,003 Fifth promissory notes 2,989,937 2,793,833 Sixth promissory notes 1,487,951 1,302,781 Total promissory notes 29,384,334 27,589,617
Schedule of Payments To Repay Principal Balance	2020 $ 2021 $ 2022 $ 2023 $ 2024 $ Total $ 29,384,334 - - - - 29,384,334

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	3 Months Ended
	Jul. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock Options Outstanding	Number Outstanding Weighted Average Exercise Price (in CAD$) Balance outstanding at July 31, 2020 and April 30, 2020 2,950,000 0.26 Balance exercisable at July 31, 2020 1,700,000 0.26
Summary Of Stock Options Outstanding	Security Number Outstanding Number Exercisable Exercise Price (CAD$) Expiry Date Remaining Contractual Life (years) Stock options (2) (2) 0.25 August 4, 2020 0.01 Stock options 300,000 300,000 0.30 July 21, 2021 0.97 Stock options 1,000,000 1,000,000 0.25 April 20, 2022 1.72 Stock options (1) (1) 0.25 August 9, 2023 3.02
Income Statement Share-based payments	2020 $ 2019 $ Management and consulting fees - 858 - 858

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Detail) - Schedule of Accounts Payable And Accrued Liabilities - USD ($)	Jul. 31, 2020	Apr. 30, 2020
Payables and Accruals [Abstract]
Trade payables	$ 195,077	$ 157,419
Amounts due to related parties	218,276	199,104
Interest payable on promissory notes	601,963	1,386,571
Total accounts payable and accrued liabilities	$ 1,015,316	$ 1,743,094

PROMISSORY NOTES (Detail) - Sch

PROMISSORY NOTES (Detail) - Schedule of Promissory Notes - USD ($)	Jul. 31, 2020	Apr. 30, 2019
Third Promissory Note [Member]
Promissory notes	$ 24,906,446	$ 23,493,003
Fifth Promissory Note [Member]
Promissory notes	2,989,937	2,793,833
Sixth Promissory Note [Member]
Promissory notes	1,487,951	1,302,781
Total [Member]
Promissory notes	$ 29,384,334	$ 27,589,617

PROMISSORY NOTES (Detail) - S_2

PROMISSORY NOTES (Detail) - Schedule of Payments To Repay Principal Balance - Promissory Notes [Member]	Jul. 31, 2020USD ($)
2020	$ 29,384,334
2021
2022
2023
2024
Total	$ 29,384,334

SHARE CAPITAL (Detail) - Stock

SHARE CAPITAL (Detail) - Stock Options Outstanding	Jul. 31, 2020$ / sharesshares
Share-based Payment Arrangement [Abstract]
Outstanding, Beginning | shares	2,950,000
Outstanding, Weighted Average Exercise Price, Beginning | $ / shares	$ 0.26
Exercisable, Weighted Average Exercise Price | $ / shares	$ 0.26
Exercisable | shares	1,700,000

SHARE CAPITAL (Detail) - Summar

SHARE CAPITAL (Detail) - Summary Of Stock Options Outstanding	3 Months Ended
	Jul. 31, 2020$ / sharesshares
Exercisable	1,700,000
Set 1 [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)	3 days 15 hours 36 minutes
Set 2 [Member]
Type of Security	Stock options
Outstanding	300,000
Exercisable	300,000
Exercise Price (CAD$) | $ / shares	$ 0.30
Expiry Date	Jul. 21, 2021
Remaining Contractual Life (years)	354 days 1 hour 12 minutes
Set 3 [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)	1 year 262 days 19 hours 12 minutes
Set 4 [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 7 days 7 hours 12 minutes

SHARE CAPITAL (Detail) - Income

SHARE CAPITAL (Detail) - Income Statement Share-based payments - USD ($)	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Share-based Payment Arrangement [Abstract]
Share Based Payments, Management and consulting fees		$ 858
Total		$ 858

NATURE OF BUSINESS AND BASIS _2

NATURE OF BUSINESS AND BASIS OF PRESENTATION AND LIQUIDITY (Details Narrative) - USD ($)	Jul. 31, 2020	Apr. 30, 2020
Accounting Policies [Abstract]
Accumulated Deficit	$ 49,294,910	$ 48,127,316

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Apr. 30, 2020
Shares Excluded from Loss Per Share, potentially dilutive	2,950,000	5,979,097
Promissory Notes [Member]
Notes Fair Value	$ 19,540,582		$ 18,347,095

MINERAL PROPERTY INTEREST (Deta

MINERAL PROPERTY INTEREST (Details Narrative) - Idaho [Member]	3 Months Ended
	Jul. 31, 2020
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
	Jul. 31, 2020	Jul. 31, 2019	Apr. 30, 2020
Accretion Expense		$ 25,538
Third Promissory Notes [Member]
Interest Rate	12.00%
Interest Terms	Interest is to be paid either in cash, in common shares or deemed an advance of principal at the option of the Lender. A 5% late payment penalty may apply if payment is not paid within ten days after the due date.	Interest is to be paid either in cash, in common shares or deemed an advance of principal at the option of the Lender. A 5% late payment penalty may apply if payment is not paid within ten days after the due date.
Interest Recorded	$ 738,929	$ 657,507
Debt Conversion	During the three months ended July 31, 2020, the Lender elected to have interest payable from December 1, 2019 to May 31, 2020 of $1,413,443 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”).
Promissory Notes Advances	$ 2,500,000		$ 2,500,000
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. A 5% late payment penalty may apply if payment is not paid within ten days after the due date.	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. A 5% late payment penalty may apply if payment is not paid within ten days after the due date.
Interest Recorded	$ 103,176	$ 80,003
Debt Conversion	During the three months ended July 31, 2020, the Lender elected to have interest payable from December 1, 2019 to May 31, 2020 of $196,104 deemed as advances.
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”). On January 20, 2020 and July 8, 2020, the Company entered into amending agreements whereby the Lender agreed to advance an additional $600,000 and $1,200,000, respectively, under the same terms as the Sixth Promissory Notes.
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. A 5% late payment penalty may apply if payment is not paid within ten days after the due date.	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. A 5% late payment penalty may apply if payment is not paid within ten days after the due date.
Interest Recorded	$ 48,004
Debt Conversion	During the three months ended July 31, 2020, the Lender elected to have interest payable from December 1, 2019 to May 31, 2020 of $65,170 deemed as advances.

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Apr. 30, 2020
Share-based Payment Arrangement [Abstract]
Shares Issued, Shares
Shares Issued, Value
Exercise Price
Stock Options Available For Grant	6,423,021		6,423,021
Unamortized Compensation Cost of Options	$ 93,382

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Apr. 30, 2020
Management And Consulting Fees	$ 50,159	$ 56,944
Professional fees	70,382	62,368
Accounts payable and accrued liabilities	1,015,316		$ 1,743,094
RJG Capital Corporation [Member]
Management And Consulting Fees	24,000	24,000
Wayne Moorhouse, Director [Member]
Management And Consulting Fees	4,098	4,156
Gary Childress, Director [Member]
Management And Consulting Fees	3,310	5,609
Malaspina Consultants Inc. [Member]
Professional fees	6,929	$ 8,113
Directors Or Officers Or Companies Controlled By Them [Member]
Accounts payable and accrued liabilities	$ 218,276		$ 199,104

NON-CASH TRANSACTIONS (Details

NON-CASH TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Apr. 30, 2020
Shares Issued, Shares
Shares Issued, Fair Value
Accounts payable and accrued liabilities	1,015,316		$ 1,743,094
Deferred Mineral Property Expenditures [Member]
Accounts payable and accrued liabilities	40,062	52,791
Promissory Notes [Member]
Transfer of Interest Payable to Promissory Note	$ 1,674,717	$ 1,358,420

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	1 Months Ended
	Sep. 11, 2020
Stock Options Expired [Member]
Event Description	200,000 stock options expired unexercised.