Document and Entity Information
Document and Entity Information - shares | 21 Months Ended | |
Apr. 30, 2017 | Jun. 14, 2017 | |
Document Type | S1 | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2017 | |
Trading Symbol | ryes | |
Entity Registrant Name | Rise Gold Corp. | |
Entity Central Index Key | 1,424,864 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 66,707,655 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - CAD | Apr. 30, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Current | |||
Cash | CAD 648,166 | CAD 139,021 | CAD 18,000 |
Receivables | 40,102 | 20,021 | 4,941 |
Prepaid expenses | 331,888 | 9,566 | 0 |
Deferred financing costs | 0 | 51,948 | |
Total current assets | 1,020,156 | 168,608 | 74,889 |
Mineral properties | 3,238,872 | 563,031 | 20,000 |
Total assets | 4,259,028 | 731,639 | 94,889 |
Current | |||
Accounts payable and accrued liabilities | 388,822 | 183,996 | 181,784 |
Promissory notes payable | 239,200 | 0 | |
Loan from related parties | 41,669 | 43,214 | 87,105 |
Total current liabilities | 669,691 | 227,210 | 268,889 |
Stockholders' equity (deficiency) | |||
Capital stock, $0.001 par value, 400,000,000 shares authorized; 57,697,841 (July 31, 2016 - 32,866,261) shares issued and outstanding | 57,698 | 32,867 | 38,298 |
Additional paid-in-capital | 8,141,807 | 2,475,194 | 1,157,868 |
Subscriptions received in advance | 678,650 | 0 | |
Cumulative translation adjustment | (166,663) | (166,663) | (166,663) |
Deficit | (5,122,155) | (1,836,969) | (1,203,503) |
Total stockholders' deficit | 3,589,337 | 504,429 | (174,000) |
Total liabilities and stockholders' deficit | CAD 4,259,028 | CAD 731,639 | CAD 94,889 |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parenthetical) - CAD / shares | Apr. 30, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Common Stock, Par Value | CAD 0.001 | CAD 0.001 | CAD 0.001 |
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 | 400,000,000 |
Common Stock, Shares Issued | 57,697,841 | 32,866,261 | 32,866,261 |
Common Stock, Shares Outstanding | 57,697,841 | 32,866,261 | 32,866,261 |
STATEMENT OF OPERATIONS AND COM
STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - CAD | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | Jul. 31, 2016 | Jul. 31, 2015 | |
EXPENSES | ||||||
Bad debt expense | CAD 7,126 | CAD 7,126 | CAD 6,748 | |||
Consulting | CAD 235,171 | CAD 33,963 | 430,342 | CAD 69,233 | 102,420 | 77,476 |
Filing and regulatory | 8,796 | 4,149 | 28,000 | 24,102 | 30,927 | 26,722 |
Foreign exchange | (1,233) | (9,606) | 174 | (753) | 1,959 | (90,810) |
Gain on settlement of payables | 0 | (5,048) | (11,415) | (41,982) | (41,982) | (9,259) |
General and administrative | 56,121 | 3,451 | 116,127 | 16,245 | 20,839 | 41,049 |
Geological mineral exploration costs | 171,146 | 0 | 171,146 | 0 | 0 | 4,801 |
Professional fees | 167,807 | 27,245 | 261,559 | 45,157 | 107,197 | 73,036 |
Promotion and shareholder communication | 311,880 | 5,654 | 579,553 | 8,124 | 20,201 | 2,970 |
Property investigation costs | 0 | 0 | 55,253 | 0 | 10,408 | 0 |
Salaries | 17,127 | 0 | 81,352 | 0 | 5,365 | 0 |
Share-based payments | 439,809 | 369,006 | 1,010,064 | 369,006 | 369,006 | 0 |
Write off mineral property costs | 563,031 | 0 | 563,031 | 0 | ||
Net loss and comprehensive loss | CAD (1,969,655) | CAD (428,814) | CAD (3,285,186) | CAD (489,132) | (633,466) | (132,733) |
Cumulative impact of foreign exchange | 0 | 117,502 | ||||
Comprehensive loss for the year | CAD (633,466) | CAD (250,235) | ||||
Basic and diluted loss per common share | CAD (0.03) | CAD (0.01) | CAD (0.07) | CAD (0.02) | CAD (0.02) | CAD (0.01) |
Weighted average number of common shares outstanding | 57,384,021 | 31,347,011 | 43,888,371 | 31,551,086 | 31,556,200 | 15,506,582 |
STATEMENT OF CASH FLOWS (Unaudi
STATEMENT OF CASH FLOWS (Unaudited) - CAD | 9 Months Ended | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Jul. 31, 2016 | Jul. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Loss for the period | CAD (3,285,186) | CAD (489,132) | CAD (633,466) | CAD (132,733) |
Items not involving cash | ||||
Bad debt expense | 7,126 | 7,126 | 6,748 | |
Accrued interest expense | 19,200 | 0 | ||
Gain on settlement of payables | (11,415) | (41,982) | (41,982) | (9,259) |
Shares issued for compensation | 60,000 | 0 | ||
Share-based payments | 1,010,064 | 369,006 | 369,006 | 0 |
Unrealized foreign exchange | 6,167 | 857 | 2,644 | 6,525 |
Write off mineral property costs | 563,031 | 0 | ||
Non-cash working capital item changes: | ||||
Receivables | (20,081) | (10,042) | (22,206) | (4,081) |
Prepaid expenses | (322,322) | (7,830) | (9,566) | 8,836 |
Accounts payable and accrued liabilities | 209,993 | (23,313) | 52,145 | 114,259 |
Net cash used in operating activities | (1,770,549) | (202,436) | (276,299) | (9,705) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Loan receivable | 0 | (6,748) | ||
Repayment of loan from related party | 0 | (41,500) | ||
Acquisition of mineral property | (3,054,872) | (30,000) | (80,000) | (20,000) |
Net cash used in investing activities | (3,054,872) | (71,500) | (80,000) | (26,748) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Private placement | 605,000 | 210,000 | ||
Shares issued for cash | 4,590,650 | 605,000 | 606,925 | 210,000 |
Warrants exercised | 27,208 | 0 | 1,925 | 0 |
Options exercised | 60,000 | 0 | ||
Promissory notes issued | 220,000 | 0 | ||
Subscriptions received in advance | 678,650 | 0 | ||
Share issuance costs | (241,942) | (81,301) | (83,105) | 0 |
Loan repayments | (46,500) | 0 | ||
Deferred financing costs | 0 | (38,124) | ||
Net cash provided by financing activities | 5,334,566 | 523,699 | 477,320 | 171,876 |
Effect of foreign exchange on cash | 0 | (117,502) | ||
Change in cash for the period | 509,145 | 249,763 | 121,021 | 17,921 |
Cash, beginning of period | 139,021 | 18,000 | 18,000 | 79 |
Cash, end of period | 648,166 | 267,763 | 139,021 | 18,000 |
Interest | 0 | 0 | 0 | 0 |
Income taxes | CAD 0 | CAD 0 | CAD 0 | CAD 0 |
STATEMENT OF STOCKHOLDERS' EQUI
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIENCY) (Unaudited) - CAD | Common Stock [Member] | Additional Paid-In Capital [Member] | Subscriptions Received in Advance [Member] | Cumulative Translation Adjustment [Member] | Deficit [Member] | Total |
Beginning Balance at Jul. 31, 2014 | CAD 793 | CAD 337,716 | CAD (49,161) | CAD (1,070,770) | CAD (781,422) | |
Beginning Balance (Shares) at Jul. 31, 2014 | 792,518 | |||||
Shares issued for cash | CAD 6,000 | 204,000 | 210,000 | |||
Shares issued for cash (Shares) | 6,000,002 | |||||
Shares issued for debt | CAD 31,505 | 616,152 | 647,657 | |||
Shares issued for debt (Shares) | 31,504,677 | |||||
Cumulative translation adjustments | (117,502) | (117,502) | ||||
Warrants exercised | 0 | |||||
Share-based payments | 0 | |||||
Loss for the period | (132,733) | (132,733) | ||||
Ending Balance at Jul. 31, 2015 | CAD 38,298 | 1,157,868 | (166,663) | (1,203,503) | (174,000) | |
Ending Balance, in shares at Jul. 31, 2015 | 38,297,197 | |||||
Beginning Balance at Jul. 31, 2014 | CAD 793 | 337,716 | (49,161) | (1,070,770) | (781,422) | |
Beginning Balance (Shares) at Jul. 31, 2014 | 792,518 | |||||
Loss for the period | (132,733) | |||||
Ending Balance at Jul. 31, 2016 | CAD 32,867 | 2,475,194 | (166,663) | (1,836,969) | 504,429 | |
Ending Balance, in shares at Jul. 31, 2016 | 32,866,261 | |||||
Beginning Balance at Jul. 31, 2015 | CAD 38,298 | 1,157,868 | (166,663) | (1,203,503) | (174,000) | |
Beginning Balance (Shares) at Jul. 31, 2015 | 38,297,197 | |||||
Beginning Balance, in shares at Jul. 31, 2015 | 38,297,197 | |||||
Shares issued for cash | CAD 6,050 | 598,950 | 605,000 | |||
Shares issued for cash (Shares) | 6,050,000 | |||||
Shares surrender and cancellation | CAD (13,000) | 13,000 | ||||
Shares surrender and cancellation, in shares | (13,000,186) | |||||
Share issuance costs | (124,403) | (124,403) | ||||
Share-based payments | 369,006 | 369,006 | ||||
Loss for the period | (489,132) | (489,132) | ||||
Ending Balance at Jan. 31, 2016 | CAD 31,348 | 2,014,421 | (166,663) | (1,692,635) | 186,471 | |
Ending Balance, in shares at Jan. 31, 2016 | 31,347,011 | |||||
Beginning Balance at Jul. 31, 2015 | CAD 38,298 | 1,157,868 | (166,663) | (1,203,503) | (174,000) | |
Beginning Balance (Shares) at Jul. 31, 2015 | 38,297,197 | |||||
Beginning Balance, in shares at Jul. 31, 2015 | 38,297,197 | |||||
Shares issued for cash | CAD 6,069 | 600,856 | 606,925 | |||
Shares issued for cash (Shares) | 6,069,250 | |||||
Shares surrender and cancellation | CAD (13,000) | 13,000 | ||||
Shares surrender and cancellation, in shares | (13,000,186) | |||||
Shares issued for mineral property | CAD 1,500 | 238,500 | 240,000 | |||
Shares issued for mineral property, in shares | 1,500,000 | |||||
Warrants exercised | 1,925 | |||||
Warrants issued for mineral property | 223,031 | 223,031 | ||||
Share issuance costs | (127,067) | (127,067) | ||||
Share-based payments | 369,006 | 369,006 | ||||
Loss for the period | (633,466) | (633,466) | ||||
Ending Balance at Jul. 31, 2016 | CAD 32,867 | 2,475,194 | (166,663) | (1,836,969) | 504,429 | |
Ending Balance, in shares at Jul. 31, 2016 | 32,866,261 | |||||
Beginning Balance at Jan. 31, 2016 | CAD 31,348 | 2,014,421 | (166,663) | (1,692,635) | 186,471 | |
Beginning Balance, in shares at Jan. 31, 2016 | 31,347,011 | |||||
Shares issued for cash | CAD 19 | 1,906 | 1,925 | |||
Shares issued for cash (Shares) | 19,250 | |||||
Shares issued for mineral property | CAD 1,500 | 238,500 | 240,000 | |||
Shares issued for mineral property, in shares | 1,500,000 | |||||
Warrants issued for mineral property | 223,031 | 223,031 | ||||
Share issuance costs | (2,664) | (2,664) | ||||
Loss for the period | (144,334) | (144,334) | ||||
Ending Balance at Jul. 31, 2016 | CAD 32,867 | 2,475,194 | (166,663) | (1,836,969) | 504,429 | |
Ending Balance, in shares at Jul. 31, 2016 | 32,866,261 | |||||
Beginning Balance (Shares) at Jul. 31, 2016 | 32,866,261 | |||||
Shares issued for cash | CAD 22,839 | 4,567,811 | 4,590,650 | |||
Shares issued for cash (Shares) | 22,839,500 | |||||
Shares issued for mineral property | CAD 920 | 183,080 | 184,000 | |||
Shares issued for mineral property, in shares | 920,000 | |||||
Shares issued for compensation | CAD 400 | 59,600 | 60,000 | |||
Shares issued for compensation, in shares | 400,000 | |||||
Warrants exercised | CAD 272 | 26,936 | 27,208 | |||
Warrants exercised, in shares | 272,080 | |||||
Options exercised | CAD 400 | 59,600 | 60,000 | |||
Options exercised, in shares | 400,000 | |||||
Subscriptions received in advance | CAD 678,650 | 678,650 | ||||
Share issuance costs | (240,478) | (240,478) | ||||
Share-based payments | 1,010,064 | 1,010,064 | ||||
Loss for the period | (3,285,186) | (3,285,186) | ||||
Ending Balance at Apr. 30, 2017 | CAD 57,698 | CAD 8,141,807 | CAD 678,650 | CAD (166,663) | CAD (5,122,155) | CAD 3,589,337 |
Ending Balance, in shares at Apr. 30, 2017 | 57,697,841 | 5,729,142 |
NATURE AND CONTINUANCE OF OPERA
NATURE AND CONTINUANCE OF OPERATIONS | 9 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Jul. 31, 2016 | |
NATURE AND CONTINUANCE OF OPERATIONS [Text Block] | 1. NATURE AND CONTINUANCE OF OPERATIONS Rise Gold Corp. (the “Company”) was originally incorporated as Atlantic Resources Inc. in the State of Nevada on February 9, 2007 and is in the exploration stage. On April 11, 2012, the Company merged its wholly-owned subsidiary, Patriot Minefinders Inc., a Nevada corporation, in and to the Company to effect a name change to Patriot Minefinders Inc. On January 14, 2015, the Company completed a name change to Rise Resources Inc. in the same manner. On April 7, 2017, the Company changed its name to Rise Gold Corp. These mergers were carried out solely for the purpose of effecting these changes of names. On February 16, 2015, the Company increased its authorized capital from 21,000,000 shares to 400,000,000 shares. On January 29, 2016, the Company completed an initial public offering in Canada and began trading on the Canadian Securities Exchange (“CSE”) on February 1, 2016. The Company is in the early stages of exploration and as is common with any exploration company, it raises financing for its acquisition activities. The accompanying condensed consolidated interim financial statements have been prepared on the going concern basis, which presumes that the Company will continue operations for the foreseeable future and will be able to realize assets and discharge liabilities in the normal course of business. The Company has incurred a loss of $3,285,186 for the period ended April 30, 2017 and has accumulated a deficit of $5,122,155. This raises substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan, which is typical for a start-up company. The condensed consolidated interim financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management of the Company (“management”) is of the opinion that sufficient financing will be obtained from external financing and further share issuances to meet the Company’s obligations. At April 30, 2017, the Company had working capital of $350,465. | 1. NATURE AND CONTINUANCE OF OPERATIONS Atlantic Resources Inc. (the “Company”) was incorporated in the State of Nevada on February 9, 2007 and is in the exploration stage. On January 14, 2015, the Company merged its wholly-owned subsidiary, Rise Resources Inc., a Nevada corporation, in and to the Company to effect a name change from Patriot Minefinders Inc. to Rise Resources Inc. Rise Resources Inc. was formed solely for the purpose of effecting the change of name. On February 16, 2015, the Company increased its authorized capital from 21,000,000 shares to 400,000,000 shares. On January 29, 2016, the Company completed an initial public offering in Canada and began trading on the Canadian Securities Exchange (“CSE”) on February 1, 2016. The Company is in the early stages of exploration and as is common with any exploration company, it raises financing for its acquisition activities. The accompanying financial statements have been prepared on the going concern basis, which presumes that the Company will continue operations for the foreseeable future and will be able to realize assets and discharge liabilities in the normal course of business. The Company has incurred a loss of $633,466 for the year ended July 31, 2016 and has accumulated a deficit of $1,836,969. This raises substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan, which is typical for a start-up company. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management of the Company (“management”) is of the opinion that sufficient financing will be required from external financing and further share issuances to meet the Company’s obligations. At July 31, 2016, the Company had working capital deficiency of $58,602. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 9 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Jul. 31, 2016 | |
BASIS OF PREPARATION [Text Block] | 2. BASIS OF PREPARATION Generally Accepted Accounting Principles The accompanying unaudited condensed consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for financial information with the instructions to Form 10-Q and Regulation S-K. Results are not necessarily indicative of results which may be achieved in the future. The unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the audited financial statements and notes thereto, together with Management’s Discussion and Analysis, for the year ended July 31, 2016. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such SEC rules and regulations. Basis of Consolidation The condensed consolidated interim financial statements comprise the accounts of Rise Gold Corp., the parent company, and its wholly-owned subsidiary, Rise Grass Valley, Inc., a Nevada corporation, after the elimination of all material intercompany balances and transactions. Subsidiaries Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases. The accounts of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Inter-company transactions, balances and unrealized gains or losses on transactions are eliminated upon consolidation. Recently Adopted and Recently Issued Accounting Standards In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. This ASU eliminates the current requirement to present deferred tax assets and liabilities as current and noncurrent amounts in a classified balance sheet and replaces it with a noncurrent classification of deferred tax assets and liabilities. The ASU applies to all entities and is effective for annual periods beginning after December 15, 2017, and interim periods thereafter, with early adoption permitted. The Company is currently evaluating the impact of adoption of this standard. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall (Subtopic 82 5-10): Recognition and Measurement of Financial Assets and Liabilities”. This ASU amendment addresses aspects of recognition, measurement, presentation and disclosure of financial instruments. It affects investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value, and simplifies the impairment assessment of equity investments without a readily determinable fair value by requiring a qualitative assessment. The ASU applies to all entities and is effective for annual periods beginning after December 15, 2017, and interim periods thereafter, with early adoption permitted. The Company is currently evaluating the impact of adoption of this standard. Other than the above, the Company has determined that other significant newly issued accounting pronouncements are either not applicable to the Company’s business or that no material effect is expected on the financial statements as a result of future adoption. Use of Estimates The preparation of condensed consolidated interim financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring the use of estimates include the valuation allowance applied to deferred income taxes and valuation of stock options and agent warrants. Actual results could differ from those estimates, and would impact future results of operations and cash flows. | 2. BASIS OF PREPARATION Generally accepted accounting principles These financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America (“US GAAP”) for financial information with the instructions to Form 10-K and Regulation S-K. Results are not necessarily indicative of results which may be achieved in the future. Change in Functional and Presentation Currency The Company’s expenses and overheads are now primarily being incurred in Canadian Dollars (“CAD”) and it is anticipated that cash flows will continue to be primarily in CAD. Accordingly, the Company determined that effective August 1, 2015, the functional currency of the Company would change from the United States Dollar (“USD”) to CAD. Effective August 1, 2015, the Company also changed its presentation currency from USD to CAD. As a result of changing the presentation currency, all the comparative assets and liabilities were translated using the closing rate at the balance sheet date, comparative equity were translated at the exchange rates at the dates of transaction and the statements of loss were translated at the average exchange rate for the period covered. All resulting change differences are recognized in the accumulated deficit in the balance sheets’ shareholders’ equity (deficiency) section. A change in presentation currency is accounted for as a change in accounting policy and is applied retrospectively, as if the new presentation currency had always been the presentation currency. Consequently, the comparatives for the year ended July 31, 2015 and as at July 31, 2015 have been restated to be presented in CAD. The exchange rates applied for translation purposes were as follows: Date or period Exchange rate As at July 31, 2015 1 CAD = 0.7703 USD For the year ended July 31, 2015 1 CAD = 0.8403 USD Use of Estimates The preparation of these financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring the use of estimates include the carrying value and recoverability of mineral properties and the recognition of deferred tax assets based on the change in unrecognized deductible temporary tax differences. Actual results could differ from those estimates, and would impact future results of operations and cash flows. Restatement Certain prior year balances within equity have been restated to comply with the Company’s accounting policies. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jul. 31, 2016 | |
SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 3. SIGNIFICANT ACCOUNTING POLICIES Receivables The Company reviews all receivables that exceed terms and establishes an allowance for doubtful accounts based on management's assessment of the collectability of trade and other receivables. Mineral property The costs of acquiring mineral rights are capitalized at the date of acquisition. After acquisition, various factors can affect the recoverability of the capitalized costs. If, after review, management concludes that the carrying amount of a mineral property is impaired, it will be written down to estimated fair value. Exploration costs incurred on mineral properties are expensed as incurred. Development costs incurred on proven and probable reserves will be capitalized. Upon commencement of production, capitalized costs will be amortized using the unit-of-production method over the estimated life of the ore body based on proven and probable reserves (which exclude non-recoverable reserves and anticipated processing losses). When the Company receives an option payment related to a property, the proceeds of the payment are applied to reduce the carrying value of the exploration asset. Long-lived assets Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Asset retirement obligations The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development, and/or normal use of the long-lived assets. The Company also records a corresponding asset which is amortized over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the passage of time (accretion expense) and changes in the estimated future cash flows underlying the obligation (asset retirement cost). Loss per share Basic loss per common share is computed using the weighted average number of common shares outstanding during the year. To calculate diluted loss per share, the Company uses the treasury stock method and the if converted Financial instruments The Company’s financial instruments consist of cash, receivables, accounts payable and accrued liabilities, and due to related parties. It is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these financial instruments approximate their carrying values unless otherwise noted. Fair value of financial assets and liabilities The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to- maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest rate method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. The following indicates the fair value hierarchy of the valuation techniques the Company utilizes to determine the fair value of financial assets that are measured at fair value on a recurring basis. Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities; Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and Financial instruments, including loan from related parties, and accounts payable and accrued liabilities are classified as other financial liabilities and are carried at cost, which management believes approximates fair value due to the short term nature of these instruments. Concentration of credit risk The financial instrument which potentially subjects the Company to concentration of credit risk is cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. As of July 31, 2016 and 2015, the Company has not exceeded the federally insured limit. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. Stock-based compensation The Company accounts for share-based compensation under the provisions of ASC 718, “Compensation- Stock Compensation”. Under the fair value recognition provisions, stock-based compensation expense is measured at the fair value of the consideration received, or the fair value of the equity instruments issued, or liabilities incurred, whichever is more reliably measured. Grant date for all stock-based awards to employees and directors and is recognized as an expense over the requisite service period, which is generally the vesting period. The Black-Scholes option valuation model is used to calculate fair value. The Company accounts for stock compensation arrangements with non-employees in accordance with ASC 718 which requires that such equity instruments are recorded at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. Non-employee stock-based compensation charges are amortized over the vesting period on a straight-line basis. For stock options granted to employees, directors, and non-employees, the fair value of the stock options is estimated using a Black-Scholes valuation model. Income taxes The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax asset will not be recognized. Foreign exchange The Company’s functional currency is the Canadian dollar. Any monetary assets and liabilities that are in a currency other than the Canadian dollar are translated at the rate prevailing at year end. Revenue and expenses in a foreign currency are translated at rates that approximate those in effect at the time of translation. Gains and losses from translation of foreign currency transactions into Canadian dollars are included in current results of operations. Recently adopted and recently issued accounting standards In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This ASU provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if “conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.” The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company is currently evaluating the impact of adoption of this standard. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. This ASU eliminates the current requirement to present deferred tax assets and liabilities as current and noncurrent amounts in a classified balance sheet and replaces it with a noncurrent classification of deferred tax assets and liabilities. The ASU applies to all entities and is effective for annual periods beginning after December 15, 2017, and interim periods thereafter, with early adoption permitted. The Company is currently evaluating the impact of adoption of this standard. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities”. This ASU amendment addresses aspects of recognition, measurement, presentation and disclosure of financial instruments. It affects investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value, and simplifies the impairment assessment of equity investments without a readily determinable fair value by requiring a qualitative assessment. The ASU applies to all entities and is effective for annual periods beginning after December 15, 2017, and interim periods thereafter, with early adoption permitted. The Company is currently evaluating the impact of adoption of this standard. Other than the above, the Company has determined that other significant newly issued accounting pronouncements and are either not applicable to the Company’s business or that no material effect is expected on the financial statements as a result of future adoption. |
MINERAL PROPERTY OPTION
MINERAL PROPERTY OPTION | 9 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Jul. 31, 2016 | |
MINERAL PROPERTY OPTION [Text Block] | 3. MINERAL PROPERTIES The Company’s mineral properties balance consists of: April 30, 2017 July 31, 2016 Klondike, British Columbia $ - $ 513,031 Indata, British Columbia - $ 50,000 Idaho-Maryland, California 3,238,872 - Total $ 3,238,872 $ 563,031 Title to Mineral Properties Title to mineral properties involves certain inherent risks due to the difficulties of determining the validity of certain mineral titles as well as the potential for problems arising from the frequently ambiguous conveying history characteristic of many mineral properties. As at April 30, 2017, the Company held title to the Idaho-Maryland Gold Mine property in California. Indata, British Columbia On May 18, 2015, the Company entered into an option agreement with Eastfield Resources Ltd., (“Eastfield”), pursuant to which Eastfield granted the Company the exclusive and irrevocable right to acquire up to a 75% interest in and to certain claims in the Indata property located in the Omineca Mining Division in British Columbia, Canada. In order to earn the initial 60% interest, the Company was required to pay Eastfield an aggregate of $350,000 ($50,000 paid to date) in cash and incur a minimum of $2,000,000 in aggregate exploration expenditures on the property by April 3, 2019. In order to earn the additional 15% interest, the Company was required to pay Eastfield $100,000 cash within 90 days of earning the 60% interest and incur a further $500,000 in aggregate annual exploration expenditures on the property until such time as the Company was able to complete a feasibility study on the property. As at April 30, 2017, the Company has incurred cumulative exploration expenditures of $4,035 on the Indata property. Subsequent to April 30, 2017, the Company terminated its option agreement with Eastfield; accordingly, the Company has written off $50,000 in acquisition costs in relation to the Indata property as at April 30, 2017. Klondike, British Columbia On May 26, 2016, the Company entered into an agreement with Klondike Gold Corp. (“Klondike”) regarding the purchase of a portfolio of seven gold and base metal properties in southeast British Columbia. Under the agreement, within 60 days of signing, the Company paid Klondike $50,000 in cash, issued 1,500,000 shares of the Company’s common stock valued at $240,000, and issued 1,500,000 warrants valued at $223,031 (discount rate – 0.49%, volatility – 200.64%, expected life – 2 years, dividend yield – 0%), exercisable at $0.227 per share until July 13, 2018. On the one year anniversary of the first closing, the Company would have paid Klondike $150,000 in cash, issue 2,000,000 shares of the Company’s common stock, and issue 1,000,000 warrants. Klondike would have retained a 2% net smelter return royalty (“NSR”) and the Company would have the right to purchase 50% of the NSR for $1,000,000 at any time after the first closing. Each of the warrants would have been exercisable for a period of two years into one share of the Company’s common stock at a price that is a 20% premium to the 10 -day volume-weighted average price of the stock on the CSE immediately prior to the date of issuance. As at April 30, 2017, the Company has incurred cumulative exploration expenditures of $10,408 on the Klondike properties. Subsequent to April 30, 2017, the Company terminated the purchase agreement with Klondike; accordingly the Company has written off $513,031 in acquisition costs in relation to the Klondike properties as at April 30, 2017. Idaho-Maryland Gold Mine Property, California On August 30, 2016, the Company entered into an option agreement with three parties to purchase a 100% interest in and to the Idaho-Maryland Gold Mine property located near Grass Valley, California, United States; pursuant to the option agreement, in order to exercise the option, the Company must pay US$2,000,000 by November 30, 2016. Upon execution of the option agreement, the Company paid the vendors a non-refundable cash deposit in the amount of $32,758 (US$25,000), which will be credited against the purchase price of US$2,000,000 upon exercise of the option. On November 30, 2016, the Company negotiated an extension of the closing date of the option agreement to December 26, 2016, in return for a cash payment of $32,758 (US$25,000), which will be credited against the purchase price of US$2,000,000 upon exercise of the option. On December 28, 2016, the Company negotiated a further no-cost extension of the closing date of the option agreement to April 30, 2017. On January 25, 2017, the Company exercised the option by paying $2,588,625 (US$1,950,000), and acquired a 100% interest in the Idaho-Maryland Gold Mine property. In connection with the option agreement, the Company agreed to pay a cash commission of $184,000 (US$140,000) equal to 7 per cent of the purchase price of US$2,000,000 ; the commission was settled on January 25, 2017 through the issuance of 920,000 units valued at $0.20 per unit (Note 7). On January 6, 2017, the Company entered into an option agreement with Sierra Pacific Industries Inc. (“Sierra”) to purchase a 100% interest in and to certain surface rights totalling approximately 82 acres located near Grass Valley, California, United States, contiguous to the Idaho-Maryland Gold Mine property acquired by the Company on January 25, 2017. Pursuant to the option agreement, in order to exercise the option, the Company must pay US$1,900,000 by March 31, 2017. Upon execution of the option agreement, the Company paid the vendors a non- refundable cash deposit in the amount of $132,732 (US$100,000), which will be credited against the purchase price of US$1,900,000 upon exercise of the option. On April 3, 2017, the Company negotiated an extension of the closing date of the option agreement to June 30, 2017, in return for a cash payment of $268,000 (US$200,000) to extend the option agreement to June 30, 2017, at which time a payment of US$1,600,000 is due in order to exercise the option. As at April 30, 2017, the Company has incurred cumulative property investigation costs of $55,253 and cumulative exploration expenditures of $171,146 on the Idaho-Maryland Gold Mine property. | 4. MINERAL PROPERTY OPTION Title to mineral properties Title to mineral properties involves certain inherent risks due to the difficulties of determining the validity of certain mineral titles as well as the potential for problems arising from the frequently ambiguous conveying history characteristic of many mineral properties. As at July 31, 2016, the Company does not hold titles to any mineral properties. Indata, British Columbia On May 18, 2015, the Company entered into an option agreement with Eastfield Resources Ltd., (“Eastfield”), pursuant to which Eastfield granted the Company the exclusive and irrevocable right to acquire up to a 75% interest in and to certain claims in the Indata property located in the Omineca Mining Division in British Columbia, Canada. In order to earn the initial 60% interest, the Company is required to pay Eastfield an aggregate of $350,000 ($50,000 paid to date; $30,000 paid in the current year) in cash and incur a minimum of $2,000,000 in aggregate exploration expenditures on the property by April 3, 2019. In order to earn the additional 15% interest, the Company is required to pay Eastfield $100,000 cash within 90 days of earning the 60% interest and incur a further $500,000 in aggregate annual exploration expenditures on the property until such time as the Company is able to complete a feasibility study on the property. As at July 31, 2016, the Company has incurred cumulative exploration expenditures of $4,035 on the Indata property. Klondike, British Columbia On May 26, 2016, the Company entered into an agreement with Klondike Gold Corp. (“Klondike”) regarding the purchase of a portfolio of seven gold and base metal properties in southeast British Columbia. Under the agreement, within 60 days of signing, the Company paid Klondike $50,000 in cash, issued 1,500,000 shares of the Company’s common stock valued at $240,000, and issued 1,500,000 warrants valued at $223,031 (discount rate – 0.49%, volatility – 200.64%, expected life – 2 years, dividend yield – 0%), exercisable at $0.227 per share until July 13, 2018. On the one year anniversary of the first closing, the Company will pay Klondike $150,000 in cash, issue 2,000,000 shares of the Company’s common stock, and issue 1,000,000 warrants. Klondike will retain a 2% net smelter return royalty (“NSR”) and the Company will have the right to purchase 50% of the NSR for $1,000,000 at any time after the first closing. Each of the warrants is exercisable for a period of two years into one share of the Company’s common stock at a price that is a 20% premium to the 10 -day volume-weighted average price of the stock on the CSE immediately prior to the date of issuance. As at July 31, 2016, the Company has incurred cumulative exploration expenditures of $10,408 on the Klondike properties. |
CONTINGENCY
CONTINGENCY | 9 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Jul. 31, 2016 | |
CONTINGENCY [Text Block] | 4. CONTINGENCY During the year ended July 31, 2014, the Company entered into a binding letter of intent (“LOI”) with Wundr Software Inc. (“Wundr”). Under the terms of the LOI, the Company would acquire 100% of the issued and outstanding common shares of Wundr. Due to unforeseen circumstances, the Company did not complete the transactions contemplated in the LOI, which the Company announced had expired on January 10, 2014. On September 17, 2014, the Company learned that it was the subject, along with a number of additional defendants, of a notice of civil claim (the “Claim”) filed in the Supreme Court of British Columbia by Wundr, under which Wundr is seeking general damages from the Company as well as damages for conspiracy to cause economic harm. None of the allegations contained in the Claim have been proven in court. Management has determined that the probability of the Claim resulting in an unfavourable outcome and financial loss to the Company is unlikely. | 5. CONTINGENCY During the year ended July 31, 2014, the Company entered into a binding letter of intent (“LOI”) with Wundr Software Inc. (“Wundr”). Under the terms of the LOI, the Company would acquire 100% of the issued and outstanding common shares of Wundr. Due to unforeseen circumstances, the Company did not complete the transactions contemplated in the LOI, which the Company announced had expired on January 10, 2014. On September 17, 2014, the Company learned that it was the subject, along with a number of additional defendants, of a notice of civil claim (the “Claim”) filed in the Supreme Court of British Columbia by Wundr, under which Wundr is seeking general damages from the Company as well as damages for conspiracy to cause economic harm. None of the allegations contained in the Claim have been proven in court. Management has determined that the probability of the Claim resulting in an unfavourable outcome and financial loss to the Company is unlikely. |
BAD DEBT EXPENSE
BAD DEBT EXPENSE | 9 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Jul. 31, 2016 | |
BAD DEBT EXPENSE [Text Block] | 5. BAD DEBT EXPENSE During the year ended July 31, 2016, the Company advanced to Skanderbeg Capital Partners Inc. a total of $7,126, which had been recorded in prepaid expenses to be applied to future rent expense. As the Company moved its premises during the year ended July 31, 2016, management has assessed the recoverability of the amount and recorded an allowance for doubtful accounts of $7,126 for the year ended July 31, 2016. | 6. BAD DEBT EXPENSE During the year ended July 31, 2016, the Company advanced to Skanderbeg Capital Partners Inc. a total of $7,126, which had been recorded in prepaid expenses to be applied to future rent expense (Note 7). As the Company moved its premises during the year ended July 31, 2016, management has assessed the recoverability of the amount and recorded an allowance for doubtful accounts of $7,126 for the year ended July 31, 2016. During the year ended July 31, 2015, the Company advanced $6,748 (US$6,106) to Juliet Press Inc. (“Juliet”) as a loan, due on demand without interest. In fiscal 2014, the Company had entered into a share exchange agreement with Juliet to acquire 100% of the issued and outstanding common stock of Juliet in exchange for 175,000 common shares of the Company. On September 25, 2014, the Company, Juliet and Juliet stockholders mutually agreed in writing to terminate the Share Exchange Agreement. Management has assessed the collectability of the loan and recorded an allowance for doubtful accounts of $6,748 for the year ended July 31, 2015. |
PROMISSORY NOTES PAYABLE
PROMISSORY NOTES PAYABLE | 9 Months Ended |
Apr. 30, 2017 | |
PROMISSORY NOTES PAYABLE [Text Block] | 6. PROMISSORY NOTES PAYABLE During the period ended April 30, 2017, the Company issued promissory notes totalling $220,000, accruing interest in advance at 10% every three months, maturing on June 29, 2017. Subsequent to April 30, 2017, the Company and one promissory note holder agreed to reduce the interest rate to 7.2% and make an early repayment of principal of $100,000 and accrued interest of $7,200. The remaining principal of $120,000 and accrued interest of $12,000 was also repaid early subsequent to April 30, 2017, on May 30, 2017. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Jul. 31, 2016 | |
RELATED PARTY TRANSACTIONS [Text Block] | 7. RELATED PARTY TRANSACTIONS Key management personnel consist of the Chief Executive Officer, Chief Financial Officer, the President, and the directors of the Company. The remuneration of the key management personnel is as follows: a) Salaries of $90,000 (2016 - $Nil) and 400,000 shares of common stock valued at $60,000 (2016 – nil), recognized as consulting expense, to the CEO of the Company; b) Consulting fees of $166,285 (2016 - $Nil) to two companies controlled by a former director of the Company; and c) Consulting fees of $40,489 (2016 - $Nil) to the CFO of the Company d) Consulting fees of $42,619 (2016 - $22,500) to the former CEO of the Company; and e) Share-based payments of $885,375 (2016 - $246,004) to key management personnel. As at April 30, 2017, the Company has recorded loans from related parties of $41,669 (US$30,500) (July 31, 2016 - $43,214 or US$33,099) representing advances made by a director and a former director and officer. The advances are due on demand without interest. As at April 30, 2017, included in prepaid expenses is $11,000 (July 31, 2016 - $Nil) due from an officer, which was received subsequent to April 30, 2017. As at April 30, 2017, included in due to related parties is $79,371 (July 31, 2016 - $25,494) in accounts and advances payable and accrued liabilities to current and former officers and companies controlled by directors and officers of the Company. Included in general and administration expenses for the period ended April 30, 2017 is rent of $Nil (2016 - $5,175) paid to Skanderbeg Capital Partners Inc., a company that previously advised the Company’s management and performed promotional work for the Company. | 7. RELATED PARTY TRANSACTIONS Key management personnel consist of the Chief Executive Officer, Chief Financial Officer, and the directors of the Company. The remuneration of the key management personnel is as follows: a) Salaries of $5,000 (2015 - $Nil) to the CEO of the Company. b) Consulting fees of $30,000 (2015 - $19,203) to the former CEO of the Company. c) Consulting fees of $18,000 (2015 - $Nil) to the CFO of the Company. d) Share-based payments of $246,004 (2015 - $Nil) to the former CEO, CFO, and a director of the Company. As at July 31, 2016, the Company has recorded loans from related parties of $43,214 (US$33,099) (2015 - $87,105 or US$67,100) representing advances made by a director and a former director and officer. The advances are due on demand without interest. During the year ended July 31, 2016, $51,132 (US$36,600) of these loans were assigned to a company controlled by a director of the Company and $46,500 (US$34,001) was repaid. As at July 31, 2016, included in due to related parties is $25,494 (2015 - $11,313) in accounts and advances payable and accrued liabilities to current and former officers and companies controlled by directors and officers of the Company. Of this amount, $nil (2015 - $604) represents advances made by Skanderbeg Capital Partners Inc. (“Skanderbeg”), a company that advises the Company’s management and does promotional work for the Company. Skanderbeg made payments on behalf of the Company until such time as the Company was able to complete a financing. Included in general and administration expenses for the period ended July 31, 2016 is rent of $7,128 (2015 - $5,042) paid to Skanderbeg. A total of $7,126 advanced to Skanderbeg for future rent expense was assessed as non-recoverable during the year ended July 31, 2016 (Note 6). |
CAPITAL STOCK AND ADDITIONAL PA
CAPITAL STOCK AND ADDITIONAL PAID-IN-CAPITAL | 9 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Jul. 31, 2016 | |
CAPITAL STOCK AND ADDITIONAL PAID-IN-CAPITAL [Text Block] | 8. CAPITAL STOCK AND ADDITIONAL PAID-IN-CAPITAL Issued Capital Stock On October 28, 2015, pursuant to a share surrender and cancellation agreement, the Company cancelled 13,000,186 shares of common stock surrendered to the Company, originally issued through debt conversion agreements on February 11, 2015 and March 31, 2015. On January 29, 2016, the Company completed an initial public offering in Canada, issuing an aggregate of 6,050,000 shares of common stock at a price of $0.10 per share for gross proceeds of $605,000. In connection with the offering, the Company paid a cash commission of $48,400 and issued 484,000 agent warrants valued at $42,248 (discount rate – 0.43%, volatility – 215.3%, expected life – 2 years, dividend yield – 0%), exercisable at $0.10 per share for period of 24 months. The Company also paid the agent a corporate finance fee of $25,000 and incurred other share issuance costs of $53,667. On June 3, 2016, the Company issued 19,250 shares of common stock upon the exercise of agent warrants at a price of $0.10 per share. On July 18, 2016, the Company issued 1,500,000 shares of common stock at a price of $0.16 per share to Klondike pursuant to the Klondike properties purchase agreement (Note 3). On August 1, 2016, the Company issued 400,000 shares of common stock at a price of $0.15 per share to the Company’s CEO as compensation. The shares were valued at $60,000 on issuance and were recognized as consulting expense. On November 1, 2016 and November 7, 2016, the Company issued a total of 272,080 shares of common stock upon the exercise of agent warrants at a price of $0.10 per share. On January 25, 2017, the Company issued 920,000 units valued at $0.20 per unit to an individual pursuant to a debt conversion by the individual in the amount of $184,000 (US$140,000), representing a cash commission equal to 7 per cent of the US$2,000,000 purchase price of the Idaho-Maryland property (Note 3). Each unit consists of one share of common stock and one transferable share purchase warrant exercisable into one share of common stock at a price of $0.40 for a period of two years from the date of issuance. Private Placement On December 23, 2016, the Company completed a non-brokered private placement, issuing an aggregate of 21,044,500 units at a price of $0.20 per unit for gross proceeds of $4,208,900. Each unit consists of one share of common stock and one transferable share purchase warrant exercisable into one share of common stock at a price of $0.40 for a period of two years from the date of issuance. In connection with the private placement, the Company paid finders fees of $218,410 and issued a total of 1,104,300 agent warrants valued at $191,724 (discount rate – 0.76%, volatility – 179.53%, expected life – 2 years, dividend yield – 0%), exercisable into one share of common stock at a price of $0.40 for a period of two years from the date of issuance. On January 24, 2017, the Company completed a non-brokered private placement, issuing an aggregate of 1,340,000 units at a price of $0.20 per unit for gross proceeds of $268,000. Each unit consists of one share of common stock and one transferable share purchase warrant exercisable into one share of common stock at a price of $0.40 for a period of two years from the date of issuance. In connection with the private placement, the Company paid finders fees of $5,220 and issued a total of 26,100 agent warrants valued at $5,919 (discount rate – 0.76%, volatility – 175.85%, expected life – 2 years, dividend yield – 0%), exercisable into one share of common stock at a price of $0.40 for a period of two years from the date of issuance. On February 6, 2017, the Company completed a non-brokered private placement, issuing an aggregate of 455,000 units at a price of $0.25 per unit for gross proceeds of $113,750. Each unit consists of one share of common stock and one transferable share purchase warrant exercisable into one share of common stock at a price of $0.40 for a period of two years from the date of issuance. In connection with the private placement, the Company paid finders fees of $2,625 and issued a total of 10,500 agent warrants valued at $2,657 (discount rate – 0.70%, volatility – 175.86%, expected life – 2 years, dividend yield – 0%), exercisable into one share of common stock at a price of $0.40 for a period of two years from the date of issuance. On April 11, 2017, the Company announced a non-brokered private placement of up to 8,700,000 units at a price of $0.23 per unit for gross proceeds of up to $2,000,000, each unit consisting of one share of common stock and one non-transferable share purchase warrant exercisable into one share of common stock at a price of $0.40 for a period of two years from the date of issuance. The private placement closed subsequent to April 30, 2017 (Note 11). Stock Options During the period ended April 30, 2017, the Company granted: a) a total of 2,729,142 stock options to the Company’s CEO, exercisable at a weighted average price of $0.23 per share for a period of five years; b) 500,000 incentive stock options to an investor relations consultant, each option exercisable into one share of common stock at a price of $0.33 until February 7, 2020. c) 500,000 stock options to a director of the Company, exercisable at a price of $0.27 per share until April 3, 2022. d) 900,000 stock options to two directors of the Company, exercisable at a price of $0.28 per share until April 20, 2020. The following incentive stock options were outstanding at April 30, 2017: Number Exercise of Shares Price Expiry Date 1,100,000 $ 0.15 March 22, 2021 586,600 0.20 August 8, 2021 2,142,542 0.24 December 27, 2021 500,000 0.33 February 7, 2020 500,000 0.27 April 3, 2022 900,000 0.28 April 30, 2020 5,729,142 0.24 Stock option transactions are summarized as follows: Weighted Number of Average Options Exercise Price Balance, July 31, 2015 - $ - Options granted 2,700,000 0.15 Balance, July 31, 2016 2,700,000 $ 0.15 Options granted 4,629,142 0.26 Options exercised (400,000 ) (0.15 ) Options expired/forfeited (1,200,000 ) (0.15 ) Balance outstanding and exercisable, April 30, 2017 5,729,142 $ 0.24 The following warrants were outstanding at April 30, 2017: Number Exercise of Warrants Price Expiry Date 192,670 $ 0.10 January 29, 2018 1,500,000 0.227 July 13, 2018 22,148,800 0.40 December 23, 2018 2,286,100 0.40 January 24, 2019 465,500 0.40 February 6, 2019 26,593,070 $ 0.39 Warrant transactions are summarized as follows: Weighted Number of Average Options Exercise Price Balance, July 31, 2015 - $ - Warrants issued 1,984,000 0.20 Warrants exercised (19,250 ) (0.10 ) Balance, July 31, 2016 1,964,750 $ 0.20 Warrants issued 24,900,400 0.40 Warrants exercised (272,080 ) (0.10 ) Balance outstanding, April 30, 2017 26,593,070 $ 0.39 During the period ended April 30, 2017, the Company issued 1,140,900 (2016 – 484,000) agent warrants with a weighted average fair value of $0.18 (2016 - $0.09) per warrant. The following weighted average assumptions were used for the Black-Scholes option-pricing model valuation of agent warrants issued during the period: 2017 2016 Risk-free interest rate 0.76% 0.43% Expected life of warrants 2.0 years 2.0 years Expected annualized volatility 179.41% 215.30% Dividend nil nil Forfeiture rate 0% 0% Share-Based Payments The Company has a stock option plan under which it is authorized to grant options to executive officers and directors, employees and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the plan the exercise price of each option equals the market price of the Company’s stock, less any applicable discount, as calculated on the date of grant. The options can be granted for a maximum term of 5 years with vesting determined by the board of directors. During the period ended April 30, 2017, the Company granted 4,629,142 (2016 – 2,700,000) stock options with a weighted average fair value of $0.18 (2016 - $0.14). The Company recognized share-based payments expense of $1,010,064 (2016 - $369,006). The following weighted average assumptions were used for the Black-Scholes option-pricing model valuation of stock options granted during the period: 2017 2016 Risk-free interest rate 0.82% 0.64% Expected life of options 4.07 years 5.00 years Expected annualized volatility 128.23% 151.50% Dividend - - Forfeiture rate - - | 8. CAPITAL STOCK AND ADDITIONAL PAID-IN-CAPITAL Issued Capital Stock On February 11, 2015, the Company entered into debt conversion agreements with five investors pursuant to which such investors agreed to convert an aggregate of $400,000 in debt into 20,000,000 shares of the Company’s common stock at a price of $0.02 per share. On March 31, 2015, the Company entered into debt conversion agreements with 13 investors pursuant to which such investors agreed to convert an aggregate of $206,675 in debt into 10,333,771 shares of the Company’s common stock at a price of $0.02 per share. These shares were formally issued on April 9, 2015. On April 23, 2015, the Company entered into debt conversion agreements with two investors pursuant to which such investors agreed to convert an aggregate of $40,982 in debt into 1,170,906 shares of the Company’s common stock at a price of $0.035 per share. On April 23, 2015, the Company completed a non-brokered private placement, issuing an aggregate of 6,000,002 shares of common stock to six investors at a price of $0.035 per share for gross proceeds of $210,000. On October 28, 2015, pursuant to a share surrender and cancellation agreement, the Company cancelled 13,000,186 shares of common stock surrendered to the Company, originally issued through the debt conversion agreements on February 11, 2015 and March 31, 2015. On January 29, 2016, the Company completed an initial public offering in Canada, issuing an aggregate of 6,050,000 shares of common stock at a price of $0.10 per share for gross proceeds of $605,000. In connection with the offering, the Company paid a cash commission of $48,400 and issued 484,000 agent warrants valued at $42,248 (discount rate – 0.43%, volatility – 215.3%, expected life – 2 years, dividend yield – 0%), exercisable at $0.10 per share for period of 24 months. The Company also paid the agent a corporate finance fee of $25,000 and incurred other share issuance costs of $53,667. On June 3, 2016, the Company issued 19,250 shares of common stock upon the exercise of agent warrants at a price of $0.10 per share. On July 18, 2016, the Company issued 1,500,000 shares of common stock at a price of $0.16 per share to Klondike pursuant to the Klondike properties purchase agreement (Note 4). Stock Options During the year ended July 31, 2016, the Company granted 2,700,000 stock options, exercisable at a price of $0.15 per share for a period of five years, to directors and consultants. The following incentive stock options were outstanding at July 31, 2016: Number Exercise of Shares Price Expiry Date 2,700,000 $ 0.15 January 31, 2021 Warrants During the year ended July 31, 2016, the Company: a) Issued 484,000 agent warrants pursuant to the initial public offering in January 2016 (Note 8), of which a total of 19,250 warrants were exercised during the current year, and b) Issued 1,500,000 warrants pursuant to the Klondike properties purchase agreement (Note 4). The following warrants were outstanding at July 31, 2016: Number Exercise of Warrants Price Expiry Date 464,750 $ 0.10 January 29, 2018 1,500,000 0.227 July 13, 2018 1,964,750 $ 0.20 The Company has a stock option plan under which it is authorized to grant options to executive officers, directors, employees and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the plan the exercise price of each option equals the market price of the Company’s stock, less any applicable discount, as calculated on the date of grant. The options can be granted for a maximum term of 5 years with vesting determined by the board of directors. During the period ended July 31, 2016, the Company granted 2,700,000 (2015 – nil) stock options with a weighted average fair value of $0.14 (2015 - $Nil). The Company recognized share-based payments expense of $369,006 (2015 - $Nil). The following weighted average assumptions were used for the Black-Scholes option-pricing model valuation of stock options granted during the year: 2016 2015 Risk-free interest rate 0.64% N/A Expected life of options 5.00 years N/A Expected annualized volatility 151.50% N/A Dividend - N/A Forfeiture rate - N/A |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jul. 31, 2016 | |
INCOME TAXES [Text Block] | 9. INCOME TAXES As of July 31, 2016, the Company had no accrued interest and penalties related to uncertain tax positions. The income tax provision differs from the amount of income tax determined by applying the U.S. federal and state income tax rates of 34% to pre-tax income from continuing operations for the years ended July 31, 2016 and 2015 is noted below. As management cannot determine that is more likely than not that the Company will realize the benefit of the net deferred tax asset, a valuation allowance equal to the net deferred tax asset has been recorded. A reconciliation of income taxes (recovery) at statutory rates with the reported taxes is as follows: 2016 2015 Loss before income taxes $ (633,466 ) $ (132,733 ) Expected income tax (recovery) at statutory tax rates $ (215,000 ) $ (45,000 ) Permanent differences 186,000 (4,000 ) Valuation allowance 29,000 49,000 Income tax recovery $ - $ - Significant components of deferred tax assets (liabilities) that have not been included on the Company’s balance sheet are as follows: 2016 2015 Deferred tax assets (liabilities): Mineral properties $ (72,000 ) $ - Net operating loss carry-forwards 632,000 476,000 Unrecognized deferred tax assets $ 560,000 $ 476,000 The Company has approximately $1,859,000 in net operating losses which may be carried forward and applied against taxable income in future years. Net operating loss carry-forwards, if not utilized, start to expire in 2027. The benefits of these losses and other tax assets have not been recognized in these financial statements. Tax attributes are subject to review and potential adjustments by tax authorities. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Jul. 31, 2016 | |
SUPPLEMENTAL CASH FLOW INFORMATION [Text Block] | 9. SUPPLEMENTAL CASH FLOW INFORMATION During the period ended April 30, 2017, the Company issued 1,140,900 agent warrants valued at $200,300, accrued $1,200 in share issuance costs through accounts payable and accrued liabilities, and issued 920,000 units, each unit comprising one common share and one share purchase warrant, valued at $184,000 for a debt conversion in relation to mineral property acquisition. During the period ended April 30, 2016, the Company issued 484,000 agent warrants valued at $42,248 and reallocated $51,948 in deferred financing costs to share issuance costs. | 10. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS During the year ended July 31, 2016, the Company: a) Issued 1,500,000 shares of common stock at $0.16 per share, valued at $240,000 for mineral properties (Note 4). b) Issued 484,000 agent warrants valued at $42,248 (Note 8). c) Issued 1,500,000 warrants valued at $223,031 for mineral properties (Note 4). d) Cancelled 13,000,186 shares of common stock valued at $13,000, pursuant to a share surrender and cancellation agreement (Note 8) e) Accrued $2,664 in share issuance costs through accounts payable and accrued liabilities. During the year ended July 31, 2015, the Company: a) Issued 31,504,677 shares of common stock to settle debt of $647,657 and accrued deferred financing costs of $13,824 through accounts payable and accrued liabilities. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 9 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Jul. 31, 2016 | |
SEGMENTED INFORMATION [Text Block] | 10. SEGMENTED INFORMATION The Company has two reportable segments, being the acquisition of exploration and evaluation assets located in British Columbia, Canada, and California, United States. | 11. SEGMENTED INFORMATION The Company has one reportable segment, being the acquisition of exploration and evaluation assets located in British Columbia, Canada. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 9 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Jul. 31, 2016 | |
SUBSEQUENT EVENT [Text Block] | 11. SUBSEQUENT EVENTS Subsequent to April 30, 2017, the Company: • Completed a non-brokered private placement, issuing an aggregate of 9,009,814 units at a price of $0.23 per unit for gross proceeds of $2,072,257. Each unit consists of one share of common stock and one transferable share purchase warrant exercisable into one share of common stock at a price of $0.40 for a period of two years from the date of issuance. In connection with the private placement, the Company paid finders fees of $100,392 and issued a total of 436,488 agent warrants exercisable into one share of common stock at a price of $0.40 for a period of two years from the date of issuance. • Negotiated an extension of the closing date of the option agreement with Sierra from June 30, 2017 to September 30, 2017, in return for a cash payment of $406,590 (US$300,000), which will be credited to the remaining amount required to exercise the option. | 12. SUBSEQUENT EVENTS Subsequent to July 31, 2016: a) On August 1, 2016, the Company appointed Benjamin Mossman as the Chief Executive Officer and a director of the Company; in connection with the appointment, the Company issued 400,000 shares of common stock and granted 586,600 stock options exercisable at $0.20 until August 8, 2021. b) On August 30, 2016, the Company entered into an option agreement with three parties to purchase a 100% interest in and to certain lands and surface rights in the United States. Upon execution of the option agreement, the Company paid the vendors a non-refundable cash deposit in the amount of US$25,000 ; an additional cash payment of US$2,000,000 required to exercise the option. c) On October 6, 2016, the Company announced a non-brokered private placement of up to 17,500,000 units at a price of $0.20 per unit for gross proceeds of up to $3,500,000. Each unit will consist of one share of the Company’s common stock and one-half of a transferable share purchase warrant, with each whole warrant exercisable into one share of common stock at a price of $0.40 for a period of two years from the date of issuance. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2016 | |
Receivables [Policy Text Block] | Receivables The Company reviews all receivables that exceed terms and establishes an allowance for doubtful accounts based on management's assessment of the collectability of trade and other receivables. |
Mineral Property [Policy Text Block] | Mineral property The costs of acquiring mineral rights are capitalized at the date of acquisition. After acquisition, various factors can affect the recoverability of the capitalized costs. If, after review, management concludes that the carrying amount of a mineral property is impaired, it will be written down to estimated fair value. Exploration costs incurred on mineral properties are expensed as incurred. Development costs incurred on proven and probable reserves will be capitalized. Upon commencement of production, capitalized costs will be amortized using the unit-of-production method over the estimated life of the ore body based on proven and probable reserves (which exclude non-recoverable reserves and anticipated processing losses). When the Company receives an option payment related to a property, the proceeds of the payment are applied to reduce the carrying value of the exploration asset. |
Long-lived assets [Policy Text Block] | Long-lived assets Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. |
Asset retirement obligations [Policy Text Block] | Asset retirement obligations The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development, and/or normal use of the long-lived assets. The Company also records a corresponding asset which is amortized over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the passage of time (accretion expense) and changes in the estimated future cash flows underlying the obligation (asset retirement cost). |
Loss per share [Policy Text Block] | Loss per share Basic loss per common share is computed using the weighted average number of common shares outstanding during the year. To calculate diluted loss per share, the Company uses the treasury stock method and the if converted |
Financial instruments [Policy Text Block] | Financial instruments The Company’s financial instruments consist of cash, receivables, accounts payable and accrued liabilities, and due to related parties. It is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these financial instruments approximate their carrying values unless otherwise noted. |
Fair value of financial assets and liabilities [Policy Text Block] | Fair value of financial assets and liabilities The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to- maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest rate method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. The following indicates the fair value hierarchy of the valuation techniques the Company utilizes to determine the fair value of financial assets that are measured at fair value on a recurring basis. |
Concentration of risk [Policy Text Block] | Concentration of credit risk The financial instrument which potentially subjects the Company to concentration of credit risk is cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. As of July 31, 2016 and 2015, the Company has not exceeded the federally insured limit. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. |
Stock-based compenstation [Policy Text Block] | Stock-based compensation The Company accounts for share-based compensation under the provisions of ASC 718, “Compensation- Stock Compensation”. Under the fair value recognition provisions, stock-based compensation expense is measured at the fair value of the consideration received, or the fair value of the equity instruments issued, or liabilities incurred, whichever is more reliably measured. Grant date for all stock-based awards to employees and directors and is recognized as an expense over the requisite service period, which is generally the vesting period. The Black-Scholes option valuation model is used to calculate fair value. The Company accounts for stock compensation arrangements with non-employees in accordance with ASC 718 which requires that such equity instruments are recorded at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. Non-employee stock-based compensation charges are amortized over the vesting period on a straight-line basis. For stock options granted to employees, directors, and non-employees, the fair value of the stock options is estimated using a Black-Scholes valuation model. |
Income taxes [Policy Text Block] | Income taxes The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax asset will not be recognized. |
Foreign exchange [Policy Text Block] | Foreign exchange The Company’s functional currency is the Canadian dollar. Any monetary assets and liabilities that are in a currency other than the Canadian dollar are translated at the rate prevailing at year end. Revenue and expenses in a foreign currency are translated at rates that approximate those in effect at the time of translation. Gains and losses from translation of foreign currency transactions into Canadian dollars are included in current results of operations. |
Recently Adopted and Recently Issued Accounting Standards [Policy Text Block] | Recently adopted and recently issued accounting standards In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This ASU provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if “conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.” The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company is currently evaluating the impact of adoption of this standard. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. This ASU eliminates the current requirement to present deferred tax assets and liabilities as current and noncurrent amounts in a classified balance sheet and replaces it with a noncurrent classification of deferred tax assets and liabilities. The ASU applies to all entities and is effective for annual periods beginning after December 15, 2017, and interim periods thereafter, with early adoption permitted. The Company is currently evaluating the impact of adoption of this standard. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities”. This ASU amendment addresses aspects of recognition, measurement, presentation and disclosure of financial instruments. It affects investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value, and simplifies the impairment assessment of equity investments without a readily determinable fair value by requiring a qualitative assessment. The ASU applies to all entities and is effective for annual periods beginning after December 15, 2017, and interim periods thereafter, with early adoption permitted. The Company is currently evaluating the impact of adoption of this standard. Other than the above, the Company has determined that other significant newly issued accounting pronouncements and are either not applicable to the Company’s business or that no material effect is expected on the financial statements as a result of future adoption. |
MINERAL PROPERTY OPTION (Tables
MINERAL PROPERTY OPTION (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
Schedule of Mineral Properties [Table Text Block] | April 30, 2017 July 31, 2016 Klondike, British Columbia $ - $ 513,031 Indata, British Columbia - $ 50,000 Idaho-Maryland, California 3,238,872 - Total $ 3,238,872 $ 563,031 |
CAPITAL STOCK AND ADDITIONAL 22
CAPITAL STOCK AND ADDITIONAL PAID-IN-CAPITAL (Tables) | 9 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Jul. 31, 2016 | |
Schedule of Stock Option Outstanding [Table Text Block] | Number Exercise of Shares Price Expiry Date 1,100,000 $ 0.15 March 22, 2021 586,600 0.20 August 8, 2021 2,142,542 0.24 December 27, 2021 500,000 0.33 February 7, 2020 500,000 0.27 April 3, 2022 900,000 0.28 April 30, 2020 5,729,142 0.24 | Number Exercise of Shares Price Expiry Date 2,700,000 $ 0.15 January 31, 2021 |
Schedule of Stock Warrants Outstanding [Table Text Block] | Number Exercise of Warrants Price Expiry Date 192,670 $ 0.10 January 29, 2018 1,500,000 0.227 July 13, 2018 22,148,800 0.40 December 23, 2018 2,286,100 0.40 January 24, 2019 465,500 0.40 February 6, 2019 26,593,070 $ 0.39 | Number Exercise of Warrants Price Expiry Date 464,750 $ 0.10 January 29, 2018 1,500,000 0.227 July 13, 2018 1,964,750 $ 0.20 |
Schedule of stock option granted during the year [Table Text Block] | 2017 2016 Risk-free interest rate 0.76% 0.43% Expected life of warrants 2.0 years 2.0 years Expected annualized volatility 179.41% 215.30% Dividend nil nil Forfeiture rate 0% 0% | 2016 2015 Risk-free interest rate 0.64% N/A Expected life of options 5.00 years N/A Expected annualized volatility 151.50% N/A Dividend - N/A Forfeiture rate - N/A |
Schedule of Stock Options Over Time [Table Text Block] | Weighted Number of Average Options Exercise Price Balance, July 31, 2015 - $ - Options granted 2,700,000 0.15 Balance, July 31, 2016 2,700,000 $ 0.15 Options granted 4,629,142 0.26 Options exercised (400,000 ) (0.15 ) Options expired/forfeited (1,200,000 ) (0.15 ) Balance outstanding and exercisable, April 30, 2017 5,729,142 $ 0.24 | |
Schedule of Warrants Over Time [Table Text Block] | Weighted Number of Average Options Exercise Price Balance, July 31, 2015 - $ - Warrants issued 1,984,000 0.20 Warrants exercised (19,250 ) (0.10 ) Balance, July 31, 2016 1,964,750 $ 0.20 Warrants issued 24,900,400 0.40 Warrants exercised (272,080 ) (0.10 ) Balance outstanding, April 30, 2017 26,593,070 $ 0.39 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Schedule of income taxes statutory rates [Table Text Block] | 2016 2015 Loss before income taxes $ (633,466 ) $ (132,733 ) Expected income tax (recovery) at statutory tax rates $ (215,000 ) $ (45,000 ) Permanent differences 186,000 (4,000 ) Valuation allowance 29,000 49,000 Income tax recovery $ - $ - |
Schedule of deferred tax assets [Table Text Block] | 2016 2015 Deferred tax assets (liabilities): Mineral properties $ (72,000 ) $ - Net operating loss carry-forwards 632,000 476,000 Unrecognized deferred tax assets $ 560,000 $ 476,000 |
NATURE AND CONTINUANCE OF OPE24
NATURE AND CONTINUANCE OF OPERATIONS (Narrative) (Details) - CAD | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | ||||||
Apr. 30, 2017 | Apr. 30, 2016 | Jul. 31, 2016 | Jan. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Feb. 15, 2015 | Feb. 14, 2015 | |
Loss for the period | CAD 1,969,655 | CAD 428,814 | CAD 144,334 | CAD 489,132 | CAD 3,285,186 | CAD 489,132 | CAD 633,466 | CAD 132,733 | CAD 132,733 | ||
Accumulated Deficit | 5,122,155 | 1,836,969 | 5,122,155 | 1,836,969 | CAD 1,203,503 | 1,836,969 | |||||
Working capital deficiency | CAD 350,465 | CAD 58,602 | CAD 350,465 | CAD 58,602 | CAD 58,602 | ||||||
Authorized Capital of Company | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 21,000,000 |
BASIS OF PREPARATION (Narrative
BASIS OF PREPARATION (Narrative) (Details) | Jul. 31, 2015 |
Period End CAD USD Exchange Rate [Member] | |
Exchange rate | 0.8403 |
As on CAD USD Exchange Rate [Member] | |
Exchange rate | 0.7703 |
BAD DEBT EXPENSE (Narrative) (D
BAD DEBT EXPENSE (Narrative) (Details) - CAD | 9 Months Ended | 12 Months Ended | |
Apr. 30, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Bad debt expense | CAD 7,126 | CAD 7,126 | CAD 6,748 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - CAD | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 30, 2017 | Apr. 30, 2016 | Jan. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | Jul. 31, 2016 | Jul. 31, 2015 | |
Salaries | CAD 17,127 | CAD 0 | CAD 81,352 | CAD 0 | CAD 5,365 | CAD 0 | |
Share Based Compensation | CAD 439,809 | CAD 369,006 | CAD 369,006 | CAD 1,010,064 | CAD 369,006 | 369,006 | 0 |
Chief Executive Officer [Member] | |||||||
Salaries | 5,000 | 0 | |||||
Former CEO [Member] | |||||||
Consulting fees | 30,000 | 19,203 | |||||
Chief Financial Officer [Member] | |||||||
Consulting fees | 18,000 | 0 | |||||
Former CEO, CFO, and Director [Member] | |||||||
Share Based Compensation | CAD 246,004 | CAD 0 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) | Jul. 31, 2016CAD |
Operating Loss Carryforwards | CAD 1,859,000 |
SUPPLEMENTAL CASH FLOW INFORM29
SUPPLEMENTAL CASH FLOW INFORMATION (Narrative) (Details) - CAD | Apr. 30, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Shares Issued | 57,697,841 | 32,866,261 | 32,866,261 |
Fair value of Shares Issued | CAD 57,698 | CAD 32,867 | CAD 38,298 |
Schedule of Mineral Properties
Schedule of Mineral Properties (Details) - CAD | Apr. 30, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Mineral Property | CAD 3,238,872 | CAD 563,031 | CAD 20,000 |
Klondike, British Columbia [Member] | |||
Mineral Property | 0 | 513,031 | |
Indata, British Columbia [Member] | |||
Mineral Property | 0 | 50,000 | |
Idaho-Maryland, California [Member] | |||
Mineral Property | CAD 3,238,872 | CAD 0 |
Schedule of Stock Option Outsta
Schedule of Stock Option Outstanding (Details) - CAD / shares | Apr. 30, 2017 | Jul. 31, 2016 |
Number of Shares | 5,729,142 | |
Exercise Price | CAD 0.24 | |
Stock Option [Member] | ||
Number of Shares | 1,100,000 | 2,700,000 |
Exercise Price | CAD 0.15 | CAD 0.15 |
Stock Option [Member] | ||
Number of Shares | 586,600 | |
Exercise Price | CAD 0.20 | |
Stock Option [Member] | ||
Number of Shares | 2,142,542 | |
Exercise Price | CAD 0.24 | |
Stock Option [Member] | ||
Number of Shares | 500,000 | |
Exercise Price | CAD 0.33 | |
Stock Option [Member] | ||
Number of Shares | 500,000 | |
Exercise Price | CAD 0.27 | |
Stock Option [Member] | ||
Number of Shares | 900,000 | |
Exercise Price | CAD 0.28 | |
Warrant [Member] | ||
Number of Shares | 192,670 | 464,750 |
Exercise Price | CAD 0.10 | CAD 0.10 |
Warrant [Member] | ||
Number of Shares | 1,500,000 | 1,500,000 |
Exercise Price | CAD 0.227 | CAD 0.227 |
Warrant [Member] | ||
Number of Shares | 22,148,800 | |
Exercise Price | CAD 0.40 | |
Warrant [Member] | ||
Number of Shares | 2,286,100 | |
Exercise Price | CAD 0.40 | |
Warrant [Member] | ||
Number of Shares | 465,500 | |
Exercise Price | CAD 0.40 | |
Warrant [Member] | ||
Number of Shares | 26,593,070 | 1,964,750 |
Exercise Price | CAD 0.39 | CAD 0.20 |
Schedule of stock option grante
Schedule of stock option granted during the year (Details) | 9 Months Ended | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | Jul. 31, 2016 | |
Risk-free interest rate | 0.76% | 0.43% | 0.64% |
Expected life of options | 5 years | ||
Expected annualized volatility | 179.41% | 215.30% | 151.50% |
Warrant [Member] | |||
Expected life of options | 2 years | 2 years |
Schedule of income taxes statut
Schedule of income taxes statutory rates (Details) - CAD | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | ||||
Apr. 30, 2017 | Apr. 30, 2016 | Jul. 31, 2016 | Jan. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | |
Loss for the period | CAD (1,969,655) | CAD (428,814) | CAD (144,334) | CAD (489,132) | CAD (3,285,186) | CAD (489,132) | CAD (633,466) | CAD (132,733) | CAD (132,733) |
Expected income tax (recovery) at statutory tax rates | (215,000) | (45,000) | |||||||
Permanent differences | 186,000 | (4,000) | |||||||
Valuation allowance | 29,000 | 49,000 | |||||||
Income tax recovery | CAD 0 | CAD 0 |
Schedule of deferred tax assets
Schedule of deferred tax assets (Details) - CAD | Jul. 31, 2016 | Jul. 31, 2013 |
Mineral properties | CAD (72,000) | CAD 0 |
Net operating loss carry-forwards | 632,000 | 476,000 |
Unrecognized deferred tax assets | CAD 560,000 | CAD 476,000 |