Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2021 | Oct. 27, 2021 | Jan. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Jul. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity File Number | 000-53848 | ||
Entity Registrant Name | RISE GOLD CORP. | ||
Entity Central Index Key | 0001424864 | ||
Entity Tax Identification Number | 30-0692325 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 650 - 669 Howe Street | ||
Entity Address, Address Line Two | Vancouver | ||
Entity Address, State or Province | BC | ||
Entity Address, Country | CA | ||
Entity Address, Postal Zip Code | 0B4 | ||
City Area Code | 604 | ||
Local Phone Number | 260-4577 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 11,587,079 | ||
Entity Common Stock, Shares Outstanding | 26,770,298 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jul. 31, 2021 | Jul. 31, 2020 |
Current | ||
Cash | $ 773,279 | $ 3,378,826 |
Receivables | 44,113 | 20,043 |
Prepaid expenses | 339,034 | 363,646 |
Total Current Assets | 1,156,426 | 3,762,515 |
Non-current | ||
Mineral property interests | 4,149,053 | 4,149,053 |
Equipment | 575,781 | 601,360 |
Total assets | 5,881,260 | 8,512,928 |
Current | ||
Accounts payable and accrued liabilities | 165,892 | 415,292 |
Payable to related parties | 34,010 | 79,479 |
Total Current Liabilities | 199,902 | 494,771 |
Non-current | ||
Loan payable | 976,587 | 742,157 |
Warrant derivative | 441,766 | 2,218,107 |
Total liabilities | 1,618,255 | 3,455,035 |
Stockholders' deficit | ||
Capital stock, $0.001 par value, 400,000,000 shares authorized; 26,770,298 (July 31, 2020 - 26,436,965) shares issued and outstanding | 26,770 | 26,437 |
Additional paid-in capital | 23,884,796 | 23,076,139 |
Cumulative translation adjustment | (104,084) | (104,084) |
Deficit | (19,544,477) | (17,940,599) |
Total stockholders' equity | 4,263,005 | 5,057,893 |
Total liabilities and stockholders' deficit | $ 5,881,260 | $ 8,512,928 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jul. 31, 2021 | Jul. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 |
Common Stock, Shares Issued | 26,770,298 | 26,436,965 |
Common Stock, Shares Outstanding | 26,770,298 | 26,436,965 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
EXPENSES | ||
Accretion expense | $ 114,907 | $ 104,518 |
Consulting | 454,176 | 89,139 |
Directors' fees | 80,000 | 84,167 |
Filing and regulatory | 55,601 | 55,464 |
Foreign exchange | (20,297) | 21,451 |
General and administrative | 399,940 | 440,616 |
Geological, mineral, and prospect costs | 782,261 | 1,636,791 |
Interest expense | 119,523 | 101,014 |
Professional fees | 517,092 | 244,764 |
Promotion and shareholder communication | 175,567 | 176,652 |
Salaries | 145,545 | 149,724 |
Share-based payments | 560,792 | 357,271 |
Loss before other items | (3,385,107) | (3,461,571) |
Gain (loss) on fair value adjustment on warrant derivatives | 1,776,341 | (2,218,107) |
Gain on settlement of equipment loan | 0 | 19,924 |
Other income | 4,888 | 188,219 |
Net loss and comprehensive loss for the year | $ (1,603,878) | $ (5,471,535) |
Basic and diluted loss per common share | $ (0.06) | $ 0.25 |
Weighted average number of common shares outstanding (basic and diluted) | 26,721,896 | 21,835,235 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Loss for the year | $ (1,603,878) | $ (5,471,535) |
Items not involving cash | ||
Interest expense | 119,523 | 101,014 |
Depreciation | 25,579 | 22,986 |
Gain on settlement of equipment loan | 0 | (19,924) |
Share-based payments | 560,792 | 357,271 |
Accretion Expense | 114,907 | 104,518 |
Loss (gain) on fair value adjustment on warrant derivatives | (1,776,341) | 2,218,107 |
Unrealized loss on foreign exchange | 0 | 8,300 |
Non-cash working capital item changes: | ||
Receivables | (24,070) | (7,669) |
Prepaid expenses | 24,612 | (174,950) |
Accounts payables and accrued liabilities | (249,400) | (53,309) |
Payable to related parties | (45,469) | (50,159) |
Advance | 0 | (101,339) |
Net cash used in operating activities | (2,853,745) | (3,066,689) |
CASH FLOWS FROM FINANCING ACTIVITY | ||
Private placement | 250,000 | 5,499,131 |
Loan | 0 | 1,000,000 |
Loan financing expense | 0 | (15,000) |
Share issuance costs | (1,802) | (49,124) |
Repayment of equipment loan | 0 | (203,650) |
Net cash provided by financing activity | 248,198 | 6,231,357 |
Change in cash for the year | (2,605,547) | 3,164,668 |
Cash, beginning of year | 3,378,826 | 214,158 |
Cash, end of year | $ 773,279 | $ 3,378,826 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) | Capital Stock [Member] | Additional Paid-In Capital [Member] | Shares Subscribed [Member] | Cumulative Translation Adjustment [Member] | Deficit [Member] | Total |
Beginning Balance at Jul. 31, 2019 | $ 17,490 | $ 16,801,837 | $ 186,025 | $ 73,773 | $ (12,824,593) | $ 4,254,532 |
Beginning Balance, in shares at Jul. 31, 2019 | 17,490,488 | |||||
Effect of change in functional currency | (157,375) | 2,379 | (177,857) | 355,529 | 22,676 | |
Shares issued for Cash | $ 8,947 | 5,629,464 | (188,404) | 5,450,007 | ||
Shares issued for Cash, in shares | 8,946,477 | |||||
Share-based compensation | 357,271 | 357,271 | ||||
Warrants issued for financing expense | 444,942 | 444,942 | ||||
Loss for the period | (5,471,535) | (5,471,535) | ||||
Ending Balance at Jul. 31, 2020 | $ 26,437 | 23,076,139 | 0 | (104,084) | (17,940,599) | 5,057,893 |
Ending Balance, in shares at Jul. 31, 2020 | 26,436,965 | |||||
Shares issued for Cash | $ 333 | 247,865 | 248,198 | |||
Shares issued for Cash, in shares | 333,333 | |||||
Share-based compensation | 560,792 | 560,792 | ||||
Loss for the period | (1,603,878) | (1,603,878) | ||||
Ending Balance at Jul. 31, 2021 | $ 26,770 | $ 23,884,796 | $ 0 | $ (104,084) | $ (19,544,477) | $ 4,263,005 |
Ending Balance, in shares at Jul. 31, 2021 | 26,770,298 |
NATURE AND CONTINUANCE OF OPERA
NATURE AND CONTINUANCE OF OPERATIONS | 12 Months Ended |
Jul. 31, 2021 | |
Disclosure Nature And Continuance Of Operations [Abstract] | |
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 March 29, 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 September 18, 2020, the Company increased its authorized capital from 40,000,000 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 consolidated 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 its assets and discharge its liabilities in the normal course of business. The Company has incurred a loss of $1,603,878 for the year ended July 31, 2021 and has accumulated a deficit of $19,544,477. The ability of the Company to continue as a going concern is dependent on the Company's ability to maintain continued support from its shareholders and creditors and to raise additional capital and implement its business plan. There is no assurance that the Company will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. However, management believes that the Company has sufficient working capital to meet its projected minimum financial obligations for the next fiscal year. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. In March 2020, the novel coronavirus outbreak ("COVID-19") was declared a pandemic by the World Health Organization. The situation is dynamic and the ultimate duration and magnitude of the impact on the economy and the Company's business are not known at this time. These impacts could include an impact on the Company's ability to obtain debt and equity financing to fund ongoing exploration activities as well as its ability to explore and conduct business. These consolidated 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, 2021, the Company had working capital of $956,524 (2020 - working capital of $3,267,744). |
BASIS OF PREPARATION
BASIS OF PREPARATION | 12 Months Ended |
Jul. 31, 2021 | |
Disclosure Basis Of Preparation [Abstract] | |
BASIS OF PREPARATION [Text Block] | 2. BASIS OF PREPARATION Generally accepted accounting principles These consolidated 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. Basis of Consolidation These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Rise Grass Valley Inc. All significant intercompany accounts and transactions have been eliminated on consolidation. 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. Intercompany transactions, balances and unrealized gains or losses on transactions are eliminated upon consolidation. 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. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 3. SIGNIFICANT ACCOUNTING POLICIES Functional and reporting currency The Company's functional and reporting currency is the United States dollar. Transactions in currencies other than the functional currency of the Company are initially translated into the functional currency by applying the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing at the date of the statement of financial position. Non-monetary assets and liabilities are translated at historical exchange rates, unless the item is carried at fair value, in which case it will be translated at the exchange rate in effect at the date when the fair value was determined. Resulting foreign exchange gains and losses are recognized in income or loss. Derivatives Derivatives are initially recognized at the fair value on the date the derivative contract is entered into and transaction costs are expensed. The Company's derivatives are subsequently re-measured at their fair value at each balance sheet date with changes in fair value recognized in profit or loss. As the exercise price of the Company's warrants are in Canadian Dollars, and the functional currency of the Company is the United States Dollar, these warrants are considered a derivative as a variable amount of cash in the Company's functional currency will be received upon exercise. 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, consisting of equipment 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. Equipment Equipment is recorded at cost less accumulated depreciation. Depreciation is provided over the assets' useful lives on a straight-line basis. Equipment purchased by the Company is depreciated over 15 years. 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 adjusts net income (loss) attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares such as stock options and warrants. As at July 31, 2021, 2,223,500 outstanding options and 6,851,380 outstanding warrants were excluded from the diluted calculation. Financial instruments The Company's financial instruments consist of cash, receivables, accounts payable and accrued liabilities, loan payable, payable to related parties and equipment loan. 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 Level 3 - Inputs that are not based on observable market data. Cash is considered level 1 and classified as cash on hand and held at banks. Financial instruments, including payable to related parties, loan payable, accounts payable and accrued liabilities and equipment loan 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, 2021, and 2020, 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. Share-based compensation for all stock-based awards to employees and directors 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. 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. Current income taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss from the current year and any adjustment to income taxes payable related to previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or subsequently enacted by the year-end date. 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. Recently adopted and recently issued accounting standards 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. |
PREPAID EXPENSES
PREPAID EXPENSES | 12 Months Ended |
Jul. 31, 2021 | |
Disclosure Prepaid Expenses [Abstract] | |
PREPAID EXPENSES [Text Block] | 4. PREPAID EXPENSES July 31, 2021 July 31, 2020 Insurance $ 74,862 $ 57,875 Deposits 263,779 303,190 Other 393 2,581 $ 339,034 $ 363,646 |
MINERAL PROPERTY INTERESTS
MINERAL PROPERTY INTERESTS | 12 Months Ended |
Jul. 31, 2021 | |
Extractive Industries [Abstract] | |
MINERAL PROPERTY INTERESTS [Text Block] | 5. MINERAL PROPERTY INTERESTS The Company's mineral properties balance consists of: Idaho-Maryland, California Ending balance, July 31, 2021 and 2020 $ 4,149,053 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, 2021, the Company holds title to the Idaho-Maryland Gold Mine Property. As of July 31, 2021, based on management's review of the carrying value of mineral rights, management determined that there is no evidence that the cost of these acquired mineral rights will not be fully recovered and accordingly, the Company determined that no adjustment to the carrying value of mineral rights was required. As of the date of these consolidated financial statements, the Company has not established any proven or probable reserves on its mineral properties and has incurred only acquisition and exploration costs. 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 was required to pay $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 $25,000, which would be credited against the purchase price of $2,000,000 upon exercise of the option. On November 30, 2016, the Company negotiated an extension on the closing date of the option agreement to December 26, 2016, in return for a cash payment of $25,000, which would be credited against the purchase price of $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 $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 $140,000 equal to 7% of the purchase price of $2,000,000. The commission was settled on January 25, 2017 through the issuance of 92,000 units valued at $1.16 (C$2.00) per unit. Each unit consisted of one share of common stock and one transferable share purchase warrant exercisable into one share of common stock at a price of $3.04 (C$4.00) for a period of two years from the date of issuance. The Company also incurred additional transaction costs of $109,053, which have been included in the carrying value of the Idaho-Maryland Gold Mine. 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 was required to pay $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 $100,000, which was credited against the purchase price of $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 $200,000, at which time a payment of $1,600,000 was due in order to exercise the option. On June 7, 2017, the Company negotiated an extension of the closing date of the option agreement to September 30, 2017, in return for a cash payment of $300,000, at which time a payment of $1,300,000 was due in order to exercise the option. On May 14, 2018, the Company completed the purchase of the surface rights totalling approximately 82 acres by making final payments totalling $1,300,000. As at July 31, 2021, the Company has incurred cumulative exploration expenditures of $7,169,662 on the Idaho-Maryland Gold Mine property as follows: Year ended Year ended Idaho-Maryland Gold Mine expenditures: Opening balance $ 6,387,402 $ 4,750,611 Consulting 520,690 1,472,374 Engineering 12,770 32,543 Exploration 124,987 (117,792 ) Rent 91,208 71,363 Supplies 2,474 11,007 Sampling 187 112,153 Logistics 4,366 32,157 Depreciation 25,579 22,986 Total expenditures for the year 782,261 1,636,791 Closing balance $ 7,169,662 $ 6,387,402 |
EQUIPMENT AND EQUIPMENT LOAN
EQUIPMENT AND EQUIPMENT LOAN | 12 Months Ended |
Jul. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
EQUIPMENT AND EQUIPMENT LOAN [Text Block] | 6. EQUIPMENT AND EQUIPMENT LOAN Cost Drilling equipment At July 31, 2019 $ 638,267 Foreign currency translation adjustment 6,580 At July 31, 2020 $ 644,847 At July 31, 2021 $ 644,847 Accumulated depreciation At July 31, 2019 $ 20,501 Depreciation 22,986 At July 31, 2020 $ 43,487 Depreciation 25,579 At July 31, 2021 $ 69,066 Total carrying value, July 31, 2020 $ 601,360 Total carrying value, July 31, 2021 $ 575,781 During the year ended July 31, 2018, the Company recorded an equipment loan of $495,481 in connection with two diamond core drilling rigs purchased. As at July 31, 2019, the outstanding balance on this loan was $223,574. Pursuant to an agreement with the lender, the Company completed the purchase of the drilling equipment by making a lump sum payment which was due on or before December 1, 2019. Early settlement of the equipment loan resulted in a gain on settlement of equipment loan of $19,924. |
CONTINGENCY
CONTINGENCY | 12 Months Ended |
Jul. 31, 2021 | |
Debt Disclosure [Abstract] | |
CONTINGENCY [Text Block] | 7. 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS [Text Block] | 8. 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) b) c) d) e) |
LOAN PAYABLE
LOAN PAYABLE | 12 Months Ended |
Jul. 31, 2021 | |
Debt Disclosure [Abstract] | |
LOAN PAYABLE [Text Block] | 9. LOAN PAYABLE On September 3, 2019, the Company completed a debt financing with Eridanus Capital LLC (the "Lender") for $1,000,000 (the "Loan"). The Loan has a term of 4 years and an annual interest rate of 10% for the first two years increasing to 20% in year 3 and to 25% in year 4. Interest will accrue and be paid along with the principal upon the maturity date. The Lender received 1,150,000 bonus share purchase warrants as additional consideration for advancing the Loan. The fair value of these warrants was calculated to be $444,942 which was netted against the loan payable balance along with $15,000 paid to the lender for a total of $459,942 in issuance costs. Each warrant entitles the holder to acquire one share of common stock at an exercise price of $0.80 (C$1.00) for a period of three years from the date of issuance. The Loan may be repaid prior to the maturity date, in whole or in part, provided that all accrued interest is paid. In addition, if total interest payments are less than $200,000, the difference will be paid to the Lender as prepayment compensation. The Loan is secured against the assets of the Company and its subsidiary and will be used for permitting, engineering, and working capital at the Company's Idaho Maryland Gold Project. Loan Payable Balance, July 31, 2019 $ — Proceeds 1,000,000 Issuance costs (459,942 ) Interest expense 97,581 Accretion expense 104,518 Balance, July 31, 2020 $ 742,157 Interest expense 119,523 Accretion expense 114,907 Balance, July 31, 2021 $ 976,587 |
WARRANT DERIVATIVE
WARRANT DERIVATIVE | 12 Months Ended |
Jul. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
WARRANT DERIVATIVE [Text Block] | 10. WARRANT DERIVATIVE The exercise price of the Company's share purchase warrants is fixed in Canadian dollars and the functional currency of the Company is the US dollar. These warrants are considered to be a derivative as a variable amount of cash in the Company's functional currency that will be received on exercise of the warrants. Accordingly, the share purchase warrants issued as part of past financings, are classified, and accounted for as warrant derivative. Share purchase warrants with a compensatory nature are not included in this calculation. The following table shows a continuity of the Company's fair value of warrant derivative: Warrant derivative Number of warrants Balance, August 1, 2019 $ 1,604,768 8,049,428 Addition 1,521,930 4,473,238 Expiry (9,010 ) (1,362,747 ) Fair value adjustment (899,581 ) — Balance, July 31, 2020 $ 2,218,107 11,159,919 Expiry — (5,679,836 ) Fair value adjustment (1,776,341 ) — Balance, July 31, 2021 $ 441,766 5,480,083 During the year ended July 31, 2021, the Company recorded a gain on fair value adjustment on warrant derivative of $1,776,341 (July 31, 2020 - loss of $2,218,107). The following weighted average assumptions were used for the Black-Scholes pricing model valuation of warrants derivative as at July 31, 2021 and July 31, 2020: July 31, 2021 July 31, 2020 Risk-free interest rate 1.52% 1.52% Expected life of warrants 0.08 - 1.14 years 0.46 to 2.05 years Expected annualized volatility 83.6% to 118.2% 92.6% to 117.0% Dividend Nil Nil Forfeiture rate 0% 0% |
CAPITAL STOCK AND ADDITIONAL PA
CAPITAL STOCK AND ADDITIONAL PAID-IN-CAPITAL | 12 Months Ended |
Jul. 31, 2021 | |
Disclosure Capital Stock And Additional Paid In Capital [Abstract] | |
CAPITAL STOCK AND ADDITIONAL PAID-IN-CAPITAL [Text Block] | 11. CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL Private Placements On August 19, 2019, the Company completed the second tranche of a non-brokered private placement for a total of $2,412,281 (C$3,207,850) through the sale of 4,582,644 units at a price of $0.53 (C$0.70) per unit where each unit consists of one share of common stock and one-half of one share purchase warrant. Each whole warrant is exercisable into one share of common stock at a price of $0.80 (C$1.00) until August 19, 2022. The Company has paid finders' fees and associated legal fees of $8,710 and issued a total of 11,196 finder's warrants valued at $4,990, entitling the holder to acquire one share at a price of $0.80 (C$1.00) until August 19, 2022. On July 31, 2020, the Company completed a non-brokered private placement for a total of $3,272,875 through the issuance of 4,363,833 units at a price of $0.75 per Unit (C$1.02 per Unit), with each Unit comprising of one share of common stock (a "Share") and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one Share at an exercise price of $1.00 until July 31, 2022. The Company paid a total of $40,414 in finders' fees and issued a total of 43,435 finder's warrants with a fair value of $15,500, where each finder's warrant entitles the holder to acquire one Share at a price of $1.00 until July 31, 2022. The following weighted average assumptions were used for the Black-Scholes pricing model valuation of these warrants: Risk-free interest rate - 1.52%; expected volatility - 115.42%; share price of C$0.86 and strike price - C$1.02; expected life of warrants - 2 years. To accommodate the lack of authorized capital to facilitate the closing of the private placement, the Company's President and CEO surrendered 1,097,298 stock options priced between C$0.70 and C$2.40 per share. On September 23, 2020, the Company completed a non-brokered private placement for a total of $250,000 through the issuance of 333,333 units at a price of $0.75 per Unit (C$1.02 per Unit), with each Unit comprising one share of common stock and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one Share at an exercise price of $1.00 (C$1.36) until September 21, 2022. The Company has paid associated legal fees of $1,802 in connection with this financing. Stock Options During the year ended July 31, 2020, the Company granted a total of 826,284 stock options with a fair value of $357,271 to employees, officers, directors, and consultants of the Company, exercisable at a weighted average price of C$0.68 per share for a period of five years. On September 22, 2020, the Company granted a total of 1,338,500 stock options to the Company's President and CEO, Benjamin Mossman. The stock options are exercisable at a price of $0.90 (C$1.20) per share until September 22, 2025. The Company recorded share-based compensation of $560,792 in connection with this grant. The following incentive stock options were outstanding as at July 31, 2021: Number of Options Weighted Average Exercise Price (C$) Expiry Date 75,000 0.50 March 17, 2023 350,000 1.20 April 19, 2023 180,000 1.00 November 30, 2023 290,000 0.70 August 21, 2024 1,338,500 1.20 September 22, 2025 2,233,500 1.09 Stock option transactions are summarized as follows: Number of Options Weighted Average Exercise Price ($C) Balance outstanding and exercisable, July 31, 2019 1,451,014 $ 1.54 Options granted 826,284 0.68 Options expired (175,000 ) 2.44 Options forfeited (1,097,298 ) 1.25 Balance outstanding and exercisable, July 31, 2020 1,005,000 1.00 Options granted 1,338,500 1.20 Options expired (110,000 ) 1.50 Balance outstanding and exercisable, July 31, 2021 2,233,500 $ 1.09 As at July 31, 2021, the aggregate intrinsic value of the Company's stock options is $1,313 (July 31, 2020 - $11,532). Risk-free interest rate 1.52% 1.52% Expected life of stock options 5 years 3-5 years Expected annualized volatility 119.09% 117.21%-123.27% Dividend Nil Nil Forfeiture rate 0% 0% Warrants The following warrants were outstanding as at July 31, 2021: Number Exercise 288,125 1.20 August 31, 2021 200,313 1.20 September 17, 2021 518,407 1.00 July 3, 2022 2,302,517 1.00 August 19, 2022 1,150,000 1.00 September 3, 2022 2,225,352 1.36 July 31, 2022 166,666 1.36 September 21, 2022 6,851,380 1.14 Number of Warrants Weighted Average Balance, July 31, 2019 8,196,524 $ 1.57 Warrants issued 5,677,869 1.00 Warrants expired (1,402,393 ) (2.50 ) Balance, July 31, 2020 12,472,000 $ 1.27 Warrants issued 166,666 1.36 Warrants expired (5,787,286 ) (1.30 ) Balance, July 31, 2021 6,851,380 $ 1.14 The following weighted average assumptions were used for the Black-Scholes pricing model valuation of finders' warrants issued during the year ended July 31: 2021 2020 Risk-free interest rate 1.52% 1.52% Expected life of warrants 0.08-1.14 years 2.0 -2.05 years Expected annualized volatility 83.6%-118.2% 115.42%-116.76% 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. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES [Text Block] | 12. INCOME TAXES A reconciliation of income taxes (recovery) at statutory rates with the reported taxes is as follows: Loss before income taxes $ (1,603,878 ) $ (5,471,535 ) Expected income tax (recovery) at statutory tax rates $ (429,000 ) $ (1,148,000 ) Change in statutory, foreign tax, foreign exchange rates and other 1,094,000 (158,000 ) Permanent differences 150,000 253,000 Adjustment to prior years provision versus statutory tax return and expiry of non-capital losses — (7,000 ) Change in unrecognized deductible temporary difference (815,000 ) 1,060,000 Income tax recovery $ — $ — Significant components of deferred tax assets (liabilities) that have not been included on the Company's consolidated balance sheet are as follows: Deferred tax assets (liabilities): Mineral property interest $ 27,000 $ 1,381,000 Non-capital losses available for future period 1,091,000 2,228,000 1,118,000 3,609,000 Unrecognized deferred tax assets (1,118,000 ) (3,609,000 ) Net deferred tax assets $ — $ — The Company has approximately $4,085,000 (2020 - $7,650,000) in net operating losses which may be carried forward and applied against taxable income in future years. The significant components of the Company's temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of financial position are as follows: 2021 Expiry Date Range 2020 Expiry Date Range Temporary Differences Exploration and evaluation assets $ 181,000 No expiry date $ 5,435,000 No expiry date Equipment — No expiry date 501,000 No expiry date Non-capital losses available for future period 4,085,000 2027 to Indefinite 10,175,000 2027 to Indefinite USA $ 4,085,000 2027 to Indefinite $ 10,175,000 2027 to Indefinite Tax attributes are subject to review and potential adjustments by tax authorities. |
SUPPLEMENTAL DISCLOSURE WITH RE
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12 Months Ended |
Jul. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS [Text Block] | 13. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS During the years ended July 31, 2021 and 2020, the Company had the following non-cash financing and investing activities: For the year ended July 31, 2021: a) For the year ended July 31, 2020: b) c) |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Jul. 31, 2021 | |
Disclosure Segmented Information [Abstract] | |
SEGMENTED INFORMATION [Text Block] | 14. SEGMENTED INFORMATION A reporting segment is defined as a component of the Company that: — — — The Company has determined that it operates its business in one geographical segment located in California, United States, where all of its equipment and mineral property interests are located. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Generally accepted accounting principles [Policy Text Block] | Generally accepted accounting principles These consolidated 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. |
Basis of Consolidation [Policy Text Block] | Basis of Consolidation These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Rise Grass Valley Inc. All significant intercompany accounts and transactions have been eliminated on consolidation. 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. Intercompany transactions, balances and unrealized gains or losses on transactions are eliminated upon consolidation. |
Use of Estimates [Policy Text Block] | 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. |
Functional and reporting currency [Policy Text Block] | Functional and reporting currency The Company's functional and reporting currency is the United States dollar. Transactions in currencies other than the functional currency of the Company are initially translated into the functional currency by applying the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing at the date of the statement of financial position. Non-monetary assets and liabilities are translated at historical exchange rates, unless the item is carried at fair value, in which case it will be translated at the exchange rate in effect at the date when the fair value was determined. Resulting foreign exchange gains and losses are recognized in income or loss. |
Derivatives [Policy Text Block] | Derivatives Derivatives are initially recognized at the fair value on the date the derivative contract is entered into and transaction costs are expensed. The Company's derivatives are subsequently re-measured at their fair value at each balance sheet date with changes in fair value recognized in profit or loss. As the exercise price of the Company's warrants are in Canadian Dollars, and the functional currency of the Company is the United States Dollar, these warrants are considered a derivative as a variable amount of cash in the Company's functional currency will be received upon exercise. |
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, consisting of equipment 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. |
Equipment [Policy Text Block] | Equipment Equipment is recorded at cost less accumulated depreciation. Depreciation is provided over the assets' useful lives on a straight-line basis. Equipment purchased by the Company is depreciated over 15 years. |
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 adjusts net income (loss) attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares such as stock options and warrants. As at July 31, 2021, 2,223,500 outstanding options and 6,851,380 outstanding warrants were excluded from the diluted calculation. |
Financial instruments [Policy Text Block] | Financial instruments The Company's financial instruments consist of cash, receivables, accounts payable and accrued liabilities, loan payable, payable to related parties and equipment loan. 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. 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 Level 3 - Inputs that are not based on observable market data. Cash is considered level 1 and classified as cash on hand and held at banks. Financial instruments, including payable to related parties, loan payable, accounts payable and accrued liabilities and equipment loan 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 [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, 2021, and 2020, 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 [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. Share-based compensation for all stock-based awards to employees and directors 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. |
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. Current income taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss from the current year and any adjustment to income taxes payable related to previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or subsequently enacted by the year-end date. 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. |
Recently adopted and recently issued accounting standards [Policy Text Block] | Recently adopted and recently issued accounting standards 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. |
PREPAID EXPENSES (Tables)
PREPAID EXPENSES (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Disclosure Prepaid Expenses [Abstract] | |
Schedule of Prepaid Expenses [Table Text Block] | July 31, 2021 July 31, 2020 Insurance $ 74,862 $ 57,875 Deposits 263,779 303,190 Other 393 2,581 $ 339,034 $ 363,646 |
MINERAL PROPERTY INTERESTS (Tab
MINERAL PROPERTY INTERESTS (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Disclosure Mineral Property Interests [Abstract] | |
Schedule of Mineral Properties [Table Text Block] | Idaho-Maryland, California Ending balance, July 31, 2021 and 2020 $ 4,149,053 |
Schedule of Idaho-Maryland Gold Mine expenditures [Table Text Block] | Year ended Year ended Idaho-Maryland Gold Mine expenditures: Opening balance $ 6,387,402 $ 4,750,611 Consulting 520,690 1,472,374 Engineering 12,770 32,543 Exploration 124,987 (117,792 ) Rent 91,208 71,363 Supplies 2,474 11,007 Sampling 187 112,153 Logistics 4,366 32,157 Depreciation 25,579 22,986 Total expenditures for the year 782,261 1,636,791 Closing balance $ 7,169,662 $ 6,387,402 |
EQUIPMENT AND EQUIPMENT LOAN (T
EQUIPMENT AND EQUIPMENT LOAN (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Drilling Equipment [Table Text Block] | Cost Drilling equipment At July 31, 2019 $ 638,267 Foreign currency translation adjustment 6,580 At July 31, 2020 $ 644,847 At July 31, 2021 $ 644,847 Accumulated depreciation At July 31, 2019 $ 20,501 Depreciation 22,986 At July 31, 2020 $ 43,487 Depreciation 25,579 At July 31, 2021 $ 69,066 Total carrying value, July 31, 2020 $ 601,360 Total carrying value, July 31, 2021 $ 575,781 |
LOAN PAYABLE (Tables)
LOAN PAYABLE (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Disclosure Loan Payable [Abstract] | |
Schedule of Loan Payable [Table Text Block] | Loan Payable Balance, July 31, 2019 $ — Proceeds 1,000,000 Issuance costs (459,942 ) Interest expense 97,581 Accretion expense 104,518 Balance, July 31, 2020 $ 742,157 Interest expense 119,523 Accretion expense 114,907 Balance, July 31, 2021 $ 976,587 |
WARRANT DERIVATIVE (Tables)
WARRANT DERIVATIVE (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Liability [Table Text Block] | Warrant derivative Number of warrants Balance, August 1, 2019 $ 1,604,768 8,049,428 Addition 1,521,930 4,473,238 Expiry (9,010 ) (1,362,747 ) Fair value adjustment (899,581 ) — Balance, July 31, 2020 $ 2,218,107 11,159,919 Expiry — (5,679,836 ) Fair value adjustment (1,776,341 ) — Balance, July 31, 2021 $ 441,766 5,480,083 |
Schedule of Weighted Average Assumptions of Warrants [Table Text Block] | July 31, 2021 July 31, 2020 Risk-free interest rate 1.52% 1.52% Expected life of warrants 0.08 - 1.14 years 0.46 to 2.05 years Expected annualized volatility 83.6% to 118.2% 92.6% to 117.0% Dividend Nil Nil Forfeiture rate 0% 0% |
CAPITAL STOCK AND ADDITIONAL _2
CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Disclosure Capital Stock And Additional Paidincapital Tables Abstract | |
Schedule of Stock Options Roll Forward [Table Text Block] | Number of Options Weighted Average Exercise Price (C$) Expiry Date 75,000 0.50 March 17, 2023 350,000 1.20 April 19, 2023 180,000 1.00 November 30, 2023 290,000 0.70 August 21, 2024 1,338,500 1.20 September 22, 2025 2,233,500 1.09 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted Average Exercise Price ($C) Balance outstanding and exercisable, July 31, 2019 1,451,014 $ 1.54 Options granted 826,284 0.68 Options expired (175,000 ) 2.44 Options forfeited (1,097,298 ) 1.25 Balance outstanding and exercisable, July 31, 2020 1,005,000 1.00 Options granted 1,338,500 1.20 Options expired (110,000 ) 1.50 Balance outstanding and exercisable, July 31, 2021 2,233,500 $ 1.09 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-free interest rate 1.52% 1.52% Expected life of stock options 5 years 3-5 years Expected annualized volatility 119.09% 117.21%-123.27% Dividend Nil Nil Forfeiture rate 0% 0% |
Schedule of warrants outstanding [Table Text Block] | Number Exercise 288,125 1.20 August 31, 2021 200,313 1.20 September 17, 2021 518,407 1.00 July 3, 2022 2,302,517 1.00 August 19, 2022 1,150,000 1.00 September 3, 2022 2,225,352 1.36 July 31, 2022 166,666 1.36 September 21, 2022 6,851,380 1.14 |
Schedule of warrants activity [Table Text Block] | Number of Warrants Weighted Average Balance, July 31, 2019 8,196,524 $ 1.57 Warrants issued 5,677,869 1.00 Warrants expired (1,402,393 ) (2.50 ) Balance, July 31, 2020 12,472,000 $ 1.27 Warrants issued 166,666 1.36 Warrants expired (5,787,286 ) (1.30 ) Balance, July 31, 2021 6,851,380 $ 1.14 |
Schedule of warrants, valuation assumptions [Table Text Block] | 2021 2020 Risk-free interest rate 1.52% 1.52% Expected life of warrants 0.08-1.14 years 2.0 -2.05 years Expected annualized volatility 83.6%-118.2% 115.42%-116.76% Dividend Nil Nil Forfeiture rate 0% 0% |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of effective rate reconciliation [Table Text Block] | Loss before income taxes $ (1,603,878 ) $ (5,471,535 ) Expected income tax (recovery) at statutory tax rates $ (429,000 ) $ (1,148,000 ) Change in statutory, foreign tax, foreign exchange rates and other 1,094,000 (158,000 ) Permanent differences 150,000 253,000 Adjustment to prior years provision versus statutory tax return and expiry of non-capital losses — (7,000 ) Change in unrecognized deductible temporary difference (815,000 ) 1,060,000 Income tax recovery $ — $ — |
Schedule of deferred tax assets [Table Text Block] | Deferred tax assets (liabilities): Mineral property interest $ 27,000 $ 1,381,000 Non-capital losses available for future period 1,091,000 2,228,000 1,118,000 3,609,000 Unrecognized deferred tax assets (1,118,000 ) (3,609,000 ) Net deferred tax assets $ — $ — |
Schedule of company temporary differences, unused tax credits and unused tax losses [Table Text Block] | 2021 Expiry Date Range 2020 Expiry Date Range Temporary Differences Exploration and evaluation assets $ 181,000 No expiry date $ 5,435,000 No expiry date Equipment — No expiry date 501,000 No expiry date Non-capital losses available for future period 4,085,000 2027 to Indefinite 10,175,000 2027 to Indefinite USA $ 4,085,000 2027 to Indefinite $ 10,175,000 2027 to Indefinite |
NATURE AND CONTINUANCE OF OPE_2
NATURE AND CONTINUANCE OF OPERATIONS (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Sep. 18, 2020 | Sep. 17, 2020 | |
Authorized capital | 400,000,000 | 400,000,000 | 400,000,000 | 40,000,000 |
Loss for the period | $ (1,603,878) | $ (5,471,535) | ||
Accumulated deficit | (19,544,477) | (17,940,599) | ||
Working capital | $ 956,524 | $ 3,267,744 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended |
Jul. 31, 2021shares | |
Accounting Policies [Abstract] | |
Depreciation method | straight-line basis |
Equipment, useful life | 15 years |
Outstanding options [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Number of securities excluded from the diluted calculation | 2,223,500 |
Outstanding warrants [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Number of securities excluded from the diluted calculation | 6,851,380 |
PREPAID EXPENSES - Schedule of
PREPAID EXPENSES - Schedule of Prepaid Expenses (Details) - USD ($) | Jul. 31, 2021 | Jul. 31, 2020 |
Disclosure Prepaid Expenses Details Abstract | ||
Insurance | $ 74,862 | $ 57,875 |
Prepaid Deposits | 263,779 | 303,190 |
Other | 393 | 2,581 |
Prepaid Expenses | $ 339,034 | $ 363,646 |
MINERAL PROPERTY INTERESTS (Nar
MINERAL PROPERTY INTERESTS (Narrative) (Details) | May 14, 2018USD ($) | Jun. 07, 2017USD ($) | Jan. 06, 2017USD ($) | Jan. 25, 2017USD ($)shares | Aug. 30, 2016USD ($) | Jul. 31, 2021USD ($) | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | Jan. 25, 2017$ / shares | Jan. 25, 2017USD ($)$ / shares |
Idaho Maryland Gold Mine Property [Member] | ||||||||||
Mineral Property Interests [Line Items] | ||||||||||
Percentage of interest acquired | 100.00% | 100.00% | ||||||||
Purchase price for acquisition of assets | $ 2,000,000 | |||||||||
Payments for non-refundable cash deposit | $ 25,000 | |||||||||
Purchase price | $ 1,950,000 | |||||||||
Payments for commissions | $ 140,000 | |||||||||
Commission percentage on purchase price | 7.00% | |||||||||
Number of units issued | shares | 92,000 | |||||||||
Issuance price per unit | (per share) | $ 2 | $ 1.16 | ||||||||
Warrant exercise price | (per share) | $ 4 | $ 3.04 | ||||||||
Transaction costs | $ 109,053 | |||||||||
Cumulative exploration expenditures | $ 7,169,662 | $ 6,387,402 | $ 4,750,611 | |||||||
Sierra Pacific Industries Inc [Member] | ||||||||||
Mineral Property Interests [Line Items] | ||||||||||
Percentage of interest acquired | 100.00% | |||||||||
Purchase price for acquisition of assets | $ 1,900,000 | |||||||||
Payments for non-refundable cash deposit | 100,000 | |||||||||
Cash payment | $ 1,300,000 | $ 300,000 | 200,000 | |||||||
Payment due in order to exercise option | $ 1,300,000 | $ 1,600,000 |
MINERAL PROPERTIES - Schedule o
MINERAL PROPERTIES - Schedule of Mineral Properties (Details) - USD ($) | Jul. 31, 2021 | Jul. 31, 2020 |
Mineral Property Interests [Line Items] | ||
Mineral property interests | $ 4,149,053 | $ 4,149,053 |
Idaho-Maryland, California | ||
Mineral Property Interests [Line Items] | ||
Mineral property interests | $ 4,149,053 | $ 4,149,053 |
MINERAL PROPERTIES - Schedule_2
MINERAL PROPERTIES - Schedule of Idaho-Maryland Gold Mine expenditures (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Mineral Property Interests [Line Items] | ||
Depreciation | $ 25,579 | $ 22,986 |
Idaho Maryland Gold Mine Property [Member] | ||
Mineral Property Interests [Line Items] | ||
Opening balance | 6,387,402 | 4,750,611 |
Consulting | 520,690 | 1,472,374 |
Engineering | 12,770 | 32,543 |
Exploration Expense | 124,987 | (117,792) |
Rent | 91,208 | 71,363 |
Supplies | 2,474 | 11,007 |
Sampling | 187 | 112,153 |
Logistics | 4,366 | 32,157 |
Depreciation | 25,579 | 22,986 |
Total expenditures for the year | 782,261 | 1,636,791 |
Closing balance | $ 7,169,662 | $ 6,387,402 |
EQUIPMENT AND EQUIPMENT LOAN (N
EQUIPMENT AND EQUIPMENT LOAN (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Equipment loan | $ 223,574 | $ 495,481 | ||
Gain on settlement of equipment loan | $ 0 | $ 19,924 |
EQUIPMENT AND EQUIPMENT LOAN -
EQUIPMENT AND EQUIPMENT LOAN - Schedule of Drilling Equipment (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Accumulated depreciation | ||
Depreciation | $ 25,579 | $ 22,986 |
Total Carrying Value | 575,781 | 601,360 |
Drilling Equipment [Member] | ||
Cost | ||
Beginning Balance | 644,847 | 638,267 |
Foreign currency translation adjustment | 6,580 | |
Ending Balance | 644,847 | 644,847 |
Accumulated depreciation | ||
Beginning Balance | 43,487 | 20,501 |
Depreciation | 25,579 | 22,986 |
Ending Balance | 69,066 | 43,487 |
Total Carrying Value | $ 575,781 | $ 601,360 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Salaries | $ 145,545 | $ 149,724 |
Directors fees | 80,000 | 84,167 |
Professional fees | 517,092 | 244,764 |
Due to related parties | 34,010 | 79,479 |
Chief Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Salaries | 135,000 | 135,000 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Directors fees | 80,000 | 84,167 |
Professional fees | 141,304 | 133,708 |
Equity Option [Member] | ||
Related Party Transaction [Line Items] | ||
Share-based compensation | $ 560,792 | $ 326,393 |
LOAN PAYABLE (Narrative) (Detai
LOAN PAYABLE (Narrative) (Details) | Sep. 03, 2019USD ($) | Jul. 31, 2021USD ($) | Jul. 31, 2020USD ($) | Sep. 03, 2019$ / shares | Sep. 03, 2019USD ($)$ / sharesshares |
Debt Instrument [Line Items] | |||||
Proceeds | $ 0 | $ 1,000,000 | |||
Eridanus Capital LLC [Member] | Loans payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds | $ 1,000,000 | 1,000,000 | |||
Loan term | 4 years | ||||
Interest rate description | annual interest rate of 10% for the first two years increasing to 20% in year 3 and to 25% in year 4. Interest will accrue and be paid along with the principal upon the maturity date | ||||
Number of warrants received | shares | 1,150,000 | ||||
Fair value of warrants received | $ 444,942 | ||||
Amount paid to lender | $ 15,000 | ||||
Issuance costs | $ 459,942 | $ 459,942 | |||
Warrant exercise price | (per share) | $ 1 | $ 0.80 | |||
Debt Instrument, Description | The Loan may be repaid prior to the maturity date, in whole or in part, provided that all accrued interest is paid. In addition, if total interest payments are less than $200,000, the difference will be paid to the Lender as prepayment compensation. | ||||
Eridanus Capital LLC [Member] | Loans payable [Member] | Interest rate in first two years [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 10.00% | ||||
Eridanus Capital LLC [Member] | Loans payable [Member] | Interest rate in year three [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 20.00% | ||||
Eridanus Capital LLC [Member] | Loans payable [Member] | Interest rate in year four [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 25.00% |
LOAN PAYABLE - Schedule of Loan
LOAN PAYABLE - Schedule of Loan Payable (Details) - USD ($) | Sep. 03, 2019 | Jul. 31, 2021 | Jul. 31, 2020 |
Debt Instrument [Line Items] | |||
Balance | $ 742,157 | ||
Proceeds | 0 | $ 1,000,000 | |
Accretion expense | 114,907 | 104,518 | |
Balance | 976,587 | 742,157 | |
Eridanus Capital LLC [Member] | Loans payable [Member] | |||
Debt Instrument [Line Items] | |||
Balance | 742,157 | 0 | |
Proceeds | $ 1,000,000 | 1,000,000 | |
Issuance costs | $ (459,942) | (459,942) | |
Interest expense | 119,523 | 97,581 | |
Accretion expense | 114,907 | 104,518 | |
Balance | $ 976,587 | $ 742,157 |
WARRANT DERIVATIVE (Narrative)
WARRANT DERIVATIVE (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gain (loss) on fair value adjustment on warrant derivatives | $ 1,776,341 | $ (2,218,107) |
WARRANT DERIVATIVE - Schedule o
WARRANT DERIVATIVE - Schedule of Derivative Liability (Details) - Warrant derivative [Member] - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Derivative [Line Items] | ||
Warrant derivative, Beginning Balance | $ 2,218,107 | $ 1,604,768 |
Number of warrants accounted for as derivative liability, Beginning Balance | 11,159,919 | 8,049,428 |
Warrant derivative, Addition | $ 1,521,930 | |
Number of warrants accounted for as derivative liability, Addition | 4,473,238 | |
Warrant derivative, Expiry | $ 0 | $ (9,010) |
Number of warrants accounted for as derivative liability, Expiry | (5,679,836) | (1,362,747) |
Warrant derivative, Fair value adjustment | $ (1,776,341) | $ (899,581) |
Warrant derivative, Ending Balance | $ 441,766 | $ 2,218,107 |
Number of warrants accounted for as derivative liability, Ending Balance | 5,480,083 | 11,159,919 |
WARRANT DERIVATIVE - Schedule_2
WARRANT DERIVATIVE - Schedule of Weighted Average Assumptions of Warrants (Details) - Warrant derivative [Member] | Jul. 31, 2021Year | Jul. 31, 2020Year |
Risk-free interest rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 1.52 | 1.52 |
Expected life of warrants [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 0.08 | 0.46 |
Expected life of warrants [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 1.14 | 2.05 |
Expected annualized volatility [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 83.6 | 92.6 |
Expected annualized volatility [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 118.2 | 117 |
Dividend [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 0 | 0 |
Forfeiture rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Liability, Measurement Input | 0 | 0 |
CAPITAL STOCK AND ADDITIONAL _3
CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL - (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||
Aug. 31, 2021shares | Sep. 23, 2020USD ($)shares | Sep. 22, 2020$ / shares | Sep. 22, 2020USD ($)$ / sharesshares | Jul. 31, 2020USD ($)shares | Aug. 19, 2019CAD ($)$ / sharesshares | Aug. 19, 2019USD ($)shares | Jul. 31, 2021USD ($)$ / shares | Jul. 31, 2021USD ($)shares | Jul. 31, 2020$ / shares | Jul. 31, 2020USD ($)shares | Sep. 23, 2020$ / shares | Sep. 23, 2020$ / shares | Jul. 31, 2020USD ($)$ / shares | Aug. 19, 2019$ / shares | |
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Proceeds from Issuance of Private Placement | $ 250,000 | $ 5,499,131 | |||||||||||||
Legal fees | $ 454,176 | $ 89,139 | |||||||||||||
Subsequent Event [Member] | |||||||||||||||
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Number of warrants expired unexercised | shares | 488,438 | ||||||||||||||
Employees, Officers, Directors, And Consultants [Member] | |||||||||||||||
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Percentage of issued and outstanding common stock issued for options | 10.00% | ||||||||||||||
Maximum contractual term | 5 years | ||||||||||||||
Equity Option [Member] | |||||||||||||||
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Risk-free interest rate | 1.52% | 1.52% | |||||||||||||
Expected annualized volatility | 119.09% | ||||||||||||||
Expected life | 5 years | ||||||||||||||
Number of options granted | shares | 1,338,500 | 826,284 | |||||||||||||
Weighted average exercise price of options granted | $ / shares | $ 1.20 | $ 0.68 | |||||||||||||
Equity Option [Member] | Minimum [Member] | |||||||||||||||
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Expected annualized volatility | 117.21% | ||||||||||||||
Expected life | 3 years | ||||||||||||||
Equity Option [Member] | Maximum [Member] | |||||||||||||||
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Expected annualized volatility | 123.27% | ||||||||||||||
Expected life | 5 years | ||||||||||||||
Equity Option [Member] | President and CEO [Member] | |||||||||||||||
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Number of options granted | shares | 1,338,500 | ||||||||||||||
Weighted average exercise price of options granted | (per share) | $ 1.20 | $ 0.90 | |||||||||||||
Share based compensation expense | $ 560,792 | ||||||||||||||
Aggregate intrinsic value of options | $ 1,313 | $ 1,313 | $ 11,532 | ||||||||||||
Equity Option [Member] | Employees, Officers, Directors, And Consultants [Member] | |||||||||||||||
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Number of options granted | shares | 826,284 | ||||||||||||||
Fair value of options granted | $ 357,271 | ||||||||||||||
Weighted average exercise price of options granted | $ / shares | $ 0.68 | ||||||||||||||
Remaining contractual term for options exercisable | 5 years | ||||||||||||||
Non-brokered private placement [Member] | |||||||||||||||
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Amount of non brokered private placement | $ 250,000 | $ 3,272,875 | |||||||||||||
Number of unit of non-brokered private placement | shares | 333,333 | 4,363,833 | |||||||||||||
Sale of stock, price per share | (per share) | 1.02 | $ 1.02 | $ 0.75 | $ 0.75 | |||||||||||
Warrant exercise price | (per share) | $ 1.36 | $ 1 | 1 | ||||||||||||
Legal fees | $ 1,802 | ||||||||||||||
Non-brokered private placement [Member] | Finder Warrants [Member] | |||||||||||||||
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Warrant exercise price | $ / shares | $ 1 | ||||||||||||||
Finders and legal fees | $ 40,414 | ||||||||||||||
Number of finders warrants issued | shares | 43,435 | ||||||||||||||
Value of finders warrants issued | $ 15,500 | ||||||||||||||
Risk-free interest rate | 1.52% | ||||||||||||||
Expected annualized volatility | 115.42% | ||||||||||||||
Share Price | $ / shares | 0.86 | ||||||||||||||
Strike price | $ / shares | 1.02 | ||||||||||||||
Expected life | 2 years | ||||||||||||||
Non-brokered private placement [Member] | Second tranche [Member] | |||||||||||||||
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Amount of non brokered private placement | $ 3,207,850 | $ 2,412,281 | |||||||||||||
Number of unit of non-brokered private placement | shares | 4,582,644 | 4,582,644 | |||||||||||||
Sale of stock, price per share | (per share) | $ 0.70 | $ 0.53 | |||||||||||||
Description of issuance of shares under second tranche of non brokered private placement | each Unit comprising of one share of common stock (a "Share") and one-half of one share purchase warrant | each unit consists of one share of common stock and one-half of one share purchase warrant | each unit consists of one share of common stock and one-half of one share purchase warrant | ||||||||||||
Warrant exercise price | (per share) | $ 1 | 0.80 | |||||||||||||
Non-brokered private placement [Member] | Second tranche [Member] | Finder Warrants [Member] | |||||||||||||||
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Warrant exercise price | (per share) | $ 1 | $ 0.80 | |||||||||||||
Finders and legal fees | $ 8,710 | ||||||||||||||
Number of finders warrants issued | shares | 11,196 | 11,196 | |||||||||||||
Value of finders warrants issued | $ 4,990 | ||||||||||||||
Non-brokered private placement [Member] | Equity Option [Member] | President and CEO [Member] | |||||||||||||||
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Number of shares surrendered | shares | 1,097,298 | ||||||||||||||
Non-brokered private placement [Member] | Equity Option [Member] | President and CEO [Member] | Minimum [Member] | |||||||||||||||
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Share Price | $ / shares | 0.70 | ||||||||||||||
Non-brokered private placement [Member] | Equity Option [Member] | President and CEO [Member] | Maximum [Member] | |||||||||||||||
Capital Stock And Additional Paid In Capital [Line Items] | |||||||||||||||
Share Price | $ / shares | $ 2.40 |
CAPITAL STOCK AND ADDITIONAL _4
CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL (Details) | 12 Months Ended |
Jul. 31, 2021$ / sharesshares | |
Equity Option [Member] | |
Capital Stock And Additional Paid In Capital [Line Items] | |
Number of Shares | shares | 2,233,500 |
Exercise Price | $ / shares | $ 1.09 |
Stock Option One [Member] | |
Capital Stock And Additional Paid In Capital [Line Items] | |
Number of Shares | shares | 75,000 |
Exercise Price | $ / shares | $ 0.50 |
Expiry Date | Mar. 17, 2023 |
Stock Option Two [Member] | |
Capital Stock And Additional Paid In Capital [Line Items] | |
Number of Shares | shares | 350,000 |
Exercise Price | $ / shares | $ 1.20 |
Expiry Date | Apr. 19, 2023 |
Stock Option Three [Member] | |
Capital Stock And Additional Paid In Capital [Line Items] | |
Number of Shares | shares | 180,000 |
Exercise Price | $ / shares | $ 1 |
Expiry Date | Nov. 30, 2023 |
Stock Option Four [Member] | |
Capital Stock And Additional Paid In Capital [Line Items] | |
Number of Shares | shares | 290,000 |
Exercise Price | $ / shares | $ 0.70 |
Expiry Date | Aug. 21, 2024 |
Stock Option Five [Member] | |
Capital Stock And Additional Paid In Capital [Line Items] | |
Number of Shares | shares | 1,338,500 |
Exercise Price | $ / shares | $ 1.20 |
Expiry Date | Sep. 22, 2025 |
Warrant One [Member] | |
Capital Stock And Additional Paid In Capital [Line Items] | |
Number of Shares | shares | 288,125 |
Exercise Price | $ / shares | $ 1.20 |
Expiry Date | Aug. 31, 2021 |
Warrant Two [Member] | |
Capital Stock And Additional Paid In Capital [Line Items] | |
Number of Shares | shares | 200,313 |
Exercise Price | $ / shares | $ 1.20 |
Expiry Date | Sep. 17, 2021 |
Warrant Three [Member] | |
Capital Stock And Additional Paid In Capital [Line Items] | |
Number of Shares | shares | 518,407 |
Exercise Price | $ / shares | $ 1 |
Expiry Date | Jul. 3, 2022 |
Warrant Four [Member] | |
Capital Stock And Additional Paid In Capital [Line Items] | |
Number of Shares | shares | 2,302,517 |
Exercise Price | $ / shares | $ 1 |
Expiry Date | Aug. 19, 2022 |
Warrant Five [Member] | |
Capital Stock And Additional Paid In Capital [Line Items] | |
Number of Shares | shares | 1,150,000 |
Exercise Price | $ / shares | $ 1 |
Expiry Date | Sep. 3, 2022 |
Warrant Six [Member] | |
Capital Stock And Additional Paid In Capital [Line Items] | |
Number of Shares | shares | 2,225,352 |
Exercise Price | $ / shares | $ 1.36 |
Expiry Date | Jul. 31, 2022 |
Warrant Seven [Member] | |
Capital Stock And Additional Paid In Capital [Line Items] | |
Number of Shares | shares | 166,666 |
Exercise Price | $ / shares | $ 1.36 |
Expiry Date | Sep. 21, 2022 |
Warrant [Member] | |
Capital Stock And Additional Paid In Capital [Line Items] | |
Number of Shares | shares | 6,851,380 |
Exercise Price | $ / shares | $ 1.14 |
CAPITAL STOCK AND ADDITIONAL _5
CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL (Details 1) - $ / shares | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Equity Option [Member] | ||
Number of Options/Warrants | ||
Beginning Balance | 1,005,000 | 1,451,014 |
Options granted | 1,338,500 | 826,284 |
Options expired | (110,000) | (175,000) |
Options forfeited | (1,097,298) | |
Ending Balance | 2,233,500 | 1,005,000 |
Weighted Average Exercise Price | ||
Beginning Balance | $ 1 | $ 1.54 |
Options granted | 1.20 | 0.68 |
Options expired | 1.50 | 2.44 |
Options forfeited | 1.25 | |
Ending Balance | $ 1.09 | $ 1 |
Warrant [Member] | ||
Number of Options/Warrants | ||
Beginning Balance | 12,472,000 | 8,196,524 |
Options granted | 166,666 | 5,677,869 |
Options expired | (5,787,286) | (1,402,393) |
Ending Balance | 6,851,380 | 12,472,000 |
Weighted Average Exercise Price | ||
Beginning Balance | $ 1.27 | $ 1.57 |
Options granted | 1.36 | 1 |
Options expired | 1.30 | 2.50 |
Ending Balance | $ 1.14 | $ 1.27 |
CAPITAL STOCK AND ADDITIONAL _6
CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL (Details 2) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Equity Option [Member] | ||
Capital Stock And Additional Paid In Capital [Line Items] | ||
Risk-free interest rate | 1.52% | 1.52% |
Expected life | 5 years | |
Expected annualized volatility | 119.09% | |
Dividend | 0.00% | 0.00% |
Forfeiture rate | 0.00% | 0.00% |
Equity Option [Member] | Minimum [Member] | ||
Capital Stock And Additional Paid In Capital [Line Items] | ||
Expected life | 3 years | |
Expected annualized volatility | 117.21% | |
Equity Option [Member] | Maximum [Member] | ||
Capital Stock And Additional Paid In Capital [Line Items] | ||
Expected life | 5 years | |
Expected annualized volatility | 123.27% | |
Warrant [Member] | ||
Capital Stock And Additional Paid In Capital [Line Items] | ||
Risk-free interest rate | 1.52% | 1.52% |
Dividend | 0.00% | 0.00% |
Forfeiture rate | 0.00% | 0.00% |
Warrant [Member] | Minimum [Member] | ||
Capital Stock And Additional Paid In Capital [Line Items] | ||
Expected life | 29 days | 2 years |
Expected annualized volatility | 83.60% | 115.42% |
Warrant [Member] | Maximum [Member] | ||
Capital Stock And Additional Paid In Capital [Line Items] | ||
Expected life | 1 year 1 month 20 days | 2 years 18 days |
Expected annualized volatility | 118.20% | 116.76% |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | Jul. 31, 2021 | Jul. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating losses | $ 4,085,000 | $ 7,650,000 |
INCOME TAXES - Schedule of effe
INCOME TAXES - Schedule of effective rate reconciliation (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Loss before income taxes | $ (1,603,878) | $ (5,471,535) |
Expected income tax (recovery) at statutory tax rates | (429,000) | (1,148,000) |
Change in statutory, foreign tax, foreign exchange rates and other | 1,094,000 | (158,000) |
Permanent differences | 150,000 | 253,000 |
Adjustment to prior years provision versus statutory tax return and expiry of non-capital losses | 0 | (7,000) |
Change in unrecognized deductible temporary difference | (815,000) | 1,060,000 |
Income tax recovery | $ 0 | $ 0 |
INCOME TAXES - Schedule of defe
INCOME TAXES - Schedule of deferred tax assets (Details) - USD ($) | Jul. 31, 2021 | Jul. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Mineral property interest | $ 27,000 | $ 1,381,000 |
Non-capital losses available for future period | 1,091,000 | 2,228,000 |
Deferred tax assets, gross | 1,118,000 | 3,609,000 |
Unrecognized deferred tax assets | (1,118,000) | (3,609,000) |
Net deferred tax assets | $ 0 | $ 0 |
INCOME TAXES - Schedule of comp
INCOME TAXES - Schedule of company temporary differences, unused tax credits and unused tax losses (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Income Tax Disclosure [Line Items] | ||
Operating loss carry forward | $ 4,085,000 | $ 7,650,000 |
Exploration and evaluation assets [Member] | ||
Income Tax Disclosure [Line Items] | ||
Operating loss carry forward | $ 181,000 | $ 5,435,000 |
Expiry date range | No expiry date | No expiry date |
Equipment [Member] | ||
Income Tax Disclosure [Line Items] | ||
Operating loss carry forward | $ 0 | $ 501,000 |
Expiry date range | No expiry date | No expiry date |
Non-capital losses available for future period [Member] | ||
Income Tax Disclosure [Line Items] | ||
Operating loss carry forward | $ 4,085,000 | $ 10,175,000 |
Expiry date range | 2027 to Indefinite | 2027 to Indefinite |
USA [Member] | ||
Income Tax Disclosure [Line Items] | ||
Operating loss carry forward | $ 4,085,000 | $ 10,175,000 |
Expiry date range | 2027 to Indefinite | 2027 to Indefinite |
SUPPLEMENTAL DISCLOSURE WITH _2
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Narrative) (Details) | 12 Months Ended | ||
Jul. 31, 2021CAD ($)$ / sharesshares | Jul. 31, 2021USD ($)shares | Jul. 31, 2020USD ($) | |
Supplemental Cash Flow Elements [Line Items] | |||
Interest Expense | $ | $ 119,523 | $ 101,014 | |
Finder's warrants (One) [Member] | |||
Supplemental Cash Flow Elements [Line Items] | |||
Number of finders warrants issued | shares | 11,196 | 11,196 | |
Warrant exercise price | $ / shares | $ 1 | ||
Fair value of warrants | $ | $ 4,990 | ||
Finder's warrants (Two) [Member] | |||
Supplemental Cash Flow Elements [Line Items] | |||
Number of finders warrants issued | shares | 43,435 | 43,435 | |
Warrant exercise price | $ / shares | $ 1.02 | ||
Fair value of warrants | $ 20,777 | $ 15,500 |