Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Aug. 31, 2016 | Oct. 13, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | Corvus Gold Inc. | |
Entity Central Index Key | 1,507,964 | |
Trading Symbol | corvf | |
Current Fiscal Year End Date | --05-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 92,344,582 | |
Document Type | 10-Q | |
Document Period End Date | Aug. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Interim Consolidated
Condensed Interim Consolidated Balance Sheets (Current Period Unaudited) | Aug. 31, 2016CAD | May 31, 2016CAD |
Current assets | ||
Cash and cash equivalents | CAD 6,038,546 | CAD 4,783,519 |
Accounts receivable | 22,147 | 28,810 |
Prepaid expenses | 164,113 | 166,853 |
Total current assets | 6,224,806 | 4,979,182 |
Property and equipment (note 3) | 80,986 | 82,051 |
Capitalized acquisition costs (note 4) | 4,279,560 | 4,261,680 |
Total assets | 10,585,352 | 9,322,913 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 6) | 119,497 | 236,861 |
Total current liabilities | 119,497 | 236,861 |
Asset retirement obligations (note 4) | 293,713 | 293,578 |
Total liabilities | 413,210 | 530,439 |
Shareholders’ equity | ||
Share capital (note 5) | 72,658,209 | 69,890,670 |
Contributed surplus (note 5) | 12,075,643 | 11,977,459 |
Accumulated other comprehensive income - cumulative translation differences | 1,188,268 | 1,168,386 |
Deficit accumulated during the exploration stage | (75,749,978) | (74,244,041) |
Total shareholders’ equity | 10,172,142 | 8,792,474 |
Total liabilities and shareholders’ equity | CAD 10,585,352 | CAD 9,322,913 |
Condensed Interim Consolidated3
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - CAD | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Operating expenses | ||
Administration | CAD 361 | CAD 2,775 |
Consulting fees (notes 5 and 6) | 161,266 | 192,393 |
Depreciation (note 3) | 5,322 | 6,300 |
Exploration expenditures (notes 4 and 5) | 653,506 | 790,059 |
Insurance | 29,482 | 31,060 |
Investor relations (notes 5 and 6) | 145,480 | 164,774 |
Office and miscellaneous | 28,885 | 38,622 |
Professional fees (note 5) | 65,162 | 70,482 |
Regulatory | 22,829 | 26,981 |
Rent | 28,883 | 26,300 |
Travel | 18,829 | 17,675 |
Wages and benefits (notes 5 and 6) | 340,086 | 579,010 |
Total operating expenses | (1,500,091) | (1,946,431) |
Other income (expense) | ||
Interest income | 8,764 | 5,565 |
Gain on sale of capitalized acquisition costs (note 4(b)) | 25,728 | |
Foreign exchange gain (loss) | (14,610) | 93,846 |
Total other income (expense) | (5,846) | 125,139 |
Net loss for the period | (1,505,937) | (1,821,292) |
Other comprehensive income | ||
Exchange difference on translating foreign operations | 19,882 | 322,090 |
Comprehensive loss for the period | CAD (1,486,055) | CAD (1,499,202) |
Basic and diluted net loss per share (in Canadian Dollar per share) | CAD (0.02) | CAD (0.02) |
Weighted average number of shares outstanding (in shares) | 91,105,452 | 80,168,928 |
Condensed Interim Consolidated4
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - CAD | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Operating activities | ||
Net loss for the period | CAD (1,505,937) | CAD (1,821,292) |
Add items not affecting cash: | ||
Depreciation | 5,322 | 6,300 |
Stock-based compensation (note 5) | 176,238 | 294,881 |
Gain on sale of capitalized acquisition costs (note 4b)) | (25,728) | |
(Gain) loss on foreign exchange | 14,610 | (93,846) |
Changes in non-cash items: | ||
Accounts receivable | 6,663 | (2,093) |
Prepaid expenses | 2,740 | 57,050 |
Accounts payable and accrued liabilities | (117,364) | (123,447) |
Cash used in operating activities | (1,417,728) | (1,708,175) |
Financing activities | ||
Cash received from issuance of shares | 2,701,000 | |
Share issuance costs | (11,515) | |
Cash provided by financing activities | 2,689,485 | |
Investing activities | ||
Expenditures on property and equipment | (4,271) | |
Cash received from sale of capitalized acquisition costs (note 4b)) | 25,728 | |
Cash provided by (used in) investing activities | (4,271) | 25,728 |
Effect of foreign exchange on cash | (12,459) | 160,150 |
Increase (decrease) in cash and cash equivalents | 1,255,027 | (1,522,297) |
Cash and cash equivalents, beginning of the period | 4,783,519 | 5,159,962 |
Cash and cash equivalents, end of the period | CAD 6,038,546 | CAD 3,637,665 |
Condensed Interim Consolidated5
Condensed Interim Consolidated Statement of Changes in Equity (Unaudited) - 3 months ended Aug. 31, 2016 - CAD | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at May. 31, 2016 | 89,594,582 | ||||
Balance at May. 31, 2016 | CAD 69,890,670 | CAD 11,977,459 | CAD 1,168,386 | CAD (74,244,041) | CAD 8,792,474 |
Net loss for the period | (1,505,937) | (1,505,937) | |||
Private placement (in shares) | 2,550,000 | ||||
Private placement | CAD 2,601,000 | CAD 2,601,000 | |||
Exercise of stock options (in shares) | 200,000 | 200,000 | |||
Exercise of stock options | CAD 100,000 | CAD 100,000 | |||
Exchange difference on translating foreign operations | 19,882 | 19,882 | |||
Share issuance costs | (11,515) | (11,515) | |||
Reclassification of contributed surplus on exercise of stock options | CAD 78,054 | (78,054) | |||
Stock-based compensation | 176,238 | 176,238 | |||
Balance (in shares) at Aug. 31, 2016 | 92,344,582 | ||||
Balance at Aug. 31, 2016 | CAD 72,658,209 | CAD 12,075,643 | CAD 1,188,268 | CAD (75,749,978) | CAD 10,172,142 |
Note 1 - Nature and Continuance
Note 1 - Nature and Continuance of Operations | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. NATURE AND CONTINUANCE OF OPERATIONS On August 25, 2010, International Tower Hill Mines Ltd. (“ITH”) completed a Plan of Arrangement (the “Arrangement”) whereby its existing Alaska mineral properties (other than the Livengood project) and related assets and the North Bullfrog mineral property and related assets in Nevada (collectively, the “Nevada and Other Alaska Business”) were indirectly spun out into a new public company, being Corvus Gold Inc. (“Corvus” or the “Company”). As part of the Arrangement, ITH transferred its wholly-owned subsidiary Corvus Nevada (which held the North Bullfrog property), to Corvus and a wholly-owned Alaskan subsidiary of ITH, Talon Gold Alaska, Inc. sold to Raven Gold, the Terra, Chisna, LMS and West Pogo properties. As a consequence of the completion of the Arrangement, the Terra, Chisna, LMS, West Pogo and North Bullfrog properties were transferred to Corvus. The Company was incorporated on April 13, 2010 under the Business Corporations Act (British Columbia) The Company is engaged in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. At August 31, 2016, the Company had interests in a property in Nevada, U.S.A. The business of mining and exploration involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The Company has no source of revenue, and has significant cash requirements to meet its administrative overhead and maintain its mineral property interests. The recoverability of amounts shown for mineral properties is dependent on several factors. These include the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development of these properties, and future profitable production or proceeds from disposition of mineral properties. The carrying value of the Company’s mineral properties does not reflect current or future values. These condensed interim consolidated financial statements have been prepared on a going concern basis, which presume the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. The Company’s ability to continue as a going concern is dependent upon achieving profitable operations and/or obtaining additional financing. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future within one year from the date the condensed interim consolidated financial statements are issued. There is substantial doubt upon the Company’s ability to continue as going concern, as explained in the following paragraphs. The Company has sustained losses from operations, has negative cash flows, and has an ongoing requirement for capital investment to explore its mineral properties. As at August 31, 2016, the Company had working capital of $6,105,309 compared to working capital of $4,742,321 as at May 31, 2016. On July 15, 2016, the Company closed a non-brokered private placement equity financing and issued 2,550,000 common shares at a price of $1.02 per Share for gross proceeds of $2,601,000. Based on its current plans, budgeted expenditures, and cash requirements, the Company does not have sufficient cash to finance its current plans for the 12 months from the date the condensed interim consolidated financial statement are issued and will be required to raise additional funds through public or private equity financings, significantly reduce exploration expenditures and administrative expenses, or consider other options such as sales of its mineral properties, in order to continue in business. The Company also expects that it will need to raise substantial additional capital to accomplish its business plan over the next several years. Should such financing not be available in that time-frame, the Company will be required to reduce its activities and will not be able to carry out all of its presently planned exploration and development activities on its currently anticipated scheduling. These condensed interim consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue in business. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation These unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These unaudited condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended May 31, 2016 as filed in our Annual Report on Form 10-K. In the opinion of the Company’s management these financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s financial position at August 31, 2016 and the results of its operations for the three months then ended. Operating results for the three months ended August 31, 2016 are not necessarily indicative of the results that may be expected for the year ending May 31, 2017. The 2016 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The preparation of financial statements in conformity with US GAAP requires management to make judgments, 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 revenues and expenses during the period. These judgments, estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. Basis of consolidation These unaudited condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (collectively, the “Group”), Corvus Gold (USA) Inc. (“Corvus USA”) (a Nevada corporation), Corvus Gold Nevada Inc. (“Corvus Nevada”) (a Nevada corporation), Raven Gold Alaska Inc. (“Raven Gold”) (an Alaska corporation) and SoN Land and Water LLC (“SoN”) (a Nevada limited liability company). All intercompany transactions and balances were eliminated upon consolidation. Earnings (loss) per share Basic loss per share is calculated using the weighted average number of common shares outstanding during the period. The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on earnings (loss) per share is calculated presuming the exercise of outstanding options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. For the period ended August 31, 2016, 7,831,000 outstanding stock options (2015 – 7,376,334) were not included in the calculation of diluted earnings (loss) per share as their inclusion was anti-dilutive. |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. PROPERTY AND EQUIPMENT Computer Vehicles Tent Total Cost Balance, May 31, 2016 $ 68,885 $ 89,434 $ 65,550 $ 223,869 Additions 4,271 - - 4,271 Currency translation adjustments 30 41 30 101 Balance, August 31, 2016 $ 73,186 $ 89,475 $ 65,580 $ 228,241 Depreciation Balance, May 31, 2016 $ 43,495 $ 70,529 $ 27,794 $ 141,818 Depreciation for the period 2,051 1,403 1,868 5,322 Currency translation adjustments 34 48 33 115 Balance, August 31, 2016 $ 45,580 $ 71,980 $ 29,695 $ 147,255 Carrying amounts Balance, May 31, 2016 $ 25,390 $ 18,905 $ 37,756 $ 82,051 Balance, August 31, 2016 $ 27,606 $ 17,495 $ 35,885 $ 80,986 |
Note 4 - Mineral Properties
Note 4 - Mineral Properties | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Mineral Industries Disclosures [Text Block] | 4. MINERAL PROPERTIES The Company had the following activity related to capitalized acquisition costs: North Total (notes 4d)) Balance, May 31, 2016 $ 4,261,680 $ 4,261,680 Currency translation adjustments 17,880 17,880 Balance, August 31, 2016 $ 4,279,560 $ 4,279,560 The following table presents costs incurred for exploration and evaluation activities for the three months ended August 31, 2016: North Total (notes 4d)) Exploration costs: Assay $ 102,964 $ 102,964 Drilling 212,022 212,022 Equipment rental 8,588 8,588 Field costs 39,974 39,974 Geological/ Geophysical 56,675 56,675 Land maintenance & tenure 204,645 204,645 Permits 2,565 2,565 Studies 14,036 14,036 Travel 12,037 12,037 Total expenditures for the period $ 653,506 $ 653,506 The following table presents costs incurred for exploration and evaluation activities for the three months ended August 31, 2015: West Pogo Chisna North Bullfrog LMS Total (note 4b)) (note 4a)) (notes 4d)) (note 4c)) Exploration costs: Assay $ - $ - $ 179,175 $ - $ 179,175 Drilling - - 137,820 - 137,820 Equipment rental - - 9,676 - 9,676 Field costs 181 90 27,466 162 27,899 Geological/ Geophysical - 6,210 143,228 - 149,438 Land maintenance & tenure - - 204,475 - 204,475 Permits - - 632 - 632 Studies - - 194,022 - 194,022 Transportation - - - 823 823 Travel - 913 21,244 - 22,157 181 7,213 917,738 985 926,117 Cost recovery (23,802 ) (7,418 ) - (104,838 ) (136,058 ) Total expenditures for the period $ (23,621 ) $ (205 ) $ 917,738 $ (103,853 ) $ 790,059 a) Chisna Property, Alaska The Chisna property is located in the eastern Alaska Range, Alaska, and is comprised of unpatented mineral claims owned 100% by the Company and fee simple lands leased from Ahtna Incorporated (“Ahtna”). On November 2, 2009, ITH and Talon Gold Alaska, Inc. (ITH’s wholly-owned Alaskan subsidiary) entered into an agreement (as amended) with Ocean Park Ventures Corp. (“OPV”). Pursuant to the agreement, an Alaskan subsidiary of OPV and Raven Gold formed a joint venture for the purpose of exploring and developing the Chisna property. On November 7, 2012, OPV withdrew from the joint venture and thereby returned 100% of the Chisna Project to the Company. On March 24, 2010, Raven Gold entered into a Mineral Exploration Agreement with Option to Lease with Ahtna, an Alaska Native Regional Corporation, concerning approximately 26,516 hectares of fee simple lands in the Athell Area of Alaska surrounding or adjacent to some of the blocks of mineral claims owned by Raven Gold. During the year ended May 31, 2015, the Company gave notification and terminated the Ahtna lease. During the year ended May 31, 2016, the Company wrote off the Chisna property as the Company, at the time, had reduced the Chisna property to 36 core claims. On April 5, 2016, Raven Gold completed a transaction with Millrock Resources Inc. (“Millrock”) on the Chisna property. The ownership of the property was sold for USD 25,000 and a retained net smelter return (“NSR”) royalty of 1% on precious metals and 1% on base metals. b) West Pogo Property, Alaska The West Pogo property is located approximately 50 kilometres north of Delta Junction, Alaska, and consists of unpatented mineral claims owned 100% by the Company. During the year ended May 31, 2014, the Company wrote off the West Pogo property, as there had been a delay in exploration work on the property for an extended period of time. During the year ended May 31, 2016, Raven Gold completed a transaction with Millrock Resources Inc. (“Millrock”) on the West Pogo and Goodpaster database projects in Alaska. The ownership position was sold for $25,728 (USD 20,000) and the Goodpaster database project was sold for $136,058 (USD 100,000) and reflected as cost recovery for the West Pogo and LMS project. For the West Pogo project, the Company retained net smelter return (“NSR”) royalties of 3% on precious metals and 1% on base metals with 1% of the precious metal royalty buy down for USD 2 million and a further 1% for an additional USD 5 million. For the Goodpaster database, the Company retained NSR royalty of 1% on all new claims acquired within the defined Area of Interest which totals some 1,500 square kilometres covering the largest gold producing District in Alaska. One half of the royalty can be purchased for USD 2 million. c) LMS Property, Alaska The LMS property consists of unpatented mineral claims owned 100% by the Company. During the year ended May 31, 2016, the Company sold the LMS property for a consideration of $473,585 (USD 350,000) and was granted a retained NSR royalty of 3% on precious metals and 1% on base metals with a 1% on buy down of the precious metal royalty for USD$4,000,000. d) North Bullfrog Project, Nevada The Company’s North Bullfrog project consists of certain leased patented lode mining claims and federal unpatented mining claims owned 100% by the Company. (i) Interests acquired from Redstar Gold Corp. On October 9, 2009, a US subsidiary of ITH at the time (Corvus Nevada) completed the acquisition of all of the interests of Redstar Gold Corp. (“Redstar”) and Redstar Gold U.S.A. Inc. (“Redstar US”) in the North Bullfrog project, which consisted of the following leases: (1) Pursuant to a mining lease and option to purchase agreement made effective October 27, 2008 between Redstar and an arm’s length limited liability company, Redstar has leased (and has the option to purchase) 12 patented mining claims referred to as the “Connection” property. The ten-year, renewable mining lease requires advance minimum royalty payments (recoupable from production royalties, but not applicable to the purchase price if the option to purchase is exercised) of USD 10,800 (paid) on signing and annual payments for the first three anniversaries of USD 10,800 (paid) and USD 16,200 for every year thereafter (paid to October 27, 2015). Redstar has an option to purchase the property (subject to the NSR royalty below) for USD 1,000,000 at any time during the life of the lease. Production is subject to a 4% NSR royalty, which may be purchased by the lessee for USD 1,250,000 per 1% (USD 5,000,000 for the entire royalty). (2) Pursuant to a mining lease made and entered into as of May 8, 2006 between Redstar and two arm’s length individuals, Redstar has leased 3 patented mining claims which form part of the North Bullfrog project holdings. The lease is for an initial term of 10 years, and for so long thereafter as mining activities continue on the claims or contiguous claims held by the lessee. The lessee is required to pay advance minimum royalty payments (recoupable from production royalties) of USD 4,000 on execution, USD 3,500 on each of May 8, 2007, 2008 and 2009 (paid), USD 4,500 on May 8, 2010 and each anniversary thereafter, adjusted for inflation (paid to May 8, 2016). The lessor is entitled to receive a 2% NSR royalty on all production, which may be purchased by the lessee for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). (3) Pursuant to a mining lease made and entered into as of May 8, 2006 between Redstar and an arm’s length private Nevada corporation, Redstar has leased 2 patented mining claims which form part of the North Bullfrog project holdings. The lease is for an initial term of 10 years, and for so long thereafter as mining activities continue on the claims or contiguous claims held by the lessee. The lessee is required to pay advance minimum royalty payments (recoupable from production royalties) of USD 2,000 on execution, USD 2,000 on each of May 8, 2007, 2008 and 2009 (paid), USD 3,000 on May 8, 2010 and each anniversary thereafter, adjusted for inflation (paid to May 8, 2016). The lessor is entitled to receive a 3% NSR royalty on all production, which may be purchased by the lessee for USD 850,000 per 1% (USD 2,550,000 for the entire royalty). On May 29, 2014, the parties signed a First Amendment Agreement whereby the Lease is amended to provide that in addition to the Advance Minimum Royalty payments payable in respect of the Original Claims, the lessee will now pay to the lessor Advance Minimum Royalty payments in respect of the Yellow Rose Claims of USD 2,400 on execution, USD 2,400 on each of May 29, 2015, 2016 and 2017 (paid to May 29, 2016), USD 3,600 on May 29, 2018 and each anniversary thereafter. The Lessor is entitled to receive a 3% NSR royalty on all production from the Yellow Rose claims, which may be purchased by the lessee for USD 770,000 per 1% (USD 2,310,000 for the entire royalty). (4) Pursuant to a mining lease made and entered into as of May 16, 2006 between Redstar and an arm’s length individual, Redstar has leased 12 patented mineral claims which form part of the North Bullfrog project holdings. The lease is for an initial term of 10 years, and for so long thereafter as mining activities continue on the claims or contiguous claims held by the lessee. The lessee is required to pay advance minimum royalty payments (recoupable from production royalties) of USD 20,500 on execution and USD 20,000 on each anniversary thereafter (paid to May 16, 2016). The lessor is entitled to receive a 4% NSR royalty on all production, which may be purchased by the lessee for USD 1,000,000 per 1% (USD 4,000,000 for the entire royalty). (5) Pursuant to a mining lease made and entered into as of May 22, 2006 between Redstar and two arm’s length individuals, Redstar has leased 3 patented mineral claims which form part of the North Bullfrog project holdings. The lease is for an initial term of 10 years, and for so long thereafter as mining activities continue on the claims or contiguous claims held by the lessee. The lessee is required to pay advance minimum royalty payments (recoupable from production royalties) of USD 8,000 on execution, USD 4,800 on each of May 22, 2007, 2008 and 2009 (paid), USD 7,200 on May 22, 2010 and each anniversary thereafter, adjusted for inflation (paid to May 22, 2016). The lessor is entitled to receive a 2% NSR royalty on all production, which may be purchased by the lessee for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). (6) Pursuant to a mining lease made and entered into as of June 16, 2006 between Redstar and an arm’s length individual, Redstar has leased one patented mineral claims which form part of the North Bullfrog project holdings. The lease is for an initial term of 10 years, and for so long thereafter as mining activities continue on the claims or contiguous claims held by the lessee. The lessee is required to pay advance minimum royalty payments (recoupable from production royalties) of USD 2,000 on execution, USD 2,000 on each of June 16, 2007, 2008 and 2009 (paid), USD 3,000 on June 16, 2010 and each anniversary thereafter, adjusted for inflation (paid to June 16, 2016). The lessor is entitled to receive a 2% NSR royalty on all production, which may be purchased by the lessee for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). As a consequence of the acquisition of Redstar and Redstar US’s interest in the foregoing leases, Corvus Nevada is now the lessee under all of such leases. (ii) Interests acquired directly by Corvus Nevada (1) Pursuant to a mining lease and option to purchase agreement made effective December 1, 2007 between Corvus Nevada and a group of arm’s length limited partnerships, Corvus Nevada has leased (and has the option to purchase) patented mining claims referred to as the “Mayflower” claims which form part of the North Bullfrog project. The terms of the lease/option are as follows: ☐ Terms ☐ Lease Payments ☐ Anti-Dilution: ☐ Work Commitments ☐ Retained Royalty (2) Pursuant to a mining lease and option to purchase made effective March 1, 2011 between Corvus Nevada and an arm’s length individual, Corvus Nevada has leased, and has the option to purchase, 2 patented mineral claims which form part of the North Bullfrog project holdings. The lease is for an initial term of 10 years, subject to extension for an additional 10 years (provided advance minimum royalties are timely paid), and for so long thereafter as mining activities continue on the claims. The lessee is required to pay advance minimum royalty payments (recoupable from production royalties, but not applicable to the purchase price if the option to purchase is exercised) of USD 20,000 on execution (paid), USD 25,000 on each of March 1, 2012 (paid), 2013 (paid) and 2014 (paid), USD 30,000 on March 1, 2015 and each anniversary thereafter (paid to March 1, 2016), adjusted for inflation. The lessor is entitled to receive a 2% NSR royalty on all production. The lessee may purchase the royalty for USD 1,000,000 per 1%. If the lessee purchases the entire royalty (USD 2,000,000) the lessee will also acquire all interest of the lessor in the subject property. (3) Pursuant to a purchase agreement made effective March 28, 2013, Corvus Nevada agreed to purchase the surface rights of five patented mining claims owned by two arm’s length individuals for USD 160,000 paid on closing (March 28, 2013). The terms include payment by Corvus Nevada of a fee of USD 0.02 per ton of overburden to be stored on the property, subject to payment for a minimum of 12 million short tons. The minimum tonnage fee (USD 240,000) bears interest at 4.77% per annum from closing and is evidenced by a promissory note due on the sooner of the commencing of use of the property for waste materials storage or December 31, 2015 (balance paid December 17, 2015). As a result, the Company recorded $406,240 (USD 400,000) in acquisition costs with $157,408 paid in cash and the remaining $248,832 (USD 240,000) in promissory note payable during the year ended May 31, 2013. (4) In December 2013, SoN completed the purchase of a parcel of land approximately 30 km north of the North Bullfrog project which carries with it 1,600 acre feet of irrigation water rights. The cost of the land and associated water rights was cash payment of $1,100,118 (USD 1,034,626). (5) On March 30, 2015, Lunar Landing, LLC signed a lease agreement with Corvus Nevada to lease private property containing the three patented Sunflower claims to Corvus Nevada, which are adjacent to the Yellow Rose claims leased in 2014. The term of the lease is 3 years with provision to extend the lease for an additional 7 years, and an advance minimum royalty payment of USD 5,000 per year with USD 5,000 paid upon signing (paid to March 2016). The lease includes a 4% NSR royalty on production, with an option to purchase the royalty for USD 500,000 per 1% or USD 2,000,000 for the entire 4% royalty. The lease also includes the option to purchase the property for USD 300,000. Acquisitions The acquisition of title to mineral properties is a detailed and time-consuming process. The Company has taken steps, in accordance with industry norms, to verify title to mineral properties in which it has an interest. Although the Company has taken every reasonable precaution to ensure that legal title to its properties is properly recorded in the name of the Company (or, in the case of an option, in the name of the relevant optionor), there can be no assurance that such title will ultimately be secured. Environmental Expenditures The operations of the Company may in the future be affected from time to time in varying degrees by changes in environmental regulations, including those for future removal and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures. Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. Estimated future removal and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries. The Company has estimated the fair value of the liability for asset retirement that arose as a result of exploration activities to be $293,713 (USD 224,000) (May 31, 2016 - $293,578 (USD 224,000)). The fair value of the liability was determined to be equal to the estimated remediation costs. Due to the early stages of the project, and that extractive activities have not yet begun, the Company is unable to predict with any precision the timing of the cash flow related to the reclamation activities. |
Note 5 - Share Capital
Note 5 - Share Capital | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. SHARE CAPITAL Authorized Unlimited common shares without par value. Share issuances During the period ended August 31, 2016: a) On July 15, 2016, the Company closed a non-brokered private placement equity financing and issued 2,550,000 common shares at a price of $1.02 per share for gross proceeds of $2,601,000. In connection with the financing, the Company paid an additional $11,515 in share issuance costs. b) An aggregate of 200,000 shares were issued on exercise of 200,000 stock options for gross proceeds of $100,000. Stock options Stock options awarded to employees and non-employees by the Company are measured and recognized in the Condensed Interim Consolidated Statement of Operations and Comprehensive Loss over the vesting period. The Company has adopted an incentive stock option plan (the “2010 Plan”). The essential elements of the 2010 Plan provide that the aggregate number of common shares of the Company’s share capital that may be made issuable pursuant to options granted under the 2010 Plan (together with any other shares which may be issued under other share compensation plans of the Company) may not exceed 10% of the number of issued shares of the Company at the time of the granting of the options. Options granted under the 2010 Plan will have a maximum term of ten years. The exercise price of options granted under the 2010 Plan will not be less than the greater of the market price of the common shares (as defined by TSX, currently defined as the 5 day volume weighted average price for the 5 trading days immediately preceding the date of grant) or the closing market price of the Company’s common shares for the trading day immediately preceding the date of grant), or such other price as may be agreed to by the Company and accepted by the TSX. Options granted under the 2010 Plan vest immediately, unless otherwise determined by the directors at the date of grant. A summary of the status of the stock option plan as of August 31 and May 31, 2016, and changes during the periods are presented below: Three months ended Year ended Number of Weighted Number of Weighted Balance, beginning of the period 7,981,000 $ 0.85 7,396,334 $ 0.94 Granted 50,000 1.02 1,650,000 0.48 Exercised (200,000 ) (0.50 ) (245,334 ) (0.50 ) Forfeited - - (820,000 ) (0.94 ) Balance, end of the period 7,831,000 $ 0.86 7,981,000 $ 0.85 The weighted average remaining contractual life of options outstanding at August 31, 2016 was 2.23 years (May 31, 2016 – 2.42 years). Stock options outstanding are as follows: August 31, 2016 May 31, 2016 Expiry Date Exercise Number Exercisable Exercise Number of Exercisable September 19, 2016 $ 0.50 19,100 19,100 $ 0.50 219,100 219,100 November 17, 2016 $ 0.67 210,000 210,000 $ 0.67 210,000 210,000 January 23, 2017 $ 1.10 50,000 50,000 $ 1.10 50,000 50,000 May 1, 2017 $ 0.73 50,000 50,000 $ 0.73 50,000 50,000 May 29, 2017 $ 0.92 300,000 300,000 $ 0.92 300,000 300,000 September 19, 2017 $ 0.96 2,016,900 2,016,900 $ 0.96 2,016,900 2,016,900 October 29, 2017 $ 0.96 100,000 100,000 $ 0.96 100,000 100,000 August 16, 2018 $ 0.76 2,120,000 2,120,000 $ 0.76 2,120,000 2,120,000 September 8, 2019 $ 1.40 1,265,000 842,490 $ 1.40 1,265,000 842,490 September 9, 2020 $ 0.46 640,000 213,120 $ 0.46 640,000 213,120 November 13, 2020 $ 0.49 1,010,000 336,330 $ 0.49 1,010,000 336,330 June 22, 2018 $ 1.02 50,000 16,650 $ - - - 7,831,000 6,274,590 7,981,000 6,457,940 The Company uses the fair value method for determining stock-based compensation for all options granted during the periods. The fair value of options granted was $21,060 (2015 - $nil), determined using the Black-Scholes option pricing model based on the following weighted average assumptions: For the three months ended August 31, 2016 2015 Risk-free interest rate 0.60 % - Expected life of options (years) 2 - Annualized volatility 83.45 % - Dividend yield 0 % - Exercise price $ 1.02 - Fair value per share $ 0.42 $ - Annualized volatility was determined by reference to historic volatility of the Company. Stock-based compensation has been allocated as follows: For the three months ended August 31, 2016 2015 Consulting $ 98,516 $ 131,643 Exploration expenditures – Geological/geophysical 4,635 5,455 Investor relations 20,534 38,901 Professional fees 1,908 8,237 Wages and benefits 50,645 110,645 $ 176,238 $ 294,881 |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 6. RELATED PARTY TRANSACTIONS During the period ended August 31, 2016, the Company entered into the following transactions with related parties: For the period ended August 31, 2016 2015 Consulting fees to CFO $ 20,000 $ 18,000 Wages and benefits to CEO and COO 145,973 143,869 Wages and benefits to former President - 234,997 Directors fees (included in consulting fees) 33,750 33,750 Fees to Vice President of Corporate Communications (included in investor relations) 37,500 37,500 Stock-based compensation to related parties 151,439 227,668 $ 388,662 $ 695,784 As at August 31, 2016, included in accounts payable and accrued liabilities was $9,815 (May 31, 2016 – $7,628) in expenses owing to companies related to officers and officers of the Company. These amounts were unsecured, non-interest bearing and had no fixed terms or terms of repayment. Accordingly, fair value could not be readily determined. The Company has also entered into change of control agreements with officers of the Company. In the case of termination, the officers are entitled to an amount equal to a multiple (ranging from two times to three times) of the sum of the annual base salary then payable to the officer, the aggregate amount of bonus(es) (if any) paid to the officer within the calendar year immediately preceding the Effective Date of Termination, and an amount equal to the vacation pay which would otherwise be payable for the one year period next following the Effective Date of Termination. |
Note 7 - Geographic Segmented I
Note 7 - Geographic Segmented Information | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7. GEOGRAPHIC SEGMENTED INFORMATION The Company operates in one industry segment, the mineral resources industry, and in two geographical segments, Canada and the United States. All current exploration activities are conducted in the United States. The significant asset categories identifiable with these geographical areas are as follows: Canada United States Total August 31, 2016 Capitalized acquisition costs $ - $ 4,279,560 $ 4,279,560 Property and equipment $ 10,542 $ 70,444 $ 80,986 May 31, 2016 Capitalized acquisition costs $ - $ 4,261,680 $ 4,261,680 Property and equipment $ 8,068 $ 73,983 $ 82,051 For the period ended August 31, 2016 2015 Net loss for the period – Canada $ (491,590 ) $ (493,500 ) Net loss for the period – United States (1,014,347 ) (1,327,792 ) Net loss for the period $ (1,505,937 ) $ (1,821,292 ) |
Note 8 - Subsidiaries
Note 8 - Subsidiaries | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Subsidiaries [Text Block] | 8. SUBSIDIARIES Significant subsidiaries for the three months ended August 31, 2016 and 2015 are: Country of Incorporation Principal The Company’s The Company’s Corvus Gold (USA) Inc. USA Holding company 100 % 100 % Raven Gold Alaska Inc. USA Exploration company 100 % 100 % Corvus Gold Nevada Inc. USA Exploration company 100 % 100 % SoN Land & Water LLC USA Exploration company 100 % 100 % |
Note 9 - Supplemental Cash Flow
Note 9 - Supplemental Cash Flow Information | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 9. SUPPLEMENTAL CASH FLOW INFORMATION For the three months ended August 31, 2016 2015 Supplemental cash flow information Interest paid (received) $ - $ - Income taxes paid (received) $ - $ - |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 10. SUBSEQUENT EVENT On September 15, 2016, the Company granted incentive stock options to consultants, directors and employees of the Company to purchase 1,085,000 common shares in the share capital of the Company. The options are exercisable on or before September 15, 2021 at a price of $0.91 per share. The options will vest as to 33.3% on September 15 2016, 33.3% on September 15, 2017, and 33.4% on September 15, 2018. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Aug. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation These unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These unaudited condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended May 31, 2016 as filed in our Annual Report on Form 10-K. In the opinion of the Company’s management these financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s financial position at August 31, 2016 and the results of its operations for the three months then ended. Operating results for the three months ended August 31, 2016 are not necessarily indicative of the results that may be expected for the year ending May 31, 2017. The 2016 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The preparation of financial statements in conformity with US GAAP requires management to make judgments, 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 revenues and expenses during the period. These judgments, estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. |
Consolidation, Policy [Policy Text Block] | Basis of consolidation These unaudited condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (collectively, the “Group”), Corvus Gold (USA) Inc. (“Corvus USA”) (a Nevada corporation), Corvus Gold Nevada Inc. (“Corvus Nevada”) (a Nevada corporation), Raven Gold Alaska Inc. (“Raven Gold”) (an Alaska corporation) and SoN Land and Water LLC (“SoN”) (a Nevada limited liability company). All intercompany transactions and balances were eliminated upon consolidation. |
Earnings Per Share, Policy [Policy Text Block] | Earnings (loss) per share Basic loss per share is calculated using the weighted average number of common shares outstanding during the period. The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on earnings (loss) per share is calculated presuming the exercise of outstanding options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. For the period ended August 31, 2016, 7,831,000 outstanding stock options (2015 – 7,376,334) were not included in the calculation of diluted earnings (loss) per share as their inclusion was anti-dilutive. |
Note 3 - Property and Equipme17
Note 3 - Property and Equipment (Tables) | 3 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Computer Vehicles Tent Total Cost Balance, May 31, 2016 $ 68,885 $ 89,434 $ 65,550 $ 223,869 Additions 4,271 - - 4,271 Currency translation adjustments 30 41 30 101 Balance, August 31, 2016 $ 73,186 $ 89,475 $ 65,580 $ 228,241 Depreciation Balance, May 31, 2016 $ 43,495 $ 70,529 $ 27,794 $ 141,818 Depreciation for the period 2,051 1,403 1,868 5,322 Currency translation adjustments 34 48 33 115 Balance, August 31, 2016 $ 45,580 $ 71,980 $ 29,695 $ 147,255 Carrying amounts Balance, May 31, 2016 $ 25,390 $ 18,905 $ 37,756 $ 82,051 Balance, August 31, 2016 $ 27,606 $ 17,495 $ 35,885 $ 80,986 |
Note 4 - Mineral Properties (Ta
Note 4 - Mineral Properties (Tables) | 3 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Capitalized Costs Relating to Acquisition Activities Disclosure [Table Text Block] | North Total (notes 4d)) Balance, May 31, 2016 $ 4,261,680 $ 4,261,680 Currency translation adjustments 17,880 17,880 Balance, August 31, 2016 $ 4,279,560 $ 4,279,560 |
Cost Incurred in Acquisition Exploration and Evaluation Activities Disclosure [Table Text Block] | North Total (notes 4d)) Exploration costs: Assay $ 102,964 $ 102,964 Drilling 212,022 212,022 Equipment rental 8,588 8,588 Field costs 39,974 39,974 Geological/ Geophysical 56,675 56,675 Land maintenance & tenure 204,645 204,645 Permits 2,565 2,565 Studies 14,036 14,036 Travel 12,037 12,037 Total expenditures for the period $ 653,506 $ 653,506 West Pogo Chisna North Bullfrog LMS Total (note 4b)) (note 4a)) (notes 4d)) (note 4c)) Exploration costs: Assay $ - $ - $ 179,175 $ - $ 179,175 Drilling - - 137,820 - 137,820 Equipment rental - - 9,676 - 9,676 Field costs 181 90 27,466 162 27,899 Geological/ Geophysical - 6,210 143,228 - 149,438 Land maintenance & tenure - - 204,475 - 204,475 Permits - - 632 - 632 Studies - - 194,022 - 194,022 Transportation - - - 823 823 Travel - 913 21,244 - 22,157 181 7,213 917,738 985 926,117 Cost recovery (23,802 ) (7,418 ) - (104,838 ) (136,058 ) Total expenditures for the period $ (23,621 ) $ (205 ) $ 917,738 $ (103,853 ) $ 790,059 |
Note 5 - Share Capital (Tables)
Note 5 - Share Capital (Tables) | 3 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Three months ended Year ended Number of Weighted Number of Weighted Balance, beginning of the period 7,981,000 $ 0.85 7,396,334 $ 0.94 Granted 50,000 1.02 1,650,000 0.48 Exercised (200,000 ) (0.50 ) (245,334 ) (0.50 ) Forfeited - - (820,000 ) (0.94 ) Balance, end of the period 7,831,000 $ 0.86 7,981,000 $ 0.85 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | August 31, 2016 May 31, 2016 Expiry Date Exercise Number Exercisable Exercise Number of Exercisable September 19, 2016 $ 0.50 19,100 19,100 $ 0.50 219,100 219,100 November 17, 2016 $ 0.67 210,000 210,000 $ 0.67 210,000 210,000 January 23, 2017 $ 1.10 50,000 50,000 $ 1.10 50,000 50,000 May 1, 2017 $ 0.73 50,000 50,000 $ 0.73 50,000 50,000 May 29, 2017 $ 0.92 300,000 300,000 $ 0.92 300,000 300,000 September 19, 2017 $ 0.96 2,016,900 2,016,900 $ 0.96 2,016,900 2,016,900 October 29, 2017 $ 0.96 100,000 100,000 $ 0.96 100,000 100,000 August 16, 2018 $ 0.76 2,120,000 2,120,000 $ 0.76 2,120,000 2,120,000 September 8, 2019 $ 1.40 1,265,000 842,490 $ 1.40 1,265,000 842,490 September 9, 2020 $ 0.46 640,000 213,120 $ 0.46 640,000 213,120 November 13, 2020 $ 0.49 1,010,000 336,330 $ 0.49 1,010,000 336,330 June 22, 2018 $ 1.02 50,000 16,650 $ - - - 7,831,000 6,274,590 7,981,000 6,457,940 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the three months ended August 31, 2016 2015 Risk-free interest rate 0.60 % - Expected life of options (years) 2 - Annualized volatility 83.45 % - Dividend yield 0 % - Exercise price $ 1.02 - Fair value per share $ 0.42 $ - |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | For the three months ended August 31, 2016 2015 Consulting $ 98,516 $ 131,643 Exploration expenditures – Geological/geophysical 4,635 5,455 Investor relations 20,534 38,901 Professional fees 1,908 8,237 Wages and benefits 50,645 110,645 $ 176,238 $ 294,881 |
Note 6 - Related Party Transa20
Note 6 - Related Party Transactions (Tables) | 3 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the period ended August 31, 2016 2015 Consulting fees to CFO $ 20,000 $ 18,000 Wages and benefits to CEO and COO 145,973 143,869 Wages and benefits to former President - 234,997 Directors fees (included in consulting fees) 33,750 33,750 Fees to Vice President of Corporate Communications (included in investor relations) 37,500 37,500 Stock-based compensation to related parties 151,439 227,668 $ 388,662 $ 695,784 |
Note 7 - Geographic Segmented21
Note 7 - Geographic Segmented Information (Tables) | 3 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Long-lived Assets by Geographic Areas [Table Text Block] | Canada United States Total August 31, 2016 Capitalized acquisition costs $ - $ 4,279,560 $ 4,279,560 Property and equipment $ 10,542 $ 70,444 $ 80,986 May 31, 2016 Capitalized acquisition costs $ - $ 4,261,680 $ 4,261,680 Property and equipment $ 8,068 $ 73,983 $ 82,051 |
Net Income (Loss) by Geographic Areas [Table Text Block] | For the period ended August 31, 2016 2015 Net loss for the period – Canada $ (491,590 ) $ (493,500 ) Net loss for the period – United States (1,014,347 ) (1,327,792 ) Net loss for the period $ (1,505,937 ) $ (1,821,292 ) |
Note 8 - Subsidiaries (Tables)
Note 8 - Subsidiaries (Tables) | 3 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Significant Subsidiaries [Table Text Block] | Country of Incorporation Principal The Company’s The Company’s Corvus Gold (USA) Inc. USA Holding company 100 % 100 % Raven Gold Alaska Inc. USA Exploration company 100 % 100 % Corvus Gold Nevada Inc. USA Exploration company 100 % 100 % SoN Land & Water LLC USA Exploration company 100 % 100 % |
Note 9 - Supplemental Cash Fl23
Note 9 - Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Aug. 31, 2016 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | For the three months ended August 31, 2016 2015 Supplemental cash flow information Interest paid (received) $ - $ - Income taxes paid (received) $ - $ - |
Note 1 - Nature and Continuan24
Note 1 - Nature and Continuance of Operations (Details Textual) - CAD | Jul. 15, 2016 | Aug. 31, 2016 | May 31, 2016 |
Private Placement [Member] | |||
Stock Issued During Period, Shares, New Issues | 2,550,000 | ||
Sale of Stock, Price Per Share | CAD 1.02 | ||
Proceeds from Issuance of Private Placement | CAD 2,601,000 | ||
Working Capital | CAD 6,105,309 | CAD 4,742,321 | |
Proceeds from Issuance of Private Placement | CAD 2,601,000 |
Note 2 - Significant Accounti25
Note 2 - Significant Accounting Policies (Details Textual) - shares | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,831,000 | 7,376,334 |
Note 3 - Property and Equipme26
Note 3 - Property and Equipment (Details) - CAD | 3 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | May 31, 2016 | |
Computer Equipment [Member] | |||
Cost, beginning balance | CAD 68,885 | ||
Additions | 4,271 | ||
Currency translation adjustments | 30 | ||
Cost, ending balance | 73,186 | ||
Accumulated depreciation, beginning balance | 43,495 | ||
Depreciation | 2,051 | ||
Currency translation adjustments | 34 | ||
Accumulated depreciation, beginning balance | 45,580 | ||
Carrying amounts | 27,606 | CAD 25,390 | |
Vehicles [Member] | |||
Cost, beginning balance | 89,434 | ||
Additions | |||
Currency translation adjustments | 41 | ||
Cost, ending balance | 89,475 | ||
Accumulated depreciation, beginning balance | 70,529 | ||
Depreciation | 1,403 | ||
Currency translation adjustments | 48 | ||
Accumulated depreciation, beginning balance | 71,980 | ||
Carrying amounts | 17,495 | 18,905 | |
Tent [Member] | |||
Cost, beginning balance | 65,550 | ||
Additions | |||
Currency translation adjustments | 30 | ||
Cost, ending balance | 65,580 | ||
Accumulated depreciation, beginning balance | 27,794 | ||
Depreciation | 1,868 | ||
Currency translation adjustments | 33 | ||
Accumulated depreciation, beginning balance | 29,695 | ||
Carrying amounts | 35,885 | 37,756 | |
Cost, beginning balance | 223,869 | ||
Additions | 4,271 | ||
Currency translation adjustments | 101 | ||
Cost, ending balance | 228,241 | ||
Accumulated depreciation, beginning balance | 141,818 | ||
Depreciation | 5,322 | CAD 6,300 | |
Currency translation adjustments | 115 | ||
Accumulated depreciation, beginning balance | 147,255 | ||
Carrying amounts | CAD 80,986 | CAD 82,051 |
Note 4 - Mineral Properties (De
Note 4 - Mineral Properties (Details Textual) T in Millions | Apr. 05, 2016USD ($) | Nov. 23, 2015USD ($) | Nov. 18, 2015shares | Nov. 05, 2015CADshares | Mar. 30, 2015USD ($) | Nov. 17, 2014USD ($) | Nov. 07, 2014USD ($)shares | Nov. 25, 2013CADshares | Nov. 13, 2013USD ($) | Mar. 28, 2013USD ($)T$ / T | Nov. 07, 2012 | Oct. 31, 2012USD ($) | Oct. 25, 2012CADshares | Mar. 01, 2011USD ($) | Dec. 02, 2010USD ($)shares | Nov. 10, 2010USD ($) | Oct. 27, 2008USD ($) | Dec. 01, 2007USD ($)shares | Jun. 16, 2006USD ($) | May 22, 2006USD ($) | May 16, 2006USD ($) | May 08, 2006USD ($) | Dec. 31, 2013CADa | Dec. 31, 2013USD ($)a | Aug. 31, 2016CAD | May 31, 2016CAD | May 31, 2016USD ($) | May 31, 2015CAD | May 31, 2015USD ($)km² | May 31, 2013CAD | May 31, 2013USD ($) | Dec. 31, 2011shares | Dec. 31, 2014shares | Dec. 31, 2014shares | Aug. 31, 2016USD ($) | May 31, 2016USD ($) | Mar. 30, 2016USD ($) | Mar. 01, 2015USD ($) | May 29, 2014USD ($) | Mar. 01, 2014USD ($) | May 31, 2013USD ($) | Mar. 01, 2013USD ($) | Mar. 01, 2012USD ($) | Mar. 24, 2010ha |
North Bullfrog [Member] | Royalty Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Two Years | $ 3,500 | |||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Four Years | 3,500 | |||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Five Years | 4,500 | |||||||||||||||||||||||||||||||||||||||||||
North Bullfrog [Member] | Nevada Corporation [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Two Years | 2,000 | $ 2,400 | ||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Four Years | 2,000 | 2,400 | ||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Five Years | $ 3,000 | 3,600 | ||||||||||||||||||||||||||||||||||||||||||
Number of Patented Mining Claims Leased | 2 | |||||||||||||||||||||||||||||||||||||||||||
Mining Lease Agreement Term of Contract | 10 years | |||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 2,000 | 2,400 | ||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Three Years | 2,000 | 2,400 | ||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due Thereafter | $ 3,000 | $ 3,600 | ||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of Production | 3.00% | 3.00% | ||||||||||||||||||||||||||||||||||||||||||
Purchase Price of Each 1% NSR Royalty | $ 850,000 | $ 770,000 | ||||||||||||||||||||||||||||||||||||||||||
Purchase Price of NSR Royalty | $ 2,550,000 | $ 2,310,000 | ||||||||||||||||||||||||||||||||||||||||||
North Bullfrog [Member] | Redstar Gold Corp. [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Two Years | $ 2,000 | $ 4,800 | ||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Four Years | 2,000 | 4,800 | ||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Five Years | $ 3,000 | $ 7,200 | ||||||||||||||||||||||||||||||||||||||||||
Number of Patented Mining Claims Leased | 12 | 1 | 3 | 12 | 3 | |||||||||||||||||||||||||||||||||||||||
Mining Lease Agreement Term of Contract | 10 years | 10 years | 10 years | 10 years | 10 years | |||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 10,800 | $ 2,000 | $ 8,000 | $ 20,500 | $ 4,000 | |||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Three Years | 10,800 | 2,000 | 4,800 | 3,500 | ||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due Thereafter | 16,200 | $ 3,000 | $ 7,200 | $ 20,000 | $ 4,500 | |||||||||||||||||||||||||||||||||||||||
Purchase Obligation | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of Production | 4.00% | 2.00% | 2.00% | 4.00% | 2.00% | |||||||||||||||||||||||||||||||||||||||
Purchase Price of Each 1% NSR Royalty | $ 1,250,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||
Purchase Price of NSR Royalty | $ 5,000,000 | $ 2,000,000 | $ 2,000,000 | $ 4,000,000 | $ 2,000,000 | |||||||||||||||||||||||||||||||||||||||
North Bullfrog [Member] | Corvus Gold Nevada Inc. [Member] | Promissory Note Payable [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.77% | |||||||||||||||||||||||||||||||||||||||||||
North Bullfrog [Member] | Corvus Gold Nevada Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Number of Patented Mining Claims Leased | 2 | |||||||||||||||||||||||||||||||||||||||||||
Mining Lease Agreement Term of Contract | 10 years | |||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of Production | 4.00% | 2.00% | ||||||||||||||||||||||||||||||||||||||||||
Purchase Price of Each 1% NSR Royalty | $ 500,000 | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Purchase Price of NSR Royalty | $ 2,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Lease Term | 3 years | 5 years | ||||||||||||||||||||||||||||||||||||||||||
Additional Lease Term | 7 years | 5 years | ||||||||||||||||||||||||||||||||||||||||||
Additional Term if the Company Makes Advance Minimum Royalty Payments of USD100,000 per year | 3 years | |||||||||||||||||||||||||||||||||||||||||||
Advance Royalties Payment | $ 5,000 | $ 20,000 | $ 100,000 | $ 5,000 | $ 30,000 | $ 25,000 | $ 25,000 | $ 25,000 | ||||||||||||||||||||||||||||||||||||
Lease Payment for Patented Mining Claims Lease | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 5,000 | |||||||||||||||||||||||||||||||||||||||
Lease Payments Common Shares Issued | shares | 25,000 | 50,000 | 50,000 | 50,000 | 50,000 | 25,000 | 10,000 | 25,000 | 85,000 | |||||||||||||||||||||||||||||||||||
Additional Lease Payment for Patented Mining Claims Lease on Each Year | $ 5,000 | |||||||||||||||||||||||||||||||||||||||||||
Lease Payments Additional Common Shares Issued | shares | 20,000 | |||||||||||||||||||||||||||||||||||||||||||
Cash Payment in Lieu of Issuing Shares Under Lease Agreement | $ 108,750 | |||||||||||||||||||||||||||||||||||||||||||
Common Stock Issued During Period Shares Issued for Lease Payments | shares | 46,250 | |||||||||||||||||||||||||||||||||||||||||||
Lease Payment for Patended Mining Claims Upon Extend Lease | $ 10,000 | |||||||||||||||||||||||||||||||||||||||||||
Lease Payments Common Shares Issued Upon Extend Lease | shares | 50,000 | |||||||||||||||||||||||||||||||||||||||||||
Lease Payments Additional Common Shares Issued Upon Extend Lease | shares | 50,000 | |||||||||||||||||||||||||||||||||||||||||||
Cash Payment Along with Shares Issued as Lease Payment | CAD 19,237 | $ 21,200 | CAD 35,871 | CAD 126,924 | ||||||||||||||||||||||||||||||||||||||||
Work Commitments for the First Three Year | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||
Work Commitments for the Years 4 to 6 | 200,000 | |||||||||||||||||||||||||||||||||||||||||||
Work Commitments for the years 7 to 10 | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||||
Percentage of NSR Royalty Required to Pay If Average Gold Price Less than or Equal to USD400 per Ounce | 2.00% | |||||||||||||||||||||||||||||||||||||||||||
Percentage of NSR Royalty Required to Pay If Average Gold Price Between USD401 and USD500 per Ounce | 3.00% | |||||||||||||||||||||||||||||||||||||||||||
Percentage of NSR Royalty Required to Pay if Average Gold Price Greater than USD500 per Ounce | 4.00% | |||||||||||||||||||||||||||||||||||||||||||
Mining Lease Agreement Term of Contract, Extension Term | 10 years | |||||||||||||||||||||||||||||||||||||||||||
Patented Mining Claims, Agreed to Purchase | 5 | |||||||||||||||||||||||||||||||||||||||||||
Purchase Agreement Payable | $ 160,000 | |||||||||||||||||||||||||||||||||||||||||||
Price Per Ton Of Overburden to be Stored On Property | $ / T | 0.02 | |||||||||||||||||||||||||||||||||||||||||||
Minimum Storage Capacity of Property | T | 12 | |||||||||||||||||||||||||||||||||||||||||||
Notes Payable | $ 240,000 | CAD 248,832 | $ 240,000 | |||||||||||||||||||||||||||||||||||||||||
Acquisition Costs, Period Cost | 406,240 | $ 400,000 | ||||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Mineral Rights | CAD | CAD 157,408 | |||||||||||||||||||||||||||||||||||||||||||
Number of Patented Sunflower Claims | 3 | |||||||||||||||||||||||||||||||||||||||||||
Lease Agreement, Option to Purchase Property, Purcahse Price | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||||
North Bullfrog [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Unpatented Mineral Claims | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||||||||||||
Land Subject to Ground Leases | a | 1,600 | 1,600 | ||||||||||||||||||||||||||||||||||||||||||
Chisna [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Unpatented Mineral Claims | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||||||||||||
Number of Core Claims | 36 | 36 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale Of Mineral Properties | $ 25,000 | |||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of Precious Metals | 1.00% | |||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of Base Metals | 1.00% | |||||||||||||||||||||||||||||||||||||||||||
West Pogo [Member] | Raven Gold [Member] | Good Paster Database [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Land Subject to Ground Leases | km² | 1,500 | |||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of New Claims | 1.00% | |||||||||||||||||||||||||||||||||||||||||||
Purchase Price for One Half of Royalty | $ 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||
West Pogo [Member] | Raven Gold [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale Of Mineral Properties | CAD 25,728 | $ 20,000 | ||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of Precious Metals | 3.00% | |||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of Base Metals | 1.00% | |||||||||||||||||||||||||||||||||||||||||||
Percentage of Precious Metal Royalty Buy Down | 1.00% | |||||||||||||||||||||||||||||||||||||||||||
Precious Metal Royalty Buy Down, Amount | $ 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Additional Percentage of Precious Metal Royalty Buy Down | 1.00% | |||||||||||||||||||||||||||||||||||||||||||
Additional Precious Metal Royalty Buy Down, Amount | $ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||
West Pogo [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Unpatented Mineral Claims | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
LMS Property [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Unpatented Mineral Claims | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale Of Mineral Properties | CAD 473,585 | $ 350,000 | ||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of Precious Metals | 3.00% | 3.00% | ||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of Base Metals | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||||||||||||
Percentage of Precious Metal Royalty Buy Down | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||||||||||||
Precious Metal Royalty Buy Down, Amount | $ 4,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Land and Water Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Mineral Rights | CAD 1,100,118 | $ 1,034,626 | ||||||||||||||||||||||||||||||||||||||||||
Raven Gold [Member] | Ahtna [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Land Subject to Ground Leases | ha | 26,516 | |||||||||||||||||||||||||||||||||||||||||||
Raven Gold [Member] | Good Paster Database [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale Of Mineral Properties | CAD 136,058 | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations, Noncurrent | CAD 293,713 | CAD 293,578 | $ 224,000 | $ 224,000 |
Note 4 - Activity Related to Ca
Note 4 - Activity Related to Capitalized Acquisition Costs (Details) - CAD | 3 Months Ended | |
Aug. 31, 2016 | May 31, 2016 | |
North Bullfrog [Member] | ||
Balance | CAD 4,279,560 | CAD 4,261,680 |
Currency translation adjustments | 17,880 | |
Balance | 4,279,560 | CAD 4,261,680 |
Currency translation adjustments | CAD 17,880 |
Note 4 - Costs Incurred for Exp
Note 4 - Costs Incurred for Exploration and Evaluation Activities (Details) - CAD | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
West Pogo [Member] | Assay [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
West Pogo [Member] | Drilling [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
West Pogo [Member] | Equipment rental [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
West Pogo [Member] | Field Costs [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 181 | |
West Pogo [Member] | Geological Geophysical [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
West Pogo [Member] | Land Maintenance and Tenure [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
West Pogo [Member] | Permits [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
West Pogo [Member] | Studies [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
West Pogo [Member] | Travel [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
West Pogo [Member] | Transportation [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 181 | |
Costs Incurred for Exploration and Evaluation Activities, Net | (23,621) | |
Cost recovery | (23,802) | |
North Bullfrog [Member] | Assay [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | CAD 102,964 | 179,175 |
North Bullfrog [Member] | Drilling [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 212,022 | 137,820 |
North Bullfrog [Member] | Equipment rental [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 8,588 | 9,676 |
North Bullfrog [Member] | Field Costs [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 39,974 | 27,466 |
North Bullfrog [Member] | Geological Geophysical [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 56,675 | 143,228 |
North Bullfrog [Member] | Land Maintenance and Tenure [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 204,645 | 204,475 |
North Bullfrog [Member] | Permits [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 2,565 | 632 |
North Bullfrog [Member] | Studies [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 14,036 | 194,022 |
North Bullfrog [Member] | Travel [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 12,037 | 21,244 |
North Bullfrog [Member] | Transportation [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 917,738 | |
Costs Incurred for Exploration and Evaluation Activities, Net | 653,506 | 917,738 |
Cost recovery | ||
Chisna [Member] | Assay [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
Chisna [Member] | Drilling [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
Chisna [Member] | Equipment rental [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
Chisna [Member] | Field Costs [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 90 | |
Chisna [Member] | Geological Geophysical [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 6,210 | |
Chisna [Member] | Land Maintenance and Tenure [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
Chisna [Member] | Permits [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
Chisna [Member] | Studies [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
Chisna [Member] | Travel [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 913 | |
Chisna [Member] | Transportation [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 7,213 | |
Costs Incurred for Exploration and Evaluation Activities, Net | (205) | |
Cost recovery | (7,418) | |
LMS Property [Member] | Assay [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
LMS Property [Member] | Drilling [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
LMS Property [Member] | Equipment rental [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
LMS Property [Member] | Field Costs [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 162 | |
LMS Property [Member] | Geological Geophysical [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
LMS Property [Member] | Land Maintenance and Tenure [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
LMS Property [Member] | Permits [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
LMS Property [Member] | Studies [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
LMS Property [Member] | Travel [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | ||
LMS Property [Member] | Transportation [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 823 | |
LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 985 | |
Costs Incurred for Exploration and Evaluation Activities, Net | (103,853) | |
Cost recovery | (104,838) | |
Assay [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 102,964 | 179,175 |
Drilling [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 212,022 | 137,820 |
Equipment rental [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 8,588 | 9,676 |
Field Costs [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 39,974 | 27,899 |
Geological Geophysical [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 56,675 | 149,438 |
Land Maintenance and Tenure [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 204,645 | 204,475 |
Permits [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 2,565 | 632 |
Studies [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 14,036 | 194,022 |
Travel [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 12,037 | 22,157 |
Transportation [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 823 | |
Costs Incurred for Exploration and Evaluation Activities, Gross | 926,117 | |
Costs Incurred for Exploration and Evaluation Activities, Net | CAD 653,506 | 790,059 |
Cost recovery | CAD (136,058) |
Note 5 - Share Capital (Details
Note 5 - Share Capital (Details Textual) - CAD | Jul. 15, 2016 | Aug. 31, 2016 | Aug. 31, 2015 | May 31, 2016 |
Employee Stock Option [Member] | The 2010 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 10.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Employee Stock Option [Member] | ||||
Stock Granted, Value, Share-based Compensation, Gross | CAD 21,060 | CAD 0 | ||
Private Placement [Member] | ||||
Stock Issued During Period, Shares, New Issues | 2,550,000 | |||
Sale of Stock, Price Per Share | CAD 1.02 | |||
Proceeds from Issuance of Private Placement | CAD 2,601,000 | |||
Payments of Stock Issuance Costs | 11,515 | |||
The 2010 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 200,000 | 245,334 | ||
Proceeds from Issuance of Private Placement | CAD 2,601,000 | |||
Payments of Stock Issuance Costs | CAD 11,515 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 200,000 | |||
Proceeds from Stock Options Exercised | CAD 100,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 83 days | 2 years 153 days |
Note 5 - Summary of the Status
Note 5 - Summary of the Status of the Stock Option Plan (Details) - CAD / shares | 3 Months Ended | 12 Months Ended |
Aug. 31, 2016 | May 31, 2016 | |
The 2010 Plan [Member] | ||
Number of Options, Balance (in shares) | 7,981,000 | 7,396,334 |
Weighted Average Exercise Price, Balance (in Canadian Dollar per share) | CAD 0.85 | CAD 0.94 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,000 | 1,650,000 |
Weighted Average Exercise Price, Granted (in Canadian Dollar per share) | CAD 1.02 | CAD 0.48 |
Number of Options, Exercised (in shares) | (200,000) | (245,334) |
Weighted Average Exercise Price, Exercised (in Canadian Dollar per share) | CAD (0.50) | CAD (0.50) |
Number of Options, Forfeited (in shares) | (820,000) | |
Weighted Average Exercise Price, Forfeited (in Canadian Dollar per share) | CAD (0.94) | |
Number of Options, Balance (in shares) | 7,831,000 | 7,981,000 |
Weighted Average Exercise Price, Balance (in Canadian Dollar per share) | CAD 0.86 | CAD 0.85 |
Number of Options, Balance (in shares) | 7,981,000 | |
Number of Options, Exercised (in shares) | (200,000) | |
Number of Options, Balance (in shares) | 7,831,000 | 7,981,000 |
Note 5 - Stock Options Outstand
Note 5 - Stock Options Outstanding (Details) - CAD / shares | Aug. 31, 2016 | May 31, 2016 |
Employee Stock Option, Expiring on September 19, 2016 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | CAD 0.50 | CAD 0.50 |
Number of Options (in shares) | 19,100 | 219,100 |
Exercisable at Year- End (in shares) | 19,100 | 219,100 |
Employee Stock Option, Expiring on November 17, 2016 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | CAD 0.67 | CAD 0.67 |
Number of Options (in shares) | 210,000 | 210,000 |
Exercisable at Year- End (in shares) | 210,000 | 210,000 |
Employee Stock Option, Expiring on January 23, 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | CAD 1.10 | CAD 1.10 |
Number of Options (in shares) | 50,000 | 50,000 |
Exercisable at Year- End (in shares) | 50,000 | 50,000 |
Employee Stock Option, Expiring on May 1, 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | CAD 0.73 | CAD 0.73 |
Number of Options (in shares) | 50,000 | 50,000 |
Exercisable at Year- End (in shares) | 50,000 | 50,000 |
Employee Stock Option, Expiring on May 29, 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | CAD 0.92 | CAD 0.92 |
Number of Options (in shares) | 300,000 | 300,000 |
Exercisable at Year- End (in shares) | 300,000 | 300,000 |
Employee Stock Option, Expiring on September 19, 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | CAD 0.96 | CAD 0.96 |
Number of Options (in shares) | 2,016,900 | 2,016,900 |
Exercisable at Year- End (in shares) | 2,016,900 | 2,016,900 |
Employee Stock Option, Expiring on October 29, 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | CAD 0.96 | CAD 0.96 |
Number of Options (in shares) | 100,000 | 100,000 |
Exercisable at Year- End (in shares) | 100,000 | 100,000 |
Employee Stock Option, Expiring on August 16, 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | CAD 0.76 | CAD 0.76 |
Number of Options (in shares) | 2,120,000 | 2,120,000 |
Exercisable at Year- End (in shares) | 2,120,000 | 2,120,000 |
Employee Stock Option, Expiring On September 8, 2019 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | CAD 1.40 | CAD 1.40 |
Number of Options (in shares) | 1,265,000 | 1,265,000 |
Exercisable at Year- End (in shares) | 842,490 | 842,490 |
Employee Stock Option, Expiring on September 9, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | CAD 0.46 | CAD 0.46 |
Number of Options (in shares) | 640,000 | 640,000 |
Exercisable at Year- End (in shares) | 213,120 | 213,120 |
Employee Stock Option, Expiring on November 13, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | CAD 0.49 | CAD 0.49 |
Number of Options (in shares) | 1,010,000 | 1,010,000 |
Exercisable at Year- End (in shares) | 336,330 | 336,330 |
Employee Stock Option, Expiring On June 22, 2018 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | CAD 1.02 | |
Number of Options (in shares) | 50,000 | |
Exercisable at Year- End (in shares) | 16,650 | |
Number of Options (in shares) | 7,831,000 | 7,981,000 |
Exercisable at Year- End (in shares) | 6,274,590 | 6,457,940 |
Note 5 - Valuation Assumptions
Note 5 - Valuation Assumptions for Stock Options (Details) - Employee Stock Option [Member] - CAD / shares | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Risk-free interest rate | 0.60% | |
Expected life of options (years) | 2 years | |
Annualized volatility | 83.45% | |
Dividend yield | 0.00% | |
Exercise price (in Canadian Dollar per share) | CAD 1.02 | |
Fair value per share (in Canadian Dollar per share) | CAD 0.42 |
Note 5 - Allocation of Stock-ba
Note 5 - Allocation of Stock-based Compensation Expenses (Details) - CAD | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Consulting fees [Member] | ||
Stock-based compensation (note 5) | CAD 98,516 | CAD 131,643 |
Exploration expenditures - Geological/geophysical [Member] | ||
Stock-based compensation (note 5) | 4,635 | 5,455 |
Investor relations [Member] | ||
Stock-based compensation (note 5) | 20,534 | 38,901 |
Professional Fees [Member] | ||
Stock-based compensation (note 5) | 1,908 | 8,237 |
Wages and Benefits [Member] | ||
Stock-based compensation (note 5) | 50,645 | 110,645 |
Stock-based compensation (note 5) | CAD 176,238 | CAD 294,881 |
Note 6 - Related Party Transa35
Note 6 - Related Party Transactions (Details Textual) - CAD | Aug. 31, 2016 | May 31, 2016 |
Accounts Payable and Accrued Liabilities | CAD 9,815 | CAD 7,628 |
Note 6 - Transactions with Rela
Note 6 - Transactions with Related Parties (Details) - CAD | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Related Party Transaction [Member] | Chief Financial Officer [Member] | ||
Consulting fees to CFO | CAD 20,000 | CAD 18,000 |
Related Party Transaction [Member] | Chief Executive Officer [Member] | ||
Wages and benefits to CEO and COO | 145,973 | 143,869 |
Related Party Transaction [Member] | President [Member] | ||
Wages and benefits to CEO and COO | 234,997 | |
Related Party Transaction [Member] | Director [Member] | ||
Directors fees (included in consulting fees) | 33,750 | 33,750 |
Related Party Transaction [Member] | Vice President [Member] | ||
Fees to Vice President of Corporate Communications (included in investor relations) | 37,500 | 37,500 |
Related Party Transaction [Member] | ||
Stock-based compensation to related parties | 151,439 | 227,668 |
Consulting fees to CFO | 161,266 | 192,393 |
Management compensation | CAD 388,662 | CAD 695,784 |
Note 7 - Geographic Segmented37
Note 7 - Geographic Segmented Information (Details Textual) | 3 Months Ended |
Aug. 31, 2016 | |
Number of Operating Segments | 1 |
Number of Reportable Segments | 2 |
Note 7 - Long-Lived Assets, by
Note 7 - Long-Lived Assets, by Geographical Areas (Details) - CAD | Aug. 31, 2016 | May 31, 2016 |
CANADA | Operating Segments [Member] | ||
Balance | ||
Carrying amounts | 10,542 | 8,068 |
UNITED STATES | Operating Segments [Member] | ||
Balance | 4,279,560 | 4,261,680 |
Carrying amounts | 70,444 | 73,983 |
Operating Segments [Member] | ||
Balance | 4,279,560 | 4,261,680 |
Carrying amounts | 80,986 | 82,051 |
Balance | 4,279,560 | 4,261,680 |
Carrying amounts | CAD 80,986 | CAD 82,051 |
Note 7 - Net Income (Loss) by G
Note 7 - Net Income (Loss) by Geographic Areas (Details) - CAD | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
CANADA | ||
Net loss for the period | CAD (491,590) | CAD (493,500) |
UNITED STATES | ||
Net loss for the period | (1,014,347) | (1,327,792) |
Net loss for the period | CAD (1,505,937) | CAD (1,821,292) |
Note 8 - Significant Subsidiari
Note 8 - Significant Subsidiaries (Details) | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Corvus Gold (USA) Inc. [Member] | ||
Country of Incorporation | USA | |
Principal Activity | Holding company | |
Effective Interest | 100.00% | 100.00% |
Raven Gold Alaska Inc. [Member] | ||
Country of Incorporation | USA | |
Principal Activity | Exploration company | |
Effective Interest | 100.00% | 100.00% |
Corvus Gold Nevada Inc. [Member] | ||
Country of Incorporation | USA | |
Principal Activity | Exploration company | |
Effective Interest | 100.00% | 100.00% |
SoN Land and Water LLC [Member] | ||
Country of Incorporation | USA | |
Principal Activity | Exploration company | |
Effective Interest | 100.00% | 100.00% |
Note 9 - Supplemental Cash Fl41
Note 9 - Supplemental Cash Flow Information (Details) - CAD | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Interest paid (received) | ||
Income taxes paid (received) |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) - Subsequent Event [Member] | Sep. 15, 2016CAD / sharesshares |
Share-based Compensation Award, Tranche One [Member] | Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.30% |
Share-based Compensation Award, Tranche Two [Member] | Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.30% |
Share-based Compensation Award, Tranche Three [Member] | Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 1,085,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | CAD / shares | CAD 0.91 |