Mineral Industries Disclosures [Text Block] | 4. MINERAL PROPERTIES The Company had the following activity related to capitalized acquisition costs: North Bullfrog Mother Lode Total (note 4a)) (note 4b)) Balance, May 31, 2017 $ 4,527,740 $ - $ 4,527,740 Acquisition costs Cash payments (note 4a)(ii)(1)) 38,384 - 38,384 Shares issued (notes 4a)(ii)(1), 4b) and 5) 37,000 810,000 847,000 Asset retirement obligations - 18,292 18,292 Currency translation adjustments (204,749 ) (34,047 ) (238,796 ) Balance, November 30, 2017 $ 4,398,375 $ 794,245 $ 5,192,620 The following table presents costs incurred for exploration and evaluation activities for the six November 30, 2017: North Bullfrog Mother Lode Total (note 4a)) (note 4b)) Exploration costs: Assay $ 44,148 $ 130,818 $ 174,966 Drilling (3,265 ) 868,901 865,636 Equipment rental 14,616 50,435 65,051 Field costs 14,133 170,931 185,064 Geological/ Geophysical 49,931 266,833 316,764 Land maintenance & tenure 220,204 42,797 263,001 Permits 6,240 35,532 41,772 Studies 416,391 70,363 486,754 Travel 9,294 43,646 52,940 Total expenditures for the period $ 771,692 $ 1,680,256 $ 2,451,948 The following table presents costs incurred for exploration and evaluation activities for the six November 30, 2016: North Bullfrog Total (note 4a)) Exploration costs: Assay $ 186,196 $ 186,196 Drilling 443,525 443,525 Equipment rental 20,506 20,506 Field costs 82,119 82,119 Geological/ Geophysical 131,501 131,501 Land maintenance & tenure 233,874 233,874 Permits 3,427 3,427 Studies 95,570 95,570 Travel 32,951 32,951 Total expenditures for the period $ 1,229,669 $ 1,229,669 a) 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% (i) Interests acquired from Redstar Gold Corp. On October 9, 2009, ( 1 Pursuant to a mining lease and option to purchase agreement made effective October 27, 2008 12 ten not 10,800 first three 10,800 16,200 October 27, 2017). 1,000,000 4% may 1,250,000 1% 5,000,000 ( 2 Pursuant to a mining lease made and entered into as of May 8, 2006 two three ten 4,000 3,500 May 8, 2007, 2008 2009 4,500 May 8, 2010 May 8, 2017). 2% may 1,000,000 1% 2,000,000 ( 3 Pursuant to a mining lease made and entered into as of May 8, 2006 two ten 2,000 2,000 May 8, 2007, 2008 2009 3,000 May 8, 2010 May 8, 2017). 3% may 850,000 1% 2,550,000 May 29, 2014, 2,400 2,400 May 29, 2015, 2016 2017 May 29, 2017), 3,600 May 29, 2018 3% may 770,000 1% 2,310,000 ( 4 Pursuant to a mining lease made and entered into as of May 16, 2006 12 ten 20,500 20,000 May 16, 2017). 4% may 1,000,000 1% 4,000,000 ( 5 Pursuant to a mining lease made and entered into as of May 22, 2006 two three ten 8,000 4,800 May 22, 2007, 2008 2009 7,200 May 22, 2010 May 22, 2017). 2% may 1,000,000 1% 2,000,000 ( 6 Pursuant to a mining lease made and entered into as of June 16, 2006 one ten 2,000 2,000 June 16, 2007, 2008 2009 3,000 June 16, 2010 June 16, 2017). 2% may 1,000,000 1% 2,000,000 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 Terms five December 1, 2007, five three 100,000 January 15, 2016 November 22, 2017, ten Lease Payments 5,000 25,000 5,000 20,000 first fourth 20,000 December 1, 2010, 108,750 November 10, 2010 46,250 December 2, 2010. second five 10,000 50,000 50,000 fifth ninth 10,000 October 31, 2012 50,000 October 25, 2012 $126,924; 10,000 November 13, 2013 50,000 November 25, 2013 $35,871; 10,000 November 17, 2014 50,000 November 7, 2014 $21,200; 10,000 November 23, 2015 50,000 November 5, 2015 $19,237; 10,000 November 17, 2016 50,000 $53,447 November 10, 2016; 10,000 November 22, 2017 50,000 $25,655 November 30, 2017). Anti-Dilution: March 2015, 85,000 2011 2014 2011: 10,000 2012 2014: 25,000 25,000 November 18, 2015; 25,000 November 18, 2016 25,000 November 30, 2017). Work Commitments 100,000 first three 200,000 4 6 300,000 7 10 may not Retained Royalty 2% 400 3% 401 500 4% 500 ( 2 Pursuant to a mining lease and option to purchase made effective March 1, 2011 two ten ten not 20,000 25,000 March 1, 2012 ( 2013 2014 30,000 March 1, 2015 March 1, 2017), 2% may 1,000,000 1%. 2,000,000 ( 3 Pursuant to a purchase agreement made effective March 28, 2013, five two 160,000 March 28, 2013). 0.02 12 240,000 4.77% December 31, 2015 ( December 17, 2015). $406,240 400,000 $157,408 $248,832 240,000 May 31, 2013. ( 4 In December 2013, 30 1,600 $1,100,118 1,034,626 ( 5 On March 30, 2015, three 2014. three seven 5,000 5,000 March 2017). 4% 500,000 1% 2,000,000 4% 300,000. b) Mother Lode Property, Nevada Pursuant to a purchase agreement made effective June 9, 2017 100% two 1,000,000 $0.81 5 1% 1,400 1% 2% 1,400 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 Environmental Expenditures The operations of the Company may not 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 site reclamation 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 estimates that the fair value of the liability for asset retirement as a result of exploration activities is $343,048 266,000 May 31, 2017 - $340,176 252,000 not |