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, 2018 $ 4,428,752 $ 810,037 $ 5,238,789 Cash payments (note 4a)(ii)(1) 47,318 — 47,318 Shares issued (note 4a)(ii)(1) 59,500 — 59,500 Asset retirement obligations — 1,742 1,742 Currency translation adjustments 75,567 13,829 89,396 Balance, February 28, 2019 $ 4,611,137 $ 825,608 $ 5,436,745 The following table presents costs incurred for exploration and evaluation activities for the nine February 28, 2019: North Bullfrog Mother Lode Total (note 4a)) (note 4b)) Exploration costs: Assay $ 2,990 $ 439,889 $ 442,879 Drilling 1,239 1,438,354 1,439,593 Equipment rental — 49,655 49,655 Field costs 356 187,757 188,113 Geological/ Geophysical 28,362 483,319 511,681 Land maintenance & tenure 337,178 258,274 595,452 Permits 7,546 90,907 98,453 Studies 85,578 719,095 804,673 Travel 3,731 83,961 87,692 Total expenditures for the period $ 466,980 $ 3,751,211 $ 4,218,191 The following table presents costs incurred for exploration and evaluation activities for the nine February 28, 2018: North Bullfrog Mother Lode Total (note 4a)) (note 4b)) Exploration costs: Assay $ 44,148 $ 576,806 $ 620,954 Drilling (3,265 ) 1,423,671 1,420,406 Equipment rental 15,698 65,678 81,376 Field costs 32,121 236,373 268,494 Geological/ Geophysical 66,473 456,948 523,421 Land maintenance & tenure 267,977 125,699 393,676 Permits 6,395 92,254 98,649 Studies 473,213 115,415 588,628 Travel 10,243 69,537 79,780 Total expenditures for the period $ 913,003 $ 3,162,381 $ 4,075,384 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 twelve ten not 10,800 first three 10,800 16,200 October 27, 2018). 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, 2018). 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, 2018). 3% may 850,000 1% 2,550,000 May 29, 2014, 2,400 2,400 May 29, 2015, 2016 2017 3,600 May 29, 2018 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 twelve ten 20,500 20,000 May 16, 2018). 4% may 1,000,000 1% 4,000,000 ( 5 Pursuant to a mining lease made and entered into as of May 22, 2006 three ten 8,000 4,800 May 22, 2007, 2008 2009 7,200 May 22, 2010 May 22, 2018). 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, 2018). 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; 10,000 November 15, 2018 50,000 $34,116 November 6, 2018). ° 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 25,000 November 26, 2018). ° Work Commitments 100,000 first three 200,000 four six 300,000 seven ten 300,000 11 20 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, 2019), 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 2019). 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 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 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 $374,642 284,000 May 31, 2018 - $366,641 283,000 not |