Mineral Industries Disclosures [Text Block] | 5. MINERAL PROPERTIES The Company had the following activity related to capitalized acquisition costs: North Mother Lode Total (note 5a)) (note 5b)) Balance, May 31, 2017 $ 4,527,740 $ – $ 4,527,740 Acquisition costs Cash payments (note 5a)(ii)(1)) 38,384 – 38,384 Shares issued (note 5a)(ii)(1), 5b) and 6) 37,000 810,000 847,000 Asset retirement obligations 9,899 30,475 40,374 Currency translation adjustments (184,271 ) (30,438 ) (214,709 ) Balance, May 31, 2018 4,428,752 810,037 5,238,789 Acquisition costs Cash payments (note 5a)(ii)(1)) 47,318 – 47,318 Shares issued (note 5a)(ii)(1) and 6) 59,500 – 59,500 Asset retirement obligations 24,765 11,485 36,250 Currency translation adjustments 200,922 36,226 237,148 Balance, May 31, 2019 $ 4,761,257 $ 857,748 $ 5,619,005 The following table presents costs incurred for exploration and evaluation activities for the year ended May 31, 2019: North Mother Lode Total (note 5a)) (note 5b)) Exploration costs: Assay $ 14,839 $ 567,274 $ 582,113 Drilling 208,421 1,788,433 1,996,854 Equipment rental 33,173 66,780 99,953 Field costs 13,620 248,059 261,679 Geological/ Geophysical 83,972 650,424 734,396 Land maintenance & tenure 414,636 271,749 686,385 Permits 7,546 155,661 163,207 Studies 98,904 891,297 990,201 Travel 14,035 107,818 121,853 Total expenditures for the year $ 889,146 $ 4,747,495 $ 5,636,641 The following table presents costs incurred for exploration and evaluation activities for the year ended May 31, 2018: North Mother Lode Total (note 5a)) (note 5b)) Exploration costs: Assay $ 44,703 $ 742,751 $ 787,454 Drilling (3,265 ) 1,885,504 1,882,239 Equipment rental 15,698 89,965 105,663 Field costs 33,310 315,406 348,716 Geological/ Geophysical 80,771 658,575 739,346 Land maintenance & tenure 337,695 144,985 482,680 Permits 9,036 113,246 122,282 Studies 478,904 270,754 749,658 Travel 10,245 104,897 115,142 Total expenditures for the year $ 1,007,097 $ 4,326,083 $ 5,333,180 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, six 33 ten The Company is required to pay annual advance minimum royalty payments (recoupable from production royalties) for as long as there are mining activities continuing on the claims or contiguous claims held by the Company. The required annual advance minimum royalty payments are: ¤ 39,800 ¤ 17,700 The lessor is entitled to receive a separate NSR royalty related to all production from the leased property of the various individual leases which may ¤ a 4% may 1,250,000 1% 5,000,000 ¤ a 2% may 1,000,000 1% 2,000,000 ¤ a 3% may 850,000 1% 2,550,000 ¤ a 3% may 770,000 1% 2,310,000 ¤ a 4% may 1,000,000 1% 4,000,000 ¤ a 2% may 1,000,000 1% 2,000,000 ¤ a 2% may 1,000,000 1% 2,000,000 The various NSR royalties above relate only to the property covered by each specific lease and are not The Company has an option to purchase a property related to twelve 1,000,000 4% may 1,250,000 1% 5,000,000 (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 January 15, 2016 November 22, 2017, ten ¤ Lease Payments 10,000 50,000 10,000 November 15, 2018 50,000 $34,116 November 6, 2018). ¤ Anti-Dilution: March 2015, 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 30,000 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 6 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 $419,286 309,000 May 31, 2018 - 366,641 283,000 not |