Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Feb. 28, 2015 | Apr. 09, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | Corvus Gold Inc. | |
Entity Central Index Key | 1507964 | |
Current Fiscal Year End Date | -26 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | CORVF | |
Entity Common Stock, Shares Outstanding | 80,168,928 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Feb-15 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2015 |
CONDENSED_INTERIM_CONSOLIDATED
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS(CAD) | Feb. 28, 2015 | 31-May-14 |
Current assets | ||
Cash and cash equivalents | 6,979,295 | 3,227,970 |
Marketable securities (note 4) | 102,525 | 147,451 |
Accounts receivable | 27,005 | 16,787 |
Prepaid expenses | 246,691 | 217,316 |
Total current assets | 7,355,516 | 3,609,524 |
Property and equipment (note 5) | 104,764 | 97,447 |
Reclamation bond (note 6) | 0 | 522,332 |
Capitalized acquisition costs (note 7) | 4,658,168 | 4,045,115 |
Total assets | 12,118,448 | 8,274,418 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 10) | 242,383 | 622,950 |
Promissory note payable (note 8) | 300,072 | 0 |
Total current liabilities | 542,455 | 622,950 |
Promissory note payable (note 8) | 0 | 260,208 |
Total liabilities | 542,455 | 883,158 |
Shareholders' equity | ||
Share capital (note 9) | 64,210,099 | 53,703,440 |
Contributed surplus | 10,907,064 | 9,768,967 |
Accumulated other comprehensive income - cumulative translation differences | 892,464 | 151,192 |
Deficit accumulated during the exploration stage | -64,433,634 | -56,232,339 |
Total shareholders' equity | 11,575,993 | 7,391,260 |
Total liabilities and shareholders' equity | 12,118,448 | 8,274,418 |
CONDENSED_INTERIM_CONSOLIDATED1
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (CAD) | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2015 | Feb. 28, 2014 | |
Expenses | ||||
Administration | 3,368 | 2,921 | 9,541 | 8,040 |
Consulting fees (notes 9 and 10) | 235,627 | 196,134 | 609,566 | 517,836 |
Depreciation | 7,293 | 5,134 | 20,697 | 14,976 |
Exploration expenditures (notes 7 and 9) | 648,083 | 1,464,662 | 4,440,272 | 6,246,256 |
Insurance | 29,005 | 11,084 | 59,819 | 39,138 |
Investor relations (notes 9 and 10) | 278,180 | 325,946 | 733,262 | 913,436 |
Office and miscellaneous | 38,376 | 36,548 | 109,561 | 105,960 |
Professional fees (notes 9 and 10) | 83,574 | 125,422 | 411,616 | 329,344 |
Regulatory | 62,791 | 53,441 | 148,484 | 82,470 |
Rent | 24,049 | 23,633 | 71,871 | 69,916 |
Travel | 45,387 | 21,277 | 107,237 | 83,662 |
Wages and benefits (notes 9 and 10) | 674,956 | 693,672 | 1,494,033 | 1,470,210 |
Total operating expenses | -2,130,689 | -2,959,874 | -8,215,959 | -9,881,244 |
Other income (expense) | ||||
Interest income | 5,737 | 5,026 | 16,130 | 38,457 |
Gain on sale of capitalized acquisition cost | 0 | 1,840,480 | 0 | 1,840,480 |
Unrealized loss on marketable securities | -16,855 | 0 | -60,305 | 0 |
Foreign exchange gain (loss) | -6,517 | 26,703 | 58,839 | -3,949 |
Total other income (expense) | -17,635 | 1,872,209 | 14,664 | 1,874,988 |
Net loss for the period | -2,148,324 | -1,087,665 | -8,201,295 | -8,006,256 |
Other comprehensive income | ||||
Exchange difference on translating foreign operations | 471,967 | 259,533 | 741,272 | 376,635 |
Comprehensive loss for the period | -1,676,357 | -828,132 | -7,460,023 | -7,629,621 |
Basic and diluted loss per share (in dollars per share) | -0.03 | -0.02 | -0.11 | -0.12 |
Weighted average number of shares outstanding (in shares) | 75,679,518 | 70,415,028 | 73,961,563 | 67,005,687 |
CONDENSED_INTERIM_CONSOLIDATED2
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (CAD) | 9 Months Ended | |
Feb. 28, 2015 | Feb. 28, 2014 | |
Operating activities | ||
Net loss for the period | -8,201,295 | -8,006,256 |
Add items not affecting cash: | ||
Depreciation | 20,697 | 14,976 |
Stock-based compensation (note 9) | 1,145,473 | 1,361,513 |
Gain on sale of capitalized acquisition costs | 0 | -1,840,480 |
Unrealized loss on marketable securities | 60,305 | 0 |
(Gain) loss on foreign exchange | -58,839 | 3,949 |
Changes in non-cash items: | ||
Accounts receivable | -10,218 | 10,393 |
Prepaid expenses | -29,375 | 327,859 |
Accounts payable and accrued liabilities | -380,567 | -18,802 |
Cash used in operating activities | -7,453,819 | -8,146,848 |
Financing activities | ||
Cash received from issuance of shares | 10,689,450 | 5,278,300 |
Share issuance costs | -190,167 | -40,312 |
Cash provided by financing activities | 10,499,283 | 5,237,988 |
Investing activities | ||
Expenditures on property and equipment | -13,822 | -1,706 |
Refund of (payment of) reclamation bond | 522,332 | -3,203 |
Cash received from sale of capitalized acquisition costs | 0 | 1,976,580 |
Capitalized acquisition costs | 0 | -1,135,989 |
Cash provided by investing activities | 508,510 | 835,682 |
Effect of foreign exchange on cash | 197,351 | 94,173 |
Increase (decrease) in cash and cash equivalents | 3,751,325 | -1,979,005 |
Cash and cash equivalents, beginning of the period | 3,227,970 | 7,867,270 |
Cash and cash equivalents, end of the period | 6,979,295 | 5,888,265 |
CONDENSED_INTERIM_CONSOLIDATED3
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CAD) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Balance at May. 31, 2014 | 7,391,260 | 53,703,440 | 9,768,967 | 151,192 | -56,232,339 |
Balance (in shares) at May. 31, 2014 | 70,415,028 | ||||
Net loss for the period | -8,201,295 | 0 | 0 | 0 | -8,201,295 |
Other comprehensive income | |||||
Exchange difference on translating foreign operations | 741,272 | 0 | 0 | 741,272 | 0 |
Shares issued for cash | |||||
Public offering | 6,180,000 | 6,180,000 | 0 | 0 | 0 |
Public offering (in shares) | 5,150,000 | ||||
Private placement | 4,500,000 | 4,500,000 | 0 | 0 | 0 |
Private placement (in shares) | 4,500,000 | ||||
Exercise of stock options | 9,450 | 9,450 | 0 | 0 | 0 |
Exercise of stock options (in shares) | 18,900 | 18,900 | |||
Share issuance costs | -190,167 | -190,167 | 0 | 0 | 0 |
Reclassification of contributed surplus on exercise of stock options | 0 | 7,376 | -7,376 | 0 | 0 |
Stock-based compensation | 1,145,473 | 0 | 1,145,473 | 0 | 0 |
Balance at Feb. 28, 2015 | 11,575,993 | 64,210,099 | 10,907,064 | 892,464 | -64,433,634 |
Balance (in shares) at Feb. 28, 2015 | 80,083,928 |
PLAN_OF_ARRANGEMENT_AND_TRANSF
PLAN OF ARRANGEMENT AND TRANSFER OF ASSETS | 9 Months Ended | ||
Feb. 28, 2015 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 | PLAN OF ARRANGEMENT AND TRANSFER OF ASSETS | |
On August 25, 2010, International Tower Hill Mines Ltd. (“ITH”) completed a Plan of Arrangement (the “Arrangement”) under the British Columbia Business Corporations Act (“BCBCA”) 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”). | |||
The Arrangement was approved by the board of directors of each of ITH and Corvus and by the shareholders of ITH and was accepted for filing by the Toronto Stock Exchange (“TSX”) on behalf of both ITH and Corvus. In connection with the completion of the Arrangement, the common shares of Corvus were listed on the TSX. | |||
Under the Arrangement, each shareholder of ITH received (as a return of capital) one Corvus common share for every two ITH common shares held as at the effective date of the Arrangement and exchanged each old common share of ITH for a new common share of ITH. As part of the Arrangement, ITH transferred its wholly-owned subsidiary Corvus Gold Nevada Inc. (formerly Talon Gold Nevada Inc.) (“Corvus Nevada”), incorporated in Nevada, United States (which held the North Bullfrog property), to Corvus and a wholly-owned Alaskan subsidiary of ITH sold to Raven Gold Alaska Inc. (“Raven Gold”), incorporated in Alaska, United States, a wholly owned subsidiary of Corvus, the Terra, Chisna, LMS and West Pogo properties. As a consequence of the completion of the Arrangement, Corvus now holds the Terra, Chisna, LMS, West Pogo and North Bullfrog properties (the “Spin-out Properties”). | |||
The Company’s consolidated financial statements reflect the Balance Sheets and Statement of Changes in Equity of the Nevada and Other Alaska Business as if Corvus existed in its present form since the inception of the business on June 1, 2006. The financial statements have been presented under the predecessor basis of accounting with Balance Sheet amounts based on the amounts recorded by ITH. Management cautions readers of these financial statements that the allocation of expenses does not necessarily reflect future general and administrative expenses. | |||
The deficit of the Company at August 25, 2010 was calculated on the basis of the ratio of costs incurred on the Spin-out Properties in each period as compared to the costs incurred on all mineral properties of ITH in each of these periods to the cumulative transactions relating to the Spin-out Properties from the date of acquisition of those mineral properties to August 25, 2010 and includes an allocation of ITH’s general and administrative expenses from the date of acquisition of those mineral properties to August 25, 2010. The allocation of general and administrative expense was calculated on the basis of the ratio of costs incurred on the Spin-out Properties in each prior year as compared to the costs incurred on all mineral properties and exploration costs of ITH in each of those prior years. Subsequent to August 25, 2010, ITH has not incurred any expenses on behalf of Corvus and therefore, no allocation of ITH expenses subsequent to that date has occurred. | |||
NATURE_AND_CONTINUANCE_OF_OPER
NATURE AND CONTINUANCE OF OPERATIONS | 9 Months Ended | ||
Feb. 28, 2015 | |||
Accounting Policies [Abstract] | |||
Nature of Operations [Text Block] | 2 | NATURE AND CONTINUANCE OF OPERATIONS | |
The Company was incorporated on April 13, 2010 under the British Columbia Business Corporations Act. These condensed interim consolidated financial statements reflect the cumulative operating results of the predecessor, as related to the mineral properties that were transferred to the Company from June 1, 2006. | |||
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 February 28, 2015, the Company had interests in properties in Alaska and 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 exploration and evaluation assets 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 exploration and evaluation assets. The carrying value of the Company’s exploration and evaluation assets 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 which is at least, but not limited to, 12 months from February 28, 2015. Management is aware, in making its assessment, of material uncertainties relating to events or conditions that raise significant doubt upon the Company’s ability to continue as a going concern, as explained in the following paragraph. | |||
The Company has sustained losses from operations, and has an ongoing requirement for capital investment to explore its exploration and evaluation assets. Based on its current plans, budgeted expenditures, and cash requirements, the Company does not have sufficient cash to finance its current plans for at least 12 months from February 28, 2015. The Company expects that it will need to raise substantial additional capital to accomplish its business plan over the next several years. The Company expects to seek additional financing through equity financing. There can be no assurance as to the availability or terms upon which such financing might be available. | |||
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. | |||
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | |
Feb. 28, 2015 | ||
Accounting Policies [Abstract] | ||
Significant Accounting Policies [Text Block] | 3 | 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, 2014 as filed in our Annual Report on Form S-1/A. 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 February 28, 2015 and the results of its operations for the nine months then ended. Operating results for the nine months ended February 28, 2015 are not necessarily indicative of the results that may be expected for the year ending May 31, 2015. The 2014 year-end balance sheet data was derived from the 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 February 28, 2015, 7,371,334 outstanding stock options (2014 – 6,175,234) were not included in the calculation of diluted earnings (loss) per share as their inclusion was anti-dilutive. | ||
MARKETABLE_SECURITIES
MARKETABLE SECURITIES | 9 Months Ended | |
Feb. 28, 2015 | ||
Investments, Debt and Equity Securities [Abstract] | ||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4 | MARKETABLE SECURITIES |
As at February 28, 2015, the Company held 200,000 (May 31, 2014 – 200,000) common shares of WestMountain Gold with a fair value of $102,525 (May 31, 2014 - $147,451). The Company classified these shares as held-for-trading. Subsequent to February 28, 2015, the Company sold 53,160 shares of WestMountain for an average of USD 0.2384 for gross proceeds of USD 12,674. | ||
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended | |||||||||||||
Feb. 28, 2015 | ||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | 5 | PROPERTY AND EQUIPMENT | ||||||||||||
Computer Equipment | Vehicles | Tent | Total | |||||||||||
Cost | ||||||||||||||
Balance, May 31, 2014 | $ | 38,733 | $ | 73,962 | $ | 54,210 | $ | 166,905 | ||||||
Additions | 13,822 | - | - | 13,822 | ||||||||||
Currency translation adjustments | 6,664 | 11,331 | 8,305 | 26,300 | ||||||||||
Balance, February 28, 2015 | $ | 59,219 | $ | 85,293 | $ | 62,515 | $ | 207,027 | ||||||
Depreciation | ||||||||||||||
Balance, May 31, 2014 | $ | 21,978 | $ | 42,058 | $ | 5,422 | $ | 69,458 | ||||||
Depreciation for the period | 5,522 | 7,514 | 7,661 | 20,697 | ||||||||||
Currency translation adjustments | 3,293 | 7,206 | 1,609 | 12,108 | ||||||||||
Balance at February 28, 2015 | $ | 30,793 | $ | 56,778 | $ | 14,692 | $ | 102,263 | ||||||
Carrying amounts | ||||||||||||||
Balance at May 31, 2014 | $ | 16,755 | $ | 31,904 | $ | 48,788 | $ | 97,447 | ||||||
Balance at February 28, 2015 | $ | 28,426 | $ | 28,515 | $ | 47,823 | $ | 104,764 | ||||||
RECLAMATION_BOND
RECLAMATION BOND | 9 Months Ended | ||
Feb. 28, 2015 | |||
RECLAMATION BOND [Abstract] | |||
RECLAMATION BOND [Text Block] | 6 | RECLAMATION BOND | |
As at February 28, 2015, the Company has not commenced development of any mineral properties and accordingly a reasonable estimate of the timing of the cash flows cannot be made. The Company has posted non-interest bearing bonds totalling $Nil (USD nil) (May 31, 2014 - $522,332 (USD 481,767)) with the Nevada Division of Minerals in the State of Nevada as security for these obligations. Fair value could not be reasonably determined and accordingly the bonds were recorded at historical cost, adjusted for current exchange rates. During the period ended February 28, 2015, the Company entered into a corporate surety bond with a bonding company and as a result, the previously posted non-interest bearing bonds were refunded by the Nevada Division of Minerals in the State of Nevada. | |||
MINERAL_PROPERTIES
MINERAL PROPERTIES | 9 Months Ended | ||||||||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||||||||
Mineral Industries Disclosures [Abstract] | |||||||||||||||||||||||
Mineral Industries Disclosures [Text Block] | 7 | MINERAL PROPERTIES | |||||||||||||||||||||
The Company had the following activity related to capitalized acquisition costs: | |||||||||||||||||||||||
Chisna | North Bullfrog | LMS | Total | ||||||||||||||||||||
(note 7(a)) | (notes 7(d)) | (note 7(c)) | |||||||||||||||||||||
Balance, May 31, 2014 | $ | 550,255 | $ | 3,168,810 | $ | 326,050 | $ | 4,045,115 | |||||||||||||||
Acquisition costs | - | - | - | - | |||||||||||||||||||
Currency translation adjustments | 84,300 | 478,802 | 49,951 | 613,053 | |||||||||||||||||||
Balance, February 28, 2015 | $ | 634,555 | $ | 3,647,612 | $ | 376,001 | $ | 4,658,168 | |||||||||||||||
The following table presents costs incurred for exploration and evaluation activities for the nine months ended February 28, 2015: | |||||||||||||||||||||||
West Pogo | Chisna | North Bullfrog | LMS | Total | |||||||||||||||||||
(note 7(b)) | (note 7(a)) | (notes 7(d)) | (note 7(c)) | ||||||||||||||||||||
Exploration costs: | |||||||||||||||||||||||
Aircraft services | $ | - | $ | 11,202 | $ | - | $ | - | $ | 11,202 | |||||||||||||
Assay | - | 12,924 | 826,943 | - | 839,867 | ||||||||||||||||||
Drilling | - | - | 1,282,967 | - | 1,282,967 | ||||||||||||||||||
Equipment rental | - | 1,466 | 224,400 | - | 225,866 | ||||||||||||||||||
Field costs | 2,027 | 7,096 | 256,653 | 284 | 266,060 | ||||||||||||||||||
Geological/ Geophysical | 4,164 | 1,811 | 777,024 | 29,170 | 812,169 | ||||||||||||||||||
Land maintenance & tenure | 11,023 | 77,972 | 227,869 | 27,331 | 344,195 | ||||||||||||||||||
Permits | - | - | - | - | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | ||||||||||||||||||
Studies | - | - | 487,020 | - | 487,020 | ||||||||||||||||||
Transportation | - | - | - | 878 | 878 | ||||||||||||||||||
Travel | - | 5,133 | 163,492 | 1,423 | 170,048 | ||||||||||||||||||
Total expenditures for the period | $ | 17,214 | $ | 117,604 | $ | 4,246,368 | $ | 59,086 | $ | 4,440,272 | |||||||||||||
The following table presents costs incurred for exploration and evaluation activities for the nine months ended February 28, 2014: | |||||||||||||||||||||||
West Pogo | Chisna | North Bullfrog | LMS | Terra | Gerfaut | Total | |||||||||||||||||
(note 7(b)) | (note 7(a)) | (notes 7(d)) | (note 7(c)) | ||||||||||||||||||||
Exploration costs: | |||||||||||||||||||||||
Aircraft services | $ | - | $ | - | $ | - | $ | - | $ | 1,778 | $ | - | $ | 1,778 | |||||||||
Assay | - | - | 1,463,540 | - | - | - | 1,463,540 | ||||||||||||||||
Drilling | - | - | 2,248,376 | - | - | - | 2,248,376 | ||||||||||||||||
Equipment rental | - | - | 242,926 | - | 840 | - | 243,766 | ||||||||||||||||
Field costs | - | 11,483 | 186,624 | 294 | 8 | 2,817 | 201,226 | ||||||||||||||||
Geological/ | - | 12,287 | 845,670 | 3,753 | 32,073 | 31 | 893,814 | ||||||||||||||||
Geophysical | |||||||||||||||||||||||
Land maintenance | 3,373 | 110,492 | 230,666 | 20,701 | 95,735 | - | 460,967 | ||||||||||||||||
& tenure | |||||||||||||||||||||||
Permits | - | - | 5,047 | - | - | - | 5,047 | ||||||||||||||||
Professional fees | - | - | - | - | 7,341 | - | 7,341 | ||||||||||||||||
Studies | - | - | 632,856 | - | - | - | 632,856 | ||||||||||||||||
Transportation | - | 1,526 | - | 1,125 | - | - | 2,651 | ||||||||||||||||
Travel | - | 7,072 | 169,337 | - | 4,442 | - | 180,851 | ||||||||||||||||
3,373 | 142,860 | 6,025,042 | 25,873 | 142,217 | 2,848 | 6,342,213 | |||||||||||||||||
Cost recovery | - | - | - | - | -95,957 | - | -95,957 | ||||||||||||||||
Total expenditures for the period | $ | 3,373 | $ | 142,860 | $ | 6,025,042 | $ | 25,873 | $ | 46,260 | $ | 2,848 | $ | 6,246,256 | |||||||||
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. | |||||||||||||||||||||||
On November 2, 2009, ITH and Talon Gold Alaska, Inc. (ITH’s wholly-owned Alaskan subsidiary) (“Talon Gold”) entered into an agreement (as amended) with Ocean Park Ventures Corp. (“OPV”). Pursuant to the agreement, an Alaskan subsidiary of OPV (“Subco”) and Raven Gold formed a joint venture (the “OPV/Raven JV”) 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 Incorporated (“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 (the “Ahtna Agreement”). | |||||||||||||||||||||||
The key terms of the Ahtna Agreement include the following: | |||||||||||||||||||||||
· | exclusive right to explore, and the option to enter into a mining lease to develop and mine, the subject lands for a six-year period | ||||||||||||||||||||||
· | annual option payments of USD 1.00 – USD 1.25 per acre | ||||||||||||||||||||||
· | minimum exploration expenditures of USD 4.00 – USD 8.00 per acre, provided that if the agreement is not terminated at the end of any option year, the exploration expenditures for the next year become a firm commitment | ||||||||||||||||||||||
· | at the end of the third year, Raven Gold will release at least 50% of the original lands subject to the agreement | ||||||||||||||||||||||
· | preferential contracting, hiring and training practice for Ahtna shareholders or designees | ||||||||||||||||||||||
· | scholarship contributions to the Ahtna Heritage Foundation (USD 10,000/year, subject to increase for inflation) | ||||||||||||||||||||||
· | all surface work subject to Ahtna archaeological and cultural clearance | ||||||||||||||||||||||
Upon Raven Gold having expended an aggregate of USD 1,000,000 (including 2,500 feet of core drilling) and having completed a feasibility study over some or all of the land subject to the exploration agreement within the six year term of the Ahtna Agreement, Raven Gold has the option to enter into a mining lease. The key terms of the mining lease include: | |||||||||||||||||||||||
· | exclusive mining rights for an initial term of ten years and so long thereafter as commercial production continues | ||||||||||||||||||||||
· | minimum exploration expenditures of USD 4.00 – USD 9.00 per acre subject to the lease until commercial production is achieved, escalating over time | ||||||||||||||||||||||
· | advance minimum royalty payments of USD 6.00 – USD 12.00 per acre escalating over time (50% deductible from production royalties) | ||||||||||||||||||||||
· | NSR production royalties for gold and silver scaled from 2.5% (gold price USD 550 per ounce or less) to 14% (gold price USD 1,900 per ounce or higher). 2.5% on base metals and 3% on all minerals other than gold, silver or base metals | ||||||||||||||||||||||
· | Ahtna is also entitled to receive an amount by which 20% of the net profits realized by Raven Gold from its mining operations on Ahtna minerals (10% in the case of non-Ahtna minerals) in any year exceed the aggregate royalties paid by Raven Gold to Ahtna in that year | ||||||||||||||||||||||
· | Ahtna has the right to acquire a working interest in the lands subject to the lease, which is to be greater than or equal to 10% but not more than 15%, upon Raven Gold having made a production decision, and in consideration, Ahtna will be required to fund ongoing operations after such exercise in an amount equal to 200% of Ahtna’s percentage share of the pre-production expenditures incurred by Raven Gold (not including advance minimum royalty payments to Ahtna). | ||||||||||||||||||||||
During the period ended February 28, 2015, the Company gave notification and terminated the Ahtna lease. | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
c) | LMS Property, Alaska | ||||||||||||||||||||||
The LMS property consists of unpatented mineral claims owned 100% by the Company. | |||||||||||||||||||||||
d) | North Bullfrog Project, Nevada | ||||||||||||||||||||||
The Company’s North Bullfrog project consists of certain leased patented lode mining claims and an additional 758 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 September 30, 2014). 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, 2014). 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, 2014). 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). | ||||||||||||||||||||||
-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, 2014). 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, 2014). 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, 2014). 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. The Company acquired all of the shares of Corvus Nevada on August 26, 2010 upon the completion of the Arrangement. | |||||||||||||||||||||||
(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: Initial term of five years, commencing December 1, 2007, with the option to extend the lease for an additional five years. The lease will continue for as long thereafter as the property is in commercial production or, alternatively, for an additional three years if Corvus Nevada makes advance minimum royalty payments of USD 100,000 per year (which are recoupable against actual production royalties). | ||||||||||||||||||||||
¤ | Lease Payments: USD 5,000 (paid) and 25,000 common shares of ITH (delivered) following regulatory acceptance of the transaction; and an additional USD 5,000 and 20,000 common shares on each of the first through fourth lease anniversaries (paid and issued). Pursuant to an agreement with the lessors, in lieu of the 20,000 ITH shares due December 1, 2010, Corvus Nevada paid USD 108,750 on November 10, 2010 and delivered 46,250 common shares of the Company on December 2, 2010. If Corvus Nevada elects to extend the lease for a second five-year term, it will pay USD 10,000 and deliver 50,000 common shares of ITH upon election being made, and an additional 50,000 common shares of ITH on each of the fifth through ninth anniversaries (USD 10,000 paid on October 31, 2012 and 50,000 common shares of ITH delivered on October 25, 2012 paid with cash of $126,924; USD 10,000 paid on November 13 , 2013 and 50,000 common shares of ITH delivered on November 25, 2013 paid with cash of $35,871, and USD 10,000 paid on November 17, 2014 and 50,000 common shares of ITH, purchased for $18,662 in the market by the Company, were delivered on November 7, 2014). | ||||||||||||||||||||||
¤ | Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in March 2015, the Company shall deliver a total of 85,000 common shares (issued in April 2015) of the Company for the years 2011 to 2014 (2011: 10,000 common shares; 2012 to 2014: 25,000 common shares each year). All future payments will be satisfied by the delivery of an additional ½ common shares of the Company for each of the ITH shares due per the original agreement. | ||||||||||||||||||||||
¤ | Work Commitments: USD 100,000 per year for the first three years (incurred), USD 200,000 per year for the years 4 – 6 (incurred) and USD 300,000 for the years 7 – 10. Excess expenditures in any year may be carried forward. If Corvus Nevada does not incur the required expenditures in year one, the deficiency is required to be paid to the lessors. | ||||||||||||||||||||||
¤ | Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of 2% if the average gold price is USD 400 per ounce or less, 3% if the average gold price is between USD 401 and USD 500 per ounce and 4% if the average gold price is greater than USD 500 per ounce. | ||||||||||||||||||||||
-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 (paid) and each anniversary thereafter, 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 has agreed to purchase the surface rights of five patented mining claims owned by two arm’s length individuals for USD 160,000 payable 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 of 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. 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 (note 8) 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 Yellowrose 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 singing. 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 determined as of February 28, 2015, the disturbances to earth are minimal, therefore has not recorded a provision for environmental expenditures. | |||||||||||||||||||||||
PROMISSORY_NOTE_PAYABLE
PROMISSORY NOTE PAYABLE | 9 Months Ended | ||
Feb. 28, 2015 | |||
Debt Disclosure [Abstract] | |||
Debt Disclosure [Text Block] | 8 | PROMISSORY NOTE PAYABLE | |
As at March 28, 2013 the Company issued a promissory note payable of USD 240,000 (May 31, 2014 - $260,208 (USD 240,000)) bearing interest at 4.77% per annum due on the sooner of the commencing of use of the property for waste materials storage as stated in note 7(d)(ii)(3) or December 31, 2015. At February 28, 2015, the promissory note payable was translated to $300,072. | |||
SHARE_CAPITAL
SHARE CAPITAL | 9 Months Ended | |||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9 | SHARE CAPITAL | ||||||||||||||||||
Authorized | ||||||||||||||||||||
Unlimited common shares without par value. | ||||||||||||||||||||
Share issuances | ||||||||||||||||||||
During the period ended February 28, 2015: | ||||||||||||||||||||
a) | On August 27, 2014, the Company closed a non-brokered public equity financing and issued 5,150,000 common shares at a price of $1.20 per share for gross proceeds of $6,180,000. In connection with the financing, the Company paid $190,167 in share issuance costs. The offering was registered under the United States Securities Act of 1933, as amended, pursuant to a Form S-1 registration statement filed with the United States Securities and Exchange Commission and qualified in certain Canadian provinces pursuant to a prospectus filed with the relevant Canadian regulatory authorities. | |||||||||||||||||||
b) | On February 27, 2015, the Company closed a non-brokered private placement equity financing and issued 4,500,000 common shares at a price of $1.00 per share for gross proceeds of $4,500,000. | |||||||||||||||||||
c) | An aggregate of 18,900 shares were issued an exercise of 18,900 stock options for gross proceeds of $9,450. | |||||||||||||||||||
Stock options | ||||||||||||||||||||
Stock options awarded to employees and non-employees by the Company are measured and recognized in the condensed interim consolidated statement of 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 the Toronto Stock Exchange (“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 February 28, 2015 and May 31, 2014, and changes during the periods are presented below: | ||||||||||||||||||||
February 28, 2015 | May 31, 2014 | |||||||||||||||||||
Number of Options | Weighted Average Exercise | Number of Options | Weighted Average Exercise | |||||||||||||||||
Price | Price | |||||||||||||||||||
Balance, beginning of the period | 6,175,234 | $ | 0.84 | 4,075,234 | $ | 0.88 | ||||||||||||||
Granted | 1,525,000 | 1.36 | 2,470,000 | 0.76 | ||||||||||||||||
Exercised | -18,900 | -0.5 | -70,000 | -0.69 | ||||||||||||||||
Forfeited | - | - | -300,000 | -0.81 | ||||||||||||||||
Expired | -310,000 | -1 | - | - | ||||||||||||||||
Balance, end of the period | 7,371,334 | $ | 0.94 | 6,175,234 | $ | 0.84 | ||||||||||||||
The weighted average remaining contractual life of options outstanding at February 28, 2015 was 3.10 years (May 31, 2014 - 3.46 years). | ||||||||||||||||||||
Stock options outstanding are as follows: | ||||||||||||||||||||
February 28, 2015 | May 31, 2014 | |||||||||||||||||||
Expiry Date | Exercise | Number | Exercisable | Exercise | Number of | Exercisable | ||||||||||||||
Price | of | at Period- | Price | Options | at Year- | |||||||||||||||
Options | End | End | ||||||||||||||||||
27-Sep-14 | $ | - | - | - | $ | 1.08 | 150,000 | 150,000 | ||||||||||||
29-Jul-16 | $ | 0.5 | 464,434 | 464,434 | $ | 0.5 | 483,334 | 483,334 | ||||||||||||
29-Oct-16 | $ | 0.96 | 100,000 | 50,000 | $ | - | - | - | ||||||||||||
17-Nov-16 | $ | 0.67 | 210,000 | 210,000 | $ | 0.67 | 210,000 | 210,000 | ||||||||||||
23-Jan-17 | $ | 1.1 | 50,000 | 12,500 | $ | - | - | - | ||||||||||||
29-May-17 | $ | 0.92 | 300,000 | 300,000 | $ | 0.92 | 300,000 | 300,000 | ||||||||||||
19-Sep-17 | $ | 0.96 | 2,461,900 | 2,461,900 | $ | 0.96 | 2,561,900 | 1,628,370 | ||||||||||||
16-Aug-18 | $ | 0.76 | 2,420,000 | 1,611,720 | $ | 0.76 | 2,470,000 | 822,510 | ||||||||||||
8-Sep-19 | $ | 1.4 | 1,365,000 | 454,545 | $ | - | - | - | ||||||||||||
7,371,334 | 5,565,099 | 6,175,234 | 3,594,214 | |||||||||||||||||
Stock-based compensation | ||||||||||||||||||||
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 $1,093,938 (2014 - $1,449,654), determined using the Black-Scholes option pricing model based on the following weighted average assumptions: | ||||||||||||||||||||
For the nine months ended February 28, | 2015 | 2014 | ||||||||||||||||||
Risk-free interest rate | 1.53 | % | 1.96 | % | ||||||||||||||||
Expected life of options | 4.70 years | 5 years | ||||||||||||||||||
Annualized volatility | 68.85 | % | 100 | % | ||||||||||||||||
Dividend yield | 0 | % | 0 | % | ||||||||||||||||
Exercise price | $ | 1.36 | $ | 0.76 | ||||||||||||||||
Fair value per share | $ | 0.72 | $ | 0.59 | ||||||||||||||||
Annualized volatility was determined by reference to historic volatility of similar entities following a comparable period in their lives. | ||||||||||||||||||||
Stock-based compensation has been allocated as follows: | ||||||||||||||||||||
For the nine months ended February 28, | 2015 | 2014 | ||||||||||||||||||
Consulting | $ | 414,066 | $ | 340,812 | ||||||||||||||||
Exploration expenditures – Geological/geophysical | 30,765 | 47,237 | ||||||||||||||||||
Investor relations | 164,611 | 281,390 | ||||||||||||||||||
Professional fees | 39,458 | 50,986 | ||||||||||||||||||
Wages and benefits | 496,573 | 641,088 | ||||||||||||||||||
$ | 1,145,473 | $ | 1,361,513 | |||||||||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended | |||||||
Feb. 28, 2015 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Related Party Transactions Disclosure [Text Block] | 10 | RELATED PARTY TRANSACTIONS | ||||||
During the period ended February 28, 2015, the Company entered into the following transactions with related parties: | ||||||||
Management compensation | ||||||||
For the nine months ended February 28, | 2015 | 2014 | ||||||
Consulting fees to CFO | $ | 79,000 | $ | 79,000 | ||||
Wages and benefits to CEO, President and COO | 700,783 | 598,915 | ||||||
Directors fees (included in consulting fees) | 89,000 | 77,274 | ||||||
Fees to Vice President of Corporate Communications (included in investor relations) | 142,500 | 135,000 | ||||||
Professional fees to Vice President | 25,680 | 61,000 | ||||||
Stock-based compensation to related parties | 974,335 | 1,164,368 | ||||||
$ | 2,011,298 | $ | 2,115,557 | |||||
As at February 28, 2015, included in accounts payable and accrued liabilities was $26,255 (May 31, 2014 – $27,462) in expenses owing to companies related to 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 entered into a retainer agreement dated June 1, 2011 with Lawrence W. Talbot Law Corporation (“LWTLC”), a company with officers in common, pursuant to which LWTLC agrees to provide legal services to the Company. Pursuant to the retainer agreement, the Company agreed to pay LWTLC a minimum annual retainer of $72,000 (plus applicable taxes and disbursements). The retainer agreement may be terminated by LWTLC on reasonable notice, and by the Company on one year’s notice (or payment of one year’s retainer in lieu of notice). An officer of the Company is a director and shareholder of LWTLC. LWTLC ceased to be a related party on October 9, 2014. During the period ended February 28, 2015, the Company terminated the agreement and paid $73,830 in lieu of notice. | ||||||||
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 immediate 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. | ||||||||
GEOGRAPHIC_SEGMENTED_INFORMATI
GEOGRAPHIC SEGMENTED INFORMATION | 9 Months Ended | ||||||||||
Feb. 28, 2015 | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Segment Reporting Disclosure [Text Block] | 11 | 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 | |||||||||
28-Feb-15 | |||||||||||
Capitalized acquisition costs | $ | - | $ | 4,658,168 | $ | 4,658,168 | |||||
Property and equipment | $ | 3,144 | $ | 101,620 | $ | 104,764 | |||||
31-May-14 | |||||||||||
Capitalized acquisition costs | $ | - | $ | 4,045,115 | $ | 4,045,115 | |||||
Property and equipment | $ | 4,057 | $ | 93,390 | $ | 97,447 | |||||
For the nine months ended February 28, | 2015 | 2014 | |||||||||
Net loss for the period – Canada | $ | -2,416,587 | $ | -2,455,132 | |||||||
Net loss for the period – United States | -5,784,708 | -5,551,124 | |||||||||
Net loss for the period | $ | -8,201,295 | $ | -8,006,256 | |||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended | |||||||
Feb. 28, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Cash Flow, Supplemental Disclosures [Text Block] | 12 | SUPPLEMENTAL CASH FLOW INFORMATION | ||||||
For the nine months ended February 28, | 2015 | 2014 | ||||||
Supplemental cash flow information | ||||||||
Interest paid (received) | $ | - | $ | - | ||||
Income taxes paid | $ | - | $ | - | ||||
SUBSIDIARIES
SUBSIDIARIES | 9 Months Ended | |||||||||
Feb. 28, 2015 | ||||||||||
Subsidiaries [Abstract] | ||||||||||
Subsidiaries [Text Block] | 13 | SUBSIDIARIES | ||||||||
Significant subsidiaries for the nine months ended February 28, 2015 and 2014 are: | ||||||||||
Country of Incorporation | Principal | The Company’s effective interest for | The Company’s effective interest for | |||||||
Activity | 2015 | 2014 | ||||||||
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% | ||||||
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Feb. 28, 2015 | |
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, 2014 as filed in our Annual Report on Form S-1/A. 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 February 28, 2015 and the results of its operations for the nine months then ended. Operating results for the nine months ended February 28, 2015 are not necessarily indicative of the results that may be expected for the year ending May 31, 2015. The 2014 year-end balance sheet data was derived from the 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 February 28, 2015, 7,371,334 outstanding stock options (2014 – 6,175,234) were not included in the calculation of diluted earnings (loss) per share as their inclusion was anti-dilutive. | |
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended | |||||||||||||
Feb. 28, 2015 | ||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||
Property, Plant and Equipment [Table Text Block] | Computer Equipment | Vehicles | Tent | Total | ||||||||||
Cost | ||||||||||||||
Balance, May 31, 2014 | $ | 38,733 | $ | 73,962 | $ | 54,210 | $ | 166,905 | ||||||
Additions | 13,822 | - | - | 13,822 | ||||||||||
Currency translation adjustments | 6,664 | 11,331 | 8,305 | 26,300 | ||||||||||
Balance, February 28, 2015 | $ | 59,219 | $ | 85,293 | $ | 62,515 | $ | 207,027 | ||||||
Depreciation | ||||||||||||||
Balance, May 31, 2014 | $ | 21,978 | $ | 42,058 | $ | 5,422 | $ | 69,458 | ||||||
Depreciation for the period | 5,522 | 7,514 | 7,661 | 20,697 | ||||||||||
Currency translation adjustments | 3,293 | 7,206 | 1,609 | 12,108 | ||||||||||
Balance at February 28, 2015 | $ | 30,793 | $ | 56,778 | $ | 14,692 | $ | 102,263 | ||||||
Carrying amounts | ||||||||||||||
Balance at May 31, 2014 | $ | 16,755 | $ | 31,904 | $ | 48,788 | $ | 97,447 | ||||||
Balance at February 28, 2015 | $ | 28,426 | $ | 28,515 | $ | 47,823 | $ | 104,764 | ||||||
MINERAL_PROPERTIES_Tables
MINERAL PROPERTIES (Tables) | 9 Months Ended | ||||||||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||||||||
Mineral Industries Disclosures [Abstract] | |||||||||||||||||||||||
Capitalized Costs Relating to Acquisition Activities Disclosure [Table Text Block] | The Company had the following activity related to capitalized acquisition costs: | ||||||||||||||||||||||
Chisna | North Bullfrog | LMS | Total | ||||||||||||||||||||
(note 7(a)) | (notes 7(d)) | (note 7(c)) | |||||||||||||||||||||
Balance, May 31, 2014 | $ | 550,255 | $ | 3,168,810 | $ | 326,050 | $ | 4,045,115 | |||||||||||||||
Acquisition costs | - | - | - | - | |||||||||||||||||||
Currency translation adjustments | 84,300 | 478,802 | 49,951 | 613,053 | |||||||||||||||||||
Balance, February 28, 2015 | $ | 634,555 | $ | 3,647,612 | $ | 376,001 | $ | 4,658,168 | |||||||||||||||
Cost Incurred in Acquisition Exploration and Evaluation Activities Disclosure [Table Text Block] | The following table presents costs incurred for exploration and evaluation activities for the nine months ended February 28, 2015: | ||||||||||||||||||||||
West Pogo | Chisna | North Bullfrog | LMS | Total | |||||||||||||||||||
(note 7(b)) | (note 7(a)) | (notes 7(d)) | (note 7(c)) | ||||||||||||||||||||
Exploration costs: | |||||||||||||||||||||||
Aircraft services | $ | - | $ | 11,202 | $ | - | $ | - | $ | 11,202 | |||||||||||||
Assay | - | 12,924 | 826,943 | - | 839,867 | ||||||||||||||||||
Drilling | - | - | 1,282,967 | - | 1,282,967 | ||||||||||||||||||
Equipment rental | - | 1,466 | 224,400 | - | 225,866 | ||||||||||||||||||
Field costs | 2,027 | 7,096 | 256,653 | 284 | 266,060 | ||||||||||||||||||
Geological/ Geophysical | 4,164 | 1,811 | 777,024 | 29,170 | 812,169 | ||||||||||||||||||
Land maintenance & tenure | 11,023 | 77,972 | 227,869 | 27,331 | 344,195 | ||||||||||||||||||
Permits | - | - | - | - | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | ||||||||||||||||||
Studies | - | - | 487,020 | - | 487,020 | ||||||||||||||||||
Transportation | - | - | - | 878 | 878 | ||||||||||||||||||
Travel | - | 5,133 | 163,492 | 1,423 | 170,048 | ||||||||||||||||||
Total expenditures for the period | $ | 17,214 | $ | 117,604 | $ | 4,246,368 | $ | 59,086 | $ | 4,440,272 | |||||||||||||
The following table presents costs incurred for exploration and evaluation activities for the nine months ended February 28, 2014: | |||||||||||||||||||||||
West Pogo | Chisna | North Bullfrog | LMS | Terra | Gerfaut | Total | |||||||||||||||||
(note 7(b)) | (note 7(a)) | (notes 7(d)) | (note 7(c)) | ||||||||||||||||||||
Exploration costs: | |||||||||||||||||||||||
Aircraft services | $ | - | $ | - | $ | - | $ | - | $ | 1,778 | $ | - | $ | 1,778 | |||||||||
Assay | - | - | 1,463,540 | - | - | - | 1,463,540 | ||||||||||||||||
Drilling | - | - | 2,248,376 | - | - | - | 2,248,376 | ||||||||||||||||
Equipment rental | - | - | 242,926 | - | 840 | - | 243,766 | ||||||||||||||||
Field costs | - | 11,483 | 186,624 | 294 | 8 | 2,817 | 201,226 | ||||||||||||||||
Geological/ | - | 12,287 | 845,670 | 3,753 | 32,073 | 31 | 893,814 | ||||||||||||||||
Geophysical | |||||||||||||||||||||||
Land maintenance | 3,373 | 110,492 | 230,666 | 20,701 | 95,735 | - | 460,967 | ||||||||||||||||
& tenure | |||||||||||||||||||||||
Permits | - | - | 5,047 | - | - | - | 5,047 | ||||||||||||||||
Professional fees | - | - | - | - | 7,341 | - | 7,341 | ||||||||||||||||
Studies | - | - | 632,856 | - | - | - | 632,856 | ||||||||||||||||
Transportation | - | 1,526 | - | 1,125 | - | - | 2,651 | ||||||||||||||||
Travel | - | 7,072 | 169,337 | - | 4,442 | - | 180,851 | ||||||||||||||||
3,373 | 142,860 | 6,025,042 | 25,873 | 142,217 | 2,848 | 6,342,213 | |||||||||||||||||
Cost recovery | - | - | - | - | -95,957 | - | -95,957 | ||||||||||||||||
Total expenditures for the period | $ | 3,373 | $ | 142,860 | $ | 6,025,042 | $ | 25,873 | $ | 46,260 | $ | 2,848 | $ | 6,246,256 | |||||||||
SHARE_CAPITAL_Tables
SHARE CAPITAL (Tables) | 9 Months Ended | |||||||||||||||||||
Feb. 28, 2015 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the status of the stock option plan as of February 28, 2015 and May 31, 2014, and changes during the periods are presented below: | |||||||||||||||||||
February 28, 2015 | May 31, 2014 | |||||||||||||||||||
Number of Options | Weighted Average Exercise | Number of Options | Weighted Average Exercise | |||||||||||||||||
Price | Price | |||||||||||||||||||
Balance, beginning of the period | 6,175,234 | $ | 0.84 | 4,075,234 | $ | 0.88 | ||||||||||||||
Granted | 1,525,000 | 1.36 | 2,470,000 | 0.76 | ||||||||||||||||
Exercised | -18,900 | -0.5 | -70,000 | -0.69 | ||||||||||||||||
Forfeited | - | - | -300,000 | -0.81 | ||||||||||||||||
Expired | -310,000 | -1 | - | - | ||||||||||||||||
Balance, end of the period | 7,371,334 | $ | 0.94 | 6,175,234 | $ | 0.84 | ||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Stock options outstanding are as follows: | |||||||||||||||||||
February 28, 2015 | May 31, 2014 | |||||||||||||||||||
Expiry Date | Exercise | Number | Exercisable | Exercise | Number of | Exercisable | ||||||||||||||
Price | of | at Period- | Price | Options | at Year- | |||||||||||||||
Options | End | End | ||||||||||||||||||
27-Sep-14 | $ | - | - | - | $ | 1.08 | 150,000 | 150,000 | ||||||||||||
29-Jul-16 | $ | 0.5 | 464,434 | 464,434 | $ | 0.5 | 483,334 | 483,334 | ||||||||||||
29-Oct-16 | $ | 0.96 | 100,000 | 50,000 | $ | - | - | - | ||||||||||||
17-Nov-16 | $ | 0.67 | 210,000 | 210,000 | $ | 0.67 | 210,000 | 210,000 | ||||||||||||
23-Jan-17 | $ | 1.1 | 50,000 | 12,500 | $ | - | - | - | ||||||||||||
29-May-17 | $ | 0.92 | 300,000 | 300,000 | $ | 0.92 | 300,000 | 300,000 | ||||||||||||
19-Sep-17 | $ | 0.96 | 2,461,900 | 2,461,900 | $ | 0.96 | 2,561,900 | 1,628,370 | ||||||||||||
16-Aug-18 | $ | 0.76 | 2,420,000 | 1,611,720 | $ | 0.76 | 2,470,000 | 822,510 | ||||||||||||
8-Sep-19 | $ | 1.4 | 1,365,000 | 454,545 | $ | - | - | - | ||||||||||||
7,371,334 | 5,565,099 | 6,175,234 | 3,594,214 | |||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of options granted was $1,093,938 (2014 - $1,449,654), determined using the Black-Scholes option pricing model based on the following weighted average assumptions: | |||||||||||||||||||
For the nine months ended February 28, | 2015 | 2014 | ||||||||||||||||||
Risk-free interest rate | 1.53 | % | 1.96 | % | ||||||||||||||||
Expected life of options | 4.70 years | 5 years | ||||||||||||||||||
Annualized volatility | 68.85 | % | 100 | % | ||||||||||||||||
Dividend yield | 0 | % | 0 | % | ||||||||||||||||
Exercise price | $ | 1.36 | $ | 0.76 | ||||||||||||||||
Fair value per share | $ | 0.72 | $ | 0.59 | ||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Stock-based compensation has been allocated as follows: | |||||||||||||||||||
For the nine months ended February 28, | 2015 | 2014 | ||||||||||||||||||
Consulting | $ | 414,066 | $ | 340,812 | ||||||||||||||||
Exploration expenditures – Geological/geophysical | 30,765 | 47,237 | ||||||||||||||||||
Investor relations | 164,611 | 281,390 | ||||||||||||||||||
Professional fees | 39,458 | 50,986 | ||||||||||||||||||
Wages and benefits | 496,573 | 641,088 | ||||||||||||||||||
$ | 1,145,473 | $ | 1,361,513 | |||||||||||||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended | |||||||
Feb. 28, 2015 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Schedule of Related Party Transactions [Table Text Block] | During the period ended February 28, 2015, the Company entered into the following transactions with related parties: | |||||||
Management compensation | ||||||||
For the nine months ended February 28, | 2015 | 2014 | ||||||
Consulting fees to CFO | $ | 79,000 | $ | 79,000 | ||||
Wages and benefits to CEO, President and COO | 700,783 | 598,915 | ||||||
Directors fees (included in consulting fees) | 89,000 | 77,274 | ||||||
Fees to Vice President of Corporate Communications (included in investor relations) | 142,500 | 135,000 | ||||||
Professional fees to Vice President | 25,680 | 61,000 | ||||||
Stock-based compensation to related parties | 974,335 | 1,164,368 | ||||||
$ | 2,011,298 | $ | 2,115,557 | |||||
GEOGRAPHIC_SEGMENTED_INFORMATI1
GEOGRAPHIC SEGMENTED INFORMATION (Tables) | 9 Months Ended | ||||||||||
Feb. 28, 2015 | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Long-lived Assets by Geographic Areas [Table Text Block] | 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 | |||||||||
28-Feb-15 | |||||||||||
Capitalized acquisition costs | $ | - | $ | 4,658,168 | $ | 4,658,168 | |||||
Property and equipment | $ | 3,144 | $ | 101,620 | $ | 104,764 | |||||
31-May-14 | |||||||||||
Capitalized acquisition costs | $ | - | $ | 4,045,115 | $ | 4,045,115 | |||||
Property and equipment | $ | 4,057 | $ | 93,390 | $ | 97,447 | |||||
For the nine months ended February 28, | 2015 | 2014 | |||||||||
Net loss for the period – Canada | $ | -2,416,587 | $ | -2,455,132 | |||||||
Net loss for the period – United States | -5,784,708 | -5,551,124 | |||||||||
Net loss for the period | $ | -8,201,295 | $ | -8,006,256 | |||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended | |||||||
Feb. 28, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | For the nine months ended February 28, | 2015 | 2014 | |||||
Supplemental cash flow information | ||||||||
Interest paid (received) | $ | - | $ | - | ||||
Income taxes paid | $ | - | $ | - | ||||
SUBSIDIARIES_Tables
SUBSIDIARIES (Tables) | 9 Months Ended | |||||||||
Feb. 28, 2015 | ||||||||||
Subsidiaries [Abstract] | ||||||||||
Schedule Of Significant Subsidiaries [Table Text Block] | Significant subsidiaries for the nine months ended February 28, 2015 and 2014 are: | |||||||||
Country of Incorporation | Principal | The Company’s effective interest for | The Company’s effective interest for | |||||||
Activity | 2015 | 2014 | ||||||||
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% | ||||||
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 9 Months Ended | 12 Months Ended | |||
Feb. 28, 2015 | Feb. 28, 2014 | 31-May-13 | 31-May-12 | 31-May-11 | |
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,371,334 | 6,175,234 | 25,000 | 25,000 | 10,000 |
MARKETABLE_SECURITIES_Details_
MARKETABLE SECURITIES (Details Textual) | 3 Months Ended | |||
Feb. 28, 2015 | Feb. 28, 2015 | Feb. 27, 2015 | 31-May-14 | |
USD ($) | CAD | CAD | CAD | |
Marketable Securities [Abstract] | ||||
Shares of Unrelated Third Party, Held-for-trading | 200,000 | 200,000 | ||
Marketable Securities, Current | 102,525 | 147,451 | ||
Sale of Stock, Number of Shares Issued in Transaction | 53,160 | |||
Sale of Stock, Price Per Share | $0.24 | 1 | ||
Proceeds from Sale and Maturity of Marketable Securities | $12,674 |
PROPERTY_AND_EQUIPMENT_Details
PROPERTY AND EQUIPMENT (Details) (CAD) | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2015 | Feb. 28, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Cost, Balance, May 31, 2014 | 166,905 | |||
Additions | 13,822 | |||
Currency translation adjustments | 26,300 | |||
Cost, Balance, February 28, 2015 | 207,027 | 207,027 | ||
Depreciation, Balance, May 31, 2014 | 69,458 | |||
Depreciation for the period | 7,293 | 5,134 | 20,697 | 14,976 |
Currency translation adjustments | 12,108 | |||
Depreciation, Balance at February 28, 2015 | 102,263 | 102,263 | ||
Carrying amounts, Balance at May 31, 2014 | 97,447 | |||
Carrying amounts, Balance at February 28, 2015 | 104,764 | 104,764 | ||
Computer Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost, Balance, May 31, 2014 | 38,733 | |||
Additions | 13,822 | |||
Currency translation adjustments | 6,664 | |||
Cost, Balance, February 28, 2015 | 59,219 | 59,219 | ||
Depreciation, Balance, May 31, 2014 | 21,978 | |||
Depreciation for the period | 5,522 | |||
Currency translation adjustments | 3,293 | |||
Depreciation, Balance at February 28, 2015 | 30,793 | 30,793 | ||
Carrying amounts, Balance at May 31, 2014 | 16,755 | |||
Carrying amounts, Balance at February 28, 2015 | 28,426 | 28,426 | ||
Vehicles [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost, Balance, May 31, 2014 | 73,962 | |||
Additions | 0 | |||
Currency translation adjustments | 11,331 | |||
Cost, Balance, February 28, 2015 | 85,293 | 85,293 | ||
Depreciation, Balance, May 31, 2014 | 42,058 | |||
Depreciation for the period | 7,514 | |||
Currency translation adjustments | 7,206 | |||
Depreciation, Balance at February 28, 2015 | 56,778 | 56,778 | ||
Carrying amounts, Balance at May 31, 2014 | 31,904 | |||
Carrying amounts, Balance at February 28, 2015 | 28,515 | 28,515 | ||
Tent [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost, Balance, May 31, 2014 | 54,210 | |||
Additions | 0 | |||
Currency translation adjustments | 8,305 | |||
Cost, Balance, February 28, 2015 | 62,515 | 62,515 | ||
Depreciation, Balance, May 31, 2014 | 5,422 | |||
Depreciation for the period | 7,661 | |||
Currency translation adjustments | 1,609 | |||
Depreciation, Balance at February 28, 2015 | 14,692 | 14,692 | ||
Carrying amounts, Balance at May 31, 2014 | 48,788 | |||
Carrying amounts, Balance at February 28, 2015 | 47,823 | 47,823 |
RECLAMATION_BOND_Details_Textu
RECLAMATION BOND (Details Textual) | Feb. 28, 2015 | Feb. 28, 2015 | 31-May-14 | 31-May-14 |
USD ($) | CAD | USD ($) | CAD | |
RECLAMATION BOND [Line Items] | ||||
Reclamation Bond | $0 | 0 | $481,767 | 522,332 |
MINERAL_PROPERTIES_Details
MINERAL PROPERTIES (Details) (CAD) | 9 Months Ended |
Feb. 28, 2015 | |
Balance, May 31, 2014 | 4,045,115 |
Acquisition costs | 0 |
Currency translation adjustments | 613,053 |
Balance, February 28, 2015 | 4,658,168 |
Chisna [Member] | |
Balance, May 31, 2014 | 550,255 |
Acquisition costs | 0 |
Currency translation adjustments | 84,300 |
Balance, February 28, 2015 | 634,555 |
North Bullfrog [Member] | |
Balance, May 31, 2014 | 3,168,810 |
Acquisition costs | 0 |
Currency translation adjustments | 478,802 |
Balance, February 28, 2015 | 3,647,612 |
LMS Property [Member] | |
Balance, May 31, 2014 | 326,050 |
Acquisition costs | 0 |
Currency translation adjustments | 49,951 |
Balance, February 28, 2015 | 376,001 |
MINERAL_PROPERTIES_Details_1
MINERAL PROPERTIES (Details 1) (CAD) | 9 Months Ended | |
Feb. 28, 2015 | Feb. 28, 2014 | |
Costs Incurred for Exploration and Evaluation Activities, Gross | 4,440,272 | 6,342,213 |
Cost recovery | -95,957 | |
Costs Incurred for Exploration and Evaluation Activities, Net | 6,246,256 | |
West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 17,214 | 3,373 |
Cost recovery | 0 | |
Costs Incurred for Exploration and Evaluation Activities, Net | 3,373 | |
Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 117,604 | 142,860 |
Cost recovery | 0 | |
Costs Incurred for Exploration and Evaluation Activities, Net | 142,860 | |
North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 4,246,368 | 6,025,042 |
Cost recovery | 0 | |
Costs Incurred for Exploration and Evaluation Activities, Net | 6,025,042 | |
LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 59,086 | 25,873 |
Cost recovery | 0 | |
Costs Incurred for Exploration and Evaluation Activities, Net | 25,873 | |
Terra [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 142,217 | |
Cost recovery | -95,957 | |
Costs Incurred for Exploration and Evaluation Activities, Net | 46,260 | |
Gerfaut [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 2,848 | |
Cost recovery | 0 | |
Costs Incurred for Exploration and Evaluation Activities, Net | 2,848 | |
Aircraft Services [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 11,202 | 1,778 |
Aircraft Services [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Aircraft Services [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 11,202 | 0 |
Aircraft Services [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Aircraft Services [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Aircraft Services [Member] | Terra [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 1,778 | |
Aircraft Services [Member] | Gerfaut [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Assay [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 839,867 | 1,463,540 |
Assay [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Assay [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 12,924 | 0 |
Assay [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 826,943 | 1,463,540 |
Assay [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Assay [Member] | Terra [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Assay [Member] | Gerfaut [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Drilling [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 1,282,967 | 2,248,376 |
Drilling [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Drilling [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Drilling [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 1,282,967 | 2,248,376 |
Drilling [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Drilling [Member] | Terra [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Drilling [Member] | Gerfaut [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Equipment rental [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 225,866 | 243,766 |
Equipment rental [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Equipment rental [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 1,466 | 0 |
Equipment rental [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 224,400 | 242,926 |
Equipment rental [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Equipment rental [Member] | Terra [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 840 | |
Equipment rental [Member] | Gerfaut [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Field Costs [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 266,060 | 201,226 |
Field Costs [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 2,027 | 0 |
Field Costs [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 7,096 | 11,483 |
Field Costs [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 256,653 | 186,624 |
Field Costs [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 284 | 294 |
Field Costs [Member] | Terra [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 8 | |
Field Costs [Member] | Gerfaut [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 2,817 | |
Geological Geophysical [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 812,169 | 893,814 |
Geological Geophysical [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 4,164 | 0 |
Geological Geophysical [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 1,811 | 12,287 |
Geological Geophysical [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 777,024 | 845,670 |
Geological Geophysical [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 29,170 | 3,753 |
Geological Geophysical [Member] | Terra [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 32,073 | |
Geological Geophysical [Member] | Gerfaut [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 31 | |
Land Maintenance Tenure [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 344,195 | 460,967 |
Land Maintenance Tenure [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 11,023 | 3,373 |
Land Maintenance Tenure [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 77,972 | 110,492 |
Land Maintenance Tenure [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 227,869 | 230,666 |
Land Maintenance Tenure [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 27,331 | 20,701 |
Land Maintenance Tenure [Member] | Terra [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 95,735 | |
Land Maintenance Tenure [Member] | Gerfaut [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Permits [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 5,047 |
Permits [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Permits [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Permits [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 5,047 |
Permits [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Permits [Member] | Terra [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Permits [Member] | Gerfaut [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Professional Fees [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 7,341 |
Professional Fees [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Professional Fees [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Professional Fees [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Professional Fees [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Professional Fees [Member] | Terra [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 7,341 | |
Professional Fees [Member] | Gerfaut [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Studies [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 487,020 | 632,856 |
Studies [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Studies [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Studies [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 487,020 | 632,856 |
Studies [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Studies [Member] | Terra [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Studies [Member] | Gerfaut [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Transportation [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 878 | 2,651 |
Transportation [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Transportation [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 1,526 |
Transportation [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Transportation [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 878 | 1,125 |
Transportation [Member] | Terra [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Transportation [Member] | Gerfaut [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Travel [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 170,048 | 180,851 |
Travel [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Travel [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 5,133 | 7,072 |
Travel [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 163,492 | 169,337 |
Travel [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 1,423 | 0 |
Travel [Member] | Terra [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 4,442 | |
Travel [Member] | Gerfaut [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 |
MINERAL_PROPERTIES_Details_Tex
MINERAL PROPERTIES (Details Texual) | 9 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Feb. 28, 2015 | Feb. 28, 2014 | 31-May-13 | 31-May-12 | 31-May-11 | Oct. 27, 2008 | 31-May-14 | Mar. 28, 2013 | Mar. 01, 2011 | Dec. 02, 2010 | 31-May-13 | 31-May-13 | Nov. 17, 2014 | Nov. 07, 2014 | Nov. 25, 2013 | Nov. 13, 2013 | Oct. 31, 2012 | Oct. 25, 2012 | Nov. 10, 2010 | Mar. 30, 2015 | Feb. 28, 2015 | Feb. 28, 2015 | Feb. 28, 2015 | Feb. 28, 2015 | Nov. 10, 2010 | Dec. 02, 2010 | Feb. 28, 2015 | Feb. 28, 2015 | Feb. 28, 2015 | 8-May-06 | Oct. 27, 2008 | Mar. 24, 2010 | Mar. 24, 2010 | Mar. 24, 2010 | Mar. 24, 2010 | Nov. 07, 2014 | Nov. 25, 2013 | Oct. 25, 2012 | Dec. 01, 2010 | Dec. 02, 2010 | Feb. 28, 2015 | Feb. 28, 2015 | Jun. 16, 2006 | 16-May-06 | 22-May-06 | 8-May-06 | Feb. 28, 2015 | 8-May-06 | Feb. 28, 2015 | Feb. 28, 2015 | Feb. 28, 2015 | Mar. 24, 2010 | Mar. 24, 2010 | Feb. 28, 2015 | Mar. 24, 2010 | Oct. 27, 2008 | Mar. 01, 2011 | 8-May-06 | Jun. 16, 2006 | 22-May-06 | 16-May-06 | 8-May-06 | Oct. 27, 2008 | Mar. 01, 2011 | Jun. 16, 2006 | 22-May-06 | 16-May-06 | 8-May-06 | 8-May-06 | |
CAD | Subsequent Event [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Nevada Corporation [Member] | Redstar Gold Corp [Member] | Ahtna Agreement [Member] | Ahtna Agreement [Member] | Ahtna Agreement [Member] | Ahtna Agreement [Member] | International Tower Hill Mines [Member] | International Tower Hill Mines [Member] | International Tower Hill Mines [Member] | International Tower Hill Mines [Member] | International Tower Hill Mines [Member] | International Tower Hill Mines [Member] | Chisna [Member] | North Bullfrog [Member] | North Bullfrog [Member] | North Bullfrog [Member] | North Bullfrog [Member] | North Bullfrog [Member] | North Bullfrog [Member] | West Pogo [Member] | LMS Property [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | NSR [Member] | NSR [Member] | NSR [Member] | NSR [Member] | NSR [Member] | NSR [Member] | NSR [Member] | Royalty Agreements [Member] | Royalty Agreements [Member] | Royalty Agreements [Member] | Royalty Agreements [Member] | Royalty Agreements [Member] | Royalty Agreements [Member] | Royalty Agreements [Member] | ||||||
USD ($) | USD ($) | CAD | USD ($) | USD ($) | CAD | USD ($) | USD ($) | CAD | USD ($) | Subsequent Event [Member] | Royalty Of Two Percentage [Member] | Royalty Of Three Percentage [Member] | Royalty Of Four Percentage [Member] | First Through Fourth Year Lease [Member] | Fifth Year Lease [Member] | Fifth Through Ninth Year Lease [Member] | Fourth Through Sixth Year Lease [Member] | Seventh Through Tenth Year Lease [Member] | First Through Third Year Lease [Member] | USD ($) | Raven Gold [Member] | Raven Gold [Member] | Raven Gold [Member] | Raven Gold [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | Corvus Nevada [Member] | CAD | USD ($) | USD ($) | USD ($) | USD ($) | CAD | Nevada Corporation [Member] | CAD | Corvus Nevada [Member] | Ahtna Agreement [Member] | Chisna [Member] | Corvus Nevada [Member] | Ahtna Agreement [Member] | Corvus Nevada [Member] | Nevada Corporation [Member] | North Bullfrog [Member] | North Bullfrog [Member] | North Bullfrog [Member] | North Bullfrog [Member] | USD ($) | Corvus Nevada [Member] | North Bullfrog [Member] | North Bullfrog [Member] | North Bullfrog [Member] | North Bullfrog [Member] | North Bullfrog [Member] | |||||||||||||
lb | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Base Metal [Member] | Other Minerals [Member] | Non Ahtna Minerals [Member] | USD ($) | USD ($) | Royalty Of Three Percentage [Member] | Raven Gold [Member] | Ahtna Agreement [Member] | Royalty Of Three Percentage [Member] | Raven Gold [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Nevada Corporation [Member] | ||||||||||||||||||||||||||||||||||||||||||||
ha | USD ($) | USD ($) | Raven Gold [Member] | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
sqft | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpatented Mineral Claims | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land Subject to Ground Leases | 26,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Option Payment Price Per Acre | $1.25 | $1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenditure Price Per Acre | 9 | 8 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land Release Percentage | 50.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scholarship Contributions to Foundation | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expense, Mining | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Process Of Drilling | 2,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalties Paid In Advance | 12 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty Other Than Production | 50.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Royalty Per Ounce | 400 | 500 | 500 | 1,900 | 401 | 550 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty Percentage | 1.00% | 1.00% | 2.00% | 3.00% | 4.00% | 1.00% | 2.50% | 3.00% | 1.00% | 1.00% | 1.00% | 1.00% | 14.00% | 2.50% | 4.00% | 2.00% | 3.00% | 2.00% | 2.00% | 4.00% | 2.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Profit Sharing Percentage | 20.00% | 10.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working Interest Rate Acquired | 200.00% | 15.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 20,000 | 2,000 | 8,000 | 20,500 | 4,000 | 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Three Years | 10,800 | 2,000 | 4,800 | 20,000 | 3,500 | 2,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due Thereafter | 16,200 | 30,000 | 3,000 | 7,200 | 4,500 | 3,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Obligation | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 850,000 | 1,250,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty Expense | 5,000 | 2,000,000 | 4,000,000 | 2,000,000 | 2,000,000 | 2,550,000 | 5,000,000 | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Lease Obligations | 10,000 | 18,662 | 35,871 | 10,000 | 10,000 | 126,924 | 108,750 | 5,000 | 10,000 | 5,000 | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Payments Common Shares Issued | 46,250 | 50,000 | 50,000 | 50,000 | 50,000 | 20,000 | 50,000 | 25,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Payments Additional Common Shares Issued | 20,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Commitment | 200,000 | 300,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Agreement Payable | 160,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash | 157,408 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable | 240,000 | 248,832 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.77% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition Costs, Period Cost | 0 | 400,000 | 406,240 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Price Per Ton of Overburden to be Stored on the Property | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum Storage Capacity of the Property | 12,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Term | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Lease Term | 7 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,371,334 | 6,175,234 | 25,000 | 25,000 | 10,000 | 25,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Artist Advances and Royalty Guarantees, Commitments | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advance Royalties | $5,000 |
PROMISSORY_NOTE_PAYABLE_Detail
PROMISSORY NOTE PAYABLE (Details Textual) | Feb. 28, 2015 | 31-May-14 | Feb. 28, 2015 | Feb. 28, 2015 | 31-May-14 | 31-May-14 | Mar. 28, 2013 |
CAD | CAD | Promissory Note Payable [Member] | Promissory Note Payable [Member] | Promissory Note Payable [Member] | Promissory Note Payable [Member] | Promissory Note Payable [Member] | |
CAD | USD ($) | CAD | USD ($) | ||||
Debt Instrument [Line Items] | |||||||
Notes Payable, Noncurrent | 0 | 260,208 | 300,072 | $240,000 | 260,208 | $240,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.77% | 4.77% | |||||
Debt Instrument, Maturity Date | 31-Dec-15 | 31-Dec-15 |
SHARE_CAPITAL_Details
SHARE CAPITAL (Details) (CAD) | 9 Months Ended | 12 Months Ended |
Feb. 28, 2015 | 31-May-14 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Balance, beginning of the period | 6,175,234 | 4,075,234 |
Number of Options, Granted | 1,525,000 | 2,470,000 |
Number of Options, Exercised | -18,900 | -70,000 |
Number of Options, Forfeited | 0 | -300,000 |
Number of Options, Expired | -310,000 | 0 |
Number of Options, Balnce, end of the period | 7,371,334 | 6,175,234 |
Weighted Average Exercise Price, Balance, beginning of the period | 0.84 | 0.88 |
Weighted Average Exercise Price, Granted | 1.36 | 0.76 |
Weighted Average Exercise Price, Exercised | -0.5 | -0.69 |
Weighted Average Exercise Price, Forfeited | 0 | -0.81 |
Weighted Average Exercise Price, Expired | -1 | 0 |
Weighted Average Exercise Price, Balance, end of the period | 0.94 | 0.84 |
SHARE_CAPITAL_Details_1
SHARE CAPITAL (Details 1) (CAD) | Feb. 28, 2015 | 31-May-14 | 31-May-13 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | 0.94 | 0.84 | 0.88 |
Number of Options | 7,371,334 | 6,175,234 | 4,075,234 |
Exercisable at Period- End | 5,565,099 | 3,594,214 | |
September 27, 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | 0 | 1.08 | |
Number of Options | 0 | 150,000 | |
Exercisable at Period- End | 0 | 150,000 | |
July 29, 2016 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | 0.5 | 0.5 | |
Number of Options | 464,434 | 483,334 | |
Exercisable at Period- End | 464,434 | 483,334 | |
October 29, 2016 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | 0.96 | 0 | |
Number of Options | 100,000 | 0 | |
Exercisable at Period- End | 50,000 | 0 | |
November 17, 2016 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | 0.67 | 0.67 | |
Number of Options | 210,000 | 210,000 | |
Exercisable at Period- End | 210,000 | 210,000 | |
January 23,2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | 1.1 | 0 | |
Number of Options | 50,000 | 0 | |
Exercisable at Period- End | 12,500 | 0 | |
May 29, 2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | 0.92 | 0.92 | |
Number of Options | 300,000 | 300,000 | |
Exercisable at Period- End | 300,000 | 300,000 | |
September 19,2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | 0.96 | 0.96 | |
Number of Options | 2,461,900 | 2,561,900 | |
Exercisable at Period- End | 2,461,900 | 1,628,370 | |
August 16, 2018 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | 0.76 | 0.76 | |
Number of Options | 2,420,000 | 2,470,000 | |
Exercisable at Period- End | 1,611,720 | 822,510 | |
September 8, 2019 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | 1.4 | 0 | |
Number of Options | 1,365,000 | 0 | |
Exercisable at Period- End | 454,545 | 0 |
SHARE_CAPITAL_Details_2
SHARE CAPITAL (Details 2) (CAD) | 9 Months Ended | |
Feb. 28, 2015 | Feb. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.53% | 1.96% |
Expected life of options | 4 years 8 months 12 days | 5 years |
Annualized volatility | 68.85% | 100.00% |
Dividend yield | 0.00% | 0.00% |
Exercise price | 1.36 | 0.76 |
Fair value per share | 0.72 | 0.59 |
SHARE_CAPITAL_Details_3
SHARE CAPITAL (Details 3) (CAD) | 9 Months Ended | |
Feb. 28, 2015 | Feb. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | 1,145,473 | 1,361,513 |
Consulting [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | 414,066 | 340,812 |
Exploration expenditures - Geological/geophysical [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | 30,765 | 47,237 |
Investor relations [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | 164,611 | 281,390 |
Professional Fees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | 39,458 | 50,986 |
Wages and benefits [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | 496,573 | 641,088 |
SHARE_CAPITAL_Details_Textual
SHARE CAPITAL (Details Textual) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | ||
Feb. 27, 2015 | Feb. 28, 2015 | Feb. 28, 2014 | 31-May-14 | Feb. 28, 2015 | Feb. 28, 2015 | Aug. 27, 2014 | |
CAD | CAD | CAD | USD ($) | Employee Stock Option [Member] | Private Placement [Member] | ||
CAD | CAD | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 4,500,000 | 5,150,000 | |||||
Sale of Stock, Price Per Share | 1 | $0.24 | 1.2 | ||||
Proceeds from Issuance of Private Placement | 4,500,000 | 6,180,000 | |||||
Payments of Stock Issuance Costs | 190,167 | 40,312 | 190,167 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 1 month 6 days | 3 years 5 months 16 days | |||||
Share Based Compensation Arrangement by Share Based Payment Award Options Grant in Period, Fair Value | 1,093,938 | 1,449,654 | |||||
Stock Issued During Period, Shares, Other | 18,900 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 18,900 | 70,000 | 18,900 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 9,450 | 9,450 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (CAD) | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2015 | Feb. 28, 2014 | |
Related Party Transaction [Line Items] | ||||
Consulting fees | 235,627 | 196,134 | 609,566 | 517,836 |
Professional fees | 83,574 | 125,422 | 411,616 | 329,344 |
Related Party Transaction [Member] | ||||
Related Party Transaction [Line Items] | ||||
Stock-based compensation to related parties | 974,335 | 1,164,368 | ||
Management compensation | 2,011,298 | 2,115,557 | ||
Chief Financial Officer [Member] | Related Party Transaction [Member] | ||||
Related Party Transaction [Line Items] | ||||
Consulting fees | 79,000 | 79,000 | ||
Chief Executive Officer [Member] | Related Party Transaction [Member] | ||||
Related Party Transaction [Line Items] | ||||
Wages and benefits | 700,783 | 598,915 | ||
Director [Member] | Related Party Transaction [Member] | ||||
Related Party Transaction [Line Items] | ||||
Directors fees (included in consulting fees) | 89,000 | 77,274 | ||
Vice President [Member] | Related Party Transaction [Member] | ||||
Related Party Transaction [Line Items] | ||||
Fees to Vice President of Corporate Communications (included in investor relations) | 142,500 | 135,000 | ||
Professional fees | 25,680 | 61,000 |
RELATED_PARTY_TRANSACTIONS_Det1
RELATED PARTY TRANSACTIONS (Details Textual) (CAD) | 9 Months Ended | ||
Feb. 28, 2015 | 31-May-14 | Jun. 01, 2011 | |
Related Party Transaction [Line Items] | |||
Accounts Payable and Accrued Liabilities | 26,255 | 27,462 | |
Legal Fees | 73,830 | ||
Due to Other Related Parties, Classified, Current | 72,000 |
GEOGRAPHIC_SEGMENTED_INFORMATI2
GEOGRAPHIC SEGMENTED INFORMATION (Details) (CAD) | Feb. 28, 2015 | 31-May-14 |
Segment Reporting Information [Line Items] | ||
Capitalized acquisition costs | 4,658,168 | 4,045,115 |
Property and equipment | 104,764 | 97,447 |
CANADA | ||
Segment Reporting Information [Line Items] | ||
Capitalized acquisition costs | 0 | 0 |
Property and equipment | 3,144 | 4,057 |
UNITED STATES | ||
Segment Reporting Information [Line Items] | ||
Capitalized acquisition costs | 4,658,168 | 4,045,115 |
Property and equipment | 101,620 | 93,390 |
GEOGRAPHIC_SEGMENTED_INFORMATI3
GEOGRAPHIC SEGMENTED INFORMATION (Details 1) (CAD) | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2015 | Feb. 28, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net loss for the period | -2,148,324 | -1,087,665 | -8,201,295 | -8,006,256 |
CANADA | ||||
Segment Reporting Information [Line Items] | ||||
Net loss for the period | -2,416,587 | -2,455,132 | ||
UNITED STATES | ||||
Segment Reporting Information [Line Items] | ||||
Net loss for the period | -5,784,708 | -5,551,124 |
SUPPLEMENTAL_CASH_FLOW_INFORMA2
SUPPLEMENTAL CASH FLOW INFORMATION (Details) (CAD) | 9 Months Ended | |
Feb. 28, 2015 | Feb. 28, 2014 | |
Supplemental cash flow information | ||
Interest paid (received) | 0 | 0 |
Income taxes paid | 0 | 0 |
SUBSIDIARIES_Details
SUBSIDIARIES (Details) | 9 Months Ended | |
Feb. 28, 2015 | Feb. 28, 2014 | |
Corvus Gold (USA) Inc [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Country of Incorporation | USA | |
Principal Activity | Holding company | |
Effective interest | 100.00% | 100.00% |
Raven Gold Alaska Inc [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Country of Incorporation | USA | |
Principal Activity | Exploration company | |
Effective interest | 100.00% | 100.00% |
Corvus Gold Nevada Inc [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Country of Incorporation | USA | |
Principal Activity | Exploration company | |
Effective interest | 100.00% | 100.00% |
SoN Land & Water LLC [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Country of Incorporation | USA | |
Principal Activity | Exploration company | |
Effective interest | 100.00% | 100.00% |