Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Aug. 31, 2015 | Oct. 08, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | Corvus Gold Inc. | |
Entity Central Index Key | 1,507,964 | |
Current Fiscal Year End Date | --05-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | CORVF | |
Entity Common Stock, Shares Outstanding | 84,424,248 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 31, 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
CONDENSED INTERIM CONSOLIDATED
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS | Aug. 31, 2015CAD | May. 31, 2015CAD |
Current assets | ||
Cash and cash equivalents | CAD 3,637,665 | CAD 5,159,962 |
Accounts receivable | 28,108 | 26,015 |
Prepaid expenses | 191,629 | 248,679 |
Total current assets | 3,857,402 | 5,434,656 |
Property and equipment (note 4) | 95,663 | 96,703 |
Capitalized acquisition costs (note 5) | 5,142,115 | 4,866,634 |
Total assets | 9,095,180 | 10,397,993 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 8) | 295,781 | 419,228 |
Promissory note payable (note 6) | 315,768 | 298,488 |
Total current liabilities | 611,549 | 717,716 |
Asset retirement obligations (note 5) | 140,254 | 132,579 |
Total liabilities | 751,803 | 850,295 |
Shareholders' equity | ||
Share capital (note 7) | 64,256,889 | 64,256,889 |
Contributed surplus (note 7) | 11,542,167 | 11,247,286 |
Accumulated other comprehensive income - cumulative translation differences | 1,175,439 | 853,349 |
Deficit accumulated during the exploration stage | (68,631,118) | (66,809,826) |
Total shareholders' equity | 8,343,377 | 9,547,698 |
Total liabilities and shareholders' equity | CAD 9,095,180 | CAD 10,397,993 |
CONDENSED INTERIM CONSOLIDATED3
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - CAD | 3 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Operating expenses | ||
Administration | CAD 2,775 | CAD 3,015 |
Consulting fees (notes 7 and 8) | 192,393 | 168,826 |
Depreciation (note 4) | 6,300 | 6,115 |
Exploration expenditures (notes 5 and 7) | 790,059 | 1,489,088 |
Insurance | 31,060 | 11,462 |
Investor relations (notes 7 and 8) | 164,774 | 184,524 |
Office and miscellaneous | 38,622 | 35,343 |
Professional fees (notes 7 and 8) | 70,482 | 114,489 |
Regulatory | 26,981 | 55,157 |
Rent | 26,300 | 23,121 |
Travel | 17,675 | 12,244 |
Wages and benefits (notes 7 and 8) | 579,010 | 447,970 |
Total operating expenses | (1,946,431) | (2,551,354) |
Other income (expense) | ||
Interest income | 5,565 | 1,770 |
Gain on sale of capitalized acquisition costs (note 5(b)) | 25,728 | 0 |
Unrealized loss on marketable securities | 0 | (38,977) |
Foreign exchange gain (loss) | 93,846 | (38,457) |
Total other income (expense) | 125,139 | (75,664) |
Net loss for the period | (1,821,292) | (2,627,018) |
Other comprehensive income | ||
Exchange difference on translating foreign operations | 322,090 | 13,271 |
Comprehensive loss for the period | CAD (1,499,202) | CAD (2,613,747) |
Basic and diluted net loss per share (in dollars per share) | CAD (0.02) | CAD (0.04) |
Weighted average number of shares outstanding (in shares) | 80,168,928 | 70,694,919 |
CONDENSED INTERIM CONSOLIDATED4
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD | 3 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Operating activities | ||
Net loss for the period | CAD (1,821,292) | CAD (2,627,018) |
Add items not affecting cash: | ||
Depreciation | 6,300 | 6,115 |
Stock-based compensation (note 7) | 294,881 | 456,481 |
Gain on sale of capitalized acquisition costs (note 5(b)) | (25,728) | 0 |
Unrealized loss on marketable securities | 0 | 38,977 |
(Gain) loss on foreign exchange | (93,846) | 38,457 |
Changes in non-cash items: | ||
Accounts receivable | (2,093) | (33,057) |
Prepaid expenses | 57,050 | (10,980) |
Accounts payable and accrued liabilities | (123,447) | (405,890) |
Cash used in operating activities | (1,708,175) | (2,536,915) |
Financing activities | ||
Cash received from issuance of shares | 0 | 6,180,000 |
Share issuance costs | 0 | (190,167) |
Cash provided by financing activities | 0 | 5,989,833 |
Investing activities | ||
Expenditures on property and equipment | 0 | (932) |
Cash received from sale of capitalized acquisition costs | 25,728 | 0 |
Cash provided by (used in) investing activities | 25,728 | (932) |
Effect of foreign exchange on cash | 160,150 | (37,874) |
Increase (decrease) in cash and cash equivalents | (1,522,297) | 3,414,112 |
Cash and cash equivalents, beginning of the period | 5,159,962 | 3,227,970 |
Cash and cash equivalents, end of the period | CAD 3,637,665 | CAD 6,642,082 |
CONDENSED INTERIM CONSOLIDATED5
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 3 months ended Aug. 31, 2015 - CAD | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Balance at May. 31, 2015 | CAD 9,547,698 | CAD 64,256,889 | CAD 11,247,286 | CAD 853,349 | CAD (66,809,826) |
Balance (in shares) at May. 31, 2015 | 80,168,928 | ||||
Net loss for the year | (1,821,292) | CAD 0 | 0 | 0 | (1,821,292) |
Other comprehensive income | |||||
Exchange difference on translating foreign operations | 322,090 | 0 | 0 | 322,090 | 0 |
Shares issued for cash | |||||
Stock-based compensation | 294,881 | 0 | 294,881 | 0 | 0 |
Balance at Aug. 31, 2015 | CAD 8,343,377 | CAD 64,256,889 | CAD 11,542,167 | CAD 1,175,439 | CAD (68,631,118) |
Balance (in shares) at Aug. 31, 2015 | 80,168,928 |
PLAN OF ARRANGEMENT AND TRANSFE
PLAN OF ARRANGEMENT AND TRANSFER OF ASSETS | 3 Months Ended |
Aug. 31, 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 Business Corporations Act 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 Shareholders’ 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 OPERA
NATURE AND CONTINUANCE OF OPERATIONS | 3 Months Ended |
Aug. 31, 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 BCBCA. These 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 August 31, 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 mineral properties is dependent on several factors. These include the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development of these properties, and future profitable production or proceeds from disposition of mineral properties. The carrying value of the Company’s mineral properties does not reflect current or future values. These condensed interim consolidated financial statements have been prepared on a going concern basis, which presume the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. The Company’s ability to continue as a going concern is dependent upon achieving profitable operations and/or obtaining additional financing. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future within one year from the date the condensed interim consolidated financial statements are issued. There is substantial doubt upon the Company’s ability to continue as going concern, as explained in the following paragraphs. The Company has sustained losses from operations, and has an ongoing requirement for capital investment to explore its mineral properties. As at August 31, 2015, the Company had working capital of $ 3,245,853 4,716,940 The Company also expects that it will need to raise substantial additional capital to accomplish its business plan over the next several years. Should such financing not be available in that time-frame, the Company will be required to reduce its activities and will not be able to carry out all of its presently planned exploration and development activities on its currently anticipated scheduling. These condensed interim consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue in business. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Aug. 31, 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, 2015 as filed in our Annual Report on Form 10-K. In the opinion of the Company’s management these financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s financial position at August 31, 2015 and the results of its operations for the three months then ended. Operating results for the three months ended August 31, 2015 are not necessarily indicative of the results that may be expected for the year ending May 31, 2016. The 2015 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. These judgments, estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. Basis of consolidation These unaudited condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (collectively, the “Group”), Corvus Gold (USA) Inc. (“Corvus USA”) (a Nevada corporation), Corvus Gold Nevada Inc. (“Corvus Nevada”) (a Nevada corporation), Raven Gold Alaska Inc. (“Raven Gold”) (an Alaska corporation) and SoN Land and Water LLC (“SoN”) (a Nevada limited liability company). All intercompany transactions and balances were eliminated upon consolidation. Basic loss per share is calculated using 7,376,334 6,175,234 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended |
Aug. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 4. PROPERTY AND EQUIPMENT Computer Vehicles Tent Total Cost Balance, May 31, 2015 $ 58,946 $ 84,843 $ 62,185 $ 205,974 Currency translation adjustments 2,979 4,912 3,600 11,491 Balance, August 31, 2015 $ 61,925 $ 89,755 $ 65,785 $ 217,465 Depreciation Balance, May 31, 2015 $ 32,635 $ 59,223 $ 17,413 $ 109,271 Depreciation for the period 2,022 1,976 2,302 6,300 Currency translation adjustments 1,672 3,485 1,074 6,231 Balance, August 31, 2015 $ 36,329 $ 64,684 $ 20,789 $ 121,802 Carrying amounts Balance, May 31, 2015 $ 26,311 $ 25,620 $ 44,772 $ 96,703 Balance, August 31, 2015 $ 25,596 $ 25,071 $ 44,996 $ 95,663 |
MINERAL PROPERTIES
MINERAL PROPERTIES | 3 Months Ended |
Aug. 31, 2015 | |
Mineral Industries Disclosures [Abstract] | |
Mineral Industries Disclosures [Text Block] | 5. MINERAL PROPERTIES Chisna North LMS Total (note 5(a)) (notes 5(d)) (note 5(c)) Balance, May 31, 2015 $ 631,205 $ 3,861,412 $ 374,017 $ 4,866,634 Acquisition costs - - - - Currency translation adjustments 36,542 217,287 21,652 275,481 Balance, August 31, 2015 $ 667,747 $ 4,078,699 $ 395,669 $ 5,142,115 West Pogo Chisna North LMS Total (note 5(b)) (note 5(a)) (notes 5(d)) (note 5(c)) Exploration costs: Assay $ - $ - $ 179,175 $ - $ 179,175 Drilling - - 137,820 - 137,820 Equipment rental - - 9,676 - 9,676 Field costs 181 90 27,466 162 27,899 Geological/ Geophysical - 6,210 143,228 - 149,438 Land maintenance & tenure - - 204,475 - 204,475 Permits - - 632 - 632 Studies - - 194,022 - 194,022 Transportation - - - 823 823 Travel - 913 21,244 - 22,157 181 7,213 917,738 985 926,117 Cost recovery (23,802) (7,418) - (104,838) (136,058) Total expenditures for the period $ (23,621) $ (205) $ 917,738 $ (103,853) $ 790,059 The following table presents costs incurred for exploration and evaluation activities for the three months ended August 31, 2014: West Pogo Chisna North LMS Total (note 5(b)) (note 5(a)) (notes 5(d)) (note 5(c)) Exploration costs: Aircraft services $ - $ 11,202 $ - $ - $ 11,202 Assay - 8,865 211,632 - 220,497 Drilling - - 320,811 - 320,811 Equipment rental - 1,466 102,388 - 103,854 Field costs 1,966 5,541 103,467 66 111,040 Geological/ Geophysical 3,558 1,811 224,429 27,220 257,018 Land maintenance & tenure - - 159,186 - 159,186 Studies - - 246,664 - 246,664 Transportation - - - 298 298 Travel - 5,133 51,962 1,423 58,518 Total expenditures for the period $ 5,524 $ 34,018 $ 1,420,539 $ 29,007 $ 1,489,088 a) Chisna Property, Alaska The Chisna property is located in the eastern Alaska Range, Alaska, and is comprised of unpatented mineral claims owned 100 On November 2, 2009, ITH and Talon Gold Alaska, Inc. (ITH’s wholly-owned Alaskan subsidiary) entered into an agreement (as amended) with Ocean Park Ventures Corp. (“OPV”). Pursuant to the agreement, an Alaskan subsidiary of OPV and Raven Gold formed a joint venture for the purpose of exploring and developing the Chisna property. On November 7, 2012, OPV withdrew from the joint venture and thereby returned 100% of the Chisna Project to the Company. On March 24, 2010, Raven Gold entered into a Mineral Exploration Agreement with Option to Lease with Ahtna, an Alaska Native Regional Corporation, concerning approximately 26,516 During the year ended May 31, 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 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. On July 29, 2015, Raven Gold completed a transaction with Millrock Resources Inc. (“Millrock”) on the West Pogo and Goodpaster database projects in Alaska. The ownership position was sold for $ 25,728 20,000 136,058 100,000 3 1 1 2 1 5 1 2 c) LMS Property, Alaska The LMS property consists of unpatented mineral claims owned 100 d) North Bullfrog Project, Nevada The Company’s North Bullfrog project consists of certain leased patented lode mining claims and federal unpatented mining claims owned 100 (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 10,800 16,200 1,000,000 4 1,250,000 1 5,000,000 (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 4,000 3,500 4,500 2 1,000,000 1 2,000,000 (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 2,000 3,000 3 850,000 1 2,550,000 2,400 2,400 3,600 (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 20,500 20,000 4 1,000,000 1 4,000,000 (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 8,000 4,800 7,200 2 1,000,000 1 2,000,000 (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 2,000 2,000 3,000 2 1,000,000 1 2,000,000 As a consequence of the acquisition of Redstar and Redstar US’s interest in the foregoing leases, Corvus Nevada is now the lessee under all of such leases. 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: 100,000 ¤ Lease Payments: 108,750 46,250 10,000 50,000 50,000 10,000 50,000 126,924 10,000 50,000 35,871 10,000 50,000 21,200 ¤ Anti-Dilution: 85,000 10,000 25,000 ¤ Work Commitments: 100,000 200,000 300,000 ¤ Retained Royalty: 2 400 3 401 500 4 500 (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 20,000 25,000 30,000 2 1,000,000 1 2,000,000 (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 0.02 12 4.77 406,240 400,000 157,408 248,832 240,000 (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 1,100,118 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 7 5,000 Acquisitions The acquisition of title to mineral properties is a detailed and time-consuming process. The Company has taken steps, in accordance with industry norms, to verify title to mineral properties in which it has an interest. Although the Company has taken every reasonable precaution to ensure that legal title to its properties is properly recorded in the name of the Company (or, in the case of an option, in the name of the relevant optionor), there can be no assurance that such title will ultimately be secured. Environmental Expenditures The operations of the Company may in the future be affected from time to time in varying degrees by changes in environmental regulations, including those for future removal and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures. Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. Estimated future removal and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries. The Company has estimated the fair value of the liability for asset retirement that arose as a result of exploration activities to be $ 140,254 107,000 132,579 107,000 |
PROMISSORY NOTE PAYABLE
PROMISSORY NOTE PAYABLE | 3 Months Ended |
Aug. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | PROMISSORY NOTE PAYABLE On March 28, 2013, the Company issued a promissory note payable of USD 240,000 4.77 315,768 298,488 |
SHARE CAPITAL
SHARE CAPITAL | 3 Months Ended |
Aug. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7. SHARE CAPITAL Authorized Unlimited common shares without par value. Share issuances There were no share issuances during the period ended August 31, 2015. Stock options Stock options awarded to employees and non-employees by the Company are measured and recognized in the Condensed Interim Consolidated Statement of Operations and Comprehensive Loss over the vesting period. The Company has adopted an incentive stock option plan (the “2010 Plan”). The essential elements of the 2010 Plan provide that the aggregate number of common shares of the Company’s share capital that may be made issuable pursuant to options granted under the 2010 Plan (together with any other shares which may be issued under other share compensation plans of the Company) may not exceed 10% of the number of issued shares of the Company at the time of the granting of the options. Options granted under the 2010 Plan will have a maximum term of ten years. The exercise price of options granted under the 2010 Plan will not be less than the greater of the market price of the common shares (as defined by TSX, currently defined as the 5 day volume weighted average price for the 5 trading days immediately preceding the date of grant) or the closing market price of the Company’s common shares for the trading day immediately preceding the date of grant), or such other price as may be agreed to by the Company and accepted by the TSX. Options granted under the 2010 Plan vest immediately, unless otherwise determined by the directors at the date of grant. Three months ended Year ended Number of Weighted Number of Weighted Balance, beginning of the period 7,396,334 $ 0.94 6,175,234 $ 0.84 Granted - - 1,575,000 1.34 Exercised - - (18,900) (0.50) Forfeited (20,000) (0.96) - - Expired - - (335,000) (1.00) Balance, end of the period 7,376,334 $ 0.94 7,396,334 $ 0.94 The weighted average remaining contractual life of options outstanding at August 31, 2015 was 2.60 2.85 August 31, 2015 May 31, 2015 Expiry Date Exercise Number Exercisable Exercise Number of Exercisable July 29, 2016 $ 0.50 464,434 464,434 $ 0.50 464,434 464,434 November 17, 2016 $ 0.67 210,000 210,000 $ 0.67 210,000 210,000 January 23, 2017 $ 1.10 50,000 37,500 $ 1.10 50,000 25,000 May 1, 2017 $ 0.73 50,000 25,000 $ 0.73 50,000 25,000 May 29, 2017 $ 0.92 300,000 300,000 $ 0.92 300,000 300,000 September 19, 2017 $ 0.96 2,416,900 2,416,900 $ 0.96 2,436,900 2,436,900 October 29, 2017 $ 0.96 100,000 100,000 $ 0.96 100,000 100,000 August 16, 2018 $ 0.76 2,420,000 2,420,000 $ 0.76 2,420,000 1,611,720 September 8, 2019 $ 1.40 1,365,000 454,545 $ 1.40 1,365,000 454,545 7,376,334 6,428,379 7,396,334 5,627,599 The Company uses the fair value method for determining stock-based compensation for all options granted during the periods. No options were granted (2014 - $nil) during the period ended August 31, 2015. For the period ended August 31, 2015 2014 Consulting $ 131,643 $ 123,826 Exploration expenditures Geological/geophysical 5,455 16,431 Investor relations 38,901 71,219 Professional fees 8,237 18,777 Wages and benefits 110,645 226,228 $ 294,881 $ 456,481 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Aug. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 8. RELATED PARTY TRANSACTIONS For the period ended August 31, 2015 2014 Consulting fees to CFO $ 18,000 $ 18,000 Wages and benefits to CEO and COO 143,869 102,879 Wages and benefits to former President 234,997 48,732 Directors fees (included in consulting fees) 33,750 22,500 Fees to Vice President of Corporate Communications (included in investor relations) 37,500 37,500 Professional fees to Vice President - 19,260 Stock-based compensation to related parties 227,668 397,822 $ 695,784 $ 646,693 As at August 31, 2015, included in accounts payable and accrued liabilities was $ 7,687 9,880 These amounts were unsecured, non-interest bearing and had no fixed terms or terms of repayment. Accordingly, fair value could not be readily determined. The Company has also entered into change of control agreements with officers of the Company. In the case of termination, the officers are entitled to an amount equal to a multiple (ranging from two times to three times) of the sum of the annual base salary then payable to the officer, the aggregate amount of bonus(es) (if any) paid to the officer within the calendar year immediately preceding the Effective Date of Termination, and an amount equal to the vacation pay which would otherwise be payable for the one year period next following the Effective Date of Termination. |
GEOGRAPHIC SEGMENTED INFORMATIO
GEOGRAPHIC SEGMENTED INFORMATION | 3 Months Ended |
Aug. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 9. 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 and Canada. The significant asset categories identifiable with these geographical areas are as follows: Canada United States Total August 31, 2015 Capitalized acquisition costs $ - $ 5,142,115 $ 5,142,115 Property and equipment $ 2,627 $ 93,036 $ 95,663 May 31, 2015 Capitalized acquisition costs $ - $ 4,866,634 $ 4,866,634 Property and equipment $ 2,840 $ 93,863 $ 96,703 For the period ended August 31, 2015 2014 Net loss for the period Canada $ (493,500) $ (821,989) Net loss for the period United States (1,327,792) (1,805,029) Net loss for the period $ (1,821,292) $ (2,627,018) |
SUBSIDIARIES
SUBSIDIARIES | 3 Months Ended |
Aug. 31, 2015 | |
Subsidiaries [Abstract] | |
Subsidiaries [Text Block] | 10. SUBSIDIARIES Significant subsidiaries for the three months ended August 31, 2015 and 2014 are: Country of Principal The Company’s The Company’s Corvus Gold (USA) Inc. USA Holding company 100% 100% Raven Gold Alaska Inc. USA Exploration company 100% 100% Corvus Gold Nevada Inc. USA Exploration company 100% 100% SoN Land & Water LLC USA Exploration company 100% 100% |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 3 Months Ended |
Aug. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 11. SUPPLEMENTAL CASH FLOW INFORMATION For the three months ended August 31, 2015 2014 Supplemental cash flow information Interest paid (received) $ - $ - Income taxes paid (received) $ - $ - |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Aug. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 12. SUBSEQUENT EVENTS The following are the subsequent events since August 31, 2015. a) On September 1, 2015, the Company closed a non-brokered private placement equity financing and issued 4,255,320 0.47 2,000,000 b) On September 9, 2015, the Company granted incentive stock options to consultants and employees of the Company to purchase 640,000 0.46 33.3 33.3 33.4 |
SIGNIFICANT ACCOUNTING POLICI18
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Aug. 31, 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, 2015 as filed in our Annual Report on Form 10-K. In the opinion of the Company’s management these financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s financial position at August 31, 2015 and the results of its operations for the three months then ended. Operating results for the three months ended August 31, 2015 are not necessarily indicative of the results that may be expected for the year ending May 31, 2016. The 2015 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. These judgments, estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. |
Consolidation, Policy [Policy Text Block] | Basis of consolidation These unaudited condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (collectively, the “Group”), Corvus Gold (USA) Inc. (“Corvus USA”) (a Nevada corporation), Corvus Gold Nevada Inc. (“Corvus Nevada”) (a Nevada corporation), Raven Gold Alaska Inc. (“Raven Gold”) (an Alaska corporation) and SoN Land and Water LLC (“SoN”) (a Nevada limited liability company). All intercompany transactions and balances were eliminated upon consolidation. |
Earnings Per Share, Policy [Policy Text Block] | Earnings (loss) per share Basic loss per share is calculated using 7,376,334 6,175,234 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended |
Aug. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Computer Vehicles Tent Total Cost Balance, May 31, 2015 $ 58,946 $ 84,843 $ 62,185 $ 205,974 Currency translation adjustments 2,979 4,912 3,600 11,491 Balance, August 31, 2015 $ 61,925 $ 89,755 $ 65,785 $ 217,465 Depreciation Balance, May 31, 2015 $ 32,635 $ 59,223 $ 17,413 $ 109,271 Depreciation for the period 2,022 1,976 2,302 6,300 Currency translation adjustments 1,672 3,485 1,074 6,231 Balance, August 31, 2015 $ 36,329 $ 64,684 $ 20,789 $ 121,802 Carrying amounts Balance, May 31, 2015 $ 26,311 $ 25,620 $ 44,772 $ 96,703 Balance, August 31, 2015 $ 25,596 $ 25,071 $ 44,996 $ 95,663 |
MINERAL PROPERTIES (Tables)
MINERAL PROPERTIES (Tables) | 3 Months Ended |
Aug. 31, 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 LMS Total (note 5(a)) (notes 5(d)) (note 5(c)) Balance, May 31, 2015 $ 631,205 $ 3,861,412 $ 374,017 $ 4,866,634 Acquisition costs - - - - Currency translation adjustments 36,542 217,287 21,652 275,481 Balance, August 31, 2015 $ 667,747 $ 4,078,699 $ 395,669 $ 5,142,115 |
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 three months ended August 31, 2015: West Pogo Chisna North LMS Total (note 5(b)) (note 5(a)) (notes 5(d)) (note 5(c)) Exploration costs: Assay $ - $ - $ 179,175 $ - $ 179,175 Drilling - - 137,820 - 137,820 Equipment rental - - 9,676 - 9,676 Field costs 181 90 27,466 162 27,899 Geological/ Geophysical - 6,210 143,228 - 149,438 Land maintenance & tenure - - 204,475 - 204,475 Permits - - 632 - 632 Studies - - 194,022 - 194,022 Transportation - - - 823 823 Travel - 913 21,244 - 22,157 181 7,213 917,738 985 926,117 Cost recovery (23,802) (7,418) - (104,838) (136,058) Total expenditures for the period $ (23,621) $ (205) $ 917,738 $ (103,853) $ 790,059 The following table presents costs incurred for exploration and evaluation activities for the three months ended August 31, 2014: West Pogo Chisna North LMS Total (note 5(b)) (note 5(a)) (notes 5(d)) (note 5(c)) Exploration costs: Aircraft services $ - $ 11,202 $ - $ - $ 11,202 Assay - 8,865 211,632 - 220,497 Drilling - - 320,811 - 320,811 Equipment rental - 1,466 102,388 - 103,854 Field costs 1,966 5,541 103,467 66 111,040 Geological/ Geophysical 3,558 1,811 224,429 27,220 257,018 Land maintenance & tenure - - 159,186 - 159,186 Studies - - 246,664 - 246,664 Transportation - - - 298 298 Travel - 5,133 51,962 1,423 58,518 Total expenditures for the period $ 5,524 $ 34,018 $ 1,420,539 $ 29,007 $ 1,489,088 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 3 Months Ended |
Aug. 31, 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 August 31 and May 31, 2015, and changes during the periods are presented below: Three months ended Year ended Number of Weighted Number of Weighted Balance, beginning of the period 7,396,334 $ 0.94 6,175,234 $ 0.84 Granted - - 1,575,000 1.34 Exercised - - (18,900) (0.50) Forfeited (20,000) (0.96) - - Expired - - (335,000) (1.00) Balance, end of the period 7,376,334 $ 0.94 7,396,334 $ 0.94 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Stock options outstanding are as follows: August 31, 2015 May 31, 2015 Expiry Date Exercise Number Exercisable Exercise Number of Exercisable July 29, 2016 $ 0.50 464,434 464,434 $ 0.50 464,434 464,434 November 17, 2016 $ 0.67 210,000 210,000 $ 0.67 210,000 210,000 January 23, 2017 $ 1.10 50,000 37,500 $ 1.10 50,000 25,000 May 1, 2017 $ 0.73 50,000 25,000 $ 0.73 50,000 25,000 May 29, 2017 $ 0.92 300,000 300,000 $ 0.92 300,000 300,000 September 19, 2017 $ 0.96 2,416,900 2,416,900 $ 0.96 2,436,900 2,436,900 October 29, 2017 $ 0.96 100,000 100,000 $ 0.96 100,000 100,000 August 16, 2018 $ 0.76 2,420,000 2,420,000 $ 0.76 2,420,000 1,611,720 September 8, 2019 $ 1.40 1,365,000 454,545 $ 1.40 1,365,000 454,545 7,376,334 6,428,379 7,396,334 5,627,599 |
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 period ended August 31, 2015 2014 Consulting $ 131,643 $ 123,826 Exploration expenditures Geological/geophysical 5,455 16,431 Investor relations 38,901 71,219 Professional fees 8,237 18,777 Wages and benefits 110,645 226,228 $ 294,881 $ 456,481 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Aug. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | During the period ended August 31, 2015, the Company entered into the following transactions with related parties: For the period ended August 31, 2015 2014 Consulting fees to CFO $ 18,000 $ 18,000 Wages and benefits to CEO and COO 143,869 102,879 Wages and benefits to former President 234,997 48,732 Directors fees (included in consulting fees) 33,750 22,500 Fees to Vice President of Corporate Communications (included in investor relations) 37,500 37,500 Professional fees to Vice President - 19,260 Stock-based compensation to related parties 227,668 397,822 $ 695,784 $ 646,693 |
GEOGRAPHIC SEGMENTED INFORMAT23
GEOGRAPHIC SEGMENTED INFORMATION (Tables) | 3 Months Ended |
Aug. 31, 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 and Canada. The significant asset categories identifiable with these geographical areas are as follows: Canada United States Total August 31, 2015 Capitalized acquisition costs $ - $ 5,142,115 $ 5,142,115 Property and equipment $ 2,627 $ 93,036 $ 95,663 May 31, 2015 Capitalized acquisition costs $ - $ 4,866,634 $ 4,866,634 Property and equipment $ 2,840 $ 93,863 $ 96,703 For the period ended August 31, 2015 2014 Net loss for the period Canada $ (493,500) $ (821,989) Net loss for the period United States (1,327,792) (1,805,029) Net loss for the period $ (1,821,292) $ (2,627,018) |
SUBSIDIARIES (Tables)
SUBSIDIARIES (Tables) | 3 Months Ended |
Aug. 31, 2015 | |
Subsidiaries [Abstract] | |
Schedule Of Significant Subsidiaries [Table Text Block] | Significant subsidiaries for the three months ended August 31, 2015 and 2014 are: Country of Principal The Company’s The Company’s Corvus Gold (USA) Inc. USA Holding company 100% 100% Raven Gold Alaska Inc. USA Exploration company 100% 100% Corvus Gold Nevada Inc. USA Exploration company 100% 100% SoN Land & Water LLC USA Exploration company 100% 100% |
SUPPLEMENTAL CASH FLOW INFORM25
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Aug. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | For the three months ended August 31, 2015 2014 Supplemental cash flow information Interest paid (received) $ - $ - Income taxes paid (received) $ - $ - |
NATURE AND CONTINUANCE OF OPE26
NATURE AND CONTINUANCE OF OPERATIONS (Details Textual) - USD ($) | Aug. 31, 2015 | May. 31, 2015 |
Working Capital | $ 3,245,853 | $ 4,716,940 |
SIGNIFICANT ACCOUNTING POLICI27
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - shares | 3 Months Ended | 12 Months Ended |
Aug. 31, 2015 | May. 31, 2014 | |
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,376,334 | 6,175,234 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - CAD | 3 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Cost, Balance | CAD 205,974 | |
Currency translation adjustments | 11,491 | |
Cost, Balance | 217,465 | |
Depreciation, Balance | 109,271 | |
Depreciation for the period | 6,300 | CAD 6,115 |
Currency translation adjustments | 6,231 | |
Depreciation, Balance | 121,802 | |
Carrying amounts, Balance | 96,703 | |
Carrying amounts, Balance | 95,663 | |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost, Balance | 58,946 | |
Currency translation adjustments | 2,979 | |
Cost, Balance | 61,925 | |
Depreciation, Balance | 32,635 | |
Depreciation for the period | 2,022 | |
Currency translation adjustments | 1,672 | |
Depreciation, Balance | 36,329 | |
Carrying amounts, Balance | 26,311 | |
Carrying amounts, Balance | 25,596 | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost, Balance | 84,843 | |
Currency translation adjustments | 4,912 | |
Cost, Balance | 89,755 | |
Depreciation, Balance | 59,223 | |
Depreciation for the period | 1,976 | |
Currency translation adjustments | 3,485 | |
Depreciation, Balance | 64,684 | |
Carrying amounts, Balance | 25,620 | |
Carrying amounts, Balance | 25,071 | |
Tent [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost, Balance | 62,185 | |
Currency translation adjustments | 3,600 | |
Cost, Balance | 65,785 | |
Depreciation, Balance | 17,413 | |
Depreciation for the period | 2,302 | |
Currency translation adjustments | 1,074 | |
Depreciation, Balance | 20,789 | |
Carrying amounts, Balance | 44,772 | |
Carrying amounts, Balance | CAD 44,996 |
MINERAL PROPERTIES (Details)
MINERAL PROPERTIES (Details) | 3 Months Ended |
Aug. 31, 2015CAD | |
Beggining Balance | CAD 4,866,634 |
Acquisition costs | 0 |
Currency translation adjustments | 275,481 |
Ending Balance | 5,142,115 |
Chisna [Member] | |
Beggining Balance | 631,205 |
Acquisition costs | 0 |
Currency translation adjustments | 36,542 |
Ending Balance | 667,747 |
North Bullfrog [Member] | |
Beggining Balance | 3,861,412 |
Acquisition costs | 0 |
Currency translation adjustments | 217,287 |
Ending Balance | 4,078,699 |
LMS Property [Member] | |
Beggining Balance | 374,017 |
Acquisition costs | 0 |
Currency translation adjustments | 21,652 |
Ending Balance | CAD 395,669 |
MINERAL PROPERTIES (Details 1)
MINERAL PROPERTIES (Details 1) - CAD | 3 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Costs Incurred for Exploration and Evaluation Activities, Gross | CAD 926,117 | CAD 1,489,088 |
Cost recovery | (136,058) | |
Costs Incurred for Exploration and Evaluation Activities, Net | 790,059 | |
West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 181 | 5,524 |
Cost recovery | (23,802) | |
Costs Incurred for Exploration and Evaluation Activities, Net | (23,621) | |
Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 7,213 | 34,018 |
Cost recovery | (7,418) | |
Costs Incurred for Exploration and Evaluation Activities, Net | (205) | |
North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 917,738 | 1,420,539 |
Cost recovery | 0 | |
Costs Incurred for Exploration and Evaluation Activities, Net | 917,738 | |
LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 985 | 29,007 |
Cost recovery | (104,838) | |
Costs Incurred for Exploration and Evaluation Activities, Net | (103,853) | |
Aircraft Services [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 11,202 | |
Aircraft Services [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Aircraft Services [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 11,202 | |
Aircraft Services [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Aircraft Services [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Assay [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 179,175 | 220,497 |
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 | 0 | 8,865 |
Assay [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 179,175 | 211,632 |
Assay [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Drilling [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 137,820 | 320,811 |
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 | 137,820 | 320,811 |
Drilling [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Equipment rental [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 9,676 | 103,854 |
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 | 0 | 1,466 |
Equipment rental [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 9,676 | 102,388 |
Equipment rental [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Field Costs [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 27,899 | 111,040 |
Field Costs [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 181 | 1,966 |
Field Costs [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 90 | 5,541 |
Field Costs [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 27,466 | 103,467 |
Field Costs [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 162 | 66 |
Geological Geophysical [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 149,438 | 257,018 |
Geological Geophysical [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 3,558 |
Geological Geophysical [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 6,210 | 1,811 |
Geological Geophysical [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 143,228 | 224,429 |
Geological Geophysical [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 27,220 |
Land Maintenance Tenure [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 204,475 | 159,186 |
Land Maintenance Tenure [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Land Maintenance Tenure [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Land Maintenance Tenure [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 204,475 | 159,186 |
Land Maintenance Tenure [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Permits [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 632 | |
Permits [Member] | West Pogo [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Permits [Member] | Chisna [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Permits [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 632 | |
Permits [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | |
Studies [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 194,022 | 246,664 |
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 | 194,022 | 246,664 |
Studies [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 0 | 0 |
Transportation [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 823 | 298 |
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 | 0 |
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 | 823 | 298 |
Travel [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 22,157 | 58,518 |
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 | 913 | 5,133 |
Travel [Member] | North Bullfrog [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | 21,244 | 51,962 |
Travel [Member] | LMS Property [Member] | ||
Costs Incurred for Exploration and Evaluation Activities, Gross | CAD 0 | CAD 1,423 |
MINERAL PROPERTIES (Details Tex
MINERAL PROPERTIES (Details Textual) lb in Millions | Dec. 01, 2010shares | May. 08, 2006USD ($) | Jul. 29, 2015CAD | Jul. 29, 2015USD ($) | Mar. 31, 2015USD ($) | Mar. 30, 2015 | Nov. 17, 2014USD ($)shares | Dec. 31, 2013CADa | Dec. 31, 2013USD ($)a | Nov. 25, 2013CADshares | Mar. 28, 2013USD ($)lb$ / USTon-T | Oct. 31, 2012USD ($)shares | Mar. 01, 2011USD ($) | Oct. 27, 2008USD ($) | Jun. 16, 2006USD ($) | May. 22, 2006USD ($) | May. 16, 2006USD ($) | Aug. 31, 2015CAD | Aug. 31, 2015USD ($) | May. 31, 2013CAD | May. 31, 2013USD ($) | May. 31, 2012shares | May. 31, 2011shares | May. 31, 2014shares | Aug. 31, 2015USD ($) | May. 31, 2015CAD | May. 31, 2015USD ($) | Nov. 25, 2013USD ($) | Nov. 13, 2013USD ($) | May. 31, 2013USD ($) | Oct. 25, 2012CAD | Nov. 10, 2010USD ($) | Mar. 24, 2010a | Dec. 01, 2007USD ($) |
Royalty Percentage | 1.00% | |||||||||||||||||||||||||||||||||
Lease Payments Common Shares Issued | shares | 46,250 | |||||||||||||||||||||||||||||||||
Acquisition Costs, Period Cost | CAD | CAD 0 | |||||||||||||||||||||||||||||||||
Asset Retirement Obligations, Noncurrent | CAD 140,254 | $ 107,000 | CAD 132,579 | $ 107,000 | ||||||||||||||||||||||||||||||
Fifth Year Lease [Member] | ||||||||||||||||||||||||||||||||||
Lease Payments Common Shares Issued | shares | 50,000 | |||||||||||||||||||||||||||||||||
Fifth Through Ninth Year Lease [Member] | ||||||||||||||||||||||||||||||||||
Lease Payments Common Shares Issued | shares | 50,000 | |||||||||||||||||||||||||||||||||
Lease Payments Additional Common Value Issued | $ 10,000 | |||||||||||||||||||||||||||||||||
Corvus Nevada [Member] | ||||||||||||||||||||||||||||||||||
Mining Lease Agreement Term Of Contract | 10 years | |||||||||||||||||||||||||||||||||
Purchase Obligation | $ 1,000,000 | |||||||||||||||||||||||||||||||||
Royalty Expense | $ 2,000,000 | |||||||||||||||||||||||||||||||||
Capital Lease Obligations | CAD 35,871 | $ 10,000 | $ 10,000 | $ 10,000 | CAD 126,924 | $ 108,750 | ||||||||||||||||||||||||||||
Lease Payments Common Shares Issued | shares | 25,000 | 10,000 | 85,000 | |||||||||||||||||||||||||||||||
Other Commitment | $ 100,000 | |||||||||||||||||||||||||||||||||
Purchase Agreement Payable | $ 160,000 | |||||||||||||||||||||||||||||||||
Cash | CAD | CAD 157,408 | |||||||||||||||||||||||||||||||||
Notes Payable | CAD 248,832 | $ 240,000 | ||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.77% | |||||||||||||||||||||||||||||||||
Acquisition Costs, Period Cost | CAD 406,240 | $ 400,000 | ||||||||||||||||||||||||||||||||
Price Per Ton of Overburden to be Stored on the Property | $ / USTon-T | 0.02 | |||||||||||||||||||||||||||||||||
Minimum Storage Capacity of the Property | lb | 12 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Corvus Nevada [Member] | Royalty Of Two Percentage [Member] | ||||||||||||||||||||||||||||||||||
Production Royalty Per Ounce | $ 400 | |||||||||||||||||||||||||||||||||
Royalty Percentage | 2.00% | 2.00% | 2.00% | |||||||||||||||||||||||||||||||
Corvus Nevada [Member] | Royalty Of Three Percentage [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 3.00% | 3.00% | ||||||||||||||||||||||||||||||||
Corvus Nevada [Member] | Royalty Of Four Percentage [Member] | ||||||||||||||||||||||||||||||||||
Production Royalty Per Ounce | $ 500 | |||||||||||||||||||||||||||||||||
Royalty Percentage | 0.00% | 0.00% | ||||||||||||||||||||||||||||||||
Corvus Nevada [Member] | Royalty Of One Percentage [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 1.00% | |||||||||||||||||||||||||||||||||
Corvus Nevada [Member] | Fourth Through Sixth Year Lease [Member] | ||||||||||||||||||||||||||||||||||
Other Commitment | $ 200,000 | |||||||||||||||||||||||||||||||||
Corvus Nevada [Member] | Seventh Through Tenth Year Lease [Member] | ||||||||||||||||||||||||||||||||||
Other Commitment | 300,000 | |||||||||||||||||||||||||||||||||
Corvus Nevada [Member] | First Through Third Year Lease [Member] | ||||||||||||||||||||||||||||||||||
Other Commitment | 100,000 | |||||||||||||||||||||||||||||||||
Redstar Gold Corp [Member] | ||||||||||||||||||||||||||||||||||
Purchase Obligation | $ 1,000,000 | |||||||||||||||||||||||||||||||||
Lunar Landing, LLC [Member] | ||||||||||||||||||||||||||||||||||
Lease Term | 3 years | |||||||||||||||||||||||||||||||||
Additional Lease Term | 7 years | |||||||||||||||||||||||||||||||||
Advance Royalties | $ 5,000 | |||||||||||||||||||||||||||||||||
Ahtna [Member] | Raven Gold [Member] | ||||||||||||||||||||||||||||||||||
Land Subject to Ground Leases | a | 26,516 | |||||||||||||||||||||||||||||||||
International Tower Hill Mines [Member] | Corvus Nevada [Member] | ||||||||||||||||||||||||||||||||||
Lease Payments Common Shares Issued | shares | 50,000 | 50,000 | ||||||||||||||||||||||||||||||||
Lease Payments Additional Common Shares Issued | shares | 50,000 | |||||||||||||||||||||||||||||||||
Lease Payments Additional Common Value Issued | $ 21,200 | |||||||||||||||||||||||||||||||||
Chisna [Member] | ||||||||||||||||||||||||||||||||||
Unpatented Mineral Claims | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||
Acquisition Costs, Period Cost | CAD | CAD 0 | |||||||||||||||||||||||||||||||||
North Bullfrog [Member] | ||||||||||||||||||||||||||||||||||
Unpatented Mineral Claims | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||
Land Subject to Ground Leases | a | 1,600 | 1,600 | ||||||||||||||||||||||||||||||||
Royalty Percentage | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||
Mining Lease Agreement Term Of Contract | 10 years | 10 years | 10 years | 10 years | ||||||||||||||||||||||||||||||
Purchase Obligation | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | ||||||||||||||||||||||||||||||
Royalty Expense | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | $ 4,000,000 | ||||||||||||||||||||||||||||||
Acquisition Costs, Period Cost | CAD | CAD 0 | |||||||||||||||||||||||||||||||||
North Bullfrog [Member] | Nevada Corporation [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 1.00% | |||||||||||||||||||||||||||||||||
Purchase Obligation | $ 850,000 | |||||||||||||||||||||||||||||||||
Royalty Expense | $ 2,550,000 | |||||||||||||||||||||||||||||||||
West Pogo [Member] | ||||||||||||||||||||||||||||||||||
Unpatented Mineral Claims | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||
West Pogo [Member] | Royalty Of Three Percentage [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 3.00% | 3.00% | ||||||||||||||||||||||||||||||||
West Pogo [Member] | Royalty Of One Percentage [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||
West Pogo [Member] | Royalty Of Other One Percentage [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||
Payments to Acquire Mineral Rights | $ 2,000,000 | |||||||||||||||||||||||||||||||||
West Pogo [Member] | Royalty Of Additional One Percentage [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||
Payments to Acquire Mineral Rights | $ 5,000,000 | |||||||||||||||||||||||||||||||||
West Pogo [Member] | Raven Gold [Member] | ||||||||||||||||||||||||||||||||||
Proceeds From Sale Of Mineral Properties | CAD 25,728 | 20,000 | ||||||||||||||||||||||||||||||||
LMS Property [Member] | ||||||||||||||||||||||||||||||||||
Unpatented Mineral Claims | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||
Acquisition Costs, Period Cost | CAD | CAD 0 | |||||||||||||||||||||||||||||||||
Land and Water Rights [Member] | ||||||||||||||||||||||||||||||||||
Payments to Acquire Mineral Rights | CAD 1,100,118 | $ 1,034,626 | ||||||||||||||||||||||||||||||||
Maximum [Member] | Corvus Nevada [Member] | Royalty Of Three Percentage [Member] | ||||||||||||||||||||||||||||||||||
Production Royalty Per Ounce | $ 500 | |||||||||||||||||||||||||||||||||
Minimum [Member] | Corvus Nevada [Member] | Royalty Of Three Percentage [Member] | ||||||||||||||||||||||||||||||||||
Production Royalty Per Ounce | $ 401 | |||||||||||||||||||||||||||||||||
NSR [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 4.00% | |||||||||||||||||||||||||||||||||
NSR [Member] | Royalty Of Two Percentage [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 2.00% | |||||||||||||||||||||||||||||||||
NSR [Member] | Royalty Of One Percentage [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 1.00% | |||||||||||||||||||||||||||||||||
NSR [Member] | Nevada Corporation [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 3.00% | |||||||||||||||||||||||||||||||||
NSR [Member] | North Bullfrog [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 4.00% | |||||||||||||||||||||||||||||||||
NSR [Member] | North Bullfrog [Member] | Royalty Of Two Percentage [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 2.00% | |||||||||||||||||||||||||||||||||
NSR [Member] | North Bullfrog [Member] | Royalty Of One Percentage [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 1.00% | |||||||||||||||||||||||||||||||||
Royalty Agreements [Member] | ||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 10,800 | |||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Three Years | 10,800 | |||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due Thereafter | 16,200 | |||||||||||||||||||||||||||||||||
Purchase Obligation | 1,250,000 | |||||||||||||||||||||||||||||||||
Royalty Expense | $ 5,000,000 | |||||||||||||||||||||||||||||||||
Royalty Agreements [Member] | Corvus Nevada [Member] | ||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 20,000 | |||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Three Years | 25,000 | |||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due Thereafter | $ 30,000 | |||||||||||||||||||||||||||||||||
Royalty Agreements [Member] | North Bullfrog [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 2.00% | |||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 4,000 | $ 2,000 | $ 8,000 | $ 20,500 | 2,400 | |||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 2,400 | |||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Two Years | 2,400 | |||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Three Years | 3,500 | 2,000 | 4,800 | $ 20,000 | ||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due Thereafter | 4,500 | $ 3,000 | $ 7,200 | $ 3,600 | ||||||||||||||||||||||||||||||
Royalty Agreements [Member] | North Bullfrog [Member] | Nevada Corporation [Member] | ||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Remainder of Fiscal Year | 2,000 | |||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Two Years | 2,000 | |||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Three Years | $ 3,000 | |||||||||||||||||||||||||||||||||
Good Paster Database [Member] | Raven Gold [Member] | ||||||||||||||||||||||||||||||||||
Proceeds From Sale Of Mineral Properties | CAD 136,058 | $ 100,000 | ||||||||||||||||||||||||||||||||
Good Paster Database [Member] | West Pogo [Member] | Royalty Of One Percentage [Member] | ||||||||||||||||||||||||||||||||||
Royalty Percentage | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||
Proceeds From Sale Of Mineral Properties | $ 2,000,000 |
PROMISSORY NOTE PAYABLE (Detail
PROMISSORY NOTE PAYABLE (Details Textual) - Promissory Note Payable [Member] | Aug. 31, 2015CAD | May. 31, 2015CAD | Mar. 28, 2013USD ($) |
Debt Instrument [Line Items] | |||
Notes Payable, Noncurrent | CAD 315,768 | CAD 298,488 | $ 240,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.77% |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - Employee Stock Option [Member] - CAD / shares | 3 Months Ended | 12 Months Ended |
Aug. 31, 2015 | May. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Balance, beginning of the period | 7,396,334 | 6,175,234 |
Number of Options, Granted | 0 | 1,575,000 |
Number of Options, Exercised | 0 | (18,900) |
Number of Options, Forfeited | (20,000) | 0 |
Number of Options, Expired | 0 | (335,000) |
Number of Options, Balnce, end of the period | 7,376,334 | 7,396,334 |
Weighted Average Exercise Price, Balance, beginning of the period | CAD 0.94 | CAD 0.84 |
Weighted Average Exercise Price, Granted | 0 | 1.34 |
Weighted Average Exercise Price, Exercised | 0 | (0.50) |
Weighted Average Exercise Price, Forfeited | (0.96) | 0 |
Weighted Average Exercise Price, Expired | 0 | (1) |
Weighted Average Exercise Price, Balance, end of the period | CAD 0.94 | CAD 0.94 |
SHARE CAPITAL (Details 1)
SHARE CAPITAL (Details 1) - Employee Stock Option [Member] - CAD / shares | Aug. 31, 2015 | May. 31, 2015 | May. 31, 2013 | May. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price | CAD 0.94 | CAD 0.94 | CAD 0.94 | CAD 0.84 |
Number of Options | 7,376,334 | 7,396,334 | 7,396,334 | 6,175,234 |
Exercisable at Period- End | 6,428,379 | 5,627,599 | ||
July 29, 2016 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price | CAD 0.5 | CAD 0.5 | ||
Number of Options | 464,434 | 464,434 | ||
Exercisable at Period- End | 464,434 | 464,434 | ||
November 17, 2016 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price | CAD 0.67 | CAD 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 | CAD 1.1 | CAD 1.1 | ||
Number of Options | 50,000 | 50,000 | ||
Exercisable at Period- End | 37,500 | 25,000 | ||
May 1, 2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price | CAD 0.73 | CAD 0.73 | ||
Number of Options | 50,000 | 50,000 | ||
Exercisable at Period- End | 25,000 | 25,000 | ||
May 29, 2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price | CAD 0.92 | CAD 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 | CAD 0.96 | CAD 0.96 | ||
Number of Options | 2,416,900 | 2,436,900 | ||
Exercisable at Period- End | 2,416,900 | 2,436,900 | ||
October 29, 2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price | CAD 0.96 | CAD 0.96 | ||
Number of Options | 100,000 | 100,000 | ||
Exercisable at Period- End | 100,000 | 100,000 | ||
August 16, 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price | CAD 0.76 | CAD 0.76 | ||
Number of Options | 2,420,000 | 2,420,000 | ||
Exercisable at Period- End | 2,420,000 | 1,611,720 | ||
September 8, 2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise Price | CAD 1.4 | CAD 1.4 | ||
Number of Options | 1,365,000 | 1,365,000 | ||
Exercisable at Period- End | 454,545 | 454,545 |
SHARE CAPITAL (Details 2)
SHARE CAPITAL (Details 2) - CAD | 3 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | CAD 294,881 | CAD 456,481 |
Consulting [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | 131,643 | 123,826 |
Exploration expenditures - Geological/geophysical [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | 5,455 | 16,431 |
Investor relations [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | 38,901 | 71,219 |
Professional Fees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | 8,237 | 18,777 |
Wages and benefits [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | CAD 110,645 | CAD 226,228 |
SHARE CAPITAL (Details Textual)
SHARE CAPITAL (Details Textual) - CAD | 3 Months Ended | 12 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | May. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 7 months 6 days | 2 years 10 months 6 days | |
Share Based Compensation Arrangement by Share Based Payment Award Options Grant in Period, Fair Value | CAD 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - CAD | 3 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Consulting fees | CAD 192,393 | CAD 168,826 |
Professional fees | 70,482 | 114,489 |
Management compensation | 695,784 | 646,693 |
Related Party Transaction [Member] | ||
Related Party Transaction [Line Items] | ||
Stock-based compensation to related parties | 227,668 | 397,822 |
Chief Financial Officer [Member] | Related Party Transaction [Member] | ||
Related Party Transaction [Line Items] | ||
Consulting fees | 18,000 | 18,000 |
Chief Executive Officer [Member] | Related Party Transaction [Member] | ||
Related Party Transaction [Line Items] | ||
Wages and benefits | 143,869 | 102,879 |
President [Member] | Related Party Transaction [Member] | ||
Related Party Transaction [Line Items] | ||
Wages and benefits | 234,997 | 48,732 |
Director [Member] | Related Party Transaction [Member] | ||
Related Party Transaction [Line Items] | ||
Directors fees (included in consulting fees) | 33,750 | 22,500 |
Vice President [Member] | Related Party Transaction [Member] | ||
Related Party Transaction [Line Items] | ||
Fees to Vice President of Corporate Communications (included in investor relations) | 37,500 | 37,500 |
Professional fees | CAD 0 | CAD 19,260 |
RELATED PARTY TRANSACTIONS (D38
RELATED PARTY TRANSACTIONS (Details Textual) - CAD | Aug. 31, 2015 | May. 31, 2015 |
Related Party Transaction [Line Items] | ||
Accounts Payable and Accrued Liabilities | CAD 7,687 | CAD 9,880 |
GEOGRAPHIC SEGMENTED INFORMAT39
GEOGRAPHIC SEGMENTED INFORMATION (Details) - CAD | Aug. 31, 2015 | May. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Capitalized acquisition costs | CAD 5,142,115 | CAD 4,866,634 |
Property and equipment | 95,663 | 96,703 |
CANADA | ||
Segment Reporting Information [Line Items] | ||
Capitalized acquisition costs | 0 | 0 |
Property and equipment | 2,627 | 2,840 |
UNITED STATES | ||
Segment Reporting Information [Line Items] | ||
Capitalized acquisition costs | 5,142,115 | 4,866,634 |
Property and equipment | CAD 93,036 | CAD 93,863 |
GEOGRAPHIC SEGMENTED INFORMAT40
GEOGRAPHIC SEGMENTED INFORMATION (Details 1) - CAD | 3 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Net loss for the period | CAD (1,821,292) | CAD (2,627,018) |
UNITED STATES | ||
Segment Reporting Information [Line Items] | ||
Net loss for the period | (1,327,792) | (1,805,029) |
CANADA | ||
Segment Reporting Information [Line Items] | ||
Net loss for the period | CAD (493,500) | CAD (821,989) |
SUBSIDIARIES (Details)
SUBSIDIARIES (Details) | 3 Months Ended | |
Aug. 31, 2015 | Aug. 31, 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% |
SUPPLEMENTAL CASH FLOW INFORM42
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - CAD | 3 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Supplemental cash flow information | ||
Interest paid (received) | CAD 0 | CAD 0 |
Income taxes paid (received) | CAD 0 | CAD 0 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - CAD | 1 Months Ended | 3 Months Ended | |
Sep. 09, 2015 | Sep. 01, 2015 | Aug. 31, 2015 | |
Subsequent Event [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 640,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | CAD 0.46 | ||
Stock Issued During Period, Shares, New Issues | 4,255,320 | ||
Shares Issued, Price Per Share | CAD 0.47 | ||
Proceeds from Issuance of Private Placement | CAD 2,000,000 | ||
September 9, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.30% | ||
September 9, 2016 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.30% | ||
September 9, 2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.40% |