Western Uranium & Vanadium (WSTRF) 10-Q 15 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 14, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Western Uranium Corp
Entity Central Index Key	1,621,906
Amendment Flag	false
Trading Symbol	WUC
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		21,480,954

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash	$ 119,758	$ 427,020
Prepaid expenses	141,131	190,435
Marketable securities	3,104	3,123
Other current assets	71,778	64,763
Total current assets	335,771	685,341
Restricted cash	820,434	820,434
Mineral properties	11,645,218	11,645,218
Ablation intellectual property	9,488,051	9,488,051
Total assets	22,289,474	22,639,044
Current liabilities:
Accounts payable and accrued liabilities	616,308	602,016
Subscription payable	39,575
Current portion of notes payable	492,274	487,450
Deferred revenue, current portion	44,620	40,000
Total current liabilities	1,192,777	1,129,466
Reclamation liability	199,396	196,821
Deferred tax liability	2,708,887	2,708,887
Deferred contingent consideration	384,290	390,350
Deferred revenue, net of current portion	81,185	60,000
Total liabilities	4,566,535	4,485,524
Commitments
Shareholders' Equity
Common stock, no par value, unlimited authorized shares, 20,510,806 and 20,510,806 shares issued as of March 31, 2018 and December 31, 2017, respectively and 20,510,500 and 20,510,500 shares outstanding as of March 31, 2018 and December 31, 2017, respectively	22,727,361	22,657,529
Treasury shares, 306 and 306 shares held in treasury as of March 31, 2018 and December 31, 2017, respectively
Accumulated deficit	(5,038,007)	(4,540,143)
Accumulated other comprehensive income	33,585	36,134
Total shareholders' equity	18,153,520	17,722,939
Total liabilities and shareholders' equity	$ 22,289,474	$ 22,639,044

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	20,510,806	20,510,806
Common stock, shares outstanding	20,510,500	20,510,500
Treasury shares held in treasury	306	306

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Lease revenue	$ 11,155
Expenses
Mining expenditures	49,055	40,618
Professional fees	179,226	225,494
General and administrative	224,919	226,187
Consulting fees	41,214	84,763
Unrealized foreign exchange gain
Total operating expenses	494,414	577,062
Operating loss	(483,259)	(577,062)
Interest expense, net	14,605	28,164
Net loss	(497,864)	(605,226)
Other comprehensive (loss) gain
Foreign exchange (loss) gain	(2,549)	7,564
Comprehensive loss	$ (500,413)	$ (597,662)
Loss per share - basic and diluted	$ (0.02)	$ (0.03)
Weighted average shares outstanding, basic and diluted	20,510,500	18,928,210

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($)	Total	Common Shares	Treasury Shares	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning balance at Mar. 31, 2018	$ 18,153,520	$ 22,657,529		$ (4,540,143)	$ 36,134
Beginning balance, shares at Dec. 31, 2017		20,510,500	306
Stock based compensation - stock options	69,832	$ 69,832
Foreign exchange gain	(2,549)				(2,549)
Net loss	(497,864)			(497,864)
Ending balance at Dec. 31, 2017	$ 17,722,939	$ 22,727,361		$ (5,038,007)	$ 33,585
Ending balance, shares at Mar. 31, 2018		20,510,500	306

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows From Operating Activities:
Net loss	$ (497,864)	$ (605,226)
Reconciliation of net loss to cash used in operating activities:
Accretion of reclamation liability	2,575	1,528
Amortization of debt discount on notes payable	4,824	7,073
Stock based compensation	69,832	133,282
Change in foreign exchange on marketable securities	19	(30)
Change in operating assets and liabilities:
Prepaid expenses and other current assets	42,289	(111,362)
Accounts payable and accrued liabilities, net of shares issued for accounts payable	14,292	(7,648)
Deferred revenue	25,805
Net cash used in operating activities	(338,228)	(582,383)
Cash Flows From Financing Activities:
Payment of Nueco Note		(185,564)
Issuance of Common shares, net of offering costs		814,078
Receipt of subscription receivable		28,429
Receipt of subscription payable	39,575
Net cash provided by financing activities	39,575	656,943
Effect of foreign exchange rate on cash	(8,609)	7,564
Net (decrease) increase in cash	(307,262)	82,124
Cash - beginning	427,020	791,814
Cash - ending	119,758	873,938
Cash paid during the period for:
Interest
Income taxes
Non-cash financing activities:
Shares issued for accounts payable and accrued expenses		$ 83,338

Business

Business	3 Months Ended
	Mar. 31, 2018
Business [Abstract]
BUSINESS	NOTE 1 – BUSINESS Nature of operations Western Uranium Corporation (“Western” or the “Company”) was incorporated in December 2006 under the Ontario Business Corporations Act. On November 20, 2014, the Company completed a listing process on the Canadian Securities Exchange (“CSE”). As part of that process, the Company acquired 100% of the members’ interests of Pinon Ridge Mining LLC (“PRM”), a Delaware limited liability company. The transaction constituted a reverse takeover (“RTO”) of Western by PRM. Subsequent to obtaining appropriate shareholder approvals, the Company reconstituted its Board of Directors and senior management team. Effective September 16, 2015, Western completed its acquisition of Black Range Minerals Limited (“Black Range”) . The Company has registered offices at 330 Bay Street, Suite 1400, Toronto, Ontario, Canada, M5H 2S8 and its common shares are listed on the CSE under the symbol “WUC.” On April 22, 2016, the Company’s shares of common stock began trading on the OTC Pink Open Market, and on May 23, 2016, the Company’s common stock was approved for the commencement of trading on the OTCQX Best Market. Its principal business activity is the acquisition and development of uranium resource properties in the states of Utah and Colorado in the United States of America (“United States”). On June 28, 2016, the Company’s registration statement became effective and Western became a United States reporting issuer. Thereafter, the Company was approved for Depository Trust Company eligibility through the Depository Trust and Clearing Corporation, which facilitates electronic book-entry delivery, settlement and depository services for shares in the United States.

Liquidity and Going Concern

Liquidity and Going Concern	3 Months Ended
	Mar. 31, 2018
Liquidity and Going Concern [Abstract]
LIQUIDITY AND GOING CONCERN	NOTE 2 – LIQUIDITY AND GOING CONCERN The Company has incurred continuing losses from its operations and as of March 31, 2018 the Company had an accumulated deficit of $5,038,007 and a working capital deficiency of $857,006. Since inception, the Company has met its liquidity requirements principally through the issuance of notes and the sale of its shares of common stock. The Company’s ability to continue its operations and to pay its obligations when they become due is contingent upon the Company obtaining additional financing. Management’s plans include seeking to procure additional funds through debt and equity financings, to secure regulatory approval to fully utilize its ablation technology and to initiate the processing of ore to generate operating cash flows. There are no assurances that the Company will be able to raise capital on terms acceptable to the Company or at all, or that cash flows generated from its operations will be sufficient to meet its current operating costs and required debt service. If the Company is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned product development, which could harm its financial condition and operating results, or it may not be able to continue to fund its ongoing operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern to sustain operations for at least one year from the issuance of these financial statements. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. On May 4, 2018, the Company completed a private placement of 909,622 units at a price of CAD $0.68 (USD $0.53) per unit for gross proceeds of CAD $618,543 (USD $481,560). Each unit consisted of one share of common stock and a warrant to purchase one-half of one share of common stock. Each warrant is immediately exercisable at a price of CAD $1.15 and expires two years from the date of issuance.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION THE ACCOMPANYING CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR INTERIM FINANCIAL INFORMATION AND WITH THE INSTRUCTIONS TO FORM 10–Q AND RULE 10 OF REGULATION S–X. ACCORDINGLY, THEY DO NOT INCLUDE ALL OF THE INFORMATION AND NOTES REQUIRED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. HOWEVER, IN THE OPINION OF THE MANAGEMENT OF THE COMPANY, ALL ADJUSTMENTS NECESSARY FOR A FAIR PRESENTATION OF THE FINANCIAL POSITION AND OPERATING RESULTS HAVE BEEN INCLUDED IN THESE STATEMENTS. THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SHOULD BE READ IN CONJUNCTION WITH THE CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO INCLUDED IN THE COMPANY’S ANNUAL REPORT ON FORM 10–K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2017, AS FILED WITH THE SEC ON APRIL 2, 2018. OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018 ARE NOT NECESSARILY INDICATIVE OF THE RESULTS THAT MAY BE EXPECTED FOR ANY SUBSEQUENT QUARTERS OR FOR THE YEAR ENDING DECEMBER 31, 2018. THE ACCOMPANYING CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INCLUDE THE ACCOUNTS OF WESTERN AND ITS WHOLLY-OWNED SUBSIDIARIES, WESTERN URANIUM CORPORATION (UTAH), PRM, BLACK RANGE, BLACK RANGE COPPER INC., RANGER RESOURCES INC., BLACK RANGE MINERALS INC., BLACK RANGE MINERALS COLORADO LLC, BLACK RANGE MINERALS WYOMING LLC, HAGGERTY RESOURCES LLC, RANGER ALASKA LLC, BLACK RANGE MINERALS UTAH LLC, BLACK RANGE MINERALS ABLATION HOLDINGS INC. AND BLACK RANGE DEVELOPMENT UTAH LLC. ALL SIGNIFICANT INTER-COMPANY TRANSACTIONS AND BALANCES HAVE BEEN ELIMINATED UPON CONSOLIDATION. THE COMPANY HAS ESTABLISHED THE EXISTENCE OF MINERALIZED MATERIALS FOR CERTAIN URANIUM PROJECTS. THE COMPANY HAS NOT ESTABLISHED PROVEN OR PROBABLE RESERVES, AS DEFINED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) UNDER INDUSTRY GUIDE 7, THROUGH THE COMPLETION OF A “FINAL” OR “BANKABLE” FEASIBILITY STUDY FOR ANY OF ITS URANIUM PROJECTS. USE OF ESTIMATES THE PREPARATION OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS IN CONFORMITY WITH U.S. GAAP REQUIRES MANAGEMENT TO MAKE ESTIMATES AND ASSUMPTIONS THAT AFFECT THE REPORTED AMOUNT OF ASSETS AND LIABILITIES AT THE DATE OF THE FINANCIAL STATEMENTS AND REVENUES AND EXPENSES DURING THE PERIODS REPORTED. BY THEIR NATURE, THESE ESTIMATES ARE SUBJECT TO MEASUREMENT UNCERTAINTY AND THE EFFECTS ON THE FINANCIAL STATEMENTS OF CHANGES IN SUCH ESTIMATES IN FUTURE PERIODS COULD BE SIGNIFICANT. SIGNIFICANT AREAS REQUIRING MANAGEMENT’S ESTIMATES AND ASSUMPTIONS INCLUDE DETERMINING THE FAIR VALUE OF TRANSACTIONS INVOLVING COMMON STOCK, ASSESSMENT OF THE USEFUL LIFE AND EVALUATION FOR IMPAIRMENT OF INTANGIBLE ASSETS, VALUATION AND IMPAIRMENT ASSESSMENTS ON MINERAL PROPERTIES, DEFERRED CONTINGENT CONSIDERATION, AND THE RECLAMATION LIABILITY, VALUATION OF STOCK-BASED COMPENSATION, VALUATION OF AVAILABLE-FOR-SALE SECURITIES AND VALUATION OF LONG-TERM DEBT. OTHER AREAS REQUIRING ESTIMATES INCLUDE ALLOCATIONS OF EXPENDITURES, DEPLETION AND AMORTIZATION OF MINERAL RIGHTS AND PROPERTIES. ACTUAL RESULTS COULD DIFFER FROM THOSE ESTIMATES. FOREIGN CURRENCY TRANSLATION THE REPORTING CURRENCY OF THE COMPANY, INCLUDING ITS SUBSIDIARIES, IS THE UNITED STATES DOLLAR. THE FINANCIAL STATEMENTS OF SUBSIDIARIES LOCATED OUTSIDE OF THE U.S. ARE MEASURED IN THEIR FUNCTIONAL CURRENCY, WHICH IS THE LOCAL CURRENCY. THE FUNCTIONAL CURRENCY OF THE PARENT (WESTERN URANIUM CORPORATION (ONTARIO)) IS THE CANADIAN DOLLAR. MONETARY ASSETS AND LIABILITIES OF THESE SUBSIDIARIES ARE TRANSLATED AT THE EXCHANGE RATES AT THE BALANCE SHEET DATE. INCOME AND EXPENSE ITEMS ARE TRANSLATED USING AVERAGE MONTHLY EXCHANGE RATES. NON-MONETARY ASSETS ARE TRANSLATED AT THEIR HISTORICAL EXCHANGE RATES. TRANSLATION ADJUSTMENTS ARE INCLUDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS IN THE CONSOLIDATED BALANCE SHEETS. REVENUE RECOGNITION THE COMPANY LEASES CERTAIN OF ITS MINERAL PROPERTIES FOR THE EXPLORATION AND PRODUCTION OF OIL AND GAS RESERVES. THE COMPANY ACCOUNTS FOR LEASE REVENUE IN ACCORDANCE WITH ASC 840 “LEASES”. LEASE PAYMENTS RECEIVED IN ADVANCE ARE DEFERRED AND RECOGNIZED ON A STRAIGHT – LINE BASIS OVER THE RELATED LEASE TERM ASSOCIATED WITH THE PREPAYMENT. ROYALTY PAYMENTS ARE RECOGNIZED AS REVENUES WHEN RECEIVED. FAIR VALUES OF FINANCIAL INSTRUMENTS THE CARRYING AMOUNTS OF CASH AND CASH EQUIVALENTS, RESTRICTED CASH, ACCOUNTS PAYABLE, ACCRUED LIABILITIES, AND NOTES PAYABLE APPROXIMATE THEIR FAIR VALUE DUE TO THE SHORT-TERM NATURE OF THESE INSTRUMENTS. MARKETABLE SECURITIES ARE ADJUSTED TO FAIR VALUE AT EACH BALANCE SHEET DATE BASED ON QUOTED PRICES WHICH ARE CONSIDERED LEVEL 1 INPUTS. THE RECLAMATION DEPOSITS, WHICH ARE REFLECTED IN RESTRICTED CASH ON THE CONSOLIDATED BALANCE SHEETS, ARE DEPOSITS MAINLY INVESTED IN CERTIFICATES OF DEPOSIT AT MAJOR FINANCIAL INSTITUTIONS AND THEIR FAIR VALUES WERE ESTIMATED TO APPROXIMATE THEIR CARRYING VALUES. THE COMPANY’S OPERATIONS AND FINANCING ACTIVITIES ARE CONDUCTED PRIMARILY IN UNITED STATES DOLLARS AND AS A RESULT, THE COMPANY IS NOT SUBJECT TO SIGNIFICANT EXPOSURE TO MARKET RISKS FROM CHANGES IN FOREIGN CURRENCY RATES. THE COMPANY IS EXPOSED TO CREDIT RISK THROUGH ITS CASH AND RESTRICTED CASH, BUT MITIGATES THIS RISK BY KEEPING THESE DEPOSITS AT MAJOR FINANCIAL INSTITUTIONS. ASC 820 “FAIR VALUE MEASUREMENTS AND DISCLOSURES” PROVIDES THE FRAMEWORK FOR MEASURING FAIR VALUE. THAT FRAMEWORK PROVIDES A FAIR VALUE HIERARCHY THAT PRIORITIZES THE INPUTS TO VALUATION TECHNIQUES USED TO MEASURE FAIR VALUE. THE HIERARCHY GIVES THE HIGHEST PRIORITY TO UNADJUSTED QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS OR LIABILITIES (LEVEL 1 MEASUREMENTS) AND THE LOWEST PRIORITY TO UNOBSERVABLE INPUTS (LEVEL 3 MEASUREMENTS). FAIR VALUE IS DEFINED AS AN EXIT PRICE, REPRESENTING THE AMOUNT THAT WOULD BE RECEIVED UPON THE SALE OF AN ASSET OR PAYMENT TO TRANSFER A LIABILITY IN AN ORDERLY TRANSACTION BETWEEN MARKET PARTICIPANTS. FAIR VALUE IS A MARKET-BASED MEASUREMENT THAT IS DETERMINED BASED ON ASSUMPTIONS THAT MARKET PARTICIPANTS WOULD USE IN PRICING AN ASSET OR LIABILITY. A THREE-TIER FAIR VALUE HIERARCHY IS USED TO PRIORITIZE THE INPUTS IN MEASURING FAIR VALUE AS FOLLOWS: LEVEL 1 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS OR LIABILITIES. LEVEL 2 QUOTED PRICES FOR SIMILAR ASSETS OR LIABILITIES IN ACTIVE MARKETS, QUOTED PRICES FOR IDENTICAL OR SIMILAR ASSETS OR LIABILITIES IN MARKETS THAT ARE NOT ACTIVE, OR OTHER INPUTS THAT ARE OBSERVABLE, EITHER DIRECTLY OR INDIRECTLY. LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS THAT CANNOT BE CORROBORATED BY MARKET DATA. THE FAIR VALUE OF THE COMPANY’S FINANCIAL INSTRUMENTS ARE AS FOLLOWS: QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS OR LIABILITIES QUOTED PRICES FOR SIMILAR ASSETS OR LIABILITIES IN ACTIVE MARKETS SIGNIFICANT UNOBSERVABLE INPUTS MARKETABLE SECURITIES AS OF MARCH 31, 2018 $ 3,104 $ - $ - MARKETABLE SECURITIES AS OF DECEMBER 31, 2017 $ 3,123 $ - $ - INCOME TAXES THE COMPANY UTILIZES AN ASSET AND LIABILITY APPROACH FOR FINANCIAL ACCOUNTING AND REPORTING FOR INCOME TAXES. THE PROVISION FOR INCOME TAXES IS BASED UPON INCOME OR LOSS AFTER ADJUSTMENT FOR THOSE PERMANENT ITEMS THAT ARE NOT CONSIDERED IN THE DETERMINATION OF TAXABLE INCOME. DEFERRED INCOME TAXES REPRESENT THE TAX EFFECTS OF DIFFERENCES BETWEEN THE FINANCIAL REPORTING AND TAX BASIS OF THE COMPANY’S ASSETS AND LIABILITIES AT THE ENACTED TAX RATES IN EFFECT FOR THE YEARS IN WHICH THE DIFFERENCES ARE EXPECTED TO REVERSE. THE COMPANY EVALUATES THE RECOVERABILITY OF DEFERRED TAX ASSETS AND ESTABLISHES A VALUATION ALLOWANCE WHEN IT IS MORE LIKELY THAN NOT THAT SOME PORTION OR ALL THE DEFERRED TAX ASSETS WILL NOT BE REALIZED. MANAGEMENT MAKES JUDGMENTS AS TO THE INTERPRETATION OF THE TAX LAWS THAT MIGHT BE CHALLENGED UPON AN AUDIT AND CAUSE CHANGES TO PREVIOUS ESTIMATES OF TAX LIABILITY. IN MANAGEMENT’S OPINION, ADEQUATE PROVISIONS FOR INCOME TAXES HAVE BEEN MADE. IF ACTUAL TAXABLE INCOME BY TAX JURISDICTION VARIES FROM ESTIMATES, ADDITIONAL ALLOWANCES OR REVERSALS OF RESERVES MAY BE NECESSARY. TAX BENEFITS ARE RECOGNIZED ONLY FOR TAX POSITIONS THAT ARE MORE LIKELY THAN NOT TO BE SUSTAINED UPON EXAMINATION BY TAX AUTHORITIES. THE AMOUNT RECOGNIZED IS MEASURED AS THE LARGEST AMOUNT OF BENEFIT THAT IS GREATER THAN 50 PERCENT LIKELY TO BE REALIZED UPON SETTLEMENT. A LIABILITY FOR “UNRECOGNIZED TAX BENEFITS” IS RECORDED FOR ANY TAX BENEFITS CLAIMED IN THE COMPANY’S TAX RETURNS THAT DO NOT MEET THESE RECOGNITION AND MEASUREMENT STANDARDS. AS OF MARCH 31, 2018 AND 2017, NO LIABILITY FOR UNRECOGNIZED TAX BENEFITS WAS REQUIRED TO BE REPORTED. THE COMPANY’S POLICY FOR RECORDING INTEREST AND PENALTIES ASSOCIATED WITH TAX AUDITS IS TO RECORD SUCH ITEMS AS A COMPONENT OF GENERAL AND ADMINISTRATIVE EXPENSE. THERE WERE NO AMOUNTS ACCRUED FOR PENALTIES AND INTEREST FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017. THE COMPANY DOES NOT EXPECT ITS UNCERTAIN TAX POSITION TO CHANGE DURING THE NEXT TWELVE MONTHS. MANAGEMENT IS CURRENTLY UNAWARE OF ANY ISSUES UNDER REVIEW THAT COULD RESULT IN SIGNIFICANT PAYMENTS, ACCRUALS OR MATERIAL DEVIATIONS FROM ITS POSITION. THE COMPANY HAS IDENTIFIED ITS FEDERAL TAX RETURN AND ITS STATE TAX RETURNS IN COLORADO AND UTAH AS ITS “MAJOR” TAX JURISDICTIONS, AND SUCH RETURNS FOR THE YEARS 2014 THROUGH 2017 REMAIN SUBJECT TO EXAMINATION. THE TAX CUTS AND JOBS ACT (THE “TAX ACT”) WAS ENACTED ON DECEMBER 22, 2017. THE TAX ACT REDUCED THE U.S. FEDERAL CORPORATE TAX RATE FROM 35% TO 21%. AS OF DECEMBER 31, 2017, THE COMPANY HAD MADE A REASONABLE ESTIMATE OF THE EFFECTS OF THE TAX ACT. THIS ESTIMATE INCORPORATES ASSUMPTIONS MADE BASED UPON THE COMPANY’S CURRENT INTERPRETATION OF THE TAX ACT, AND MAY CHANGE AS THE COMPANY MAY RECEIVE ADDITIONAL CLARIFICATION AND IMPLEMENTATION GUIDANCE AND AS THE INTERPRETATION OF THE TAX ACT EVOLVES. IN ACCORDANCE WITH SEC STAFF ACCOUNTING BULLETIN NO. 118, THE COMPANY WILL FINALIZE THE ACCOUNTING FOR THE EFFECTS OF THE TAX ACT NO LATER THAN THE FOURTH QUARTER OF 2018. FUTURE ADJUSTMENTS MADE TO THE PROVISIONAL EFFECTS WILL BE REPORTED AS A COMPONENT OF INCOME TAX EXPENSE IN THE REPORTING PERIOD IN WHICH ANY SUCH ADJUSTMENTS ARE DETERMINED. BASED ON THE NEW TAX LAW THAT LOWERS CORPORATE TAX RATES, ON DECEMBER 31, 2017, THE COMPANY REVALUED ITS DEFERRED TAX ASSETS. STOCK-BASED COMPENSATION THE COMPANY FOLLOWS ASC 718, COMPENSATION - STOCK COMPENSATION, WHICH ADDRESSES THE ACCOUNTING FOR STOCK-BASED PAYMENT TRANSACTIONS, REQUIRING SUCH TRANSACTIONS TO BE ACCOUNTED FOR USING THE FAIR VALUE METHOD. AWARDS OF SHARES FOR PROPERTY OR SERVICES ARE RECORDED AT THE MORE READILY MEASURABLE OF THE FAIR VALUE OF THE STOCK AND THE FAIR VALUE OF THE SERVICE. THE COMPANY USES THE BLACK-SCHOLES OPTION-PRICING MODEL TO DETERMINE THE GRANT DATE FAIR VALUE OF STOCK-BASED AWARDS UNDER ASC 718. THE FAIR VALUE IS CHARGED TO EARNINGS DEPENDING ON THE TERMS AND CONDITIONS OF THE AWARD, AND THE NATURE OF THE RELATIONSHIP OF THE RECIPIENT OF THE AWARD TO THE COMPANY. THE COMPANY RECORDS THE GRANT DATE FAIR VALUE IN LINE WITH THE PERIOD OVER WHICH IT WAS EARNED. FOR EMPLOYEES AND MANAGEMENT, THIS IS TYPICALLY CONSIDERED TO BE THE VESTING PERIOD OF THE AWARD. FOR CONSULTANTS THE FAIR VALUE OF THE AWARD IS RECORDED OVER THE TERM OF THE SERVICE PERIOD, AND UNVESTED AMOUNTS ARE REVALUED AT EACH REPORTING PERIOD OVER THE SERVICE PERIOD. THE COMPANY ESTIMATES THE EXPECTED FORFEITURES AND UPDATES THE VALUATION ACCORDINGLY. LOSS PER SHARE BASIC NET LOSS PER SHARE IS COMPUTED BY DIVIDING NET LOSS BY THE WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING DURING THE PERIOD. DILUTED EARNINGS PER SHARE IS COMPUTED USING THE WEIGHTED AVERAGE NUMBER OF COMMON SHARES AND, IF DILUTIVE, POTENTIAL COMMON SHARES OUTSTANDING DURING THE PERIOD. POTENTIAL COMMON SHARES CONSIST OF THE INCREMENTAL COMMON SHARES ISSUABLE UPON THE EXERCISE OF STOCK OPTIONS AND WARRANTS (USING THE TREASURY STOCK METHOD). THE COMPUTATION OF BASIC NET LOSS PER SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 EXCLUDES POTENTIALLY DILUTIVE SECURITIES. THE COMPUTATIONS OF NET LOSS PER SHARE FOR EACH PERIOD PRESENTED IS THE SAME FOR BOTH BASIC AND FULLY DILUTED. POTENTIALLY DILUTIVE SECURITIES OUTLINED IN THE TABLE BELOW HAVE BEEN EXCLUDED FROM THE COMPUTATION OF DILUTED NET LOSS PER SHARE BECAUSE THE EFFECT OF THEIR INCLUSION WOULD HAVE BEEN ANTI-DILUTIVE. FOR THE THREE MONTHS ENDED MARCH 31, 2018 2017 WARRANTS TO PURCHASE SHARES OF COMMON STOCK 4,095,563 3,341,572 OPTIONS TO PURCHASE SHARES OF COMMON STOCK 1,783,664 1,346,996 TOTAL POTENTIALLY DILUTIVE SECURITIES 5,879,227 4,688,568 RECENT ACCOUNTING PRONOUNCEMENTS MANAGEMENT DOES NOT BELIEVE THAT ANY RECENTLY ISSUED, BUT NOT YET EFFECTIVE ACCOUNTING PRONOUNCEMENTS, WHEN ADOPTED, WILL HAVE A MATERIAL EFFECT ON THE ACCOMPANYING CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, OTHER THAN THOSE DISCLOSED BELOW OR IN THE COMPANY’S ANNUAL REPORT ON FORM 10-K FILED WITH THE SEC ON APRIL 2, 2018. IN AUGUST 2016 THE FASB ISSUED TOPIC ASU NO. 2016-15 “STATEMENT OF CASH FLOWS (TOPIC 230) – CLASSIFICATION OF CERTAIN CASH RECEIPTS AND CASH PAYMENTS” (“ASU 2016-15”). ASU 2016-15 CLARIFIES DIVERSITY IN PRACTICE IN HOW CERTAIN CASH RECEIPTS AND CASH PAYMENTS ARE PRESENTED AND CLASSIFIED IN THE STATEMENT OF CASH FLOWS. THE COMPANY ADOPTED ASU 2016-15 ON JANUARY 1, 2018 AND IT HAS NOT HAD A MATERIAL IMPACT ON ITS CONDENSED CONSOLIDATED FINANCIAL POSITION AND RESULTS OF OPERATIONS. IN NOVEMBER 2016, THE FASB ISSUED ASU NO. 2016-18, “STATEMENT OF CASH FLOWS (TOPIC 230): RESTRICTED CASH” (“ASU 2016-18”). ASU 2016-18 AMENDS THE CLASSIFICATION AND PRESENTATION OF CHANGES IN RESTRICTED CASH OR RESTRICTED CASH EQUIVALENTS IN THE STATEMENT OF CASH FLOWS. THE COMPANY ADOPTED ASU 2016-18 ON JANUARY 1, 2018 AND IT HAS NOT HAD A MATERIAL IMPACT ON ITS CONDENSED CONSOLIDATED FINANCIAL POSITION AND RESULTS OF OPERATIONS. IN MAY 2014, THE FINANCIAL ACCOUNTING STANDARDS BOARD (“FASB”) ISSUED ACCOUNTING STANDARDS UPDATE “ASU” NO. 2014-09, REVENUE FROM CONTRACTS WITH CUSTOMERS (TOPIC 606) WHICH WAS SUBSEQUENTLY AMENDED BY ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20, AND ASU 2017-13. THESE ASUS OUTLINE A SINGLE COMPREHENSIVE MODEL FOR ENTITIES TO USE IN ACCOUNTING FOR REVENUE ARISING FROM CONTRACTS WITH CUSTOMERS AND SUPERSEDES MOST CURRENT REVENUE RECOGNITION GUIDANCE, INCLUDING INDUSTRY-SPECIFIC GUIDANCE. THE GUIDANCE INCLUDES A FIVE-STEP FRAMEWORK THAT REQUIRES AN ENTITY TO: (I) IDENTIFY THE CONTRACT(S) WITH A CUSTOMER, (II) IDENTIFY THE PERFORMANCE OBLIGATIONS IN THE CONTRACT, (III) DETERMINE THE TRANSACTION PRICE, (IV) ALLOCATE THE TRANSACTION PRICE TO THE PERFORMANCE OBLIGATIONS IN THE CONTRACT, AND (V) RECOGNIZE REVENUE WHEN THE ENTITY SATISFIES A PERFORMANCE OBLIGATION. IN JULY 2015, THE FASB DEFERRED THE EFFECTIVE DATE OF ASU 2014-09 TO ANNUAL REPORTING PERIODS BEGINNING AFTER DECEMBER 15, 2017. A FULL RETROSPECTIVE OR MODIFIED RETROSPECTIVE APPROACH IS REQUIRED. THE COMPANY HAS ADOPTED ASU NO. 2014-09 EFFECTIVE JANUARY 1, 2018. THE COMPANY HAS ELECTED TO APPLY THE MODIFIED RETROSPECTIVE METHOD AND THE IMPACT WAS DETERMINED TO BE IMMATERIAL ON THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. ACCORDINGLY, THE NEW REVENUE STANDARD HAS BEEN APPLIED PROSPECTIVELY IN THE COMPANY’S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FROM JANUARY 1, 2018 FORWARD AND REPORTED FINANCIAL INFORMATION FOR HISTORICAL COMPARABLE PERIODS WILL NOT BE REVISED AND WILL CONTINUE TO BE REPORTED UNDER THE ACCOUNTING STANDARDS IN EFFECT DURING THOSE HISTORICAL PERIODS. THE COMPANY PERFORMED AN ANALYSIS AND DETERMINED THAT ITS REVENUES ARE NOT WITHIN THE SCOPE OF ASC 606, AND AS SUCH, THE COMPANY DETERMINED THAT ITS METHODS OF RECOGNIZING REVENUES HAVE NOT BEEN IMPACTED BY THE NEW GUIDANCE.

Mineral Assets, Ablation Intell

Mineral Assets, Ablation Intellectual Property and Other Property	3 Months Ended
	Mar. 31, 2018
Mineral Assets, Ablation Intellectual Property and Other Property [Abstract]
MINERAL ASSETS, ABLATION INTELLECTUAL PROPERTY AND OTHER PROPERTY	NOTE 4 – MINERAL ASSETS, ABLATION INTELLECTUAL PROPERTY AND OTHER PROPERTY THE COMPANY’S MINING PROPERTIES ACQUIRED ON AUGUST 18, 2014 THAT THE COMPANY RETAINS AS OF MARCH 31, 2018, INCLUDE: SAN RAFAEL URANIUM PROJECT LOCATED IN EMERY COUNTY, UTAH; THE SUNDAY MINE COMPLEX LOCATED IN WESTERN SAN MIGUEL COUNTY, COLORADO; THE VAN 4 MINE LOCATED IN WESTERN MONTROSE COUNTY, COLORADO; THE SAGE MINE PROJECT LOCATED IN SAN JUAN COUNTY, UTAH, AND SAN MIGUEL COUNTY, COLORADO. THESE MINING PROPERTIES INCLUDE LEASED LAND IN THE STATES OF COLORADO AND UTAH. NONE OF THESE MINING PROPERTIES WERE OPERATIONAL AT THE DATE OF ACQUISITION. THE COMPANY’S MINING PROPERTIES ACQUIRED ON SEPTEMBER 16, 2015 THAT THE COMPANY RETAINS AS OF MARCH 31, 2018, INCLUDE HANSEN, NORTH HANSEN, HIGH PARK, HANSEN PICNIC TREE, AND TAYLOR RANCH, LOCATED IN FREMONT AND TELLER COUNTIES, COLORADO. THE COMPANY ALSO ACQUIRED THE KEOTA PROJECT LOCATED IN WELD COUNTY, WYOMING AND FERRIS HAGGERTY LOCATED IN CARBON COUNTY WYOMING. THESE MINING ASSETS INCLUDE BOTH OWNED AND LEASED LAND IN THE STATES OF UTAH, COLORADO AND WYOMING. ALL OF THE MINING ASSETS REPRESENT PROPERTIES WHICH HAVE PREVIOUSLY BEEN MINED TO DIFFERENT DEGREES FOR URANIUM. AS THE COMPANY HAS NOT FORMALLY ESTABLISHED PROVEN OR PROBABLE RESERVES ON ANY OF ITS PROPERTIES, THERE IS INHERENT UNCERTAINTY AS TO WHETHER OR NOT ANY MINERALIZED MATERIAL CAN BE ECONOMICALLY EXTRACTED AS ORIGINALLY PLANNED AND ANTICIPATED. ON SEPTEMBER 16, 2015, IN CONNECTION WITH THE COMPANY’S ACQUISITION OF BLACK RANGE, THE COMPANY ASSUMED AN OPTION AND EXPLORATION AGREEMENT (THE “OPTION AND EXPLORATION AGREEMENT”) WITH STB MINERALS, LLC, A COLORADO LIMITED LIABILITY COMPANY (“STB”). THE OPTION AND EXPLORATION AGREEMENT GIVES THE COMPANY THE RIGHT TO PURCHASE 51% OF THE MINERAL RIGHTS OF SPECIFIC AREAS OF THE HANSEN AND PICNIC TREE DEPOSITS (FOR WHICH THE COMPANY ALREADY HOLDS 49% OF THE RIGHTS). IF THE COMPANY WERE TO EXERCISE ITS OPTION UNDER THE OPTION AND EXPLORATION AGREEMENT, IT WOULD REQUIRE THE COMPANY TO (A) MAKE A CASH PAYMENT OF $2,500,000 IMMEDIATELY UPON EXERCISE; (B) ISSUE SHARES OF COMMON STOCK TO STB AMOUNTING TO A VALUE OF $3,750,000 IMMEDIATELY UPON EXERCISE; AND (C) ISSUE SHARES OF COMMON STOCK TO STB AMOUNTING TO A VALUE OF $3,750,000 ON THE DATE THAT IS 180 DAYS FOLLOWING EXERCISE. THE OPTION AND EXPLORATION AGREEMENT WAS SCHEDULED TO EXPIRE BY ITS TERMS ON JULY 28, 2017 IF NOT EXERCISED. THE OPTION AND EXPLORATION AGREEMENT PROVIDED AN EXTENSION FOR AN “EVENT OF FORCE MAJEURE”. UNDER THIS CLAUSE, THE COMPANY WOULD RECEIVE AN EXTENSION OF THE PERIOD DURING WHICH IT COULD EXERCISE ITS OPTION IF IT EXPERIENCES AN UNREASONABLE DELAY OUTSIDE ITS CONTROL THAT PREVENTS IT FROM EXERCISING THE OPTION. ON MAY 10, 2017, THE COMPANY PROVIDED TO STB A NOTICE THAT IT WAS EXERCISING THE FORCE MAJEURE CLAUSE DUE TO THE DELAY BY GOVERNMENT REGULATORS IN LICENSING THE COMPANY’S ABLATION TECHNOLOGY AND PERMITTING MINING AT THE HANSEN PROPERTY. STB HAS CONTESTED THE COMPANY’S FINDING THAT AN EVENT OF FORCE MAJEURE HAS OCCURRED. ONGOING NEGOTIATIONS CONTINUED UNTIL SEPTEMBER 21, 2017 WHEN THE COMPANY AND STB AGREED TO SETTLE THE MATTER THROUGH THE PRE-ESTABLISHED ARBITRATION MECHANISM. PRIOR TO THE COMMENCEMENT OF ARBITRATION, A SETTLEMENT WAS AGREED TO ON FEBRUARY 28, 2018 THROUGH THE EXECUTION OF AN AMENDMENT OF OPTION AND EXPLORATION AGREEMENT. AS CONSIDERATION, THE COMPANY PAID STB A $20,000 EXTENSION PAYMENT AND GRANTED STB THE RIGHT TO SEEK A BONA FIDE WRITTEN OFFER OVER THE REMAINING TERM, AND AGREED TO THE REMOVAL OF THE FORCE MAJEURE CLAUSE FROM THE AGREEMENT. THE COMPANY RECEIVED AN EXTENSION UNTIL JULY 28, 2019 AND A RIGHT OF FIRST REFUSAL TO MATCH ANY BONA FIDE WRITTEN OFFER. HENCE THE COMPANY ALREADY CONTROLS 49% OF THE RESOURCE PROPERTY AND RETAINS AN OPTION TO PURCHASE THE 51% OF THE RESOURCE PROPERTY THAT THE COMPANY DOES NOT ALREADY CONTROL FOR THE DURATION OF THE AGREEMENT. FURTHER THE COMPANY BELIEVES THE EXECUTION OF THIS AGREEMENT IS WITHOUT FINANCIAL IMPLICATIONS, AND AS SUCH, THE COMPANY HAS NOT MADE ANY ADJUSTMENT TO THESE CONDENSED CONSOLIDATED FINANCIALS RELATED TO THIS MATTER. A PRIOR OWNER OF THE VAN 4 MINE HAD BEEN GRANTED A FIRST TEMPORARY CESSATION FROM RECLAMATION OF THE MINE BY THE COLORADO MINED LAND RECLAMATION BOARD (“MLRB”) WHICH WAS SET TO EXPIRE JUNE 23, 2017. PRIOR TO ITS EXPIRATION, PRM FORMALLY REQUESTED AN EXTENSION THROUGH A SECOND TEMPORARY CESSATION. PRM SUBSEQUENTLY, PARTICIPATED IN A PUBLIC PROCESS WHICH CULMINATED IN A HEARING ON JULY 26, 2017. PRIOR TO THE HEARING, THREE NON-PROFIT ORGANIZATIONS WHO PURSUE ENVIRONMENTAL AND CONSERVATION OBJECTIVES FILED A BRIEF OBJECTING TO THE EXTENSION. THE MLRB BOARD MEMBERS VOTED TO GRANT A SECOND FIVE-YEAR TEMPORARY CESSATION FOR THE VAN 4 MINE. THEREAFTER THE THREE OBJECTING PARTIES FILED A LAWSUIT ON SEPTEMBER 18, 2017. THE MLRB WAS NAMED AS THE DEFENDANT AND PRM WAS NAMED AS A PARTY TO THE CASE DUE TO THE COLORADO LAW REQUIREMENT THAT ANY LAWSUIT FILED AFTER A HEARING INCLUDE ALL OF THE PARTIES TO THE PROCEEDING. THE PLAINTIFF ORGANIZATIONS WERE SEEKING FOR THE COURT TO SET ASIDE THE BOARD ORDER GRANTING A SECOND FIVE-YEAR TEMPORARY CESSATION PERIOD TO PRM FOR THE VAN 4 MINE. THE COLORADO STATE ATTORNEY GENERAL WAS DEFENDING THIS ACTION IN THE DENVER COLORADO DISTRICT COURT. ON MAY 8, 2018, THE DENVER COLORADO DISTRICT COURT RULED IN FAVOR OF PRM, WHEREBY THE ADDITIONAL FIVE-YEAR TEMPORARY CESSATION PERIOD WAS GRANTED. THE COMPANY’S MINERAL PROPERTIES AND ABLATION INTELLECTUAL PROPERTY ARE: AS OF MARCH 31, 2018 DECEMBER 31, 2017 MINERAL PROPERTIES $ 11,645,218 $ 11,645,218 ABLATION INTELLECTUAL PROPERTY $ 9,488,051 $ 9,488,051 OIL AND GAS LEASE AND EASEMENT ON JULY 18, 2017, AN OIL AND GAS LEASE BECAME EFFECTIVE WITH RESPECT TO MINERALS AND MINERAL RIGHTS OWNED BY OF THE COMPANY OF APPROXIMATELY 160 SURFACE ACRES OF THE COMPANY’S PROPERTY IN COLORADO. AS CONSIDERATION FOR ENTERING INTO THE LEASE, THE COMPANY RECEIVED $120,000 DURING THE THIRD QUARTER OF 2017. THE LEASE WILL BE IN FORCE FOR AN INITIAL TERM OF THREE YEARS AND MAY BE EXTENDED BY THE LESSEE AT 150% OF THE INITIAL RATE. THE LESSEE HAS ALSO AGREED TO PAY THE COMPANY A ROYALTY OF 18.75% OF THE LESSEE’S REVENUE ATTRIBUTED TO OIL AND GAS PRODUCED, SAVED, AND SOLD ATTRIBUTABLE TO THE NET MINERAL INTEREST. THE COMPANY IS RECOGNIZING THE INITIAL PAYMENT INCREMENTALLY OVER THE TERM OF THE LEASE. ON FEBRUARY 26, 2018, THE COMPANY ENTERED INTO A FURTHER AGREEMENT WITH THE SAME ENTITY AS THE OIL AND GAS LEASE TO PROVIDE THEM WITH AN EASEMENT TO AN ADDITIONAL PART OF THE COMPANY’S PROPERTY SOLELY FOR THE PURPOSES OF TRANSPORTING THE OIL AND GAS EXTRACTED VIA A PIPELINE. AS CONSIDERATION FOR THE EASEMENT, THE COMPANY RECEIVED $36,960 DURING THE FIRST QUARTER OF 2018. THE COMPANY IS RECOGNIZING THIS PAYMENT INCREMENTALLY OVER THE EIGHT YEAR TERM OF THE EASEMENT. DURING THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017, THE COMPANY RECOGNIZED AGGREGATE REVENUE OF $11,155 AND $0, RESPECTIVELY UNDER THESE OIL AND GAS LEASE ARRANGEMENTS. RECLAMATION LIABILITIES THE COMPANY’S MINES ARE SUBJECT TO CERTAIN ASSET RETIREMENT OBLIGATIONS, WHICH THE COMPANY HAS RECORDED AS RECLAMATION LIABILITIES. THE RECLAMATION LIABILITIES OF THE UNITED STATES MINES ARE SUBJECT TO LEGAL AND REGULATORY REQUIREMENTS, AND ESTIMATES OF THE COSTS OF RECLAMATION ARE REVIEWED PERIODICALLY BY THE APPLICABLE REGULATORY AUTHORITIES. THE RECLAMATION LIABILITY REPRESENTS THE COMPANY’S BEST ESTIMATE OF THE PRESENT VALUE OF FUTURE RECLAMATION COSTS IN CONNECTION WITH THE MINERAL PROPERTIES. THE COMPANY DETERMINED THE GROSS RECLAMATION LIABILITIES OF THE MINERAL PROPERTIES AS OF MARCH 31, 2018 AND DECEMBER 31, 2017, TO BE APPROXIMATELY $820,434 AND $820,434, RESPECTIVELY. DURING THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017, THE ACCRETION OF THE RECLAMATION LIABILITIES WAS $2,575 AND $1,528, RESPECTIVELY. THE COMPANY EXPECTS TO BEGIN INCURRING THE RECLAMATION LIABILITY AFTER 2054 AND ACCORDINGLY, HAS DISCOUNTED THE GROSS LIABILITIES OVER THEIR REMAINING LIVES USING A DISCOUNT RATE OF 5.4% TO NET DISCOUNTED AGGREGATED VALUES AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 OF $199,396 AND $196,821, RESPECTIVELY. THE GROSS RECLAMATION LIABILITIES AS OF MARCH 31, 2018 ARE SECURED BY CERTIFICATES OF DEPOSIT IN THE AMOUNT OF $820,434. ON APRIL 11, 2018, THE COMPANY RECEIVED NOTICE FROM THE COLORADO DIVISION OF RECLAMATION, MINING AND SAFETY (“CDRMS”) IN REGARDS TO ITS RECLAMATION LIABILITY. CDRMS HAS RECALCULATED THE COMPANY’S ESTIMATED FUTURE RECLAMATION LIABILITY, WHICH WOULD REQUIRE THE COMPANY TO INCREASE ITS CERTIFICATES OF DEPOSIT THAT SECURE ITS RECLAMATION LIABILITY BY $68,517. THE COMPANY HAS UNTIL JUNE 8, 2018 TO COMPLY WITH OR APPEAL THE DETERMINATION. THE COMPANY IS CURRENTLY EVALUATING THE NOTICE AND DETERMINING ITS POSITION. RECLAMATION LIABILITY ACTIVITY FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 CONSISTS OF: FOR THE THREE MONTHS ENDED MARCH 31, 2018 2017 BEGINNING BALANCE $ 196,821 $ 403,639 ACCRETION 2,575 1,528 ENDING BALANCE $ 199,396 $ 405,167

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2018
Accounts Payable and Accrued Liabilities [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	NOTE 5 – ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consisted of: AS OF MARCH 31, 2018 DECEMBER 31, 2017 TRADE ACCOUNTS PAYABLE $ 460,459 $ 453,618 ACCRUED LIABILITIES 155,849 148,398 $ 616,308 $ 602,016

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2018
Notes Payable [Abstract]
NOTES PAYABLE	NOTE 6 – NOTES PAYABLE EFHC NOTE ON AUGUST 18, 2014, IN CONNECTION WITH THE PURCHASE OF CERTAIN OF THE MINERAL PROPERTIES, THE COMPANY ENTERED INTO A NOTE PAYABLE WITH ENERGY FUELS HOLDING CORPORATION (“EFHC”) (THE “EFHC NOTE”) FOR $500,000. THE EFHC NOTE BEARS INTEREST AT A RATE OF 3.0% PER ANNUM AND IS SECURED BY A FIRST PRIORITY INTEREST IN CERTAIN OF THE COMPANY’S MINERAL PROPERTIES. ON THE DATE OF THE PURCHASE, THE COMPANY RECORDED THE EFHC NOTE NET OF A DISCOUNT FOR INTEREST OF $73,971 AT A RATE OF 4% PER ANNUM, RESULTING IN A TOTAL EFFECTIVE INTEREST RATE OF 7% PER ANNUM. THE DISCOUNT IS BEING AMORTIZED USING THE EFFECTIVE INTEREST METHOD OVER THE LIFE OF THE LOAN. ALL PRINCIPAL ON THE EFHC NOTE IS DUE AND PAYABLE ON AUGUST 18, 2018 AND INTEREST ON THE EFHC NOTE IS DUE AND PAYABLE ANNUALLY BEGINNING AUGUST 18, 2015. NOTES PAYABLE SUMMARY NOTES PAYABLE CONSISTED OF: PRINCIPAL DISCOUNT BALANCE, NET CURRENT NON-CURRENT MARCH 31, 2018 $ 500,000 $ 7,726 $ 492,274 $ 492,274 $ — DECEMBER 31, 2017 $ 500,000 $ 12,550 $ 487,450 $ 487,450 $ — THE COMPANY’S TOTAL INTEREST EXPENSE, NET, CONSISTED OF: FOR THE THREE MONTHS ENDED MARCH 31, 2018 2017 INTEREST EXPENSE, NOTES PAYABLE $ 7,479 $ 5,861 AMORTIZATION OF DISCOUNT ON NOTES PAYABLE 4,824 20,324 ACCRETION OF RECLAMATION LIABILITIES 2,575 1,528 OTHER INTEREST EXPENSE - 726 INTEREST INCOME (273 ) (275 ) INTEREST EXPENSE, NET $ 14,605 $ 28,164

Commitments

Commitments	3 Months Ended
	Mar. 31, 2018
Commitments [Abstract]
COMMITMENTS	NOTE 7 - COMMITMENTS RUSSELL FRYER ON JULY 28, 2017, RUSSELL FRYER WAS APPOINTED THE COMPANY’S EXECUTIVE CHAIRMAN. ON NOVEMBER 13, 2017, THE COMPANY ENTERED INTO A CONSULTING AGREEMENT WITH AN AFFILIATE OF MR. FRYER. THE AGREEMENT BECAME EFFECTIVE ON JULY 28, 2017 AND, PURSUANT TO ITS TERMS, EXPIRES ON DECEMBER 31, 2018. THE AGREEMENT MAY BE TERMINATED BY EITHER PARTY WITH 90 DAYS’ NOTICE. THE AGREEMENT PROVIDES FOR COMPENSATION OF $15,000 PER MONTH AND AN ANNUAL BONUS AT THE DISCRETION OF THE BOARD OF DIRECTORS. PURSUANT TO THE AGREEMENT, IF A CHANGE OF CONTROL OCCURS WHEREIN THE CONSIDERATION IN SUCH CHANGE OF CONTROL IS MORE THAN USD $2.00 PER SHARE, THE COMPANY IS REQUIRED TO PAY A LUMP SUM IN THE AMOUNT OF TWO AND ONE-HALF TIMES THE ENTITY’S ANNUAL FEE TO THIS ENTITY. ON JANUARY 29, 2018, THE COMPANY PROVIDED THE REQUISITE 90-DAY NOTIFICATION TO TERMINATE THE CONSULTING AGREEMENT, EFFECTIVE APRIL 30, 2018. ON MAY 1, 2018, FOLLOWING THE TERMINATION OF THIS CONSULTING CONTRACT, MR. FRYER RESIGNED AS DIRECTOR AND EXECUTIVE CHAIRMAN OF THE BOARD OF DIRECTORS.

Share Capital and Other Equity

Share Capital and Other Equity Instruments	3 Months Ended
	Mar. 31, 2018
Share Capital and Other Equity Instruments [Abstract]
SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS	NOTE 8 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS AUTHORIZED CAPITAL THE HOLDERS OF THE COMPANY’S COMMON STOCK ARE ENTITLED TO ONE VOTE PER SHARE. HOLDERS OF COMMON STOCK ARE ENTITLED TO RECEIVE RATABLY SUCH DIVIDENDS, IF ANY, AS MAY BE DECLARED BY THE BOARD OF DIRECTORS OUT OF LEGALLY AVAILABLE FUNDS. UPON THE LIQUIDATION, DISSOLUTION, OR WINDING UP OF THE COMPANY, HOLDERS OF COMMON STOCK ARE ENTITLED TO SHARE RATEABLY IN ALL ASSETS OF THE COMPANY THAT ARE LEGALLY AVAILABLE FOR DISTRIBUTION. AS OF MARCH 31, 2018 AND DECEMBER 31, 2017, AN UNLIMITED NUMBER OF COMMON SHARES WERE AUTHORIZED FOR ISSUANCE. PRIVATE PLACEMENT ON MAY 4, 2018, THE COMPANY COMPLETED A PRIVATE PLACEMENT OF 909,622 UNITS AT A PRICE OF CAD $0.68 (USD $0.53) PER UNIT FOR GROSS PROCEEDS OF CAD $618,543 (USD $481,560). EACH UNIT CONSISTED OF ONE SHARE OF COMMON STOCK AND A WARRANT TO PURCHASE ONE-HALF OF ONE SHARE OF COMMON STOCK. EACH WARRANT IS IMMEDIATELY EXERCISABLE AT A PRICE OF CAD $1.15 AND EXPIRES TWO YEARS FROM THE DATE OF ISSUANCE. INCENTIVE STOCK OPTION PLAN THE COMPANY MAINTAINS AN INCENTIVE STOCK OPTION PLAN (THE “PLAN”) THAT PERMITS THE GRANTING OF STOCK OPTIONS AS INCENTIVE COMPENSATION. SHAREHOLDERS OF THE COMPANY APPROVED THE PLAN ON JUNE 30, 2008 AND AMENDMENTS TO THE PLAN ON JUNE 20, 2013, AND THE BOARD OF DIRECTORS APPROVED ADDITIONAL CHANGES TO THE PLAN ON SEPTEMBER 12, 2015. THE PURPOSE OF THE PLAN IS TO ATTRACT, RETAIN AND MOTIVATE DIRECTORS, MANAGEMENT, STAFF AND CONSULTANTS BY PROVIDING THEM WITH THE OPPORTUNITY, THROUGH STOCK OPTIONS, TO ACQUIRE A PROPRIETARY INTEREST IN THE COMPANY AND BENEFIT FROM ITS GROWTH. THE PLAN PROVIDES THAT THE AGGREGATE NUMBER OF COMMON SHARES FOR WHICH STOCK OPTIONS MAY BE GRANTED WILL NOT EXCEED 10% OF THE ISSUED AND OUTSTANDING COMMON SHARES AT THE TIME STOCK OPTIONS ARE GRANTED. AS OF MARCH 31, 2018, A TOTAL OF 20,510,500 COMMON SHARES WERE OUTSTANDING, AND AT THAT DATE THE MAXIMUM NUMBER OF STOCK OPTIONS ELIGIBLE FOR ISSUE UNDER THE PLAN WAS 2,051,050. ON FEBRUARY 8, 2018, THE COMPANY GRANTED OPTIONS UNDER THE PLAN FOR THE PURCHASE OF AN AGGREGATE OF 100,000 SHARES OF COMMON STOCK TO A DIRECTOR. THE OPTIONS HAVE AN EXERCISE PRICE OF CAD $1.00 (US $0.78 AS OF MARCH 31, 2018) AND VEST ONE HALF ON THE DATE OF GRANT AND ONE HALF ON DECEMBER 31, 2018. ONE HALF OF THE OPTIONS EXPIRE ON JANUARY 31, 2023 AND THE REMAINING OPTIONS EXPIRE ON DECEMBER 31, 2023. STOCK OPTIONS NUMBER OF SHARES WEIGHTED AVERAGE EXERCISE PRICE WEIGHTED AVERAGE CONTRACTUAL LIFE (YEARS) WEIGHTED AVERAGE GRANT DATE FAIR VALUE INTRINSIC VALUE OUTSTANDING - JANUARY 1, 2018 1,846,996 $ 1.92 GRANTED 100,000 $ 0.78 EXPIRED, FORFEITED, OR CANCELLED (163,332 ) $ 4.56 EXERCISED — — OUTSTANDING - MARCH 31, 2018 1,783,664 $ 1.77 3.85 $ 0.40 $ — EXERCISABLE - MARCH 31, 2018 1,733,664 $ 1.80 3.80 $ 0.41 $ — THE COMPANY’S STOCK BASED COMPENSATION EXPENSE RELATED TO STOCK OPTIONS FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 WAS $69,832 AND $133,282, RESPECTIVELY. AS OF MARCH 31, 2018, THE COMPANY HAD $2,572 IN UNAMORTIZED STOCK OPTION EXPENSE, WHICH WILL BE AMORTIZED OVER A PERIOD OF 0.75 YEARS. THE COMPANY UTILIZED THE BLACK-SCHOLES OPTION PRICING MODEL TO DETERMINE THE FAIR VALUE OF THESE STOCK OPTIONS, USING THE ASSUMPTIONS AS OUTLINED BELOW. FEBRUARY 8, 2018 STOCK PRICE CAD $0.52 EXERCISE PRICE CAD $1.00 NUMBER OF OPTIONS GRANTED 100,000 DIVIDEND YIELD 0 % EXPECTED VOLATILITY 49 % WEIGHTED AVERAGE RISK-FREE INTEREST RATE 1.64 % EXPECTED LIFE (IN YEARS) 2.50 - 3.00 WARRANTS NUMBER OF SHARES WEIGHTED AVERAGE EXERCISE PRICE WEIGHTED AVERAGE CONTRACTUAL LIFE (YEARS) INTRINSIC VALUE OUTSTANDING, JANUARY 1, 2018 4,095,563 $ 2.27 OUTSTANDING - MARCH 31, 2018 4,095,563 $ 2.27 3.56 $ - EXERCISABLE - MARCH 31, 2018 4,095,563 $ 2.27 3.56 $ -

Mining Expenditures

Mining Expenditures	3 Months Ended
	Mar. 31, 2018
Mining Expenditures [Abstract]
MINING EXPENDITURES	NOTE 9 – MINING EXPENDITURES FOR THE THREE MONTHS ENDED MARCH 31, 2018 2017 PERMITS $ 45,455 $ 28,751 MAINTENANCE - 11,867 CONTRACT LABOR 3,600 - $ 49,055 $ 40,618

Related Party Transactions (Inc

Related Party Transactions (Including Key Management Compensation)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions (Including Key Management Compensation) [Abstract]
RELATED PARTY TRANSACTIONS (INCLUDING KEY MANAGEMENT COMPENSATION)	NOTE 10 – RELATED PARTY TRANSACTIONS (INCLUDING KEY MANAGEMENT COMPENSATION) THE COMPANY HAS TRANSACTED WITH RELATED PARTIES PURSUANT TO SERVICE ARRANGEMENTS IN THE ORDINARY COURSE OF BUSINESS, AS FOLLOWS: PURSUANT TO A CONSULTING AGREEMENT, A UNITED STATES LIMITED LIABILITY COMPANY OWNED BY A PERSON WHO WAS A DIRECTOR, AND ON JULY 28, 2017, BECAME THE COMPANY’S EXECUTIVE CHAIRMAN, ENTERED INTO A CONSULTING AGREEMENT WITH THE COMPANY EFFECTIVE APRIL 1, 2016 TO PROVIDE FINANCIAL, ADVISORY, AND CONSULTING SERVICES, INCLUDING REPRESENTING THE COMPANY TO A VARIETY OF STAKEHOLDERS FOR A SIX MONTH TERM ENDING ON SEPTEMBER 30, 2016. ON OCTOBER 1, 2016 THE COMPANY EXTENDED THIS AGREEMENT THROUGH JANUARY 31, 2017. PROFESSIONAL FEES FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 WERE $45,000 AND $15,014, RESPECTIVELY, RELATED TO THIS AGREEMENT. AS OF MARCH 31, 2018 AND DECEMBER 31, 2017, THE COMPANY HAD $0 AND $0, RESPECTIVELY, INCLUDED IN ACCOUNTS PAYABLE AND ACCRUED LIABILITIES PAYABLE TO THIS ENTITY. ON APRIL 1, 2017, THE COMPANY ENTERED INTO A NEW CONSULTING AGREEMENT WITH A UNITED STATES LIMITED LIABILITY COMPANY OWNED BY A PERSON WHO IS A DIRECTOR. THE CONSULTING AGREEMENT IS TO PROVIDE ASSISTANCE WITH CAPITAL RAISING ACTIVITIES AND OTHER FINANCIAL, ADVISORY, AND CONSULTING SERVICES FOR THE PERIOD APRIL 1, 2017 THROUGH JUNE 30, 2017. AT JUNE 30, 2017 AND THE LAST DAY OF EACH MONTH THEREAFTER, THE AGREEMENT MAY BE EXTENDED BY THE COMPANY ON A MONTH-TO-MONTH BASIS WITH SEVEN DAYS’ NOTICE. THE AGREEMENT HAS A MONTHLY FEE OF $15,000. PURSUANT TO THE CONSULTING AGREEMENT, IF THE COMPANY COMPLETES A MERGER WITH A THIRD PARTY INTRODUCED BY THIS DIRECTOR WHEREBY MORE THAN 50% OF THE COMPANY’S THEN OUTSTANDING SHARES ARE TRANSFERRED TO THAT THIRD PARTY, THE COMPANY IS REQUIRED TO PAY A LUMP SUM IN AN AMOUNT OF $350,000 TO THIS ENTITY. ON JANUARY 29, 2018, THE COMPANY PROVIDED THE REQUISITE 90-DAY NOTIFICATION TO TERMINATE THE CONSULTING AGREEMENT, EFFECTIVE APRIL 30, 2018, UPON WHICH DATE THE AGREEMENT WAS TERMINATED. ON MAY 1, 2018, UPON TERMINATION OF THE AGREEMENT, THIS DIRECTOR RESIGNED FROM HIS POSITIONS AS DIRECTOR AND AS EXECUTIVE CHAIRMAN. PRIOR TO THE ACQUISITION OF BLACK RANGE, MR. GEORGE GLASIER, THE COMPANY’S CEO, WHO IS ALSO A DIRECTOR, TRANSFERRED HIS INTEREST IN A FORMER JOINT VENTURE WITH ABLATION TECHNOLOGIES, LLC TO BLACK RANGE. IN CONNECTION WITH THE TRANSFER, BLACK RANGE ISSUED 25 MILLION SHARES OF BLACK RANGE COMMON STOCK TO SELLER AND COMMITTED TO PAY AUD $500,000 (USD $384,290) TO SELLER WITHIN 60 DAYS OF THE FIRST COMMERCIAL APPLICATION OF THE ABLATION TECHNOLOGY. WESTERN ASSUMED THIS CONTINGENT PAYMENT OBLIGATION IN CONNECTION WITH THE ACQUISITION OF BLACK RANGE. AT THE DATE OF THE ACQUISITION OF BLACK RANGE, THIS CONTINGENT OBLIGATION WAS DETERMINED TO BE PROBABLE. SINCE THE DEFERRED CONTINGENT CONSIDERATION OBLIGATION IS PROBABLE AND THE AMOUNT ESTIMABLE, THE COMPANY RECORDED THE DEFERRED CONTINGENT CONSIDERATION AS AN ASSUMED LIABILITY IN THE AMOUNT OF $384,290 AND $390,350 AS OF MARCH 31, 2018 AND DECEMBER 31, 2017, RESPECTIVELY.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 11 – SUBSEQUENT EVENTS PRIVATE PLACEMENT ON MAY 4, 2018, THE COMPANY COMPLETED A PRIVATE PLACEMENT OF 909,622 UNITS AT A PRICE OF CAD $0.68 (USD $0.53) PER UNIT FOR GROSS PROCEEDS OF CAD $618,543 (USD $481,560). EACH UNIT CONSISTED OF ONE SHARE OF COMMON STOCK AND A WARRANT TO PURCHASE ONE-HALF OF ONE SHARE OF COMMON STOCK. EACH WARRANT IS IMMEDIATELY EXERCISABLE AT A PRICE OF CAD $1.15 AND EXPIRES TWO YEARS FROM THE DATE OF ISSUANCE. SHARES ISSUED IN EXCHANGE FOR ACCOUNTS PAYABLE ON MAY 4, 2018, THE COMPANY ISSUED 60,832 SHARES OF ITS COMMON STOCK TO TWO VENDORS OF THE COMPANY IN SATISFACTION OF AN AGGREGATE OF CAD $41,366 (USD $32,205) OF ACCOUNTS PAYABLE. RECLAMATION LIABILITY ON APRIL 11, 2018, THE COMPANY RECEIVED A NOTICE FROM CDRMS. SEE NOTE 4 FOR MORE INFORMATION.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION THE ACCOMPANYING CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR INTERIM FINANCIAL INFORMATION AND WITH THE INSTRUCTIONS TO FORM 10–Q AND RULE 10 OF REGULATION S–X. ACCORDINGLY, THEY DO NOT INCLUDE ALL OF THE INFORMATION AND NOTES REQUIRED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. HOWEVER, IN THE OPINION OF THE MANAGEMENT OF THE COMPANY, ALL ADJUSTMENTS NECESSARY FOR A FAIR PRESENTATION OF THE FINANCIAL POSITION AND OPERATING RESULTS HAVE BEEN INCLUDED IN THESE STATEMENTS. THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SHOULD BE READ IN CONJUNCTION WITH THE CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO INCLUDED IN THE COMPANY’S ANNUAL REPORT ON FORM 10–K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2017, AS FILED WITH THE SEC ON APRIL 2, 2018. OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018 ARE NOT NECESSARILY INDICATIVE OF THE RESULTS THAT MAY BE EXPECTED FOR ANY SUBSEQUENT QUARTERS OR FOR THE YEAR ENDING DECEMBER 31, 2018. THE ACCOMPANYING CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INCLUDE THE ACCOUNTS OF WESTERN AND ITS WHOLLY-OWNED SUBSIDIARIES, WESTERN URANIUM CORPORATION (UTAH), PRM, BLACK RANGE, BLACK RANGE COPPER INC., RANGER RESOURCES INC., BLACK RANGE MINERALS INC., BLACK RANGE MINERALS COLORADO LLC, BLACK RANGE MINERALS WYOMING LLC, HAGGERTY RESOURCES LLC, RANGER ALASKA LLC, BLACK RANGE MINERALS UTAH LLC, BLACK RANGE MINERALS ABLATION HOLDINGS INC. AND BLACK RANGE DEVELOPMENT UTAH LLC. ALL SIGNIFICANT INTER-COMPANY TRANSACTIONS AND BALANCES HAVE BEEN ELIMINATED UPON CONSOLIDATION. THE COMPANY HAS ESTABLISHED THE EXISTENCE OF MINERALIZED MATERIALS FOR CERTAIN URANIUM PROJECTS. THE COMPANY HAS NOT ESTABLISHED PROVEN OR PROBABLE RESERVES, AS DEFINED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) UNDER INDUSTRY GUIDE 7, THROUGH THE COMPLETION OF A “FINAL” OR “BANKABLE” FEASIBILITY STUDY FOR ANY OF ITS URANIUM PROJECTS.
Use of Estimates	USE OF ESTIMATES THE PREPARATION OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS IN CONFORMITY WITH U.S. GAAP REQUIRES MANAGEMENT TO MAKE ESTIMATES AND ASSUMPTIONS THAT AFFECT THE REPORTED AMOUNT OF ASSETS AND LIABILITIES AT THE DATE OF THE FINANCIAL STATEMENTS AND REVENUES AND EXPENSES DURING THE PERIODS REPORTED. BY THEIR NATURE, THESE ESTIMATES ARE SUBJECT TO MEASUREMENT UNCERTAINTY AND THE EFFECTS ON THE FINANCIAL STATEMENTS OF CHANGES IN SUCH ESTIMATES IN FUTURE PERIODS COULD BE SIGNIFICANT. SIGNIFICANT AREAS REQUIRING MANAGEMENT’S ESTIMATES AND ASSUMPTIONS INCLUDE DETERMINING THE FAIR VALUE OF TRANSACTIONS INVOLVING COMMON STOCK, ASSESSMENT OF THE USEFUL LIFE AND EVALUATION FOR IMPAIRMENT OF INTANGIBLE ASSETS, VALUATION AND IMPAIRMENT ASSESSMENTS ON MINERAL PROPERTIES, DEFERRED CONTINGENT CONSIDERATION, AND THE RECLAMATION LIABILITY, VALUATION OF STOCK-BASED COMPENSATION, VALUATION OF AVAILABLE-FOR-SALE SECURITIES AND VALUATION OF LONG-TERM DEBT. OTHER AREAS REQUIRING ESTIMATES INCLUDE ALLOCATIONS OF EXPENDITURES, DEPLETION AND AMORTIZATION OF MINERAL RIGHTS AND PROPERTIES. ACTUAL RESULTS COULD DIFFER FROM THOSE ESTIMATES.
Foreign Currency Translation	FOREIGN CURRENCY TRANSLATION THE REPORTING CURRENCY OF THE COMPANY, INCLUDING ITS SUBSIDIARIES, IS THE UNITED STATES DOLLAR. THE FINANCIAL STATEMENTS OF SUBSIDIARIES LOCATED OUTSIDE OF THE U.S. ARE MEASURED IN THEIR FUNCTIONAL CURRENCY, WHICH IS THE LOCAL CURRENCY. THE FUNCTIONAL CURRENCY OF THE PARENT (WESTERN URANIUM CORPORATION (ONTARIO)) IS THE CANADIAN DOLLAR. MONETARY ASSETS AND LIABILITIES OF THESE SUBSIDIARIES ARE TRANSLATED AT THE EXCHANGE RATES AT THE BALANCE SHEET DATE. INCOME AND EXPENSE ITEMS ARE TRANSLATED USING AVERAGE MONTHLY EXCHANGE RATES. NON-MONETARY ASSETS ARE TRANSLATED AT THEIR HISTORICAL EXCHANGE RATES. TRANSLATION ADJUSTMENTS ARE INCLUDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS IN THE CONSOLIDATED BALANCE SHEETS.
Revenue Recognition	REVENUE RECOGNITION THE COMPANY LEASES CERTAIN OF ITS MINERAL PROPERTIES FOR THE EXPLORATION AND PRODUCTION OF OIL AND GAS RESERVES. THE COMPANY ACCOUNTS FOR LEASE REVENUE IN ACCORDANCE WITH ASC 840 “LEASES”. LEASE PAYMENTS RECEIVED IN ADVANCE ARE DEFERRED AND RECOGNIZED ON A STRAIGHT – LINE BASIS OVER THE RELATED LEASE TERM ASSOCIATED WITH THE PREPAYMENT. ROYALTY PAYMENTS ARE RECOGNIZED AS REVENUES WHEN RECEIVED.
Fair Values of Financial Instruments	FAIR VALUES OF FINANCIAL INSTRUMENTS THE CARRYING AMOUNTS OF CASH AND CASH EQUIVALENTS, RESTRICTED CASH, ACCOUNTS PAYABLE, ACCRUED LIABILITIES, AND NOTES PAYABLE APPROXIMATE THEIR FAIR VALUE DUE TO THE SHORT-TERM NATURE OF THESE INSTRUMENTS. MARKETABLE SECURITIES ARE ADJUSTED TO FAIR VALUE AT EACH BALANCE SHEET DATE BASED ON QUOTED PRICES WHICH ARE CONSIDERED LEVEL 1 INPUTS. THE RECLAMATION DEPOSITS, WHICH ARE REFLECTED IN RESTRICTED CASH ON THE CONSOLIDATED BALANCE SHEETS, ARE DEPOSITS MAINLY INVESTED IN CERTIFICATES OF DEPOSIT AT MAJOR FINANCIAL INSTITUTIONS AND THEIR FAIR VALUES WERE ESTIMATED TO APPROXIMATE THEIR CARRYING VALUES. THE COMPANY’S OPERATIONS AND FINANCING ACTIVITIES ARE CONDUCTED PRIMARILY IN UNITED STATES DOLLARS AND AS A RESULT, THE COMPANY IS NOT SUBJECT TO SIGNIFICANT EXPOSURE TO MARKET RISKS FROM CHANGES IN FOREIGN CURRENCY RATES. THE COMPANY IS EXPOSED TO CREDIT RISK THROUGH ITS CASH AND RESTRICTED CASH, BUT MITIGATES THIS RISK BY KEEPING THESE DEPOSITS AT MAJOR FINANCIAL INSTITUTIONS. ASC 820 “FAIR VALUE MEASUREMENTS AND DISCLOSURES” PROVIDES THE FRAMEWORK FOR MEASURING FAIR VALUE. THAT FRAMEWORK PROVIDES A FAIR VALUE HIERARCHY THAT PRIORITIZES THE INPUTS TO VALUATION TECHNIQUES USED TO MEASURE FAIR VALUE. THE HIERARCHY GIVES THE HIGHEST PRIORITY TO UNADJUSTED QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS OR LIABILITIES (LEVEL 1 MEASUREMENTS) AND THE LOWEST PRIORITY TO UNOBSERVABLE INPUTS (LEVEL 3 MEASUREMENTS). FAIR VALUE IS DEFINED AS AN EXIT PRICE, REPRESENTING THE AMOUNT THAT WOULD BE RECEIVED UPON THE SALE OF AN ASSET OR PAYMENT TO TRANSFER A LIABILITY IN AN ORDERLY TRANSACTION BETWEEN MARKET PARTICIPANTS. FAIR VALUE IS A MARKET-BASED MEASUREMENT THAT IS DETERMINED BASED ON ASSUMPTIONS THAT MARKET PARTICIPANTS WOULD USE IN PRICING AN ASSET OR LIABILITY. A THREE-TIER FAIR VALUE HIERARCHY IS USED TO PRIORITIZE THE INPUTS IN MEASURING FAIR VALUE AS FOLLOWS: LEVEL 1 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS OR LIABILITIES. LEVEL 2 QUOTED PRICES FOR SIMILAR ASSETS OR LIABILITIES IN ACTIVE MARKETS, QUOTED PRICES FOR IDENTICAL OR SIMILAR ASSETS OR LIABILITIES IN MARKETS THAT ARE NOT ACTIVE, OR OTHER INPUTS THAT ARE OBSERVABLE, EITHER DIRECTLY OR INDIRECTLY. LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS THAT CANNOT BE CORROBORATED BY MARKET DATA. THE FAIR VALUE OF THE COMPANY’S FINANCIAL INSTRUMENTS ARE AS FOLLOWS: QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS OR LIABILITIES QUOTED PRICES FOR SIMILAR ASSETS OR LIABILITIES IN ACTIVE MARKETS SIGNIFICANT UNOBSERVABLE INPUTS MARKETABLE SECURITIES AS OF MARCH 31, 2018 $ 3,104 $ - $ - MARKETABLE SECURITIES AS OF DECEMBER 31, 2017 $ 3,123 $ - $ -
Income Taxes	INCOME TAXES THE COMPANY UTILIZES AN ASSET AND LIABILITY APPROACH FOR FINANCIAL ACCOUNTING AND REPORTING FOR INCOME TAXES. THE PROVISION FOR INCOME TAXES IS BASED UPON INCOME OR LOSS AFTER ADJUSTMENT FOR THOSE PERMANENT ITEMS THAT ARE NOT CONSIDERED IN THE DETERMINATION OF TAXABLE INCOME. DEFERRED INCOME TAXES REPRESENT THE TAX EFFECTS OF DIFFERENCES BETWEEN THE FINANCIAL REPORTING AND TAX BASIS OF THE COMPANY’S ASSETS AND LIABILITIES AT THE ENACTED TAX RATES IN EFFECT FOR THE YEARS IN WHICH THE DIFFERENCES ARE EXPECTED TO REVERSE. THE COMPANY EVALUATES THE RECOVERABILITY OF DEFERRED TAX ASSETS AND ESTABLISHES A VALUATION ALLOWANCE WHEN IT IS MORE LIKELY THAN NOT THAT SOME PORTION OR ALL THE DEFERRED TAX ASSETS WILL NOT BE REALIZED. MANAGEMENT MAKES JUDGMENTS AS TO THE INTERPRETATION OF THE TAX LAWS THAT MIGHT BE CHALLENGED UPON AN AUDIT AND CAUSE CHANGES TO PREVIOUS ESTIMATES OF TAX LIABILITY. IN MANAGEMENT’S OPINION, ADEQUATE PROVISIONS FOR INCOME TAXES HAVE BEEN MADE. IF ACTUAL TAXABLE INCOME BY TAX JURISDICTION VARIES FROM ESTIMATES, ADDITIONAL ALLOWANCES OR REVERSALS OF RESERVES MAY BE NECESSARY. TAX BENEFITS ARE RECOGNIZED ONLY FOR TAX POSITIONS THAT ARE MORE LIKELY THAN NOT TO BE SUSTAINED UPON EXAMINATION BY TAX AUTHORITIES. THE AMOUNT RECOGNIZED IS MEASURED AS THE LARGEST AMOUNT OF BENEFIT THAT IS GREATER THAN 50 PERCENT LIKELY TO BE REALIZED UPON SETTLEMENT. A LIABILITY FOR “UNRECOGNIZED TAX BENEFITS” IS RECORDED FOR ANY TAX BENEFITS CLAIMED IN THE COMPANY’S TAX RETURNS THAT DO NOT MEET THESE RECOGNITION AND MEASUREMENT STANDARDS. AS OF MARCH 31, 2018 AND 2017, NO LIABILITY FOR UNRECOGNIZED TAX BENEFITS WAS REQUIRED TO BE REPORTED. THE COMPANY’S POLICY FOR RECORDING INTEREST AND PENALTIES ASSOCIATED WITH TAX AUDITS IS TO RECORD SUCH ITEMS AS A COMPONENT OF GENERAL AND ADMINISTRATIVE EXPENSE. THERE WERE NO AMOUNTS ACCRUED FOR PENALTIES AND INTEREST FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017. THE COMPANY DOES NOT EXPECT ITS UNCERTAIN TAX POSITION TO CHANGE DURING THE NEXT TWELVE MONTHS. MANAGEMENT IS CURRENTLY UNAWARE OF ANY ISSUES UNDER REVIEW THAT COULD RESULT IN SIGNIFICANT PAYMENTS, ACCRUALS OR MATERIAL DEVIATIONS FROM ITS POSITION. THE COMPANY HAS IDENTIFIED ITS FEDERAL TAX RETURN AND ITS STATE TAX RETURNS IN COLORADO AND UTAH AS ITS “MAJOR” TAX JURISDICTIONS, AND SUCH RETURNS FOR THE YEARS 2014 THROUGH 2017 REMAIN SUBJECT TO EXAMINATION. THE TAX CUTS AND JOBS ACT (THE “TAX ACT”) WAS ENACTED ON DECEMBER 22, 2017. THE TAX ACT REDUCED THE U.S. FEDERAL CORPORATE TAX RATE FROM 35% TO 21%. AS OF DECEMBER 31, 2017, THE COMPANY HAD MADE A REASONABLE ESTIMATE OF THE EFFECTS OF THE TAX ACT. THIS ESTIMATE INCORPORATES ASSUMPTIONS MADE BASED UPON THE COMPANY’S CURRENT INTERPRETATION OF THE TAX ACT, AND MAY CHANGE AS THE COMPANY MAY RECEIVE ADDITIONAL CLARIFICATION AND IMPLEMENTATION GUIDANCE AND AS THE INTERPRETATION OF THE TAX ACT EVOLVES. IN ACCORDANCE WITH SEC STAFF ACCOUNTING BULLETIN NO. 118, THE COMPANY WILL FINALIZE THE ACCOUNTING FOR THE EFFECTS OF THE TAX ACT NO LATER THAN THE FOURTH QUARTER OF 2018. FUTURE ADJUSTMENTS MADE TO THE PROVISIONAL EFFECTS WILL BE REPORTED AS A COMPONENT OF INCOME TAX EXPENSE IN THE REPORTING PERIOD IN WHICH ANY SUCH ADJUSTMENTS ARE DETERMINED. BASED ON THE NEW TAX LAW THAT LOWERS CORPORATE TAX RATES, ON DECEMBER 31, 2017, THE COMPANY REVALUED ITS DEFERRED TAX ASSETS.
Stock-Based Compensation	STOCK-BASED COMPENSATION THE COMPANY FOLLOWS ASC 718, COMPENSATION - STOCK COMPENSATION, WHICH ADDRESSES THE ACCOUNTING FOR STOCK-BASED PAYMENT TRANSACTIONS, REQUIRING SUCH TRANSACTIONS TO BE ACCOUNTED FOR USING THE FAIR VALUE METHOD. AWARDS OF SHARES FOR PROPERTY OR SERVICES ARE RECORDED AT THE MORE READILY MEASURABLE OF THE FAIR VALUE OF THE STOCK AND THE FAIR VALUE OF THE SERVICE. THE COMPANY USES THE BLACK-SCHOLES OPTION-PRICING MODEL TO DETERMINE THE GRANT DATE FAIR VALUE OF STOCK-BASED AWARDS UNDER ASC 718. THE FAIR VALUE IS CHARGED TO EARNINGS DEPENDING ON THE TERMS AND CONDITIONS OF THE AWARD, AND THE NATURE OF THE RELATIONSHIP OF THE RECIPIENT OF THE AWARD TO THE COMPANY. THE COMPANY RECORDS THE GRANT DATE FAIR VALUE IN LINE WITH THE PERIOD OVER WHICH IT WAS EARNED. FOR EMPLOYEES AND MANAGEMENT, THIS IS TYPICALLY CONSIDERED TO BE THE VESTING PERIOD OF THE AWARD. FOR CONSULTANTS THE FAIR VALUE OF THE AWARD IS RECORDED OVER THE TERM OF THE SERVICE PERIOD, AND UNVESTED AMOUNTS ARE REVALUED AT EACH REPORTING PERIOD OVER THE SERVICE PERIOD. THE COMPANY ESTIMATES THE EXPECTED FORFEITURES AND UPDATES THE VALUATION ACCORDINGLY.
Loss per Share	LOSS PER SHARE BASIC NET LOSS PER SHARE IS COMPUTED BY DIVIDING NET LOSS BY THE WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING DURING THE PERIOD. DILUTED EARNINGS PER SHARE IS COMPUTED USING THE WEIGHTED AVERAGE NUMBER OF COMMON SHARES AND, IF DILUTIVE, POTENTIAL COMMON SHARES OUTSTANDING DURING THE PERIOD. POTENTIAL COMMON SHARES CONSIST OF THE INCREMENTAL COMMON SHARES ISSUABLE UPON THE EXERCISE OF STOCK OPTIONS AND WARRANTS (USING THE TREASURY STOCK METHOD). THE COMPUTATION OF BASIC NET LOSS PER SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 EXCLUDES POTENTIALLY DILUTIVE SECURITIES. THE COMPUTATIONS OF NET LOSS PER SHARE FOR EACH PERIOD PRESENTED IS THE SAME FOR BOTH BASIC AND FULLY DILUTED. POTENTIALLY DILUTIVE SECURITIES OUTLINED IN THE TABLE BELOW HAVE BEEN EXCLUDED FROM THE COMPUTATION OF DILUTED NET LOSS PER SHARE BECAUSE THE EFFECT OF THEIR INCLUSION WOULD HAVE BEEN ANTI-DILUTIVE. FOR THE THREE MONTHS ENDED MARCH 31, 2018 2017 WARRANTS TO PURCHASE SHARES OF COMMON STOCK 4,095,563 3,341,572 OPTIONS TO PURCHASE SHARES OF COMMON STOCK 1,783,664 1,346,996 TOTAL POTENTIALLY DILUTIVE SECURITIES 5,879,227 4,688,568
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS MANAGEMENT DOES NOT BELIEVE THAT ANY RECENTLY ISSUED, BUT NOT YET EFFECTIVE ACCOUNTING PRONOUNCEMENTS, WHEN ADOPTED, WILL HAVE A MATERIAL EFFECT ON THE ACCOMPANYING CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, OTHER THAN THOSE DISCLOSED BELOW OR IN THE COMPANY’S ANNUAL REPORT ON FORM 10-K FILED WITH THE SEC ON APRIL 2, 2018. IN AUGUST 2016 THE FASB ISSUED TOPIC ASU NO. 2016-15 “STATEMENT OF CASH FLOWS (TOPIC 230) – CLASSIFICATION OF CERTAIN CASH RECEIPTS AND CASH PAYMENTS” (“ASU 2016-15”). ASU 2016-15 CLARIFIES DIVERSITY IN PRACTICE IN HOW CERTAIN CASH RECEIPTS AND CASH PAYMENTS ARE PRESENTED AND CLASSIFIED IN THE STATEMENT OF CASH FLOWS. THE COMPANY ADOPTED ASU 2016-15 ON JANUARY 1, 2018 AND IT HAS NOT HAD A MATERIAL IMPACT ON ITS CONDENSED CONSOLIDATED FINANCIAL POSITION AND RESULTS OF OPERATIONS. IN NOVEMBER 2016, THE FASB ISSUED ASU NO. 2016-18, “STATEMENT OF CASH FLOWS (TOPIC 230): RESTRICTED CASH” (“ASU 2016-18”). ASU 2016-18 AMENDS THE CLASSIFICATION AND PRESENTATION OF CHANGES IN RESTRICTED CASH OR RESTRICTED CASH EQUIVALENTS IN THE STATEMENT OF CASH FLOWS. THE COMPANY ADOPTED ASU 2016-18 ON JANUARY 1, 2018 AND IT HAS NOT HAD A MATERIAL IMPACT ON ITS CONDENSED CONSOLIDATED FINANCIAL POSITION AND RESULTS OF OPERATIONS. IN MAY 2014, THE FINANCIAL ACCOUNTING STANDARDS BOARD (“FASB”) ISSUED ACCOUNTING STANDARDS UPDATE “ASU” NO. 2014-09, REVENUE FROM CONTRACTS WITH CUSTOMERS (TOPIC 606) WHICH WAS SUBSEQUENTLY AMENDED BY ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20, AND ASU 2017-13. THESE ASUS OUTLINE A SINGLE COMPREHENSIVE MODEL FOR ENTITIES TO USE IN ACCOUNTING FOR REVENUE ARISING FROM CONTRACTS WITH CUSTOMERS AND SUPERSEDES MOST CURRENT REVENUE RECOGNITION GUIDANCE, INCLUDING INDUSTRY-SPECIFIC GUIDANCE. THE GUIDANCE INCLUDES A FIVE-STEP FRAMEWORK THAT REQUIRES AN ENTITY TO: (I) IDENTIFY THE CONTRACT(S) WITH A CUSTOMER, (II) IDENTIFY THE PERFORMANCE OBLIGATIONS IN THE CONTRACT, (III) DETERMINE THE TRANSACTION PRICE, (IV) ALLOCATE THE TRANSACTION PRICE TO THE PERFORMANCE OBLIGATIONS IN THE CONTRACT, AND (V) RECOGNIZE REVENUE WHEN THE ENTITY SATISFIES A PERFORMANCE OBLIGATION. IN JULY 2015, THE FASB DEFERRED THE EFFECTIVE DATE OF ASU 2014-09 TO ANNUAL REPORTING PERIODS BEGINNING AFTER DECEMBER 15, 2017. A FULL RETROSPECTIVE OR MODIFIED RETROSPECTIVE APPROACH IS REQUIRED. THE COMPANY HAS ADOPTED ASU NO. 2014-09 EFFECTIVE JANUARY 1, 2018. THE COMPANY HAS ELECTED TO APPLY THE MODIFIED RETROSPECTIVE METHOD AND THE IMPACT WAS DETERMINED TO BE IMMATERIAL ON THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. ACCORDINGLY, THE NEW REVENUE STANDARD HAS BEEN APPLIED PROSPECTIVELY IN THE COMPANY’S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FROM JANUARY 1, 2018 FORWARD AND REPORTED FINANCIAL INFORMATION FOR HISTORICAL COMPARABLE PERIODS WILL NOT BE REVISED AND WILL CONTINUE TO BE REPORTED UNDER THE ACCOUNTING STANDARDS IN EFFECT DURING THOSE HISTORICAL PERIODS. THE COMPANY PERFORMED AN ANALYSIS AND DETERMINED THAT ITS REVENUES ARE NOT WITHIN THE SCOPE OF ASC 606, AND AS SUCH, THE COMPANY DETERMINED THAT ITS METHODS OF RECOGNIZING REVENUES HAVE NOT BEEN IMPACTED BY THE NEW GUIDANCE.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Schedule of fair values of financial instruments	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS OR LIABILITIES QUOTED PRICES FOR SIMILAR ASSETS OR LIABILITIES IN ACTIVE MARKETS SIGNIFICANT UNOBSERVABLE INPUTS MARKETABLE SECURITIES AS OF MARCH 31, 2018 $ 3,104 $ - $ - MARKETABLE SECURITIES AS OF DECEMBER 31, 2017 $ 3,123 $ - $ -
Schedule of anti-dilutive securities excluded from computation of earnings per share	FOR THE THREE MONTHS ENDED MARCH 31, 2018 2017 WARRANTS TO PURCHASE SHARES OF COMMON STOCK 4,095,563 3,341,572 OPTIONS TO PURCHASE SHARES OF COMMON STOCK 1,783,664 1,346,996 TOTAL POTENTIALLY DILUTIVE SECURITIES 5,879,227 4,688,568

Mineral Assets, Ablation Inte20

Mineral Assets, Ablation Intellectual Property and Other Property (Tables)	3 Months Ended
	Mar. 31, 2018
Mineral Assets, Ablation Intellectual Property and Other Property [Abstract]
Schedule of mineral properties and ablation intellectual property	AS OF MARCH 31, 2018 DECEMBER 31, 2017 MINERAL PROPERTIES $ 11,645,218 $ 11,645,218 ABLATION INTELLECTUAL PROPERTY $ 9,488,051 $ 9,488,051
Schedule on reclamation liability activity	FOR THE THREE MONTHS ENDED MARCH 31, 2018 2017 BEGINNING BALANCE $ 196,821 $ 403,639 ACCRETION 2,575 1,528 ENDING BALANCE $ 199,396 $ 405,167

Accounts Payable and Accrued 21

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of accounts payable and accrued liabilities	AS OF MARCH 31, 2018 DECEMBER 31, 2017 TRADE ACCOUNTS PAYABLE $ 460,459 $ 453,618 ACCRUED LIABILITIES 155,849 148,398 $ 616,308 $ 602,016

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Payable [Abstract]
Schedule of notes payable	PRINCIPAL DISCOUNT BALANCE, NET CURRENT NON-CURRENT MARCH 31, 2018 $ 500,000 $ 7,726 $ 492,274 $ 492,274 $ — DECEMBER 31, 2017 $ 500,000 $ 12,550 $ 487,450 $ 487,450 $ —
Schedule of total interest expense, net	FOR THE THREE MONTHS ENDED MARCH 31, 2018 2017 INTEREST EXPENSE, NOTES PAYABLE $ 7,479 $ 5,861 AMORTIZATION OF DISCOUNT ON NOTES PAYABLE 4,824 20,324 ACCRETION OF RECLAMATION LIABILITIES 2,575 1,528 OTHER INTEREST EXPENSE - 726 INTEREST INCOME (273 ) (275 ) INTEREST EXPENSE, NET $ 14,605 $ 28,164

Share Capital and Other Equit23

Share Capital and Other Equity Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Share Capital and Other Equity Instruments [Abstract]
Summary of company's stock option granted activity	NUMBER OF SHARES WEIGHTED AVERAGE EXERCISE PRICE WEIGHTED AVERAGE CONTRACTUAL LIFE (YEARS) WEIGHTED AVERAGE GRANT DATE FAIR VALUE INTRINSIC VALUE OUTSTANDING - JANUARY 1, 2018 1,846,996 $ 1.92 GRANTED 100,000 $ 0.78 EXPIRED, FORFEITED, OR CANCELLED (163,332 ) $ 4.56 EXERCISED — — OUTSTANDING - MARCH 31, 2018 1,783,664 $ 1.77 3.85 $ 0.40 $ — EXERCISABLE - MARCH 31, 2018 1,733,664 $ 1.80 3.80 $ 0.41 $ —
Schedule of fair value of these stock options, using the assumptions	FEBRUARY 8, 2018 STOCK PRICE CAD $0.52 EXERCISE PRICE CAD $1.00 NUMBER OF OPTIONS GRANTED 100,000 DIVIDEND YIELD 0 % EXPECTED VOLATILITY 49 % WEIGHTED AVERAGE RISK-FREE INTEREST RATE 1.64 % EXPECTED LIFE (IN YEARS) 2.50 - 3.00
Summary of warrants outstanding	NUMBER OF SHARES WEIGHTED AVERAGE EXERCISE PRICE WEIGHTED AVERAGE CONTRACTUAL LIFE (YEARS) INTRINSIC VALUE OUTSTANDING, JANUARY 1, 2018 4,095,563 $ 2.27 OUTSTANDING - MARCH 31, 2018 4,095,563 $ 2.27 3.56 $ - EXERCISABLE - MARCH 31, 2018 4,095,563 $ 2.27 3.56 $ -

Mining Expenditures (Tables)

Mining Expenditures (Tables)	3 Months Ended
	Mar. 31, 2018
Mining Expenditures [Abstract]
Schedule of mining expenditures	FOR THE THREE MONTHS ENDED MARCH 31, 2018 2017 PERMITS $ 45,455 $ 28,751 MAINTENANCE - 11,867 CONTRACT LABOR 3,600 - $ 49,055 $ 40,618

Business (Details)

Business (Details)	Nov. 20, 2014
Business (Textual)
Ownership percentage	100.00%

Liquidity and Going Concern (De

Liquidity and Going Concern (Details)	May 04, 2018USD ($)$ / sharesshares	May 04, 2018CAD ($)shares	May 04, 2018¥ / shares	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Liquidity and Going Concern [Line Items]
Accumulated deficit				$ (5,038,007)	$ (4,540,143)
Working capital deficiency				$ 857,006
Subsequent Event [Member] | Private Placement [Member]
Liquidity and Going Concern [Line Items]
Common stock issued, shares | shares	909,622	909,622
Gross proceeds amount	$ 481,560	$ 618,543
Price per share | (per share)	$ 0.53		¥ 0.68
Warrant exercisable price | ¥ / shares			¥ 1.15
Date of issuance	2 years	2 years

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 3,104	$ 3,123
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	3,104	3,123
Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details 1) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	5,879,227	4,688,568
Warrants to purchase shares of common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	4,095,563	3,341,572
Options to purchase shares of common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	1,783,664	1,346,996

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Details Textual)	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies (Textual)
Percent of likely to be realized upon settlement, description	Greater than 50 percent.
Minimum [Member]
Summary of Significant Accounting Policies (Textual)
U.S. federal corporate tax rate	21.00%
Maximum [Member]
Summary of Significant Accounting Policies (Textual)
U.S. federal corporate tax rate	35.00%

Mineral Assets, Ablation Inte30

Mineral Assets, Ablation Intellectual Property and Other Property (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Mineral Assets, Ablation Intellectual Property and Other Property [Abstract]
Mineral properties	$ 11,645,218	$ 11,645,218
Ablation intellectual property	$ 9,488,051	$ 9,488,051

Mineral Assets, Ablation Inte31

Mineral Assets, Ablation Intellectual Property and Other Property (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Mineral Assets, Ablation Intellectual Property and Other Property [Abstract]
Beginning balance	$ 196,821	$ 403,639
Accretion	2,575	1,528
Ending Balance	$ 199,396	$ 405,167

Mineral Assets, Ablation Inte32

Mineral Assets, Ablation Intellectual Property and Other Property (Details Textual)	May 10, 2017USD ($)	Jul. 18, 2017a	Sep. 16, 2015	Mar. 31, 2018USD ($)	Sep. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Apr. 11, 2018USD ($)	Dec. 31, 2017USD ($)
Mineral Assets, Ablation Intellectual Property and Other Property (Textual)
Reclamation liability mineral properties				$ 820,434				$ 820,434
Accretion of reclamation liability				$ 2,575		$ 1,528
Reclamation liability, description				The Company expects to begin incurring the reclamation liability after 2054.
Discount rate				5.40%
Net discounted value				$ 199,396				$ 196,821
Certificates of deposit				$ 820,434
Business acquisition, Description			The Option and Exploration Agreement gives the Company the right to purchase 51% of the mineral rights of specific areas of the Hansen and Picnic Tree deposits (for which the Company already holds 49% of the rights). If the Company were to exercise its option under the Option and Exploration Agreement, it would require the Company to (a) make a cash payment of $2,500,000 immediately upon exercise; (b) issue shares of common stock to STB amounting to a value of $3,750,000 immediately upon exercise; and (c) issue shares of common stock to STB amounting to a value of $3,750,000 on the date that is 180 days following exercise. The Option and Exploration Agreement was scheduled to expire by its terms on July 28, 2017 if not exercised.
Oil and gas lease permit area in acres | a		160
Initial term of lease		3 years		8 years
Recognized revenue				$ 36,960
Production revenue percentage of lease, description	Hence the Company already controls 49% of the resource property and retains an option to purchase the 51% of the resource property that the Company does not already own for the duration of the agreement.	The lessee has also agreed to pay the Company a royalty of 18.75% of the lessee's revenue attributed to oil and gas produced, saved, and sold attributable to the net mineral interest.
Initial lease term, description		The lease will be in force for an initial term of three years and may be extended by the lessee at 150% of the initial rate.
Consideration paid	$ 20,000
Consideration received					$ 120,000
Aggregate revenue				$ 11,155		$ 0
Subsequent Event [Member]
Mineral Assets, Ablation Intellectual Property and Other Property (Textual)
Reclamation liability							$ 68,517

Accounts Payable and Accrued 33

Accounts Payable and Accrued Liabilities (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Accounts Payable and Accrued Liabilities [Abstract]
Trade accounts payable	$ 460,459	$ 453,618
Accrued liabilities	155,849	148,398
Total accounts payable and accrued liabilities	$ 616,308	$ 602,016

Notes Payable (Details)

Notes Payable (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Principal	$ 500,000	$ 500,000
Discount	7,726	12,550
Balance, Net of Discount	492,274	487,450
Current	492,274	487,450
Non-Current

Notes Payable (Details 1)

Notes Payable (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Notes Payable [Abstract]
Interest expense, notes payable	$ 7,479	$ 5,861
Amortization of discount on notes payable	4,824	20,324
Accretion of reclamation liabilities	2,575	1,528
Other interest expense		726
Interest income	(273)	(275)
Interest expense, net	$ 14,605	$ 28,164

Notes Payable (Details Textual)

Notes Payable (Details Textual) - USD ($)	Nov. 13, 2017	Aug. 18, 2014	Mar. 31, 2018	Dec. 31, 2017
Notes Payable (Textual)
Discount for interest			$ 7,726	$ 12,550
Maturity date of notes payable	Dec. 31, 2018
EFHC [Member]
Notes Payable (Textual)
Note payable		$ 500,000
Note bears interest rate		3.00%
Discount for interest		$ 73,971
Discount for interest rate percentage		4.00%
Effective interest rate		7.00%
Maturity date of notes payable		Aug. 18, 2015

Commitments (Details)

Commitments (Details)	Nov. 13, 2017USD ($)
Commitments (Textual)
Compensation	$ 15,000
Expiry date	Dec. 31, 2018
Other commitments, description	Pursuant to the agreement, if a change of control occurs wherein the consideration in such change of control is more than USD $2.00 per share, the Company is required to pay a lump sum in the amount of two and one-half times the entity's annual fee to this entity.

Share Capital and Other Equit38

Share Capital and Other Equity Instruments (Details) - Stock Options [Member]	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Number of Shares
Outstanding - January 1, 2018 | shares	1,846,996
Granted | shares	100,000
Expired, forfeited, or cancelled | shares	(163,332)
Exercised | shares
Outstanding - March 31, 2018 | shares	1,783,664
Exercisable - March 31, 2018 | shares	1,783,664
Weighted Average Exercise Price
Outstanding - January 1, 2018	$ 1.92
Granted	0.78
Expired, forfeited, or cancelled	4.56
Exercised
Outstanding - March 31, 2018	1.77
Exercisable - March 31, 2018	$ 1.80
Weighted Average Contractual Life (years)
Outstanding - March 31, 2018	3 years 10 months 6 days
Exercisable - March 31, 2018	3 years 9 months 18 days
Weighted Average Grant Date Fair Value
Outstanding - March 31, 2018	$ 0.40
Exercisable - March 31, 2018	$ 0.41
Intrinsic Value
Outstanding - March 31, 2018 | $
Exercisable - March 31, 2018 | $

Share Capital and Other Equit39

Share Capital and Other Equity Instruments (Details 1) - Feb. 08, 2018 - Stock Option [Member]	$ / sharesshares	$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price | $ / shares		$ 0.52
Exercise Price | (per share)	$ 0.78	$ 1
Number of Options Granted | shares	100,000
Dividend Yield	0.00%
Expected Volatility	49.00%
Weighted Average Risk-Free Interest Rate	1.64%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)	3 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)	2 years 6 months

Share Capital and Other Equit40

Share Capital and Other Equity Instruments (Details 2) - Warrants [Member]	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Number of Shares
Outstanding - January 1, 2018 | shares	4,095,563
Outstanding - March 31, 2018 | shares	4,095,563
Exercisable - March 31, 2018 | shares	4,095,563
Weighted Average Exercise Price
Outstanding - January 1, 2018 | $ / shares	$ 2.27
Outstanding - March 31, 2018 | $ / shares	2.27
Exercisable - March 31, 2018 | $ / shares	$ 2.27
Weighted Average Contractual Life (years)
Outstanding - March 31, 2018	3 years 6 months 21 days
Exercisable - March 31, 2018	3 years 6 months 21 days
Intrinsic Value
Outstanding - March 31, 2018 | $
Exercisable - March 31, 2018 | $

Share Capital and Other Equit41

Share Capital and Other Equity Instruments (Details Textual)	May 04, 2018USD ($)$ / sharesshares	May 04, 2018CAD ($)shares	Feb. 08, 2018$ / sharesshares	Mar. 31, 2018USD ($)shares	Mar. 31, 2017USD ($)	May 04, 2018¥ / shares	Feb. 08, 2018$ / shares	Dec. 31, 2017shares
Share Capital and Other Equity Instruments (Textual)
Common stock, shares outstanding				20,510,500				20,510,500
Stock based compensation expense | $				$ 69,832	$ 133,282
Unamortized stock option expense | $				$ 2,572
Amortized period				9 months
Incentive Stock Option Plan [Member]
Share Capital and Other Equity Instruments (Textual)
Common stock, shares outstanding				20,510,500
Percentage of issued and outstanding of common shares				10.00%
Maximum number of shares eligible for issue, shares				2,051,050
Stock Options [Member]
Share Capital and Other Equity Instruments (Textual)
Aggregate shares of common stock granted			100,000
Options exercise price | (per share)			$ 0.78				$ 1
Subsequent Event [Member] | Private Placements [Member]
Share Capital and Other Equity Instruments (Textual)
Common stock issued, shares	909,622	909,622
Common stock issued	$ 481,560	$ 618,543
Price per share | (per share)	$ 0.53					¥ 0.68
Warrant exercisable price | ¥ / shares						¥ 1.15
Date of issuance	2 years	2 years

Mining Expenditures (Details)

Mining Expenditures (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Mining Expenditures [Abstract]
Permits	$ 45,455	$ 28,751
Maintenance		11,867
Contract Labor	3,600
Total mining expenditures	$ 49,055	$ 40,618

Related Party Transactions (I43

Related Party Transactions (Including Key Management Compensation) (Details) shares in Millions	1 Months Ended	3 Months Ended
	Apr. 01, 2017	Mar. 31, 2018USD ($)shares	Mar. 31, 2018AUD ($)shares	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Related Party Transactions (Including Key Management Compensation) (Textual)
Professional fees		$ 179,226		$ 225,494
Accounts payable and accrued liabilities		0			$ 0
Related party transaction, description	The agreement has a monthly fee of $15,000. Pursuant to the consulting agreement, if the Company completes a merger with a third party introduced by this director whereby more than 50% of the Company's then outstanding shares are transferred to that third party, the Company is required to pay a lump sum in an amount of $350,000 to this entity. On January 29, 2018, the Company provided the requisite 90-day notification to terminate the consulting agreement, effective April 30, 2018, upon which date the agreement was terminated. On May 1, 2018, upon termination of the agreement, this director resigned as executive chairman.
Deferred contingent consideration as an assumed liability		384,290			$ 390,350
Black Range [Member]
Related Party Transactions (Including Key Management Compensation) (Textual)
Acquisition of issued of common stock		$ 384,290	$ 500,000
Acquisition of issued of common stock shares | shares		25	25

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member]	May 04, 2018USD ($)$ / sharesshares	May 04, 2018CAD ($)shares	May 04, 2018¥ / shares
Two vendors [Member]
Subsequent Event [Line Items]
Common stock issued, shares	60,832	60,832
Common stock issued	$ 32,205	$ 41,366
Private Placement [Member]
Subsequent Event [Line Items]
Common stock issued, shares	909,622	909,622
Common stock issued	$ 481,560	$ 618,543
Price per share | (per share)	$ 0.53		¥ 0.68
Warrant exercisable price | ¥ / shares			¥ 1.15
Date of issuance	2 years	2 years