Goldrich Mining (GRMC) 10-Q 22 Sep 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Sep. 22, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-06412
Entity Registrant Name	GOLDRICH MINING COMPANY
Entity Central Index Key	0000059860
Entity Tax Identification Number	91-0742812
Entity Incorporation, State or Country Code	AK
Entity Address, Address Line One	2525 E. 29th
Entity Address, Address Line Two	Ave. Ste. 10B-160
Entity Address, City or Town	Spokane
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99223
City Area Code	(509)
Local Phone Number	535-7367
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		196,559,523

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 3,866	$ 3,969
Prepaid expenses	75,651	106,527
Total current assets	79,517	110,496
Mineral interests:
Mineral interests	626,428	626,428
Total mineral interests	626,428	626,428
Other assets:
Investment in CGL LLC	25,000	25,000
Total other assets	25,000	25,000
Total assets	730,945	761,924
Current liabilities:
Accounts payable and accrued liabilities	1,584,653	1,534,863
Interest payable	779,200	720,111
Convertible interest payable – related party	2,308,993	2,151,466
Related party payable	1,323,988	1,264,216
Notes payable	1,250,169	1,250,169
Notes payable – related party	4,211,769	4,195,979
Notes payable in gold	528,161	483,514
Dividends payable on preferred stock	30,618	30,618
Total current liabilities	12,017,551	11,630,936
Long-term liabilities:
Subscription payable	40,000	70,000
Remediation and asset retirement obligation	277,178	275,424
Total long-term liabilities	317,178	345,424
Total liabilities	12,334,729	11,976,360
Stockholders’ deficit:
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference
Common stock; $0.10 par value, 750,000,000 shares authorized; 188,448,412 and 185,448,412 issued and outstanding, respectively	18,844,841	18,544,841
Additional paid-in capital	10,177,652	10,447,652
Accumulated deficit	(40,897,452)	(40,478,104)
Total stockholders’ deficit	(11,603,784)	(11,214,436)
Total liabilities and stockholders’ deficit	730,945	761,924
Series A Preferred Stock [Member]
Stockholders’ deficit:
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference	150,000	150,000
Series B Preferred Stock [Member]
Stockholders’ deficit:
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference	57,758	57,758
Series C Preferred Stock [Member]
Stockholders’ deficit:
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference	52,588	52,588
Series D Preferred Stock [Member]
Stockholders’ deficit:
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference
Series E Preferred Stock [Member]
Stockholders’ deficit:
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference	10,829	10,829
Series F Preferred Stock [Member]
Stockholders’ deficit:
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	8,998,700	8,998,700
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value	$ 0.10	$ 0.10
Common Stock, Shares Authorized	750,000,000	750,000,000
Common Stock, Shares, Issued	188,448,412	185,448,412
Common Stock, Shares, Outstanding	188,448,412	185,448,412
Series A Preferred Stock [Member]
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	475,000	475,000
Preferred Stock, Shares Outstanding	150,000	150,000
Preferred Stock, Liquidation Preference, Value	$ 300,000	$ 300,000
Series B Preferred Stock [Member]
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	300	300
Preferred Stock, Shares Issued	200	200
Preferred Stock, Shares Outstanding	200	200
Preferred Stock, Liquidation Preference, Value	$ 200,000	$ 200,000
Series C Preferred Stock [Member]
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	250	250
Preferred Stock, Shares Issued	250	250
Preferred Stock, Shares Outstanding	250	250
Preferred Stock, Liquidation Preference, Value	$ 250,000	$ 250,000
Series D Preferred Stock [Member]
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	150	150
Preferred Stock, Shares Issued	90	90
Preferred Stock, Shares Outstanding	90	90
Preferred Stock, Liquidation Preference, Value	$ 90,000	$ 90,000
Series E Preferred Stock [Member]
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	300	300
Preferred Stock, Shares Issued	300	300
Preferred Stock, Shares Outstanding	300	300
Preferred Stock, Liquidation Preference, Value	$ 300,000	$ 300,000
Series F Preferred Stock [Member]
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	300	300
Preferred Stock, Shares Issued	153	153
Preferred Stock, Shares Outstanding	153	153
Preferred Stock, Liquidation Preference, Value	$ 50,000	$ 50,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Mine preparation costs	$ 3,263	$ 8,830
Management fees and salaries	47,700	51,525
Professional services	10,088	38,211
General and administration	48,536	52,360
Office supplies and other	1,366	8,570
Directors’ fees		3,600
Mineral property maintenance	31,486	31,486
Arbitration and settlement costs (Note 3)	19,256	7,775
Total operating expenses	161,695	202,357
Other (income) expense:
Miscellaneous income	(5,787)
Change in fair value of notes payable in gold	44,647	36,363
Interest expense and finance costs – related party	157,527	152,408
Interest expense and finance costs	61,266	73,663
Total other (income) expense	257,653	262,434
Net loss	419,348	464,791
Preferred dividends	1,875	1,875
Net loss available to common stockholders	$ 421,223	$ 466,666
[custom:EarningsPerShareBasicAndDiluted1]	$ 0	$ 0
Weighted average common shares outstanding – basic and diluted	186,615,079	181,423,786

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 271,175	$ 17,978,760	$ 10,880,576	$ (39,422,474)	$ (10,291,963)
Beginning Balance, Shares at Dec. 31, 2021	151,053	179,787,595
Common shares issued for subscription payable
Net Loss				(464,791)	(464,791)
Warrants Exercised		$ 266,081	(162,924)		103,157
Warrants exercised, Shares		2,660,817
Ending balance, value at Mar. 31, 2022	$ 271,175	$ 18,244,841	10,717,652	(39,887,265)	(10,653,597)
Ending Balance, Shares at Mar. 31, 2022	151,053	182,448,412
Beginning balance, value at Dec. 31, 2022	$ 271,175	$ 18,544,841	10,447,652	(40,478,104)	(11,214,436)
Beginning Balance, Shares at Dec. 31, 2022	150,993	185,448,412
Common shares issued for subscription payable		$ 300,000	(270,000)		30,000
Common shares issued for subscription payable, Shares		3,000,000
Net Loss				(419,348)	(419,348)
Ending balance, value at Mar. 31, 2023	$ 271,175	$ 18,844,841	$ 10,177,652	$ (40,897,452)	$ (11,603,784)
Ending Balance, Shares at Mar. 31, 2023	150,993	188,448,412

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (419,348)	$ (464,791)
Adjustments to reconcile net loss to net cash used in operating activities:
Finance costs	790
Change in fair value of notes payable in gold	44,647	36,363
Accretion of asset retirement obligation	1,754	1,686
Change in:
Prepaid expenses	30,876	13,377
Accounts payable and accrued liabilities	49,790	36,779
Interest payable	59,089	57,719
Interest payable – related party	157,527	152,408
Related party payable	59,772	62,422
Net cash used - operating activities	(15,103)	(104,037)
Cash flows from financing activities:
Proceeds from warrant exercises, net		103,157
Proceeds from notes payable and warrants – related party, net	15,000
Net cash provided - financing activities	15,000	103,157
Net decrease in cash and cash equivalents	(103)	(880)
Cash and cash equivalents, beginning of period	3,969	3,762
Cash and cash equivalents, end of period	3,866	2,882
Non-cash investing and financing activities:
Common shares issued for subscription payable	$ 30,000

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION The unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements and as a result, they are condensed. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the three-month period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. For further information refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Going Concern The accompanying condensed consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception and does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds. The Company currently has no historical recurring source of revenue, negative working capital of $ 11,938,034 40,897,452

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Earnings (Loss) Per Share We are authorized to issue 750,000,000 0.10 188,448,412 For the three-month periods ended March 31, 2023 and 2022, potentially dilutive shares including outstanding stock options, warrants, convertible interest, and convertible preferred stock were excluded from the computation of diluted loss per share because they were anti-dilutive due to net losses in those periods. For the periods ended March 31, 2023 and 2022, potentially dilutive common stock equivalents excluded from the calculation of diluted earnings per share are as follows: Schedule of Anti-Dilutive Stock Common Stock Equivalent March 31, 2023 March 31, 2022 Stock options 1,025,000 1,050,000 Warrants 18,114,446 19,667,077 Convertible Preferred Stock 30,190,475 32,190,475 Convertible interest payable 153,932,841 112,240,467 Total 203,262,762 165,148,019 Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. During 2023 and 2022, the Company determined fair value on a recurring basis and non-recurring basis as follows: Schedule of Fair Value On Recurring and Non-Recurring Basis Balance Balance Fair Value Liabilities Recurring: Notes payable in gold (Note 7) $ 528,161 $ 483,514 2 The carrying amounts of financial instruments, including notes payable and notes payable – related party, approximate fair value at March 31, 2023 and December 31, 2022. The inputs to the valuation of Level 2 liabilities are described in Note 6 Notes Payable in Gold

JOINT VENTURE

JOINT VENTURE	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
JOINT VENTURE	3. JOINT VENTURE On April 3, 2012, Goldrich Placer, LLC (“GP”), a subsidiary of Goldrich, entered into a term sheet for a joint venture with NyacAU, LLC (“NyacAU”), an Alaskan private company, to bring Goldrich’s Chandalar placer gold properties into production as defined in the joint venture agreement (the “Operating Agreement”), which was subsequently signed and made effective April 2, 2012. In each case as used herein in reference to the JV, ‘production’ is as defined by the Operating Agreement. As part of the Operating Agreement, GP and NyacAU (together the “Members”) formed a 50:50 joint venture company, Goldrich NyacAU Placer LLC (“GNP”), to operate the Chandalar placer mines, with NyacAU acting as managing partner. Arbitration In December 2017, the Company filed an arbitration statement of claim against NyacAU and other parties. The claim challenged certain accounting treatment of capital leases, allocations of tax losses, charges to the JV for funding costs related to the JV manager’s financing, related-party transactions, and other items of dispute in a previous mediation that was unsuccessful in reaching an agreement. As a result, the Company participated in an arbitration before a panel of three independent arbitrators during 2018 through 2022 to address these items. Settlement Agreement On March 31, 2023, the Company signed a settlement agreement between the Company, NyacAU, LLC (“NyacAU”), Goldrich Placer, LLC (“GP”), Goldrich NyacAU Placer, LLC (“GNP”), Dr. J. Michael James, individually (“Dr. James”), and Bear Leasing, LLC (“Bear Leasing”) (each a “Party” and, collectively, the “Parties”). In April 2023, all outstanding arbitration issues were resolved with a settlement agreement whereby Goldrich paid $105,000 to NyacAU. The resolution includes all outstanding arbitration issues, awards, and orders including mutual release of all outstanding issues before the Alaska superior court and all court-entered judgments. The agreement also terminates and supersedes all prior agreements between all Parties except a security agreement between NyacAU and GNP to secure repayment of fifty percent (50%) of a funding mechanism known as Line of Credit 1 (LOC1), which was advanced by NyacAU to GNP. GNP was formally dissolved in 2019. Even though the settlement agreement was consummated subsequent to the end of the 2022 year, the arbitration claim was filed and has been open since 2018; therefore, the event requires the financial effects to be reflected in the financial statement for the year ended December 31, 2022. As a result, the previous expense accruals of $638,193 for arbitration awards and interest made in 2021 and prior years were removed and the settlement amount of $105,000 was recorded. This resulted in a gain on settlement being recorded at December 31, 2022 of $533,193. Option Agreement Concurrent with signing the settlement agreement, Goldrich also signed an option agreement with the Parties. The option agreement, among other things, grants Goldrich, or its designee, the right, but not the obligation, to become operator of the Chandalar placer mining permit. If the option is exercised, Goldrich or its designee would also obtain ownership of all camp facilities and mining equipment remaining at the Chandalar placer mine site owned by NyacAU and its affiliates. Currently Goldrich owns the claims but NyacAU is the named operator on the mining permits. To exercise the option, Goldrich, or its designee, must give written and electronic notice of its intent to do so by April 30, 2024 and pay $1,000,000 into escrow within five business days of giving notice. Upon exercise of the option, Goldrich or its designee would assume all reclamation responsibilities and liability and NyacAU would be released from any reclamation liability. Also, NyacAU would be entitled to limited payments out of the production of placer gold at the Chandalar placer mine up to the greater of $8,500,000 or 4,860 ounces of fine gold (the Maximum Amount). No production payment shall be due to NyacAU on the first 5,000 ounces of fine gold production. Thereafter, NyacAU would receive at least 5% of all production from the Chandalar placer mine until the Maximum Amount is paid. Additionally, after the first 5,000 ounces of fine gold production, NyacAU would be entitled to a minimum annual payment equal to the value of $120,000 or 68 fine gold ounces, whichever is greater, and such payment would apply towards the satisfaction of the Maximum Amount.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	4. RELATED PARTY TRANSACTIONS In addition to related party transactions described in Note 5, the Company has accrued amounts to the Company’s Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), and board of directors fees for amounts earned but not yet paid. Beginning in January 2016 and through March 31, 2023, the CEO’s salary has not been paid in full. Salary due to the CFO has been accrued and remains unpaid, as have board of directors’ fees. Schedule of Related Party Transactions CEO Three Months ended Year ended Balance at beginning of period $ 994,017 $ 793,720 Deferred salary 45,000 180,000 Deferred expenses 3,899 20,297 Payments - - Ending Balance $ 1,042,916 $ 994,017 CFO Balance at beginning of period $ 104,844 $ 91,981 Deferred fees 2,700 12,863 Payments - - Ending Balance $ 107,544 $ 104,844 Board fees payable and expenses payable (1, 2, 3) 173,528 165,355 Total Related party payables $ 1,323,988 $ 1,264,216 1) At March 31, 2023 and December 31, 2022, the Company owed $1,302, respectively, to Mr. William Orchow, a director and related party for arbitration related expenses. 2) At March 31, 2023 and December 31, 2022, the Company owed Mr. Nicholas Gallagher, a director and related party $35,126 and $26,953, respectively, for legal expenses related to the notes payable and notes payable – related party. 3) No Board meetings were held during the three months ended March 31, 2023.

NOTES PAYABLE & NOTES PAYABLE _

NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY	5. NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY At March 31, 2023 and December 31, 2022, the Company had outstanding notes payable of $ 1,250,169 4,211,769 4,195,979 During the three months ended March 31, 2023, the Company issued additional notes payable of $15,790, discounted at 5%, or $790, resulting in net proceeds of $ 15,000 Nicholas Gallagher During the three months ended March 31, 2023 and March 31, 2022, the Company paid no finder fees to related party entities, and incurred $450 and $nil, respectively, of other finance and placement costs. Interest of $ 204,408 193,224 157,527 152,408 Inter-Creditor Agreement As a result of an Amended and Restated Loan, Security, and Intercreditor Agreement (the “Amended Agreement”) dated November 1, 2019 and a First Amendment dated August 25, 2021, for each holder of the notes payable, whether or not a related party: 1. The borrower and holder entered into a Deed of Trust where under the notes are secured by a security interest in all real property, claims, contracts, agreements, leases, permits and the like. 2. The Company entered into a written Guaranty (“Guaranty”) where under, among other conditions, the Company unconditionally guarantees and promises to pay to the order of each holder the principal sum and all interest payable on each note payable held by such holder when and as the same becomes due, whether at the stated maturity thereof, by acceleration, call for redemption, tender, or otherwise. The Company is not in default as no demand has been made for payment or delivery. 3. Mr. Gallagher, at his option, has the right to convert outstanding but unpaid and future interest on his note into shares of the Company’s common stock at $0.015 per share. At March 31, 2023, Mr. Gallagher’s interest would convert to 153,932,841 common shares. 4. All loans by Mr. Gallagher and any additional loans made by Mr. Gallagher are designated as Senior Notes and accounted for as Notes payable – related party and all loans by the other holders made prior to August 25, 2021 were designated as Junior Notes. Additionally, notes arising in the future to certain unrelated parties are also designated as Senior notes. Senior Notes, which include principal and interest are entitled to be repaid in full before any of the Junior Notes are repaid. 5. The Company confirmed that the written Guaranty extends to the repayment of additional loans made by the holders. 6. The Company confirmed that repayment of additional loans will be and remain secured by the Deed of Trust.

NOTES PAYABLE IN GOLD

NOTES PAYABLE IN GOLD	3 Months Ended
	Mar. 31, 2023
Notes Payable In Gold
NOTES PAYABLE IN GOLD	6. NOTES PAYABLE IN GOLD During 2013, the Company issued notes payable in gold totaling $820,000, less a discount of $205,000, for net proceeds of $615,000. Under the terms of the notes, the Company agreed to deliver gold to the holders at the lesser of $1,350 per ounce of fine gold or a 25% discount to market price as calculated on the contract date and specify delivery of gold in November 2014. The notes bear interest at a rate of 10% per annum and penalty interest of 10% per annum on any due and unpaid interest. After several amendments to the terms of the note agreements, through the date of the issuance of these financial statements, the gold notes have not been paid and the note holders have not demanded payment or delivery of gold. At March 31, 2023 and December 31, 2022, 266.788 ounces of fine gold was due and deliverable to the holder of the notes. The Company estimates the fair value of the notes based on the market approach with Level 2 inputs of gold delivery contracts based upon previous contractual delivery dates, using the market price of gold on March 31, 2023 of approximately $1,980 per ounce as quoted on the London PM Fix market or $ 528,161 44,647 44,647 36,363 At December 31, 2022, the fair value was calculated using the market approach with Level 2 inputs of gold delivery contracts based upon previous contractual delivery dates. At December 31, 2022, the Company had outstanding total notes payable in gold of $483,514. Interest of $ 12,208 151,847 10,981 139,639

STOCKHOLDERS_ DEFICIT

STOCKHOLDERS’ DEFICIT	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
STOCKHOLDERS’ DEFICIT	7. STOCKHOLDERS’ DEFICIT During the year ended December 31, 2022, the Company received cash of $30,000 which is included in stock subscription payable at December 31, 2022, for a private placement of common shares priced at $0.01 per share, of which $5,000 was from William Orchow, a related party. During the three months ended March 31, 2023, the Company reduced stock subscription payable by $30,000 and issued 3,000,000 common shares. During the three months ended March 31, 2022, the Company received $103,157 cash as a result of the exercise of Class R warrants at an exercise price of $0.045 and T warrants at an exercise price of $0.03 per common share, resulting in the issuance of 2,660,817 common shares. Of that amount, 1,555,555 of the warrants exercised were owned by Mr. Gallagher and were transferred to unrelated parties. The unrelated parties then exercised the warrants for cash. During the year ended December 31, 2021, the Company received $40,000 for the exercise of Class T warrants which are included in stock subscription payable at March 31, 2023 and December 31, 2022. Once the exercise is complete, the Company will issue 1,333,333 common shares for the exercise. These warrants were exercised subsequent to March 31, 2023.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES The Company has entered into a consulting contract for $46,500 for which the services have not yet been received. The Company is subject to Alaska state annual claims rental fees in order to maintain its non-patented claims. In addition to the annual claims rental fees of $125,945 due November 30 of each year, the Company is also required to meet annual labor requirements of approximately $61,100 due November 30 of each year. The Company can carry forward costs for annual labor that exceed the required yearly totals for four years. The Company has significant carryovers to 2023 to satisfy its annual labor requirements. This carryover expires in the years 2023 through 2027 if unneeded to satisfy requirements in those years.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	9. SUBSEQUENT EVENTS Subsequent to March 31, 2023, the Company received $162,667 cash as a result of exercise of Class R warrants at an exercise price of $0.024 per common share. Ownership of these warrants had been in the hands of Mr. Gallagher and were sold by him personally to unrelated parties. The unrelated parties then exercised the warrants for cash, resulting in the issuance of 6,777,778 common shares. Subsequent to March 31, 2023, the Company received cash of $12,500 of additional notes payable – related party from Mr. Nicholas Gallagher, and cash of $122,000 of additional notes payable from unrelated parties.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share We are authorized to issue 750,000,000 0.10 188,448,412 For the three-month periods ended March 31, 2023 and 2022, potentially dilutive shares including outstanding stock options, warrants, convertible interest, and convertible preferred stock were excluded from the computation of diluted loss per share because they were anti-dilutive due to net losses in those periods. For the periods ended March 31, 2023 and 2022, potentially dilutive common stock equivalents excluded from the calculation of diluted earnings per share are as follows: Schedule of Anti-Dilutive Stock Common Stock Equivalent March 31, 2023 March 31, 2022 Stock options 1,025,000 1,050,000 Warrants 18,114,446 19,667,077 Convertible Preferred Stock 30,190,475 32,190,475 Convertible interest payable 153,932,841 112,240,467 Total 203,262,762 165,148,019
Fair Value Measurements	Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. During 2023 and 2022, the Company determined fair value on a recurring basis and non-recurring basis as follows: Schedule of Fair Value On Recurring and Non-Recurring Basis Balance Balance Fair Value Liabilities Recurring: Notes payable in gold (Note 7) $ 528,161 $ 483,514 2 The carrying amounts of financial instruments, including notes payable and notes payable – related party, approximate fair value at March 31, 2023 and December 31, 2022. The inputs to the valuation of Level 2 liabilities are described in Note 6 Notes Payable in Gold

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Anti-Dilutive Stock Common Stock Equivalent	Schedule of Anti-Dilutive Stock Common Stock Equivalent March 31, 2023 March 31, 2022 Stock options 1,025,000 1,050,000 Warrants 18,114,446 19,667,077 Convertible Preferred Stock 30,190,475 32,190,475 Convertible interest payable 153,932,841 112,240,467 Total 203,262,762 165,148,019
Schedule of Fair Value On Recurring and Non-Recurring Basis	During 2023 and 2022, the Company determined fair value on a recurring basis and non-recurring basis as follows: Schedule of Fair Value On Recurring and Non-Recurring Basis Balance Balance Fair Value Liabilities Recurring: Notes payable in gold (Note 7) $ 528,161 $ 483,514 2

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Schedule of Related Party Transactions CEO Three Months ended Year ended Balance at beginning of period $ 994,017 $ 793,720 Deferred salary 45,000 180,000 Deferred expenses 3,899 20,297 Payments - - Ending Balance $ 1,042,916 $ 994,017 CFO Balance at beginning of period $ 104,844 $ 91,981 Deferred fees 2,700 12,863 Payments - - Ending Balance $ 107,544 $ 104,844 Board fees payable and expenses payable (1, 2, 3) 173,528 165,355 Total Related party payables $ 1,323,988 $ 1,264,216

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working Capital Deficit	$ 11,938,034
Retained Earnings (Accumulated Deficit)	$ 40,897,452	$ 40,478,104

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Offsetting Assets [Line Items]
Total	203,262,762	165,148,019
Warrant [Member]
Offsetting Assets [Line Items]
Total	18,114,446	19,667,077
Convertible Preferred Stock [Member]
Offsetting Assets [Line Items]
Total	30,190,475	32,190,475
Equity Option [Member]
Offsetting Assets [Line Items]
Total	1,025,000	1,050,000
Convertible Interest Payable [Member]
Offsetting Assets [Line Items]
Total	153,932,841	112,240,467

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring: Notes payable in gold (Note 7)	$ 528,161	$ 483,514
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring: Notes payable in gold (Note 7)	$ 528,161	$ 483,514

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Common Stock, Shares Authorized	750,000,000	750,000,000
Common Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10
Common Stock, Shares, Issued	188,448,412	185,448,412
Common Stock, Shares, Outstanding	188,448,412	185,448,412

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Balance at beginning of period		$ 1,264,216
Total Related party payables		1,323,988	$ 1,264,216
Board fees payable and expenses payable	[1],[2],[3]	173,528	165,355
Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Balance at beginning of period		994,017	793,720
Deferred salary		45,000	180,000
Deferred fees		3,899	20,297
Payments
Total Related party payables		1,042,916	994,017
Chief Financial Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Balance at beginning of period		104,844	91,981
Deferred fees		2,700	12,863
Payments
Total Related party payables		$ 107,544	$ 104,844
[1]At March 31, 2023 and December 31, 2022, the Company owed $1,302, respectively, to Mr. William Orchow, a director and related party for arbitration related expenses.[2]At March 31, 2023 and December 31, 2022, the Company owed Mr. Nicholas Gallagher, a director and related party $35,126 and $26,953, respectively, for legal expenses related to the notes payable and notes payable – related party.[3]No Board meetings were held during the three months ended March 31, 2023.

NOTES PAYABLE & NOTES PAYABLE_2

NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Notes Payable	$ 1,250,169		$ 1,250,169
Notes payable - related party	4,211,769		$ 4,195,979
Finder Fees	204,408	$ 193,224
Increase (Decrease) in Due to Related Parties	157,527	$ 152,408
Nicholas Gallagher
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Proceeds from Related Party Debt	$ 15,000

NOTES PAYABLE IN GOLD (Details

NOTES PAYABLE IN GOLD (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Short-Term Debt [Line Items]
[custom:NotesPayableInGold-0]	$ 528,161		$ 483,514
[custom:ChangeInFairValueOfNotesPayableInGold]	44,647	$ 36,363
Interest Payable, Current	779,200		720,111
Notes Payable In Gold [Member]
Short-Term Debt [Line Items]
Interest Expense	12,208	$ 10,981
Interest Payable, Current	$ 151,847		$ 139,639