Goldrich Mining (GRMC) 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 13, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
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 ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 25,606	$ 3,969
Prepaid expenses	11,719	106,527
Total current assets	37,325	110,496
Mineral interests	626,428	626,428
Investment in CGL LLC	25,000	25,000
Total assets	688,753	761,924
Current liabilities:
Accounts payable and accrued liabilities	1,477,309	1,534,863
Interest payable	901,353	720,111
Convertible interest payable – related party	2,625,829	2,151,466
Related party payable	1,431,084	1,264,216
Convertible notes payable	105,263
Notes payable	1,276,485	1,250,169
Notes payable – related party	4,224,927	4,195,979
Notes payable in gold	499,028	483,514
Dividends payable on preferred stock	30,618	30,618
Total current liabilities	12,571,896	11,630,936
Long-term liabilities:
Subscription payable		70,000
Remediation and asset retirement obligation	280,686	275,424
Total long-term liabilities	280,686	345,424
Total liabilities	12,852,582	11,976,360
Commitments and contingencies (Notes 8)
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; 196,559,523 and 185,448,412 issued and outstanding, respectively	19,655,952	18,544,841
Additional paid-in capital	9,569,208	10,447,652
Accumulated deficit	(41,660,164)	(40,478,104)
Total stockholders’ deficit	(12,163,829)	(11,214,436)
Total liabilities and stockholders’ deficit	688,753	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 ($)	Sep. 30, 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	196,559,523	185,448,412
Common Stock, Shares, Outstanding	196,559,523	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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Mine preparation costs	$ 2,114	$ 11,216	$ 7,501	$ 25,443
Management fees and salaries	49,150	46,388	147,050	143,813
Professional services	14,074	244	69,884	61,185
General and administration	49,580	48,090	146,033	152,186
Office supplies and other	1,463	5,992	4,513	21,891
Directors’ fees	3,100	2,500	8,800	6,100
Mineral property maintenance	31,486	31,942	94,459	94,915
Arbitration and settlement costs (Note 3)	1,440	2,143	24,758	19,221
Total operating expenses	152,407	148,515	502,998	524,754
Other (income) expense:
Miscellaneous income			(5,787)
Change in fair value of notes payable in gold	(11,138)	(38,751)	15,514	(35,777)
Interest expense and finance costs – related party	158,435	155,627	474,363	462,814
Interest expense and finance costs	69,689	63,059	194,972	198,838
Total other (income) expense	216,986	179,935	679,062	625,875
Net loss	369,393	328,450	1,182,060	1,150,629
Preferred dividends	1,917	1,917	5,688	5,688
Net loss available to common stockholders	$ 371,310	$ 330,367	$ 1,187,748	$ 1,156,317
Net loss per common share - basic and diluted	$ 0	$ 0	$ (0.01)	$ (0.01)
Weighted average common shares outstanding – basic and diluted	195,689,958	177,479,791	191,227,818	183,667,400

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
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, 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					(1,150,629)
Warrants Exercised					133,157
Warrants exercised, Shares		3,660,817
Preferred D conversion to common					200,000
Preferred D conversion to common, Shares		2,000,000
Ending balance, value at Sep. 30, 2022	$ 271,175	$ 18,544,841	10,447,652	(40,573,103)	(11,309,435)
Ending Balance, Shares at Sep. 30, 2022	150,993	185,448,412
Beginning balance, value at Mar. 31, 2022	$ 271,175	$ 18,244,841	10,717,652	(39,887,265)	(10,653,597)
Beginning Balance, Shares at Mar. 31, 2022	151,053	182,448,412
Net Loss				(357,388)	(357,388)
Warrants Exercised		$ 100,000	(70,000)		30,000
Warrants exercised, Shares		1,000,000
Preferred D conversion to common		$ 200,000	(200,000)
Preferred D conversion to common, Shares	(60)	2,000,000
Ending balance, value at Jun. 30, 2022	$ 271,175	$ 18,544,841	10,447,652	(40,244,653)	(10,980,985)
Ending Balance, Shares at Jun. 30, 2022	150,993	185,448,412
Net Loss				(328,450)	(328,450)
Ending balance, value at Sep. 30, 2022	$ 271,175	$ 18,544,841	10,447,652	(40,573,103)	(11,309,435)
Ending Balance, Shares at Sep. 30, 2022	150,993	185,448,412
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
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					70,000
Common shares issued for subscription payable, Shares		3,000,000
Net Loss					(1,182,060)
Warrants Exercised					30,000
Preferred D conversion to common
Ending balance, value at Sep. 30, 2023	$ 271,175	$ 19,655,952	9,569,208	(41,660,164)	(12,163,829)
Ending Balance, Shares at Sep. 30, 2023		196,559,523
Beginning balance, value at Mar. 31, 2023	$ 271,175	$ 18,844,841	10,177,652	(40,897,452)	(11,603,784)
Beginning Balance, Shares at Mar. 31, 2023	150,993	188,448,412
Net Loss				(393,319)	(393,319)
Warrants Exercised		$ 677,778	(515,111)		162,667
Warrants exercised, Shares		6,777,778
Ending balance, value at Jun. 30, 2023	271,175	$ 19,552,619	9,662,541	(41,290,771)	(11,834,436)
Ending Balance, Shares at Jun. 30, 2023		195,226,190
Common shares issued for subscription payable		$ 133,333	(93,333)		40,000
Common shares issued for subscription payable, Shares		1,333,333
Net Loss				(369,393)	(369,393)
Ending balance, value at Sep. 30, 2023	$ 271,175	$ 19,655,952	$ 9,569,208	$ (41,660,164)	$ (12,163,829)
Ending Balance, Shares at Sep. 30, 2023		196,559,523

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (1,182,060)	$ (1,150,629)
Adjustments to reconcile net loss to net cash used in operating activities:
Finance costs	8,027	4,420
Change in fair value of notes payable in gold	15,514	(35,777)
Accretion of asset retirement obligation	5,262	5,060
Change in:
Prepaid expenses	94,808	65,371
Accounts payable and accrued liabilities	(57,554)	63,815
Interest payable	181,242	174,557
Convertible interest payable – related party	474,363	462,814
Related party payable	166,868	161,658
Net cash used - operating activities	(293,530)	(248,711)
Cash flows from financing activities:
Proceeds from warrant exercises, net	162,667	133,157
Proceeds from convertible notes payable, net	100,000
Proceeds from notes payable	25,000
Proceeds on subscription payable		30,000
Proceeds from notes payable– related party, net	27,500	83,980
Net cash provided - financing activities	315,167	247,137
Net increase (decrease) in cash and cash equivalents	21,637	(1,574)
Cash and cash equivalents, beginning of period	3,969	3,762
Cash and cash equivalents, end of period	25,606	2,188
Non-cash Investing and Financing Activities:
Common shares issued for subscription payable	70,000
Common shares issued for conversion of Series D preferred stock		$ 200,000

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 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 and nine-month periods ended September 30, 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 $ 12,534,571 41,660,164

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 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 0.10 196,559,523 For the three and nine-month periods ended September 30, 2023 and 2022, potentially dilutive shares including outstanding stock options, warrants, convertible interest payable, 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 three and nine-month periods ended September 30, 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 September 30, 2023 September 30, 2022 Stock options 875,000 1,050,000 Warrants 7,295,587 18,667,077 Convertible Preferred Stock 30,190,475 30,190,475 Convertible interest payable 175,172,124 132,934,200 Convertible notes payable 7,017,545 - Total` 220,550,731 182,841,752 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 6) $ 499,028 $ 483,514 2 The carrying amounts of financial instruments, including notes payable and notes payable – related party, approximate fair value at September 30, 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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 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 Nine Months ended 9/30/23 Year ended 12/31/22 Balance at beginning of period $ 994,017 $ 793,720 Deferred salary 135,000 180,000 Deferred expenses 12,545 20,297 Payments (2,200 ) - Ending Balance $ 1,139,362 $ 994,017 CFO Balance at beginning of period $ 104,844 $ 91,981 Deferred fees 12,050 12,863 Payments (7,500 ) - Ending Balance $ 109,394 $ 104,844 Board fees payable and expenses payable (1, 2) 182,328 165,355 Total Related party payables $ 1,431,084 $ 1,264,216 1) At September 30, 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 September 30, 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.

CONVERTIBLE NOTE PAYABLE, NOTES

CONVERTIBLE NOTE PAYABLE, NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
CONVERTIBLE NOTE PAYABLE, NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY	5. CONVERTIBLE NOTE PAYABLE, NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY Convertible Notes Payable In August 2023, the Company issued convertible notes payable of $ 105,263 5,263 100,000 At September 30, 2023 and December 31, 2022, the Company had outstanding convertible notes payable of $ 105,263 At September 30, 2023 the interest payable of $1,753 for these notes would convert to 116,842 common shares. Notes Payable & Notes Payable – Related Party At September 30, 2023 and December 31, 2022, the Company had outstanding notes payable of $ 1,276,485 4,224,927 4,195,979 During the nine months ended September 30, 2023, the Company issued additional notes payable of $55,264, discounted at 5%, or $2,764, resulting in net proceeds of $52,500 of which $ 27,500 Nicholas Gallagher During the three and nine months ended September 30, 2023 the Company incurred finder fees totaling $360 and $1,185, of which $nil and $825 was to related party entities, respectively. During the three and nine months ended September 30, 2022 the Company incurred finder fees totaling $1,650 and $2,969, to related party entities. Interest of $ 208,056 617,824 158,435 474,363 196,442 585,261 155,626 462,814 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 whereunder 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”) whereunder, 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 September 30, 2023, Mr. Gallagher’s interest would convert to 175,055,281 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	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2023 of approximately $1,871 per ounce as quoted on the London PM Fix market or $ 499,028 11,138 38,751 15,514 35,777 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 $ 13,015 37,783 11,789 34,146 139,639

STOCKHOLDERS_ DEFICIT

STOCKHOLDERS’ DEFICIT	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
STOCKHOLDERS’ DEFICIT	7. STOCKHOLDERS’ DEFICIT During the nine months ended September 30, 2022, two holders of class D preferred stock, converted 60 2,000,000 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 nine months ended September 30, 2023, the Company reduced stock subscription payable by $ 30,000 3,000,000 During the nine months ended September 30, 2023, the Company received $ 162,667 6,777,778 133,157 3,660,817 During the year ended December 31, 2021, the Company received an additional $ 40,000 1,333,333 During the nine months ended September 30, 2023, 1,666,667 1,041,081

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES The Company has entered into a consulting contract for $ 46,500 The Company is subject to Alaska state annual claims rental fees in order to maintain our non-patented claims. In addition to the annual claims rental fees of $ 125,945 61,100

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Anti-Dilutive Stock Common Stock Equivalent	Earnings (Loss) Per Share We are authorized to issue 750,000,000 0.10 196,559,523 For the three and nine-month periods ended September 30, 2023 and 2022, potentially dilutive shares including outstanding stock options, warrants, convertible interest payable, 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 three and nine-month periods ended September 30, 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 September 30, 2023 September 30, 2022 Stock options 875,000 1,050,000 Warrants 7,295,587 18,667,077 Convertible Preferred Stock 30,190,475 30,190,475 Convertible interest payable 175,172,124 132,934,200 Convertible notes payable 7,017,545 - Total` 220,550,731 182,841,752
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 6) $ 499,028 $ 483,514 2 The carrying amounts of financial instruments, including notes payable and notes payable – related party, approximate fair value at September 30, 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)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Anti-Dilutive Stock Common Stock Equivalent	Schedule of Anti-Dilutive Stock Common Stock Equivalent September 30, 2023 September 30, 2022 Stock options 875,000 1,050,000 Warrants 7,295,587 18,667,077 Convertible Preferred Stock 30,190,475 30,190,475 Convertible interest payable 175,172,124 132,934,200 Convertible notes payable 7,017,545 - Total` 220,550,731 182,841,752
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 6) $ 499,028 $ 483,514 2

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Schedule of Related Party Transactions CEO Nine Months ended 9/30/23 Year ended 12/31/22 Balance at beginning of period $ 994,017 $ 793,720 Deferred salary 135,000 180,000 Deferred expenses 12,545 20,297 Payments (2,200 ) - Ending Balance $ 1,139,362 $ 994,017 CFO Balance at beginning of period $ 104,844 $ 91,981 Deferred fees 12,050 12,863 Payments (7,500 ) - Ending Balance $ 109,394 $ 104,844 Board fees payable and expenses payable (1, 2) 182,328 165,355 Total Related party payables $ 1,431,084 $ 1,264,216 1) At September 30, 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 September 30, 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.

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working Capital Deficit	$ 12,534,571
Retained Earnings (Accumulated Deficit)	$ 41,660,164	$ 40,478,104

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Offsetting Assets [Line Items]
Total`	220,550,731	182,841,752
Warrant [Member]
Offsetting Assets [Line Items]
Total`	7,295,587	18,667,077
Convertible Preferred Stock [Member]
Offsetting Assets [Line Items]
Total`	30,190,475	30,190,475
Equity Option [Member]
Offsetting Assets [Line Items]
Total`	875,000	1,050,000
Convertible Interest Payable [Member]
Offsetting Assets [Line Items]
Total`	175,172,124	132,934,200
Convertible notes payable	7,017,545

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring: Notes payable in gold (Note 6)	$ 499,028	$ 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 6)	$ 499,028	$ 483,514

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - $ / shares	Sep. 30, 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, Outstanding	196,559,523	185,448,412
Common Stock, Shares, Issued	196,559,523	185,448,412

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 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		1,431,084	$ 1,264,216
Board fees payable and expenses payable	[1],[2]	182,328	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		135,000	180,000
Deferred fees		12,545	20,297
Payments		(2,200)
Total Related party payables		1,139,362	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		12,050	12,863
Payments		(7,500)
Total Related party payables		$ 109,394	$ 104,844
[1]At September 30, 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 September 30, 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.

CONVERTIBLE NOTE PAYABLE, NOT_2

CONVERTIBLE NOTE PAYABLE, NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Convertible Notes Payable, Current	$ 105,263	$ 105,263		$ 105,263
Amortization of Debt Discount (Premium)	5,263
Proceeds from Convertible Notes Payable, Net	$ 100,000			100,000
Notes Payable		1,276,485		1,276,485		1,250,169
Notes payable - related party		4,224,927		4,224,927		$ 4,195,979
Proceeds from Related Party Debt				27,500	83,980
Finder Fees		208,056	$ 196,442	617,824	585,261
Increase (Decrease) in Due to Related Parties		$ 158,435	$ 155,626	474,363	$ 462,814
Nicholas Gallagher
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Proceeds from Related Party Debt				$ 27,500

NOTES PAYABLE IN GOLD (Details

NOTES PAYABLE IN GOLD (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable in Gold	$ 499,028		$ 499,028		$ 483,514
Change in Fair Valie of Notes Payable in Gold	11,138	$ 38,751	(15,514)	$ 35,777
Change in Fair Valie of Notes Payable in Gold	(11,138)	(38,751)	15,514	(35,777)
Interest Payable, Current	901,353		901,353		720,111
Notes Payable In Gold [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Expense	13,015	$ 11,789	37,783	$ 34,146
Interest Payable, Current					139,639
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes Payable in Gold	$ 499,028		$ 499,028		$ 483,514

STOCKHOLDERS_ DEFICIT (Details

STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)	3 Months Ended					9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock Issued During Period, Value, Stock Options Exercised		$ 162,667		$ 30,000	$ 103,157	$ 30,000	$ 133,157
Class R Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock Issued During Period, Value, Stock Options Exercised						$ 162,667
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Expirations						1,666,667
Class T Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock Issued During Period, Value, Stock Options Exercised						$ 40,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Expirations						1,041,081
Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred D conversion to common, Shares				60
Preferred D conversion to common, Shares				(60)
Stock Issued During Period, Value, Stock Options Exercised
Preferred Stock [Member] | Series D Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred D conversion to common, Shares							60
Preferred D conversion to common, Shares							(60)
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred D conversion to common, Shares				(2,000,000)			(2,000,000)
Preferred D conversion to common, Shares				2,000,000			2,000,000
Stock Issued During Period, Value, Stock Options Exercised		$ 677,778		$ 100,000	$ 266,081
Common shares issued for subscription payable, Shares	1,333,333		3,000,000			3,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period		6,777,778		1,000,000	2,660,817		3,660,817
Common Stock [Member] | Class R Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period						6,777,778
Common Stock [Member] | Class T Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period						1,333,333

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Nov. 30, 2023
Consulting Contract [Member]
Finite-Lived Intangible Assets [Line Items]
Services yet to be received	$ 46,500
Non Patented Claims [Member]
Finite-Lived Intangible Assets [Line Items]
Legal Fees		$ 125,945
Annual Labor Requirement [Member]
Finite-Lived Intangible Assets [Line Items]
Legal Fees		$ 61,100