Note 7 - Exploration and Evaluation Assets

12 Months Ended

Dec. 31, 2020

Statement Line Items [Line Items]

Disclosure of exploration and evaluation assets [text block]

7. EXPLORATION AND EVALUATION ASSETS

(a) In

2017,

the Company entered into an option earn-in agreement with a private group whereby the Company can earn up to a

100%

interest in a prospective land claim package. To

December 31, 2020,

the Company has incurred

$8,010

in exploration expenditures on the property and there are

no

further exploration funding requirements under the agreement. However, to earn a

100%

interest in the property package, the Company must make remaining cash or share payments of

$100

and

$150

on the

fourth

and

fifth

annual anniversaries of the agreement, at which time the vendors would retain a

2%

net smelter returns royalty (“NSR”). In

May 2020,

the Company elected to settle the

third

option payment of

$100

in shares, and issued

8,241

shares to the vendors in settlement of the payment.

(b) In late

2018,

the Company entered into an option agreement with another private group, whereby the Company has the right to earn

100%

ownership interest in a company which owns the Deer Trail project in Utah. The Company paid

$150

upon signing the agreement and another

$150

in

October 2020.

To earn

100%

interest in the property, the Company must make combined remaining cash payments of

$1,700

over the next

8

years, and fund a cumulative of

$30,000

of eligible exploration expenditures (

$4,459

incurred to

December 31, 2020)

by

2028.

As at

December 31, 2020,

the Company also bonded and recorded a

$409

reclamation liability for the project (see

Note

2

(l)

). Other than the reclamation liability, the balance of cash payments and exploration commitments are optional at the Company's discretion. Upon the Company's

100%

earn-in, the vendors would retain a

2%

NSR.

To

December 31, 2020,

the Company has incurred the following exploration and evaluation expenditures on these earn-in projects:

		Year ended		Year ended
		December 31, 2020		December 31, 2019
Exploration and evaluation assets:
Acquisition costs
Option payments	$	250	$	75
Reclamation obligation		149		260
Total acquisition costs		399		335
Geochemical		78		142
Camp and site costs		411		354
Drilling		198		-
Geological consulting		2,216		1,784
Geophysical		430		100
Land taxes and government fees		787		411
Legal, community and other consultation costs		393		260
Travel		294		232
Total for the year		5,206		3,618
Balance, beginning of year		7,266		3,648
Balance, end of year	$	12,472	$	7,266

Included in exploration and evaluation assets at

December 31, 2020,

were liabilities for trade and other payables of

$128

(

December 31, 2019:

$89

) and a reclamation obligation accrued in the year of

$149

(

December 31, 2019:

$260

), both non-cash investing activities.

A full impairment was recognized on the Cinco de Mayo property in Mexico in prior years, although the concessions are still maintained in good standing.