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Note 10 - Exploration and Evaluation Assets

12 Months Ended

Dec. 31, 2023

Disclosure of exploration and evaluation assets [text block]

10.

EXPLORATION AND EVALUATION ASSETS

In 2018, the Company entered into an option agreement with a 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, $150 in each of 2020 and 2021, and $200 in each of 2022 and 2023. To earn 100% interest in the property, the Company must make remaining cash payments totaling $1,150 over the next 6 years and fund a cumulative of $30,000 of eligible exploration expenditures by 2028 (as of December 31, 2023, the Company has incurred $27,008 of eligible exploration expenditures on the property). As at December 31, 2023, the Company has also bonded and recorded a $484 reclamation liability for the project. 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 will retain a 2% net smelter returns (“NSR”) royalty.

During the year ended December 31, 2022, through the acquisition of Gatling the Company acquired 100% of the Larder Project in Ontario (Note 6). As at December 31, 2023, the Company incurred $10,116 in exploration and evaluation expenditures after acquisition costs, of which $3,634 were drilling costs.

In 2017, the Company entered into an option earn-in agreement with a private group whereby the Company could earn up to a 100% interest in a land claim package in the Black Hills of South Dakota. Although the geological prospect of the property remained encouraging, growing negative sentiment towards resource extraction in the area, combined with a slow consultation process resulted in significant challenges being encountered in permitting the property for exploration drilling. The Company provided formal notice that it would not be making the final $150 option payment in May 2022 and concurrently wrote-down the property’s full carrying amount of $10,471 during the year ended December 31, 2022.

During the year ended December 31, 2023, the Company has incurred the following exploration and evaluation expenditures on these projects:

	December 31,		December 31,
	2023		2022
		$		$
Deer Trail
Option and other payments		275		210
Total acquisition costs		275		210
Geochemical		590		422
Camp and site costs		875		713
Drilling		3,959		6,255
Geological consulting		1,185		964
Geophysical		120		325
Land taxes and government fees		213		232
Legal, community and other consultation costs		343		303
Travel		190		167
Total for the year		7,750		9,591
Balance, beginning of year		19,565		9,974
Total Deer Trail Project cost		27,315		19,565
Larder project
Acquisition (Note 6)		-		15,187
Option and other payments		-		19
Total acquisition costs		-		15,206
Geochemical		1,117		112
Camp and site costs		772		127
Drilling		2,402		1,232
Geological consulting		1,764		450
Geophysical		1,074		314
Land taxes and government fees		43		19
Legal, community and other consultation costs		347		176
Travel		109		58
Total for the year		7,628		17,694
Balance, beginning of year		17,694		-
Total Larder Project cost		25,322		17,694
Black Hills
Geochemical		-		5
Camp and site costs		-		1
Geological consulting		-		127
Geophysical		-		3
Land taxes and government fees		-		7
Legal, community and other consultation costs		-		46
Travel		-		2
Total for the year		-		191
Balance, beginning of year				10,280
Less: Amounts written off		-		(10,471	)
Total Black Hills Project cost		-		-
Total Exploration and Evaluation Assets		52,637		37,259