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Note 9 - Exploration and Evaluation Assets
12 Months Ended
Dec. 31, 2024
Statement Line Items [Line Items]  
Disclosure of exploration and evaluation assets [text block]

9.

EXPLORATION AND EVALUATION ASSETS

 

 

(a)

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, 2023, and 2024. To earn 100% interest in the property, the Company must make remaining cash payments totaling $950 over the next 5 years (with option to accelerate if desired) and fund a cumulative of $30,000 of eligible exploration expenditures by 2028 (criteria met: as of December 31, 2024, the Company has incurred $36,439 of eligible exploration expenditures on the property). As at December 31, 2024, the Company has also bonded and recorded a $484 reclamation liability for the project. Other than the reclamation liability, the balance of cash payments 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.

 

 

(b)

Through the acquisition of Gatling Exploration Inc. (“Gatling”) in 2022, the Company acquired 100% of the Larder Project in Ontario. During the year ended December 31, 2024, the Company incurred a total of $17,197 in exploration and evaluation expenditures, which includes $3,802 in acquisition of exploration property mainly relating to the purchase of 100% ownership of the Goldstake property (“Goldstake”), contiguous to the existing land holdings at Gatling.

 

 

During the year ended December 31, 2024 and December 31, 2023, the Company has incurred the following exploration and evaluation expenditures on these projects:

 

  

December 31,

  

December 31,

 
  

2024

  

2023

 
  

$

  

$

 

Deer Trail Project

        

Option and other payments

  200   275 

Total acquisition costs

  200   275 

Drilling and geotechnical

  8,905   5,854 

Camp and site costs

  401   875 

Land taxes and government fees

  239   213 

Legal, community and other consultation costs

  357   343 

Travel

  182   190 

Total for the year

  10,284   7,750 

Balance, beginning of year

  27,315   19,565 

Total Deer Trail Project cost

  37,599   27,315 

Larder Project

        

Acquisition of exploration property

  3,802   - 

Total acquisition costs

  3,802   - 

Drilling and geotechnical

  10,896   6,357 

Camp and site costs

  1,773   772 

Land taxes and government fees

  40   43 

Legal, community and other consultation costs

  535   347 

Travel

  151   109 

Total for the year

  17,197   7,628 

Balance, beginning of year

  25,322   17,694 

Total Larder Project cost

  42,519   25,322 

Total Exploration and Evaluation Assets

  80,118   52,637