XML 71 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Property, Mineral Rights, and Equipment (Details) - USD ($)
12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Depreciation $ 0 $ 0
Property holding costs   $ 95,759
Paiute Property Joint Venture    
Property, Plant, and Equipment, Additional Disclosures On May 23, 2018, the Company sold a participating interest in the ICBM Project (“ICBM”), a mineral interest located in Humboldt and Lander counties, Nevada. The Company had acquired this property in 2010. The purchaser was Americas Gold Exploration, Inc. (“AGEI”) and the consideration the Company received for the sale was $100,000 cash, which was recorded as a decrease to mineral interests. The total consideration also included a 0.5% net smelter return royalty on the gross production of all minerals extracted from the ICBM Project properties. In connection with a concurrent definitive agreement with AGEI to acquire an additional property interests, the Company decided to re-acquire the ICBM Project interest, now renamed as the Paiute property joint venture, as a component of the AGEI transaction.  
AGEI Agreement    
Property, Plant, and Equipment, Additional Disclosures On May 23, 2018, the Company executed a definitive agreement with AGEI (the “Definitive Agreement”) for the purchase of interests in two mineral properties in Nevada (the “Transaction”). The mineral properties include the Elder Creek project, currently owned by McEwen Mining Inc., which includes an option to acquire up to 65% of the project interest, and an approximate 73.7% interest in the Paiute property (formerly ICBM), with LAC Minerals (USA) LLC, a wholly owned subsidiary of Barrick Gold Corporation. The Company is the operator at both of these projects.  
AGEI Agreement Amendment    
Property, Plant, and Equipment, Additional Disclosures On June 18, 2018, the Company entered into an amendment to the Definitive Agreement wherein the Company agreed, upon closing of the Transaction, to reimburse AGEI for the initial payment of $100,000 due under the Elder Creek agreement with McEwen Mining. During the fourth quarter of the 2018 fiscal year, the Company paid the $100,000. Total consideration given for the Transaction was $1,146,000 in the form of cash, common stock and warrants.  
Eureka Property payments deposited    
Property, Plant, and Equipment, Additional Disclosures During the year ended September 30, 2018, the Company’s management and Board of Directors determined that certain payments received by the Company from a party of interest in two of the Company’s leases beginning in August 2017, which had been held and not recorded or deposited pending an expected resolution of circumstances relating to two historic leases at the Company’s Eureka property, should be deposited. The payments had been received from a third party with whom the Company is in discussions to resolve matters that had been under negotiation since the Company acquired the Eureka property in 2010. The total amount of these payments received for the year ended September 30, 2018 was $112,902. Monthly payments in the amount of $8,326 are expected to continue to be received, recorded and deposited until the situation concerning the leases is resolved. These receipts are recorded as a reduction to property, mineral rights, and equipment.  
Gain on lease of mineral rights    
Property, Plant, and Equipment, Additional Disclosures   During the year ended September 30, 2017, the Company received a $10,000 lease payment from a property leased to a third party and the Company sold a package of royalties on certain early stage properties for $40,000. Given that the total carrying value of the leased property was nil, the lease income was recorded on the consolidated statements of operations and comprehensive income (loss) as a gain on lease of mineral rights. The total carrying value of the package of royalties was nil, and the income from the sale of the package of royalties was recorded on the consolidated statements of operations and comprehensive income (loss) in other income (expense).