Note 7 - Asset Retirement Obligation

12 Months Ended

Sep. 30, 2019

Notes

Note 7 - Asset Retirement Obligation:

NOTE 7 – ASSET RETIREMENT OBLIGATION:

The Company has established an asset retirement obligation (“ARO”) for its exploration program at the Lookout Mountain Project, which is a portion of the Eureka mineral property. The ARO resulted from the reclamation and remediation requirements of the United States Bureau of Land Management as outlined in its permit to carry out the exploration program.

The following table summarizes activity in the Company’s ARO liability for the years ended September 30, 2019 and 2018:

		2019		2018
Beginning balance	$	160,588	$	152,940
Accretion expense		8,031		7,648
Ending balance	$	168,619	$	160,588