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3. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES: Mineral Property Rights (Policies)
12 Months Ended
Mar. 31, 2023
Policies  
Mineral Property Rights

Mineral Property Rights

 

Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets.

 

On March 31, 2023, the Company determined that mineral property costs for the Santa Elena Mine and Project Mabel were fully impaired due to the inability of the Company to raise capital to develop the properties as planned.

 

During the year ended March 31, 2023 and 2022, we impaired mineral property costs and recognized impairment expense of $829,947 and $0, respectively.