XML 22 R9.htm IDEA: XBRL DOCUMENT v3.20.2
MINERAL PROPERTY INTEREST AND DEFERRED DEVELOPMENT COSTS
6 Months Ended
Oct. 31, 2020
Extractive Industries [Abstract]  
MINERAL PROPERTY INTEREST AND DEFERRED DEVELOPMENT COSTS

3.       MINERAL PROPERTY INTEREST AND DEFERRED DEVELOPMENT COSTS:

 

Helmer-Bovill Property – Latah County, Idaho

 

The Company has an undivided 100% interest in 11 State of Idaho mineral leases. The State of Idaho mineral leases are subject to a 5% production royalty on gross sales. The mineral leases are in good standing until March 1, 2023 at which time they will be held by us contingent on production.

 

In May 2017, the Idaho Department of Lands accepted our operation and reclamation plan. Together with a water rights permit from the Idaho Department of Water Resources, we were able to proceed with development and construction of the mine, subject to obtaining sufficient financing. As a result, management made the decision to begin capitalizing all development expenditures directly related to the Helmer-Bovill Property. In February 2019, the Company determined that the Feasibility Study should be considered non-current and accordingly, the Company has returned to the evaluation stage for accounting purposes.