Income Taxes

12 Months Ended

May 31, 2023

Income Tax Disclosure Abstract

Income Taxes [Text Block]

7. Income Taxes

The Company has net operating losses carried forward of $5,707,300 available to offset taxable income in future years which expires beginning in fiscal 2027. Under section 382 of the Internal Revenue Code such a change in control negates much of the tax loss carry forward and deferred income tax. The Company is subject to examination by the IRS for tax years 2014 to 2021. The Company is also subject to income tax in Canada.

The Company was subject to United States federal and state income taxes at an approximate rate of 21% for the years ended May 31, 2023 and 2022.

The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company's income tax expense as reported is as follows:

	2023 $		2022 $
Income tax recovery at statutory rate	(86,079	)	(773,066	)
Temporary differences	6,323		609,502
Valuation allowance change	79,756		163,564
Provision for income taxes	-		-

The significant components of deferred income tax assets and liabilities at May 31, 2023 and 2022, are as follows:

	2023 $		2022 $
Mineral property costs	916,355		910,033
Net operating losses carried forward	1,198,533		1,118,776
Gross deferred income tax assets	2,114,888		2,028,809
Valuation allowance	(2,114,888	)	(2,028,809	)
Net deferred income tax asset	-		-