INCOME TAXES

12 Months Ended

Jul. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES [Text Block]

12. INCOME TAXES

A reconciliation of income taxes (recovery) at statutory rates with the reported taxes is as follows:

		2023			2022
Loss before income taxes	$	(3,660,382	)	$	(3,464,127	)
Expected income tax (recovery) at statutory tax rates	$	(978,000	)	$	(887,000	)
Change in statutory, foreign tax, foreign exchange rates and other		703,000			1,068,000
Permanent differences		125,000			101,000
Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses		(1,391,000	)		-
Change in unrecognized deductible temporary difference		1,541,000			(282,000	)
Income tax recovery	$	-		$	-

Significant components of deferred tax assets (liabilities) that have not been included on the Company's consolidated balance sheet are as follows:

		2023			2022
Deferred tax assets (liabilities):
Exploration and evaluation assets	$	310,000		$	49,000
Mineral property interest		(87,000	)		(21,000	)
Non-capital losses available for future period		4,125,000			1,630,000
		4,348,000			1,658,000
Unrecognized deferred tax assets		(4,348,000	)		(1,658,000	)
Net deferred tax assets	$	-		$	-

The Company has approximately $11,502,000 (2022 - $6,100,000) in net operating losses which may be carried forward and applied against taxable income in future years.

The significant components of the Company's temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of financial position are as follows:

		2023		Expiry Date Range		2022	Expiry Date Range
Temporary Differences
Exploration and evaluation assets	$	1,161,000		No expiry date	$	181,000	No expiry date
Equipment		(326,000	)	No expiry date		81,000	No expiry date
Non-capital losses available for future period		11,502,000		2027 to Indefinite		6,100,000	2027 to Indefinite
USA	$	12,337,000		2027 to Indefinite	$	6,362,000	2027 to Indefinite

Tax attributes are subject to review and potential adjustments by tax authorities.