EQUIPMENT AND EQUIPMENT LOAN

3 Months Ended

Oct. 31, 2019

Property, Plant and Equipment [Abstract]

EQUIPMENT AND EQUIPMENT LOAN

5. EQUIPMENT AND EQUIPMENT LOAN

Cost	Drilling equipment
At July 31, 2018 (Recast - Note 2)	$	550,052
Purchases		94,795
At July 31, 2019 (Recast - Note 2)	$	644,847
At October 31, 2019	$	644,847
Accumulated depreciation
At July 31, 2018 (Recast - Note 2)	$	1,772
Depreciation		18,729
At July 31, 2019 (Recast - Note 2)	$	20,501
Depreciation		5,830
At October 31, 2019	$	26,331
Total carrying value, July 31, 2019 (Recast - Note 2)	$	624,346
Total carrying value, October 31, 2019	$	618,516

During the year ended July 31, 2018, the Company recorded an equipment loan of $495,481 in connection with two diamond core drilling rigs purchased. The Company paid $332,020 including $21,982 of interest towards this loan as at October 31, 2019. As at October 31, 2019, the outstanding balance remaining on this loan was $163,461 (July 31, 2019 - $223,574).

Subsequent to period ended October 31, 2019, the Company settled the remaining balance of the equipment loan by paying C$190,000 ($143,018).