XML 42 R26.htm IDEA: XBRL DOCUMENT v3.19.1
Note 4 - Mineral Properties (Details Textual)
$ / shares in Units, T in Millions
1 Months Ended 9 Months Ended 12 Months Ended 51 Months Ended
Nov. 26, 2018
shares
Nov. 15, 2018
CAD ($)
shares
Nov. 15, 2018
USD ($)
shares
Nov. 30, 2017
CAD ($)
shares
Nov. 22, 2017
USD ($)
Jun. 09, 2017
$ / shares
$ / oz
shares
Nov. 18, 2016
shares
Nov. 17, 2016
USD ($)
Nov. 10, 2016
CAD ($)
shares
Nov. 23, 2015
USD ($)
Nov. 18, 2015
shares
Nov. 05, 2015
CAD ($)
shares
Mar. 30, 2015
USD ($)
Nov. 17, 2014
USD ($)
Nov. 07, 2014
CAD ($)
shares
Nov. 25, 2013
CAD ($)
shares
Nov. 13, 2013
USD ($)
Mar. 28, 2013
USD ($)
T
$ / T
Oct. 31, 2012
USD ($)
Oct. 25, 2012
CAD ($)
shares
Mar. 01, 2011
USD ($)
Dec. 02, 2010
USD ($)
shares
Nov. 10, 2010
USD ($)
Oct. 27, 2008
USD ($)
Dec. 01, 2007
USD ($)
shares
Jun. 16, 2006
USD ($)
May 22, 2006
USD ($)
May 16, 2006
USD ($)
May 08, 2006
USD ($)
Dec. 31, 2013
CAD ($)
a
Dec. 31, 2013
USD ($)
a
Feb. 28, 2019
CAD ($)
Dec. 31, 2014
shares
Dec. 31, 2013
a
shares
May 31, 2013
CAD ($)
May 31, 2013
USD ($)
Dec. 31, 2012
shares
Dec. 31, 2011
shares
Mar. 31, 2015
shares
Feb. 28, 2019
USD ($)
May 31, 2018
CAD ($)
May 31, 2018
USD ($)
Mar. 31, 2018
USD ($)
Mar. 01, 2015
USD ($)
May 29, 2014
USD ($)
Mar. 01, 2014
USD ($)
May 31, 2013
USD ($)
Mar. 01, 2013
USD ($)
Mar. 01, 2012
USD ($)
Payments to Acquire Mineral Rights [1]                                                               $ 47,318                                  
Asset Retirement Obligations, Noncurrent, Total                                                               $ 374,642               $ 284,000 $ 366,641 $ 283,000              
North Bullfrog [Member]                                                                                                  
Unpatented Mineral Claims                                                               100.00%                                  
Payments to Acquire Mineral Rights [1],[2]                                                               $ 47,318                                  
Land Subject to Ground Leases | a                                                           1,600 1,600     1,600                              
North Bullfrog [Member] | Nevada Corporation [Member]                                                                                                  
Number of Patented Mining Claims Leased                                                         2                                        
Mining Lease Agreement Term of Contract                                                         10 years                                        
Capital Leases, Future Minimum Payments, Remainder of Fiscal Year                                                         $ 2,000                               $ 2,400        
Capital Leases, Future Minimum Payments Due in Three Years                                                         2,000                               2,400        
Capital Leases, Future Minimum Payments Due Thereafter                                                         $ 3,000                               $ 3,600        
Net Smelter Return, Royalty Percentage of Production                                                         3.00%                               3.00%        
Purchase Price of Each 1% NSR Royalty                                                         $ 850,000                               $ 770,000        
Purchase Price of NSR Royalty                                                         2,550,000                               2,310,000        
Capital Leases, Future Minimum Payments Due in Five Years                                                         3,000                               3,600        
Capital Leases, Future Minimum Payments Due in Two Years                                                         2,000                               2,400        
Capital Leases, Future Minimum Payments Due in Four Years                                                         $ 2,000                               $ 2,400        
North Bullfrog [Member] | Redstar Gold Corp. [Member]                                                                                                  
Number of Patented Mining Claims Leased                                               12   1 3 12 3                                        
Mining Lease Agreement Term of Contract                                               10 years   10 years 10 years 10 years 10 years                                        
Capital Leases, Future Minimum Payments, Remainder of Fiscal Year                                               $ 10,800   $ 2,000 $ 8,000 $ 20,500 $ 4,000                                        
Capital Leases, Future Minimum Payments Due in Three Years                                               10,800   2,000 4,800   3,500                                        
Capital Leases, Future Minimum Payments Due Thereafter                                               16,200   $ 3,000 $ 7,200 $ 20,000 $ 4,500                                        
Purchase Obligation, Total                                               $ 1,000,000                                                  
Net Smelter Return, Royalty Percentage of Production                                               4.00%   2.00% 2.00% 4.00% 2.00%                                        
Purchase Price of Each 1% NSR Royalty                                               $ 1,250,000   $ 1,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000                                        
Purchase Price of NSR Royalty                                               $ 5,000,000   2,000,000 2,000,000 $ 4,000,000 2,000,000                                        
Capital Leases, Future Minimum Payments Due in Five Years                                                   3,000 7,200   4,500                                        
Capital Leases, Future Minimum Payments Due in Two Years                                                   2,000 4,800                                            
Capital Leases, Future Minimum Payments Due in Four Years                                                   $ 2,000 $ 4,800   $ 3,500                                        
North Bullfrog [Member] | Corvus Gold Nevada Inc. [Member]                                                                                                  
Number of Patented Mining Claims Leased                                         2                                                        
Mining Lease Agreement Term of Contract                                         10 years                                                        
Net Smelter Return, Royalty Percentage of Production                         4.00%               2.00%                                                        
Purchase Price of Each 1% NSR Royalty                         $ 500,000               $ 1,000,000                                                        
Purchase Price of NSR Royalty                         $ 2,000,000               2,000,000                                                        
Lease Term                         3 years                       5 years                                                
Additional Lease Term                         7 years                       5 years                                                
Additional Term if the Company Makes Advance Minimum Royalty Payments of USD100,000 per year                                                 3 years                                                
Advance Royalties Payment                         $ 5,000               $ 20,000       $ 100,000                                   $ 5,000 $ 30,000   $ 25,000   $ 25,000 $ 25,000
Mining Lease Agreement Term of Contract, Extension Term                                         10 years       10 years                                                
Lease Payment for Patented Mining Claims Lease     $ 10,000   $ 10,000     $ 10,000   $ 10,000       $ 10,000     $ 10,000   $ 10,000           $ 5,000                                                
Lease Payments Common Shares Issued | shares 25,000     25,000     25,000       25,000                                           25,000 25,000     25,000 10,000 85,000                    
Additional Lease Payment for Patented Mining Claims Lease on Each Year                                                 $ 5,000                                                
Lease Payments Additional Common Shares Issued | shares                                                 20,000                                                
Cash Payment in Lieu of Issuing Shares Under Lease Agreement                                             $ 108,750                                                    
Common Stock Issued During Period Shares Issued for Lease Payments | shares                                           46,250                                                      
Lease Payment for Patended Mining Claims Upon Extend Lease                                           $ 10,000                                                      
Cash Payment Along with Shares Issued as Lease Payment   $ 34,116   $ 25,655         $ 53,447     $ 19,237     $ 21,200 $ 35,871       $ 126,924                                                          
Work Commitments for the First Three Year                                                 $ 100,000                                                
Work Commitments for the Years 4 to 6                                                 200,000                                                
Work Commitments for the years 7 to 10                                                 300,000                                                
Work Commitments for the years 11 to 20                                                 $ 300,000                                                
Percentage of NSR Royalty Required to Pay If Average Gold Price Less than or Equal to USD400 per Ounce                                                 2.00%                                                
Percentage of NSR Royalty Required to Pay If Average Gold Price Between USD401 and USD500 per Ounce                                                 3.00%                                                
Percentage of NSR Royalty Required to Pay if Average Gold Price Greater than USD500 per Ounce                                                 4.00%                                                
Patented Mining Claims, Agreed to Purchase                                   5                                                              
Purchase Agreement Payable                                   $ 160,000                                                              
Price Per Ton Of Overburden to be Stored On Property | $ / T                                   0.02                                                              
Minimum Storage Capacity of Property | T                                   12                                                              
Notes Payable, Total                                   $ 240,000                                 $ 248,832                       $ 240,000    
Acquisition Costs, Period Cost                                                                     406,240 $ 400,000                          
Payments to Acquire Mineral Rights                                                                     $ 157,408                            
Number of Patented Sunflower Claims                         3                                                                        
Lease Agreement, Option to Purchase Property, Purcahse Price                         $ 300,000                                                                        
Stock Issued During Period, Shares, Acquisitions | shares 25,000                                                                                                
North Bullfrog [Member] | Corvus Gold Nevada Inc. [Member] | Promissory Note Payable [Member]                                                                                                  
Debt Instrument, Interest Rate, Effective Percentage                                   4.77%                                                              
North Bullfrog [Member] | International Tower Hill Mines Ltd. [Member]                                                                                                  
Lease Payments Common Shares Issued | shares   50,000 50,000 50,000         50,000     50,000     50,000 50,000       50,000         25,000                                                
Lease Payments Common Shares Issued Upon Extend Lease | shares                                           50,000                                                      
Lease Payments Additional Common Shares Issued Upon Extend Lease | shares                                           50,000                                                      
Land and Water Rights [Member]                                                                                                  
Payments to Acquire Mineral Rights                                                           $ 1,100,118 $ 1,034,626                                    
Mother Lode Property [Member]                                                                                                  
Payments to Acquire Mineral Rights                                                                                                
Mother Lode Property [Member] | Goldcorp USA, Inc [Member]                                                                                                  
Stock Issued During Period, Shares, Acquisitions | shares           1,000,000                                                                                      
Shares Issued, Price Per Share | $ / shares           $ 0.81                                                                                      
Mother Lode Property [Member] | Goldcorp USA, Inc [Member]                                                                                                  
Net Smelter Return, Royalty Percentage of Production Based on Specified Maximum Gold Price           1.00%                                                                                      
Net Smelter Return, Maximum Gold Price | $ / oz           1,400                                                                                      
Net Smelter Return, Additional Royalty Percentage of Production Based on Specified Minimum Gold Price           1.00%                                                                                      
Net Smelter Return, Total Royalty Percentage of Production           2.00%                                                                                      
Net Smelter Return, Minimum Gold Price | $ / oz           1,400                                                                                      
[1] Pursuant to a mining lease and option to purchase agreement made effective December 1, 2007 between Corvus Nevada and a group of arm's length limited partnerships, Corvus Nevada has leased (and has the option to purchase) patented mining claims referred to as the "Mayflower" claims which form part of the North Bullfrog project. The terms of the lease/option are as follows: Terms: Initial term of five years, commencing December 1, 2007, with the option to extend the lease for an additional five years. The lease will continue for as long thereafter as the property is in commercial production or, alternatively, for an additional three years if Corvus Nevada makes advance minimum royalty payments of USD 100,000 per year (which are recoupable against actual production royalties). Pursuant to an extension agreement dated January 15, 2016 and fully executed and effective as of November 22, 2017, the parties agreed to extend the lease and option granted for an additional ten years with the same lease payment terms. Lease Payments: USD 5,000 (paid) and 25,000 common shares of ITH (delivered) following regulatory acceptance of the transaction; and an additional USD 5,000 and 20,000 common shares on each of the first through fourth lease anniversaries (paid and issued). Pursuant to an agreement with the lessors, in lieu of the 20,000 ITH common shares due December 1, 2010, Corvus Nevada paid USD 108,750 on November 10, 2010 and delivered 46,250 common shares of the Company on December 2, 2010. If Corvus Nevada elects to extend the lease for a second five-year term, it will pay USD 10,000 and deliver 50,000 common shares of ITH upon election being made, and an additional 50,000 common shares of ITH on each of the fifth through ninth anniversaries (USD 10,000 paid on October 31, 2012 and 50,000 common shares of ITH delivered on October 25, 2012 paid with cash of $126,924; USD 10,000 paid on November 13, 2013 and 50,000 common shares of ITH delivered on November 25, 2013 paid with cash of $35,871; USD 10,000 paid on November 17, 2014 and 50,000 common shares of ITH delivered on November 7, 2014 paid with cash of $21,200; USD 10,000 paid on November 23, 2015 and 50,000 common shares of ITH delivered on November 5, 2015 paid with cash of $19,237; USD 10,000 paid on November 17, 2016 and 50,000 common shares of ITH, purchased for $53,447 in the market by the Company, were delivered on November 10, 2016; and USD 10,000 paid on November 22, 2017 and 50,000 common shares of ITH, purchased for $25,655 in the market by the Company, were delivered on November 30, 2017; and USD 10,000 paid on November 15, 2018 and 50,000 common shares of ITH, purchased for $34,116 in the market by the Company, were delivered on November 6, 2018). Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in March 2015, the Company shall deliver a total of 85,000 common shares (issued) of the Company for the years 2011 to 2014 (2011: 10,000 common shares; 2012 to 2014: 25,000 common shares each year). All future payments will be satisfied by the delivery of an additional 1/2 common shares of the Company for each of the ITH common shares due per the original agreement (issued 25,000 common shares of the Company on November 18, 2015; 25,000 shares of the Company on November 18, 2016; 25,000 shares of the Company on November 30, 2017 and 25,000 shares of the Company on November 26, 2018). Work Commitments: USD 100,000 per year for the first three years (incurred), USD 200,000 per year for the years four to six (incurred), USD 300,000 for the years seven to ten (incurred) and USD 300,000 for the years 11 - 20 (incurred). Excess expenditures in any year may be carried forward. If Corvus Nevada does not incur the required expenditures in year one, the deficiency is required to be paid to the lessors. Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of 2% if the average gold price is USD 400 per ounce or less, 3% if the average gold price is between USD 401 and USD 500 per ounce and 4% if the average gold price is greater than USD 500 per ounce.
[2] North Bullfrog Project, Nevada The Company's North Bullfrog project consists of certain leased patented lode mining claims and federal unpatented mining claims owned 100% by the Company.