XML 58 R33.htm IDEA: XBRL DOCUMENT v3.19.2
Note 5 - Mineral Properties - Activity Related to Capitalized Acquisition Costs (Details) - CAD ($)
12 Months Ended
Jun. 09, 2017
May 31, 2019
May 31, 2018
Balance   $ 5,238,789 $ 4,527,740
Cash payments (note 5a)(ii)(1)) [1]   47,318 38,384
Share issued for capitalized acquisition costs [1]   59,500 847,000
Asset retirement obligations   36,250 40,374
Currency translation adjustments   237,148 (214,709)
Balance   5,619,005 5,238,789
North Bullfrog [Member]      
Balance [2]   4,428,752 4,527,740
Cash payments (note 5a)(ii)(1)) [1],[2]   47,318 38,384
Share issued for capitalized acquisition costs [1],[2]   59,500 37,000
Asset retirement obligations [2]   24,765 9,899
Currency translation adjustments [2]   200,922 (184,271)
Balance [2]   4,761,257 4,428,752
Mother Lode Property [Member]      
Balance [3]   810,037
Cash payments (note 5a)(ii)(1)) [3]  
Share issued for capitalized acquisition costs $ 810,000 [3] 810,000 [3]
Asset retirement obligations [3]   11,485 30,475
Currency translation adjustments [3]   36,226 (30,438)
Balance [3]   $ 857,748 $ 810,037
[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. 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: Corvus Nevada will pay USD 10,000 and deliver 50,000 common shares of ITH (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, 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 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] The Company's North Bullfrog project consists of certain leased patented lode mining claims and federal unpatented mining claims owned 100% by the Company.
[3] Pursuant to a purchase agreement made effective June 9, 2017 between Corvus Nevada and Goldcorp USA, Inc. ("Goldcorp USA"), Corvus Nevada has acquired 100% of the Mother Lode property (the "Mother Lode Property"). In addition, Corvus Nevada staked two additional adjacent claim blocks to the Mother Lode Property. In connection with the acquisition, the Company issued 1,000,000 common shares at a price of $0.81 per common share to Goldcorp USA (note 6). The Mother Lode Property is subject to an NSR in favour of Goldcorp USA. The NSR pays 1% from production at the Mother Lode Property when the price of gold is less than USD 1,400 per ounce and an additional 1% NSR for a total of 2% NSR when gold price is greater than or equal to USD 1,400 per ounce.