XML 17 R8.htm IDEA: XBRL DOCUMENT

Mineral Property	9 Months Ended
Jun. 30, 2016
Mineral Property
Mineral Property	3. Mineral Property (a) The Company has acquired the mineral rights to the Mogollon claim located in the Province of San Juan near the villages of Solorin and El Toro in the Dominican Republic for a price of $10,000 which included the cost of a geological report. (b) On June 1, 2016, the Company acquired the mineral rights to 500 lithium claims situated in the Railroad Valley in the Western Nevada Basin of Nye County, Nevada in exchange for $100,000 and the issuance of 16,000,000 common shares of the Company to be issued on June 15, 2016. The agreement is subject to a 2% net smelter return from the production or sale of minerals from the claims and may be reduced to 1% on a one-time payment of $1,000,000 at any time prior to commencement of commercial production. Furthermore, the Company is required to incur exploration expenditures of $77,500 prior to July 31, 2016. Subsequent to June 30, 2016, the agreement was amended to remove the net smelter return and in exchange, the Company issued an additional 636,943 common shares. Refer to Note 6. The total consideration given for the mineral rights was $27,051,549 which includes the $100,000 in $26,951,848 of common stock. The Company is unable to determine if it will generate any sales or cash inflows related to the mineral claims and therefore the total amount of $27,051,548 was impaired and recorded as an impairment loss for the period ended June 30, 2016.

Mineral Property

9 Months Ended

Jun. 30, 2016

3. Mineral Property

(a) The Company has acquired the mineral rights to the Mogollon claim located in the Province of San Juan near the villages of Solorin and El Toro in the Dominican Republic for a price of $10,000 which included the cost of a geological report.

(b) On June 1, 2016, the Company acquired the mineral rights to 500 lithium claims situated in the Railroad Valley in the Western Nevada Basin of Nye County, Nevada in exchange for $100,000 and the issuance of 16,000,000 common shares of the Company to be issued on June 15, 2016. The agreement is subject to a 2% net smelter return from the production or sale of minerals from the claims and may be reduced to 1% on a one-time payment of $1,000,000 at any time prior to commencement of commercial production. Furthermore, the Company is required to incur exploration expenditures of $77,500 prior to July 31, 2016. Subsequent to June 30, 2016, the agreement was amended to remove the net smelter return and in exchange, the Company issued an additional 636,943 common shares. Refer to Note 6.

The total consideration given for the mineral rights was $27,051,549 which includes the $100,000 in $26,951,848 of common stock. The Company is unable to determine if it will generate any sales or cash inflows related to the mineral claims and therefore the total amount of $27,051,548 was impaired and recorded as an impairment loss for the period ended June 30, 2016.