9. Related Party Transactions

12 Months Ended

Dec. 31, 2016

Related Party Transactions [Abstract]

9. Related Party Transactions

In August 2013 our founder, former officer and director, and significant shareholder, Marty Weigel, loaned us $9,000 to fund the start-up of our initial operations. Mr. Weigel has agreed to not accrue interest on the loan and has informally agreed to defer re-payment of the loan until such time as we have acquired a more stable source of funding.

As of December 31, 2016 and 2015 we owed Ingenium Accounting Associates, an accounting Firm controlled by Marty Weigel, $16,009 and $nil, respectively, related to payments made on our behalf to maintain our regulatory filings with the State of Nevada, and pay for operating expenses. In May 2015, we paid Ingenium Accounting Associates $1,635 to settle previously outstanding obligations.

As of December 31, 2016 and 2015, we owed Mr. Kersey $23,632 and $6,496, respectively, for administrative and travel expenses paid on our behalf. Mr. Kersey has agreed to defer repayment of these expenses until the Company’s cash resources significantly increase.

In November 2015, we acquired the QR claims and mining equipment with a total estimated fair value of $771,429 via the issuance of 6,000,000 shares of restricted and unregistered shares of common stock from Signal Mining and Exploration LLC, an entity controlled by Mr. William Jerome. Subsequent to the closing of the acquisition transaction, Mr. Jerome was elected to our Board of Directors.