REMEDIATION AND ASSET RETIREMENT OBLIGATION

12 Months Ended

Dec. 31, 2021

Asset Retirement Obligation Disclosure [Abstract]

REMEDIATION AND ASSET RETIREMENT OBLIGATION

10. REMEDIATION AND ASSET RETIREMENT OBLIGATION

On an ongoing basis, management evaluates its estimates and assumptions; however, actual amounts could differ from those based on such estimates and assumptions. Changes to the Company’s asset retirement obligation on its Chandalar property are as follows:

	December 31, 2021		December 31, 2020
Asset Retirement Obligation – beginning balance	$	162,189	$	155,951
Accretion		6,488		6,238
Asset Retirement Obligation – ending balance	$	168,677	$	162,189

Due to the uncertainly of the outcome of arbitration, it is not possible at this time to reasonably estimate or quantify what future obligation may be required to be recorded for the Company’s prior mining activities (see Note 4 – Joint Venture; Arbitration).

The Company is responsible to remediate areas previously disturbed by mining activities, with the exception of certain access roads, airstrips or other amenities that are permanent in nature and improve the general access and maintainability of state lands covered by the Company’s mining claims. The Company has accrued $100,000 and $100,000, respectively, for remediation required at a former owner’s mine site in addition to the asset retirement obligation as of December 31, 2021 and 2020.