NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Property and Equipment (Policies)

12 Months Ended

Jun. 30, 2022

Policies

Property and Equipment

Property and Equipment

Property is carried at cost. The cost of repairs and maintenance are expensed as incurred and major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows.

Vehicles	5 years
Mine equipment	7 years
General equipment	3-7 years
Small tools	1.25 years