SRGZ Star Gold Corporation (QB)

Contents

 

PART I - FINANCIAL INFORMATION		3
ITEM 1.	FINANCIAL STATEMENTS	3
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION	12
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	20
ITEM 4.	CONTROLS AND PROCEDURES	21
PART II - OTHER INFORMATION		21
ITEM 1.	LEGAL PROCEEDINGS.	21
ITEM 1A.	RISK FACTORS	21
ITEM 2.	RECENT SALES OF UNREGISTERED SECURITIES.	21
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	21
ITEM 4.	MINE SAFETY DISCOSURES.	21
ITEM 5.	OTHER INFORMATION	21
ITEM 6.	EXHIBITS	22

 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1.

FINANCIAL STATEMENTS

 

STAR GOLD CORP.

CONDENSED INTERIM BALANCE SHEETS (UNAUDITED)

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 

STAR GOLD CORP.

CONDENSED INTERIM STATEMENTS OF OPERATIONS (UNAUDITED)

  

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 

STAR GOLD CORP.

CONDENSED INTERIM STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT) (UNAUDITED)

For the three months ended July 31, 2024 and 2023

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 

STAR GOLD CORP.

CONDENSED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED)

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 

July 31, 2024

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NOTE 1 – NATURE OF OPERATIONS

 

Star Gold Corp. (the “Company”) was initially incorporated as Elan Development, Inc., in the State of Nevada on December 8, 2006. The Company was originally organized to explore mineral properties in British Columbia, Canada but the Company is currently focusing on gold, silver and other base metal-bearing properties in Nevada.

 

The Company’s core business consists of assembling and/or acquiring land packages and mining claims the Company believes have potential mining reserves, and expending capital to explore these claims by drilling, and performing geophysical work or other exploration work deemed necessary. The business is a high-risk business as there is no guarantee that the Company’s exploration work will ultimately discover or produce any economically viable minerals.

 

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods reported. The condensed balance sheet at  April 30, 2024 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Operating results for the three-month period ended  July 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2025.

 

These unaudited condensed interim financial statements have been prepared by management in accordance with generally accepted accounting principles used in the United States of America (“U.S. GAAP”). These unaudited condensed interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2024 filed with the Securities and Exchange Commission on August 13, 2024.

 

The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements.

 

Going Concern

 

As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of July 31, 2024, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows. As shown in the accompanying condensed balance sheet as of July 31, 2024, the Company has an accumulated deficit of  $12,956,976.  On  July 31, 2024, the Company's working capital deficit was $320,873. The lack of sufficient working capital to meet current obligations, continuing losses and ongoing cash used by operating activities raises substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence. Achievement of the Company’s objectives will depend on the ability to obtain additional financing, to locate profitable mining properties and generate revenue from current and planned business operations, and control costs. The Company plans to fund its future operations by joint venturing or obtaining additional financing from investors and/or lenders.

 

Financial Instruments 

 

The Company's financial instruments include cash and cash equivalents, reclamation bonds, promissory notes related parties and convertible promissory notes, related parties.

 

Cash and cash equivalents, reclamation bonds, promissory notes, related party and convertible promissory notes, related parties are accounted for on a cost basis, which, due to the short maturity of these financial instruments, approximates fair value at July 31, 2024.

 

New Accounting Pronouncements

 

Accounting Standards Updates Adopted

 

In August 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective application of the amendments are permitted. We do not expect adoption of the new guidance to have a material impact on our financial statements and disclosures.

 

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our financial statements and disclosures.

 

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STAR GOLD CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

 

In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our financial statements and disclosures.

 

Accounting standards that have been issued or proposed by the Financial Accounting Standards Board ("FASB") that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

 

Reclassifications

 

Certain reclassifications have been made to the April 30, 2024 financial statements in order to conform to the July 31, 2024 financial statement presentation.  These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported.  

 

NOTE 3 – EARNINGS PER SHARE

 

Basic Earnings Per Share (“EPS”) is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, convertible promissory notes including accrued interest and warrants.

 

The outstanding securities on July 31, 2024 and 2023 that could have a dilutive effect are as follows:

 

		July 31, 2024				July 31, 2023
Stock options			3,435,000				3,435,000
Convertible promissory notes and accrued interest, related parties			30,131,043				19,876,945
Warrants			2,000,000				2,000,000
Total Possible Dilution			35,566,043				25,311,945

 

For the three-months ended  July 31, 2024 and 2023 , respectively, the effect of the Company’s outstanding stock options, convertible promissory notes and accrued interest, related parties and warrants would have been anti-dilutive and so are excluded in the calculation of diluted EPS.

 

NOTE 4 –MINING INTEREST

 

The following is a summary of the Company’s equipment and mining interest on  July 31, 2024 and April 30, 2024.

 

		July 31, 2024				April 30, 2024
Mining interest - Longstreet			602,167				590,167
Total		$	602,167			$	590,167

 

Pursuant to the Longstreet Property Option Agreement with Great Basin Resources, Inc. (“Great Basin”), as amended, which was originally entered into by the Company on or about January 15, 2010 (the “Longstreet Agreement”), the Company leased, with an option to acquire, unpatented mining claims located in the State of Nevada known as the Longstreet Property. Through August 12, 2019, the Company was required to make minimal lease payments in the form of cash and options to purchase shares of the Company’s common stock.

 

On August 24, 2020, the Company executed an amendment which grants the Company the option, to be exercised no later than six (6) months following the first receipt of proceeds from the sale of ore from the Longstreet Property, to purchase one-half of Great Basin’s 3.0% Net Smelter Royalty on the Longstreet Project for a payment of $1,750,000.

 

In addition, the Company is obligated, pursuant to the Longstreet Agreement, as amended, to pay an annual advance royalty payment of $12,000 related to the Clifford claims. For the three months ended  July 31, 2024 and 2023respectively, the Company paid the annual $12,000 advance royalty on the Longstreet Property.

 

At July 31, 2024 and April 30, 2024, the Company has a reclamation bond of $89,400 with the United States Department of Agriculture-Forest Service to increase the Reclamation Bond as collateral on the Longstreet Property. The bond is collateral on reclamation of planned drilling activities on the Longstreet Property and is refundable subject to the Company completing defined reclamation actions upon completion of drilling.

 

NOTE 5– RELATED PARTY TRANSACTIONS

 

The following is a summary of the Company's Promissory notes, related parties and convertible promissory notes, related parties as of  July 31, 2024:

 

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STAR GOLD CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

 

 

Maturity date		Interest rate				Conversion price per share				Shares (if converted)				Principal amount				Accrued interest				Total
Promissory notes, related parties
March 31, 2024			8	%		$	-				-			$	-			$	852			$	852
August 24, 2026			8	%			-				-				15,000				1,731				16,731
August 24, 2026			8	%			-				-				35,000				2,624				37,624
											-			$	50,000			$	5,207			$	55,207
Convertible promissory notes, related parties
April 30, 2025			5	%		$	0.05				3,400,274				150,000				20,014				170,014
April 14, 2026			8	%			0.02				15,042,301				260,000				40,846				300,846
April 14, 2026			8	%			0.02				2,897,712				52,500				5,454				57,954
October 24, 2026			8	%			0.0206				772,818				15,000				920				15,920
October 24, 2026			8	%			0.0206				4,643,756				90,000				5,661				95,661
March 22, 2027			8	%			0.0165				1,252,769				20,000				671				20,671
June 26, 2027			8	%			0.0190				2,121,413				40,000				307				40,307
											30,131,043			$	627,500			$	73,873			$	701,373

 

The following is a summary of the Company's Promissory notes, related parties and convertible promissory notes, related parties as of April 30, 2024:

 

Maturity date		Interest rate				Conversion price per share				Shares (if converted)				Principal amount				Accrued interest				Total
Promissory notes, related parties
March 31, 2024			8	%		$	-				-			$	-			$	852			$	852
June 28, 2024			8	%			-				-				15,000				1,328				16,328
August 24, 2024			8	%			-				-				35,000				1,918				36,918
											-			$	50,000			$	4,098			$	54,098
Convertible promissory notes, related parties
April 30, 2025			5	%		$	0.05				3,362,466				150,000				18,123				168,123
April 14, 2026			8	%			0.02				14,780,164				260,000				35,603				295,603
April 14, 2026			8	%			0.02				2,844,781				52,500				4,396				56,896
October 24, 2026			8	%			0.0206				758,159				15,000				618				15,618
October 24, 2026			8	%			0.0206				4,555,659				90,000				3,847				93,847
March 22, 2027			8	%			0.0165				1,228,327				20,000				267				20,267
											27,529,556			$	587,500			$	62,854			$	650,354

 

 

Promissory notes, related party

 

On  June 28, 2023, the Company entered into a promissory note with the Chairman of the Board of Directors in the amount of $20,000.  The promissory note had a maturity date of  June 28, 2024 which was subsequently extended to  August 24, 2026.  The note accrues interest at 8% per annum. As of  July 31, 2024 the balance of the promissory note is $15,000. 

 

On  August 24, 2023, the Company entered into a promissory note with the Chairman of the Board of Directors in the amount of $35,000.  The promissory note had a maturity date of  August 24, 2024 which was subsequently extended to  August 24, 2026.  The note accrues interest at 8% per annum.  As of  July 31, 2024, the balance of the promissory note is $35,000.

 

During the year ended  April 30, 2024, the Company repaid $20,000 on promissory notes due to the Chairman of the Board of Directors. 

 

As of   July 31, 2024  and  April 30, 2024 , respectively,  the principal balance of the promissory notes, related party is $50,000.  As of  July 31, 2024 and   April 30, 2024 , accrued interest on the promissory notes, related party is $5,207 and $4,098, respectively, which is included in "Accrued interest, related parties" on the balance sheet. 

 

Convertible promissory notes, related parties

 

On   November 30, 2021, the Company entered into four Convertible Promissory Notes (the “Convertible Promissory Notes”) with certain officers and directors of the Company in consideration of deferred compensation totaling $150,000. The notes accrue interest at 5% per annum with monthly interest-only payments through   April 30, 2025. The notes mature   April 30, 2025.  The Convertible Promissory Notes and accrued interest are convertible at any time after the original issue date into a number of shares of the Company’s Common Stock, determined by dividing the amount to be converted by a conversion price equal to $0.05 per share.  As of July 31, 2024 and April 30, 2024, the balance outstanding on the Convertible Promissory Notes is $150,000 and shown in the balance sheet within the current portion, long-term debt. The balance of accrued interest on the Convertible Promissory Notes is $20,014 and $18,123 at July 31, 2024 and April 30, 2024, respectively. The Convertible Promissory Notes and accrued interest are convertible into an aggregate of 3,400,274 shares. 

 

On    April 14, 2023, the Company issued four convertible promissory notes (the "  April 14, 2023 Notes")  with an aggregate principal amount $312,500.  One note was issued to a related party, controlled by two members of the Board, in conversion and satisfaction of three existing promissory notes, totaling $260,000 issued by the Company on   July 5, 2022,   August 4, 2022 and   January 17, 2023 respectively.  Three of the   April 14, 2023 Notes were issued to an officer, a member of the Company’s Board of Directors and an entity controlled by two members of the Board of Directors totaling $52,500.  The   April 14, 2023 Notes bear eight percent (8%) interest and have a maturity date of   April 14, 2026 (the “Maturity Date”). There are no required periodic payments due under the Notes and the entire amount of accrued interest and unpaid principal is due and payable on the maturity date. The Notes and accrued interest are convertible into 17,940,013 shares of common stock of the Company at the conversion price of  $0.0206 per share.

 

On   October 24, 2023, the Company issued two convertible promissory notes (the "  October 24, 2023 Convertible Notes")  with an aggregate principal amount of $105,000.  One note was issued to a related party entity, controlled by two members of the Board, totaling $90,000.  The other note was issued to an officer of the Company in the amount of $15,000.    The   October 24, 2023 Convertible Notes have a maturity date of  October 24, 2026 and accrues interest at 8% per annum. There are no required periodic payments due under the Notes and the entire amount of accrued interest and unpaid principal is due and payable on the Maturity Date. The notes and accrued interest are convertible into 5,416,574 shares of common stock of the Company at the conversion price of $.0206 per share.

 

On  March 22, 2024, the Company issued a convertible promissory notes (the  "March 22, 2024 Convertible Note")  with an principal amount of $20,000 to a related party entity controlled by two members of the Board.  The   March 22, 2024 Convertible Note has a maturity date of  March 22, 2027 and accrues interest at 8% per annum. There are no required periodic payments due under the Notes and the entire amount of accrued interest and unpaid principal is due and payable on the Maturity Date. The notes and accrued interest are convertible into 1,252,769 shares of common stock of the Company at the conversion price of $.0165 per share.

 

On June 26, 2024, the Company issued a convertible promissory note (the “June 26, 2024 Convertible Note”) with a principal amount of $40,000 to a related party entity controlled by two members of the Board.  The June 26, 2024 Convertible Note has a maturity date of June 26, 2027 and accrues interest at 8% per annum.  There are no required periodic payments due under the note and the entire amount of accrued interest and unpaid principal is due and payable on the Maturity Date.  The notes and accrued interest are convertible into 2,121,413 shares of common stock of the Company at a conversion price of $.019 per share.

 

At  July 31, 2024 and  April 30, 2024, the balance of accrued interest due to related parties from convertible promissory notes is $73,873 and $62,854, respectively, which is included in “Accrued interest, related parties” on the balance sheet.

 

For the three months ended July 31, 2024 and 2023 , the Company recognized interest expense, related parties of $12,128 and $7,873, respectively.  

 

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STAR GOLD CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

 

Consulting agreements

 

On  May 1, 2021, the Company entered into consulting agreements with four members of the Company’s management team (the “consulting agreements”). The Company entered into an agreement each with the Chairman of the Board, the President, the Chief Financial Officer and the Vice President of Finance.

 

Each agreement is for a two-year period, automatically renewable annually thereafter, and paid each executive $6,000 per month. Each executive was eligible to receive a bonus payable upon a change in control event equal to eighteen (18) months’ compensation. The consulting agreements superseded any previous agreements or resolutions.

 

Effective  December 1, 2021, the consulting agreements were amended. Under the terms of the amended agreements, three executives are to be paid $1 annual compensation and one executive will be paid $2,500 per month. Each executive is eligible to receive a bonus payable of $108,000 upon a change of control.

 

For the three months ended July 31, 2024 and 2023 , the Company recognized $7,500 and $7,500, respectively, in management and administrative expense under the consulting agreements.

 

NOTE 6 – WARRANTS

 

On October 31, 2021, the Company granted 2,000,000 warrants to purchase Common Stock in lieu of cash payment for future services. The warrants have an exercise price of $0.0442. The expiration date of the warrants is October 31, 2026. 

 

No warrants were issued, exercised, expired or forfeited during the three months ended July 31, 2024 or 2023.

 

NOTE 7– STOCK OPTIONS

 

Options issued for mining interest

 

In consideration for its mining interest in prior years (see Note 4), the Company was obligated to issue stock options to purchase shares of the Company’s common stock based on “fair market price” which for financial statement purposes is considered to be the closing price of the Company’s common stock on the issue dates. Those costs were capitalized as mining interest.

 

Options outstanding for mining interest totaled 935,000 at July 31, 2024 and  April 30, 2024 and are fully vested. As of July 31, 2024, the remaining weighted average term of the option grants for mining interest was 0.08 years. As of July 31, 2024, the weighted average exercise price of the option grants for mining interest was $0.04 per share.

 

Options issued under the 2011 Stock Option/Restricted Stock Plan

 

The Company established the 2011 Stock Option/Restricted Stock Plan (the “2011 Plan”). The 2011 Plan is administered by the Board of Directors and provides for the grant of stock options to eligible individual including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction.

 

No options were issued, exercised, expired or forfeited under the Stock Option Plan during the three-months ended  July 31, 2024 or 2024.

 

The total value of stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of  July 31, 2024 and April 30, 2024, respectively, there was no unrecognized compensation cost related to stock-based options and awards.  As of July 31, 2024, the remaining average term of the 2011 Plan option grants was 1.75 years.  As of July 31, 2024, the weighted average exercise price of the options issued under the 2011 plan was $0.06. 

 

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STAR GOLD CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

 

The following table summarizes additional information about the options under the Company's Stock Option Plan:

 

Options outstanding and exercisable

Remaining Term

Date of Grant

Shares

(years)

Price

April 30, 2021

2,500,000

1.75

0.06

 

Summary:

 

The following is a summary of the Company’s stock options outstanding and exercisable:

 

						Weighted Average
		All options				Exercise Price
Balance outstanding at April 30, 2024 and July 31, 2024			3,435,000			$	0.055

 

							Weighted
							Average				Weighted
							Remaining Term				Average Exercise
Options issued for:		Options				(years)				Price
Mining interests			935,000				0.08			$	0.04
Stock option plan			2,500,000				1.75				0.06
Outstanding and exercisable at July 31, 2024			3,435,000							$	0.055

 

The aggregate intrinsic value of all options vested and exercisable at July 31, 2024, was $Nil based on the Company’s closing price of $0.0131 per common share at July 31, 2024. The Company’s current policy is to issue new shares to satisfy option exercises.

 

NOTE 8– SUBSEQUENT EVENTS

 

On  August 5, 2024, the Company entered into a promissory note with the Chairman of the Board of Directors in the amount of $5,000.  The promissory note had a maturity date of  August 24, 2026.   The note accrues interest at 8% per annum.

 

On August 11, 2024, the Company amended the June 28, 2023 and August 24, 2023 promissory notes with the Chairman of the Board of Directors.  The amendment extended the maturity date of the promissory notes to August 24, 2026 (Note 5).

 

On  September 10, 2024, the Company entered into a promissory note with the Chairman of the Board of Directors in the amount of $15,000.  The promissory note had a maturity date of  September 10, 2027.   The note accrues interest at 8% per annum.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This quarterly report and the exhibits attached hereto contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements concern the Company’s anticipated results and developments in the Company’s operations in future periods, planned exploration and development of its properties, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

 

Any statement that expresses or involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates”, or “intends”, or states that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:

 

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Risks related to the Company’s properties being in the exploration stage;

 

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Risks related to the mineral operations being subject to government regulation;

 

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Risks related to environmental concerns;

 

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Risks related to the Company’s ability to obtain additional capital to develop the Company’s resources, if any;

 

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Risks related to mineral exploration and development activities;

 

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Risks related to mineral estimates;

 

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Risks related to the Company’s insurance coverage for operating risks;

 

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Risks related to the fluctuation of prices for precious and base metals, such as gold, silver and copper;

 

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Risks related to the competitive industry of mineral exploration;

 

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Risks related to the title and rights in the Company’s mineral properties;

 

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Risks related to the possible dilution of the Company’s common stock from additional financing activities;

 

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Risks related to potential conflicts of interest with the Company’s management; and

 

●

Risks related to the Company’s shares of common stock.

 

This list is not exhaustive of the factors that may affect the Company’s forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the sections titled “Risk Factors and Uncertainties”, “Description of Business” and “Management’s Discussion and Analysis” of this Quarterly Report. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Star Gold Corp. disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law. The Company advises readers to carefully review the reports and documents filed from time to time with the Securities and Exchange Commission (the “SEC”), particularly the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

 

Star Gold Corp qualifies all forward-looking statements contained in this Quarterly Report by the foregoing cautionary statement.

 

Certain statements contained in this Quarterly Report on Form 10-Q constitute “forward-looking statements.” These statements, identified by words such as “plan,” “anticipate,” “believe,” “estimate,” “should,” “expect,” and similar expressions include the Company’s expectations and objectives regarding its future financial position, operating results and business strategy. These statements reflect the current views of management with respect to future events and are subject to risks, uncertainties and other factors that may cause actual results, performance or achievements, or industry results, to be materially different from those described in the forward-looking statements. Such risks and uncertainties include those set forth under the caption “Management’s Discussion and Analysis or Plan of Operation” and elsewhere in this Quarterly Report.

 

 

As used in this Quarterly Report, the terms “we,” “us,” “our,” “Star Gold,” and the “Company”, mean Star Gold Corp., unless otherwise indicated. All dollar amounts in this Quarterly Report are expressed in U.S. dollars, unless otherwise indicated. Management’s Discussion and Analysis is intended to be read in conjunction with the Company’s financial statements and the integral notes (“Notes”) thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ending April 30, 2024. The following statements may be forward-looking in nature and actual results may differ materially.

 

Corporate Background

 

The Company was originally incorporated on December 8, 2006, under the laws of the State of Nevada as Elan Development, Inc. On April 25, 2008, the name of the Company was changed to Star Gold Corp. Star Gold Corp. is a pre-development stage company engaged in the acquisition and exploration of precious metal deposit properties and advancing them toward production. The Company is engaged in the business of exploring, evaluating and acquiring mineral prospects with the potential for economic deposits of precious and base metals.

 

Star Gold Corp. originally leased with an option to acquire certain unpatented mining claims located in the State of Nevada which in part make up what we refer to as the “Longstreet Property” or the “Longstreet Project.” The Longstreet Property in its entirety comprises 142 mineral claims: 75 original optioned claims, of which 70 are unpatented staked claims and five claims leased from local ranchers, pursuant to the “Clifford Lease”; as well as 50 claims subsequently staked by Star Gold. The Longstreet Property covers a total area of approximately 2,500 acres (1,012 ha). The Longstreet Project is at an intermediate stage of exploration.

 

The Company has no patents, licenses, franchises or concessions which are considered by the Company to be of importance. The business is not of a seasonal nature. Because minerals are traded in the open market, the Company has little to no control over the competitive conditions in the industry.

 

Overview of Mineral Exploration and Current Operations

 

Star Gold Corp. is a pre-development stage mineral company with no producing mines. Mineral exploration is essentially a research activity that does not produce a product. The Company acquires properties which it believes have potential to host economic concentrations of minerals, particularly gold and silver. These acquisitions have and may take the form of unpatented mining claims on federal land, or leasing claims, or private property owned by others. An unpatented mining claim is an interest, that can be acquired, in the mineral rights on open lands of the federally owned public domain. Claims are staked in accordance with the Mining Law of 1872, recorded with the federal government pursuant to laws and regulations established by the Bureau of Land Management. The Company intends to remain in the business of exploring for mining properties that have the potential to produce gold, silver, base metals and other commodities.

 

The Company will perform basic geological work to identify specific drill targets on the properties, and then collect subsurface samples by drilling to confirm the presence of mineralization (the presence of economic minerals in a specific area or geological formation). The Company may enter joint venture agreements with other companies to fund further exploration and/or development work. It is the Company’s plan to focus on assembling a high-quality group of mid-stage mineral (primarily gold and silver) exploration prospects, using the experience and contacts of the management group. By such prospects, the Company means properties that have been previously identified by third parties, (including prior owners and/or exploration companies), as mineral prospects with potential for economic mineralization. Often these properties have been sampled, mapped and sometimes drilled, usually with indefinite results. Accordingly, such acquired projects will have either prior exploration history or will have strong similarity to a recognized geologic ore deposit model. Geographic emphasis will be placed on the western United States.

 

The geologic potential and ore deposit models have been defined and specific drill targets identified on the Longstreet Property. The Company’s property evaluation process involves using basic geologic fieldwork to perform an initial evaluation of a property. If the evaluation is positive, the Company seeks to acquire, either by staking unpatented mining claims on open public domain, or by leasing the property from the owner of private property or the owner of unpatented claims. Once acquired, the Company then typically makes a more detailed evaluation of the property. This detailed evaluation involves expenditures for exploration work which may include rock and soil sampling, geologic mapping, geophysics, trenching, drilling or other means to determine if economic mineralization is present on a property.

 

 

The Company owns 137 claims and leases 5 Claims from Clifford. The Company shall pay an aggregate 3% Net Smelter Royalty (“NSR”), divided between Great Basin Resources, Inc. (“Great Basin”) and Clifford within thirty (30) days following the end of the calendar quarter under which the Company receives Net Smelter Returns. To date, the Company has not received Net Smelter Returns. Third parties to which NSR payments would be made are as follows:

 

Property name		Longstreet
Third parties		Great Basin Resources, Inc. and Clifford
Number of claims		142 (1)(2)(3)(4)
Acres (approx.)		2,500
Agreements/Royalties
	Royalties	3% Net Smelter Royalty (“NSR”)
	Annual advance royalty payment	$12,000

 

(1)

Great Basin took assignment from MinQuest, Inc., of the 142 total claims controlled by the Company (Note 4 of the financial statements) of which 137 are owned by the Company and 5 of which are owned by (also Note 4) and leased to and managed by the Company.

 

(2)

On August 12, 2019, the Company and Great Basin Resources, Inc. (“Great Basin”) agreed to amend the Longstreet Agreement (Note 4) to eliminate the required property expenditure structure and to implement new consideration for the transfer of the Property pursuant to that agreement (the “2019 Amendment”). The Amendment eliminated the remainder of the required property expenditures set forth in the Longstreet Agreement, as amended.

 

(3)

On September 10, 2020, the Company accelerated the payment to Great Basin Resources, Inc. in consideration of a recorded quit claim deed on the Longstreet property claims. The Company owns 137 claims (exclusive of 5 Clifford claims) and has no required spend other than annual claims filing fees.

 

(4)

The Company shall pay Clifford a 2% net smelter royalty on net smelter returns which is inclusive of the overall 3% net smelter royalty for the properties.

 

Compliance with Government Regulations

 

Continuing to acquire and explore mineral properties in the State of Nevada will require the Company to comply with all regulations, rules and directives of governmental authorities and agencies applicable to the exploration of minerals in the State of Nevada and the United States Federal agencies.

 

United States

 

Mining in the State of Nevada is subject to federal, state and local law. Three types of laws are of particular importance to the Company’s U.S. mineral properties: those affecting land ownership and mining rights; those regulating mining operations; and those dealing with the environment.

 

Land Ownership and Mining Rights.

 

On Federal Lands, mining rights are governed by the General Mining Law of 1872 (General Mining Law) as amended, 30 U.S.C. §§ 21-161 (various sections), which allows the location of mining claims on certain Federal Lands upon the discovery of a valuable mineral deposit and proper compliance with claim location requirements. A valid mining claim provides the holder with the right to conduct mining operations for the removal of locatable minerals, subject to compliance with the General Mining Law and Nevada state law governing the staking and registration of mining claims, as well as compliance with various federal, state and local operating and environmental laws, regulations and ordinances. As the owner or lessee of the unpatented mining claims, the Company has the right to conduct mining operations on the lands subject to the prior procurement of required operating permits and approvals, compliance with the terms and conditions of any applicable mining lease, and compliance with applicable federal, state, and local laws, regulations and ordinances.

 

Mining Operations

 

The exploration of mining properties and development and operation of mines is governed by both federal and state laws.

 

 

The State of Nevada likewise requires various permits and approvals before mining operations can begin, although the state and federal regulatory agencies usually cooperate to minimize duplication of permitting efforts. Among other things, a detailed reclamation plan must be prepared and approved, with bonding in the amount of projected reclamation costs. The bond is used to ensure that proper reclamation takes place, and the bond will not be released until that time. The Nevada Department of Environmental Protection, which is referred to as the NDEP, is the state agency that administers the reclamation permits, mine permits and related closure plans on the Nevada property. Local jurisdictions (such as Eureka County) may also impose permitting requirements (such as conditional use permits or zoning approvals).

 

Environmental Law

 

The development, operation, closure, and reclamation of mining projects in the United States requires numerous notifications, permits, authorizations, and public agency decisions. Compliance with environmental and related laws and regulations requires us to obtain permits issued by regulatory agencies, and to file various reports and keep records of the Company’s operations. Certain of these permits require periodic renewal or review of their conditions and may be subject to a public review process during which opposition to the Company’s proposed operations may be encountered. The Company is currently operating under various permits for activities connected to mineral exploration, reclamation, and environmental considerations. Unless and until a mineral resource is proved, it is unlikely Star Gold Corp. operations will move beyond the pre-development stage. If in the future the Company decides to proceed beyond exploration, there will be numerous notifications, permit applications, and other decisions to be addressed at that time.

 

Competition

 

Star Gold Corp. competes with other mineral resource exploration and development companies for financing and for the acquisition of new mineral properties and for equipment and labor related to exploration and development of mineral properties. Many of the mineral resource exploration and development companies with whom the Company competes have greater financial and technical resources. Accordingly, competitors may be able to spend greater amounts on acquisitions of mineral properties of merit, on exploration of their mineral properties and on development of their mineral properties. In addition, they may be able to afford greater geological expertise in the targeting and exploration of mineral properties. This competition could result in competitors having mineral properties of greater quality and interest to prospective investors who may finance additional exploration and development. This competition could adversely impact Star Gold Corp.’s ability to finance further exploration and to achieve the financing necessary for the Company to develop its mineral properties.

 

The Company provides no assurance it will be able to compete in any of its business areas effectively with current or future competitors or that the competitive pressures faced by the Company will not have a material adverse effect on the business, financial condition and operating results.

 

Office and Other Facilities

 

Star Gold Corp. currently maintains its administrative offices at 1875 N. Lakewood Drive, Suite 303, Coeur d’Alene, ID 83814. The telephone number is (208) 664-5066. Star Gold Corp. does not currently own title to any real property.

 

Employees

 

The Company has no employees as of the date of this Quarterly Report on Form 10-Q. Star Gold Corp. conducts business largely through independent contractor agreements with consultants.

 

Research and Development Expenditures

 

The Company has not incurred any research expenditures since incorporation.

 

Reports to Security Holders

 

The Registrant does not issue annual or quarterly reports to security holders other than the annual Form 10-K and quarterly Forms 10-Q as electronically filed with the SEC. Electronically filed reports may be accessed at www.sec.gov.

 

 

SELECTED FINANCIAL DATA.

 

		Three months ended
		July 31, 2024				July 31, 2023
Revenues		$	-			$	-
Total operating expenses			87,309				80,681
Loss from operations			(87,309	)			(80,681	)
Other income (expense)			(12,128	)			(8,273	)
NET LOSS		$	(99,437	)		$	(88,954	)
Weighted average shares of common stock (basic and diluted)			97,290,810				97,290,810
Income (loss) per share (basic and diluted)		Nil				Nil

 

BALANCE SHEET INFORMATION

 

		July 31, 2024				April 30, 2024
Working capital (deficit)		$	(320,873	)		$	(249,436	)
Total assets			707,301				686,541
Accumulated deficit			12,956,976				12,857,539
Stockholders’ equity			(156,806	)			(57,369	)

 

PLAN OF OPERATION

 

The Company maintains a corporate office in Coeur d’Alene, Idaho. This is the primary administrative office for the Company and is utilized by Board Chairman Lindsay Gorrill and Chief Financial Officer Kelly Stopher.

 

The drilling permit granted from the Bureau of Land Management (“BLM”) in September 2019 expired in December 2022. The permit allowed the Company to commence drilling mainly for the Hydrology Study but also enabling drilling of other holes on the Main knob for geochemical analysis. A bond has been obtained and there are no impediments to drilling other than capital constraints. The Company will apply for an extension of the permit.

 

For the fiscal year ending April 30, 2025, the Company plans to commence the following activities as it prepares to draft its Environmental Impact Statement (“EIS”) on the Longstreet Project:

 

Hydrology Drilling – 2 to 4 holes expected to be sufficient:

 

Geochemical analysis – design of program for submission to State of Nevada involves some core drilling;

 

Plan of Operations Development (Mine Plan, Civil Engineering Design)

 

Assuming the results of the above-referenced activities are favorable, the Company intends to proceed to the preparation of an EIS and plan of operation for the Longstreet project (the “Longstreet Plan”). The eventual objective of the EIS and Longstreet Plan is the issuance, by each respective governing agency, of the necessary mine permits to authorize the construction of, and ongoing operations at, an open pit/heap leach mine at the Longstreet Property.

 

Approval of the Longstreet Plan is subject to governmental agency review and may require additional remediation activities.

 

Management believes it can source additional capital in the investment markets in the coming months and years.  The Company may also consider other sources of funding, including potential mergers, sale of property, joint ventures and/or farm-out a portion of its exploration properties.

 

Future liquidity and capital requirements depend on many factors including timing, cost and progress of the Company’s exploration efforts.  The Company will consider additional public offerings, private placement, mergers or debt instruments.

 

Additional financing will be required in the future to complete all necessary steps to apply for a final permit. Although the Company believes it will be able to source additional financing there are no guarantees any needed financing will be available at the time needed or on acceptable terms, if at all.  If the Company is unable to raise additional financing when necessary, it may have to delay exploration efforts or property acquisitions or be forced to cease operations.  Collaborative arrangements may require the Company to relinquish rights to certain of its mining claims.

 

 

Management believes it can source additional capital in the investment markets in the coming months and years. The Company may also consider other sources of funding, including potential mergers, sale of property, joint ventures and/or farm-out a portion of its exploration properties.

 

Future liquidity and capital requirements depend on many factors including timing, cost and progress of the Company’s exploration efforts. The Company will consider additional public offerings, private placement, mergers or debt instruments.

 

Additional financing will be required in the future to complete all necessary steps to apply for a final permit. Although the Company believes it will be able to source additional financing there are no guarantees any needed financing will be available at the time needed or on acceptable terms, if at all. If the Company is unable to raise additional financing, when necessary, it may have to delay exploration efforts or property acquisitions or be forced to cease operations. Collaborative arrangements may require the Company to relinquish rights to certain of its mining claims.

 

RESULTS OF OPERATIONS

 

		For the three months ended
		July 31, 2024				July 31, 2023				$ Change				Pct. Change
Mineral exploration expense		$	33,389			$	25,896			$	7,493				28.9	%
Pre-development expense			-				9,042				(9,042	)			(100.0	)%
Legal and professional fees			34,664				25,412				9,252				36.4	%
Management and administrative			19,256				20,331				(1,075	)			(5.3	)%
Interest expense			-				402				(402	)			(100.0	)%
Interest expense, related party			12,128				7,873				4,255				54.0	%
Interest (income)			-				(2	)			2				(100.0	)%
Total		$	99,437			$	88,954			$	10,483				11.8	%

 

The Company earned no operating revenue in  2024 or 2023 and does not anticipate earning any operating revenues in the near future. Star Gold Corp. is an exploration stage company and presently is seeking other natural resources related business opportunities.

 

The Company will continue to focus its capital and resources toward permitting activities at its Longstreet Property.

 

Total net loss for the three months ended July 31, 2024 of $99,437  increased by $10,483 from the  total 2023 net loss of  $88,954.

 

 

Mineral exploration expense

 

		For the three months ended
		July 31, 2024				July 31, 2023				$ Change				Pct. Change
Claims			33,389				25,896				7,493				28.9	%
Total mineral exploration expense		$	33,389			$	25,896			$	7,493				28.9	%

 

Mineral exploration expense for the three months ended July 31, 2024 of $33,389   increased  $7,493 from 2023 mineral exploration expense of $25,896.  Aside from annual claims payments, there was no additional mineral exploration expense for the three months ended July 31, 2024 and 2024, respectively.  There were no exploration expenses for the three months ended  July 31, 2024 and 2024. 

 

Pre-development expense

 

		For the three months ended
		July 31, 2024				July 31, 2023				$ Change				Pct. Change
Field expense		$	-			$	2,441			$	(2,441	)			(100.0	)%
Permits and fees		$	-			$	300				(300	)			(100.0	)%
Water rights costs			-				6,301				(6,301	)			(100.0	)%
Total pre-development expense		$	-			$	9,042			$	(9,042	)			(100.0	)%

 

Pre-development expense for the three months ended July 31, 2024 of $Nil  decreased  $9,042 from2023  pre-development expense of $9,042.

 

 

 

Legal and professional fees

 

		For the three months ended
		July 31, 2024				July 31, 2023				$ Change				Pct. Change
Audit and accounting		$	24,090			$	3,024			$	21,066				696.6	%
Legal fees			6,121				2,935				3,186				108.6	%
Public company expense			4,375				19,375				(15,000	)			(77.4	)%
Investor relations			78				78				-				0.0	%
Total legal and professional fees		$	34,664			$	25,412			$	9,252				36.4	%

 

There are no pending legal issues or contingencies as of July 31, 2024.

 

Legal and professional fees of $34,664 for the three months ended July 31, 2024   increased by $9,252 compared to the three months ended July 31, 2023 expense of $25,412. The increase is primarily related to additional cost related to filing fees and software.  

 

Management and administrative expense

 

		For the three months ended
		July 31, 2024				July 31, 2023				$ Change				Pct. Change
General administrative and insurance			11,128				12,200				(1,072	)			(8.8	)%
Management fees and payroll			7,500				7,500				-				0.0	%
Office and computer expense			531				536				(5	)			(0.9	)%
Telephone and utilities			97				95				2				2.1	%
Total		$	19,256			$	20,331			$	(1,075	)			(5.3	)%

 

Management fees were accrued during the three- and nine-months ended July 31, 2024  and 2024, but not paid. 

 

Total management and administrative expense decreased by $1,075 for the three months ended July 31, 2024 to $19,256 compared to $20,331 for the three months ended July 31, 2023.

 

 

LIQUIDITY AND FINANCIAL CONDITION

 

WORKING CAPITAL

 

		July 31, 2024				April 30, 2024
Current assets		$	15,734			$	6,974
Current liabilities			336,607				256,410
Working capital		$	(320,873	)		$	(249,436	)

 

CASH FLOWS

 

		Three months ended
		July 31, 2024				July 31, 2023
Cash flow used by operating activities		$	(18,768	)		$	(19,777	)
Cash flow used by investing activities			(12,000	)			(12,000	)
Cash flow provided by financing activities			40,000				20,000
Net decrease in cash during period		$	9,232			$	(11,777	)

 

As of July 31, 2024, the Company had cash on hand of $14,400. Since inception, the sole source of financing has been sales of the Company’s debt and equity securities. Star Gold Corp. has not attained profitable operations and its ability to pursue any future plan of operation is dependent upon our ability to obtain financing.

 

Star Gold Corp. anticipates continuing to rely on sales of its debt and/or equity securities to continue to fund ongoing operations. Issuances of additional shares of common stock may result in dilution to the Company’s existing stockholders. There is no assurance that the Company will be able to complete any additional sales of equity securities or that it will be able arrange for other financing to fund its planned business activities.

 

The Company’s continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis, to obtain additional financing as may be required, or ultimately to attain profitability. Potential sources of cash, or relief of demand for cash, include additional external debt, the sale of shares of the Company’s common stock or alternative methods such as mergers or sale of the Company’s assets. No assurances can be given, however, that the Company will be able to obtain any of these potential sources of cash. The Company currently requires additional cash funding from outside sources to sustain existing operations and to meet current obligations and ongoing capital requirements.

 

The Company plans for the long-term continuation as a going concern include financing future operations through sales of our equity and/or debt securities and the anticipated profitable exploitation of the Company’s mining properties. These plans may also, at some future point, include the formation of mining joint ventures with senior mining company partners on specific mineral properties whereby the joint venture partner would provide the necessary financing in return for equity in the property.

 

OFF-BALANCE SHEET ARRANGEMENTS

 

The Company has no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to its stockholders.

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

The Company does not hold any derivative instruments and does not engage in any hedging activities.

 

 

ITEM 4.

CONTROLS AND PROCEDURES

 

Conclusions of Management Regarding Effectiveness of Disclosure Controls and Procedures

 

At the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was carried out under the supervision and with the participation of the Company’s management, including the President and Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), of the effectiveness of the design and operations of the Company’s disclosure controls and procedures (as defined in Rule 13a – 15(e) and Rule 15d – 15(e) under the Exchange Act). Based on that evaluation, the PEO and the PFO have concluded that as of the end of the period covered by this report, the Company’s disclosure controls and procedures were not effective as it was determined that there were material weaknesses affecting our disclosure controls and procedures.

 

Management of the Company believes that these material weaknesses are due to the small size of the Company’s accounting staff. The small size of the Company’s accounting staff may prevent adequate controls in the future, such as segregation of duties, due to the cost/benefit of such remediation. To mitigate the current limited resources and limited employees, we rely heavily on direct management oversight of transactions, along with the use of external legal and accounting professionals. As the Company grows, management expects to increase the number of employees, which will enable us to implement adequate segregation of duties within the internal control framework.

 

PEO and PFO Certifications

 

Appearing immediately following the Signatures section of this report there are Certifications of the PEO and the PFO. The Certifications are required in accordance with Section 03 of the Sarbanes-Oxley Act of 2002 (the Section 302 Certifications). The Items of this report which you are currently reading is the information concerning the Evaluation referred to in Section 302 Certifications and this information should be read in conjunction with Section 302 Certifications for a more complete understanding of the topics presented.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes during the quarter ended July 31, 2024 in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, internal controls over financial reporting.

 

PART II - OTHER INFORMATION

 

ITEM 1.

LEGAL PROCEEDINGS.

 

Star Gold Corp. is not a party to any material legal proceedings, and, to Management’s knowledge, no such proceedings are threatened or contemplated. No director, officer or affiliate of Star Gold Corp. and no owner of record or beneficial owner of more than 5% of the Company’s securities or any associate of any such director, officer or security holder is a party adverse to Star Gold Corp. or has a material interest adverse to Star Gold Corp. in reference to pending litigation.

 

ITEM 1A.

RISK FACTORS.

 

There have been no material changes from the risk factors as previously disclosed in the Company’s Form 10-K for the year ended April 30, 2024 which was filed with the SEC on August 13, 2024.

 

ITEM 2.

RECENT SALES OF UNREGISTERED SECURITIES.

 

For the three months ended July 31, 2024, the Company sold no common stock.

 

During the three months ended July 31, 2024, neither the Company nor any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) purchased any shares of our common stock, the only class of the Company’s equity securities registered pursuant to section 12 of the Exchange Act at the date of this filing.

 

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES.

 

None

 

ITEM 4.

MINE SAFETY DISCOSURES.

 

Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities. The Company is in the exploration stage and has no operations.

 

ITEM 5.

OTHER INFORMATION.

 

None

 

Page 21 of 24

---

Table of Contents

 

ITEM 6.

EXHIBITS.

 

Exhibit
Number	Description of Exhibits
3.1	Articles of Incorporation.(1)
3.2	Bylaws, as amended.(1)
4.1	Form of Share Certificate.(1)
10.1	Purchase Agreement dated June 22, 2004 between Guy R. Delorme and Star Gold Corp.(1)
10.2	Declaration of Trust executed by Guy R. Delorme.(1)
10.3	Property Option Agreement dated January 15, 2010 between Minquest, Inc., and Star Gold Corp.(3)
10.4	Amendment to Longstreet Property Option Agreement dated December 10, 2014 between Minquest, Inc. and Star Gold Corp.(3)
10.5	Amendment to Longstreet Property Option Agreement dated January 5, 2016 between Minquest, Inc. and Star Gold Corp.(3)
10.6	Option and Lease of Water Rights Agreement dated January 19, 2017 between Stone Cabin Company, LLC and Star Gold Corp.(3)
10.7	Option and Lease of Water Rights Agreement dated August 21, 2017 between High Test Hay, LLC and Star Gold Corp.(4)
10.8	2019 Amendment to Longstreet Property Option Agreement(5)
14.1	Code of Ethics.(2)
99.1	Shareholder Letter January 23, 2017(7)
99.2	Shareholder Letter March 20, 2018(8)
99.3	Longstreet Property Press Release August 14, 2019(5)
99.4	Shareholder Letter September 10, 2019(9)

 

 

31.1	Certification of Principal Executive Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Principal Financial Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Principal Executive Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Principal Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*	Cover Page Interactive Data File (embedded within the Inline XBRL document)
(1)	Filed with the SEC as an exhibit to the Company’s Registration Statement on Form SB-2 originally filed on June 14, 2007, as amended.
(2)	Filed with the SEC on February 02, 2012 as an exhibit to Form 8-K.

(3)	Filed with the SEC, on July 22, 2019, as an exhibit to Form 10-K.
(4)	Filed with the SEC, on August 25, 2017, as an exhibit to Form 8-K.
(5)	Filed with the SEC, on August 14, 2019, as an exhibit to Form 8-K.
(6)	Filed with the SEC, on May 6, 2021, as an exhibit to Form 8-K.
(7)	Filed with the SEC, on January 25, 2017, as an exhibit to Form 8-K.
(8)	Filed with the SEC, on March 21, 2018, as an exhibit to Form 8-K.
(9)	Filed with the SEC, on September 11, 2019, as an exhibit to Form 8-K.
(*)	XBRL Information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended and otherwise is not subject to liability under these sections.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

			STAR GOLD CORP.
Date:	October 14, 2024	By:	/s/ DAVID SEGELOV
			President
			(Principal Executive Officer)
Date:	October 14, 2024		/s/ KELLY J. STOPHER
		By:	Kelly J. Stopher
			Chief Financial Officer and Secretary
			(Principal Financial Officer)

 

 

Exhibit 31.1

 

CERTIFICATION

PURSUANT TO SECTION 302 OF

THE SARBANES-OXLY ACT OF 2002

 

Rule 13a-14(a)/15d-14(a) Certifications.

 

I, David Segelov, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q of Star Gold Corp.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

 

4.

The small business issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) of the registrant, and have:

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.

Evaluated the effectiveness of the small business issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation and;

 

d.

Disclosed in this report any change in the small business issuer’s internal control over financial reporting that occurred during the small business issuer’s most recent fiscal quarter (the small business issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting.

 

5.

The small business issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business issuer’s board of directors (or persons performing the equivalent functions):

 

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer’s ability to record, process, summarize and report financial information; and

 

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer ’s internal control over financial reporting.

 

Date: October 14, 2024

 

/s/ David Segelov
David Segelov President and Principal Executive Officer

 

 

Exhibit 31.2

 

Certification of Principal Accounting Officer

Pursuant to Section 302 of Sarbanes-Oxley Act

 

I, Kelly J. Stopher, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q of Star Gold Corp.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

 

4.

The small business issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) of the registrant, and have:

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.

Evaluated the effectiveness of the small business issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation and;

 

d.

Disclosed in this report any change in the small business issuer’s internal control over financial reporting that occurred during the small business issuer’s most recent fiscal quarter (the small business issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting.

 

5.

The small business issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business issuer’s board of directors (or persons performing the equivalent functions):

 

e.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer’s ability to record, process, summarize and report financial information; and

 

f.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer ’s internal control over financial reporting.

 

Date: October 14, 2024

 

/s/ KELLY J. STOPHER
Kelly J. Stopher Principal Accounting Officer

 

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Star Gold Corp. a Nevada corporation (the “Company”) on Form 10-Q for the period ending July 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), David Segelov, Principal Executive Officer of the Company, certifies to the best of his knowledge, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to Star Gold Corp. and will be retained by Star Gold Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

 

/s/ David Segelov
David Segelov President & Principal Executive Officer October 14, 2024

 

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Star Gold Corp. a Nevada corporation (the “Company”) on Form 10-Q for the period ending July 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Kelly J. Stopher, Principal Accounting Officer of the Company, certifies to the best of his knowledge, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to Star Gold Corp. and will be retained by Star Gold Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

 

/s/ Kelly J. Stopher
Kelly J. Stopher Principal Accounting Officer October 14, 2024

 

 

v3.24.3

Document And Entity Information - shares	3 Months Ended
	Jul. 31, 2024	Oct. 14, 2024
Document Information [Line Items]
Entity Central Index Key	0001401835
Entity Registrant Name	Star Gold Corp.
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2024
Document Transition Report	false
Entity File Number	000-52711
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	27-0348508
Entity Address, Address Line One	1875 N. Lakewood Drive, Suite 303
Entity Address, City or Town	Coeur d’Alene
Entity Address, State or Province	ID
Entity Address, Postal Zip Code	83814
City Area Code	208
Local Phone Number	664-5066
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	SRGZ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		97,290,810

v3.24.3

Condensed Interim Balance Sheets (Unaudited) - USD ($)	Jul. 31, 2024	Apr. 30, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 14,400	$ 5,168
Other current assets	1,334	1,806
TOTAL CURRENT ASSETS	15,734	6,974
MINING INTEREST (NOTE 4)	602,167	590,167
RECLAMATION BOND (NOTE 4)	89,400	89,400
TOTAL ASSETS	707,301	686,541
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	107,527	39,458
Current portion, long-term debt (NOTE 5)	150,000	150,000
TOTAL CURRENT LIABILITIES	336,607	256,410
LONG TERM LIABILITIES:
TOTAL LIABILITIES	864,107	743,910
COMMITMENTS AND CONTINGENCIES (NOTE 4 and 5)
STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred Stock, $.001 par value; 10,000,000 shares authorized, none issued and outstanding	0	0
Common Stock, $.001 par value; 1,000,000,000 shares authorized; 97,290,810 shares issued and outstanding	97,291	97,291
Additional paid-in capital	12,702,879	12,702,879
Accumulated deficit	(12,956,976)	(12,857,539)
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)	(156,806)	(57,369)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	707,301	686,541
Related Party [Member]
CURRENT LIABILITIES:
Accrued interest, related parties	79,080	66,952
LONG TERM LIABILITIES:
PROMISSORY NOTE, RELATED PARTY (NOTE 5)	50,000	50,000
CONVERTIBLE PROMISSORY NOTES, RELATED PARTIES (NOTE 5)	$ 477,500	$ 437,500

v3.24.3

Condensed Interim Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jul. 31, 2024	Apr. 30, 2024
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	97,290,810	97,290,810
Common stock, outstanding (in shares)	97,290,810	97,290,810

v3.24.3

Condensed Interim Statements of Operations (Unaudited) - USD ($) $ / shares in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
OPERATING EXPENSE
Mineral exploration expense	$ 33,389	$ 25,896
Pre-development expense	0	9,042
Legal and professional fees	34,664	25,412
Management and administrative	19,256	20,331
TOTAL OPERATING EXPENSES	87,309	80,681
LOSS FROM OPERATIONS	(87,309)	(80,681)
OTHER INCOME (EXPENSE)
Interest income	0	2
TOTAL OTHER INCOME (EXPENSE)	(12,128)	(8,273)
NET LOSS BEFORE INCOME TAXES	(99,437)	(88,954)
Provision for income taxes	0	0
NET LOSS	$ (99,437)	$ (88,954)
Basic and diluted loss per share (in dollars per share)	$ 0	$ 0
Basic and diluted weighted average number shares outstanding (in shares)	97,290,810	97,290,810
Nonrelated Party [Member]
OTHER INCOME (EXPENSE)
Interest expense	$ 0	$ (402)
Related Party [Member]
OTHER INCOME (EXPENSE)
Interest expense	$ (12,128)	$ (7,873)

v3.24.3

Condensed Interim Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares)	97,290,810
Balance (in shares) at Apr. 30, 2023	97,290,810
Balance at Apr. 30, 2023	$ 97,291	$ 12,702,879	$ (12,619,828)	$ 180,342
Net loss	$ 0	0	(88,954)	(88,954)
Balance (in shares) at Jul. 31, 2023	97,290,810
Balance at Jul. 31, 2023	$ 97,291	12,702,879	(12,708,782)	91,388
Balance (in shares)	97,290,810
Balance (in shares)	97,290,810
Balance (in shares) at Apr. 30, 2024	97,290,810
Balance at Apr. 30, 2024	$ 97,291	12,702,879	(12,857,539)	(57,369)
Net loss	$ 0	0	(99,437)	(99,437)
Balance (in shares) at Jul. 31, 2024	97,290,810
Balance at Jul. 31, 2024	$ 97,291	$ 12,702,879	$ (12,956,976)	$ (156,806)
Balance (in shares)	97,290,810

v3.24.3

Condensed Interim Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (99,437)	$ (88,954)
Changes in assets and liabilities:
Other current assets	472	7,224
Accounts payable and accrued liabilities	68,069	54,080
Accrued interest, related parties	12,128	7,873
Net cash used by operating activities	(18,768)	(19,777)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for mining interests	(12,000)	(12,000)
Net cash used by investing activities	(12,000)	(12,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from promissory notes payable, related parties	40,000	20,000
Net cash provided by financing activities	40,000	20,000
Net increase (decrease) in cash and cash equivalents	9,232	(11,777)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	5,168	33,505
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 14,400	$ 21,728

v3.24.3

Note 1 - Nature of Operations	3 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Nature of Operations [Text Block]	NOTE 1 – NATURE OF OPERATIONS   Star Gold Corp. (the “Company”) was initially incorporated as Elan Development, Inc., in the State of Nevada on December 8, 2006. The Company was originally organized to explore mineral properties in British Columbia, Canada but the Company is currently focusing on gold, silver and other base metal-bearing properties in Nevada.   The Company’s core business consists of assembling and/or acquiring land packages and mining claims the Company believes have potential mining reserves, and expending capital to explore these claims by drilling, and performing geophysical work or other exploration work deemed necessary. The business is a high-risk business as there is no guarantee that the Company’s exploration work will ultimately discover or produce any economically viable minerals.

v3.24.3

Note 2 - Significant Accounting Policies	3 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES   Basis of Presentation   In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods reported. The condensed balance sheet at  April 30, 2024 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Operating results for the three-month period ended  July 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2025.   These unaudited condensed interim financial statements have been prepared by management in accordance with generally accepted accounting principles used in the United States of America (“U.S. GAAP”). These unaudited condensed interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2024 filed with the Securities and Exchange Commission on August 13, 2024.   The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements.   Going Concern   As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of July 31, 2024, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows. As shown in the accompanying condensed balance sheet as of July 31, 2024, the Company has an accumulated deficit of  $12,956,976.  On  July 31, 2024, the Company's working capital deficit was $320,873. The lack of sufficient working capital to meet current obligations, continuing losses and ongoing cash used by operating activities raises substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence. Achievement of the Company’s objectives will depend on the ability to obtain additional financing, to locate profitable mining properties and generate revenue from current and planned business operations, and control costs. The Company plans to fund its future operations by joint venturing or obtaining additional financing from investors and/or lenders.   Financial Instruments    The Company's financial instruments include cash and cash equivalents, reclamation bonds, promissory notes related parties and convertible promissory notes, related parties.   Cash and cash equivalents, reclamation bonds, promissory notes, related party and convertible promissory notes, related parties are accounted for on a cost basis, which, due to the short maturity of these financial instruments, approximates fair value at July 31, 2024.   New Accounting Pronouncements   Accounting Standards Updates Adopted   In August 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective application of the amendments are permitted. We do not expect adoption of the new guidance to have a material impact on our financial statements and disclosures.   In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our financial statements and disclosures.   In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our financial statements and disclosures.   Accounting standards that have been issued or proposed by the Financial Accounting Standards Board ("FASB") that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.   Reclassifications   Certain reclassifications have been made to the April 30, 2024 financial statements in order to conform to the July 31, 2024 financial statement presentation.  These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported.

v3.24.3

Note 3 - Earnings Per Share	3 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 3 – EARNINGS PER SHARE   Basic Earnings Per Share (“EPS”) is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, convertible promissory notes including accrued interest and warrants.   The outstanding securities on July 31, 2024 and 2023 that could have a dilutive effect are as follows:       July 31, 2024     July 31, 2023   Stock options     3,435,000       3,435,000   Convertible promissory notes and accrued interest, related parties     30,131,043       19,876,945   Warrants     2,000,000       2,000,000   Total Possible Dilution     35,566,043       25,311,945     For the three-months ended  July 31, 2024 and 2023 , respectively, the effect of the Company’s outstanding stock options, convertible promissory notes and accrued interest, related parties and warrants would have been anti-dilutive and so are excluded in the calculation of diluted EPS.

v3.24.3

Note 4 - Mining Interest	3 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE 4 –MINING INTEREST   The following is a summary of the Company’s equipment and mining interest on  July 31, 2024 and April 30, 2024.       July 31, 2024     April 30, 2024   Mining interest - Longstreet     602,167       590,167   Total   $ 602,167     $ 590,167     Pursuant to the Longstreet Property Option Agreement with Great Basin Resources, Inc. (“Great Basin”), as amended, which was originally entered into by the Company on or about January 15, 2010 (the “Longstreet Agreement”), the Company leased, with an option to acquire, unpatented mining claims located in the State of Nevada known as the Longstreet Property. Through August 12, 2019, the Company was required to make minimal lease payments in the form of cash and options to purchase shares of the Company’s common stock.   On August 24, 2020, the Company executed an amendment which grants the Company the option, to be exercised no later than six (6) months following the first receipt of proceeds from the sale of ore from the Longstreet Property, to purchase one-half of Great Basin’s 3.0% Net Smelter Royalty on the Longstreet Project for a payment of $1,750,000.   In addition, the Company is obligated, pursuant to the Longstreet Agreement, as amended, to pay an annual advance royalty payment of $12,000 related to the Clifford claims. For the three months ended  July 31, 2024 and 2023respectively, the Company paid the annual $12,000 advance royalty on the Longstreet Property.   At July 31, 2024 and April 30, 2024, the Company has a reclamation bond of $89,400 with the United States Department of Agriculture-Forest Service to increase the Reclamation Bond as collateral on the Longstreet Property. The bond is collateral on reclamation of planned drilling activities on the Longstreet Property and is refundable subject to the Company completing defined reclamation actions upon completion of drilling.

v3.24.3

Note 5 - Related Party Transactions	3 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 5– RELATED PARTY TRANSACTIONS   The following is a summary of the Company's Promissory notes, related parties and convertible promissory notes, related parties as of  July 31, 2024:     Maturity date   Interest rate     Conversion price per share     Shares (if converted)     Principal amount     Accrued interest     Total   Promissory notes, related parties                                                 March 31, 2024     8 %   $ -       -     $ -     $ 852     $ 852   August 24, 2026     8 %     -       -       15,000       1,731       16,731   August 24, 2026     8 %     -       -       35,000       2,624       37,624                         -     $ 50,000     $ 5,207     $ 55,207   Convertible promissory notes, related parties                                                 April 30, 2025     5 %   $ 0.05       3,400,274       150,000       20,014       170,014   April 14, 2026     8 %     0.02       15,042,301       260,000       40,846       300,846   April 14, 2026     8 %     0.02       2,897,712       52,500       5,454       57,954   October 24, 2026     8 %     0.0206       772,818       15,000       920       15,920   October 24, 2026     8 %     0.0206       4,643,756       90,000       5,661       95,661   March 22, 2027     8 %     0.0165       1,252,769       20,000       671       20,671   June 26, 2027     8 %     0.0190       2,121,413       40,000       307       40,307                         30,131,043     $ 627,500     $ 73,873     $ 701,373     The following is a summary of the Company's Promissory notes, related parties and convertible promissory notes, related parties as of April 30, 2024:   Maturity date   Interest rate     Conversion price per share     Shares (if converted)     Principal amount     Accrued interest     Total   Promissory notes, related parties                                                 March 31, 2024     8 %   $ -       -     $ -     $ 852     $ 852   June 28, 2024     8 %     -       -       15,000       1,328       16,328   August 24, 2024     8 %     -       -       35,000       1,918       36,918                         -     $ 50,000     $ 4,098     $ 54,098   Convertible promissory notes, related parties                                                 April 30, 2025     5 %   $ 0.05       3,362,466       150,000       18,123       168,123   April 14, 2026     8 %     0.02       14,780,164       260,000       35,603       295,603   April 14, 2026     8 %     0.02       2,844,781       52,500       4,396       56,896   October 24, 2026     8 %     0.0206       758,159       15,000       618       15,618   October 24, 2026     8 %     0.0206       4,555,659       90,000       3,847       93,847   March 22, 2027     8 %     0.0165       1,228,327       20,000       267       20,267                         27,529,556     $ 587,500     $ 62,854     $ 650,354       Promissory notes, related party   On  June 28, 2023, the Company entered into a promissory note with the Chairman of the Board of Directors in the amount of $20,000.  The promissory note had a maturity date of  June 28, 2024 which was subsequently extended to  August 24, 2026.  The note accrues interest at 8% per annum. As of  July 31, 2024 the balance of the promissory note is $15,000.    On  August 24, 2023, the Company entered into a promissory note with the Chairman of the Board of Directors in the amount of $35,000.  The promissory note had a maturity date of  August 24, 2024 which was subsequently extended to  August 24, 2026.  The note accrues interest at 8% per annum.  As of  July 31, 2024, the balance of the promissory note is $35,000.   During the year ended  April 30, 2024, the Company repaid $20,000 on promissory notes due to the Chairman of the Board of Directors.    As of   July 31, 2024  and  April 30, 2024 , respectively,  the principal balance of the promissory notes, related party is $50,000.  As of  July 31, 2024 and   April 30, 2024 , accrued interest on the promissory notes, related party is $5,207 and $4,098, respectively, which is included in "Accrued interest, related parties" on the balance sheet.    Convertible promissory notes, related parties   On   November 30, 2021, the Company entered into four Convertible Promissory Notes (the “Convertible Promissory Notes”) with certain officers and directors of the Company in consideration of deferred compensation totaling $150,000. The notes accrue interest at 5% per annum with monthly interest-only payments through   April 30, 2025. The notes mature   April 30, 2025.  The Convertible Promissory Notes and accrued interest are convertible at any time after the original issue date into a number of shares of the Company’s Common Stock, determined by dividing the amount to be converted by a conversion price equal to $0.05 per share.  As of July 31, 2024 and April 30, 2024, the balance outstanding on the Convertible Promissory Notes is $150,000 and shown in the balance sheet within the current portion, long-term debt. The balance of accrued interest on the Convertible Promissory Notes is $20,014 and $18,123 at July 31, 2024 and April 30, 2024, respectively. The Convertible Promissory Notes and accrued interest are convertible into an aggregate of 3,400,274 shares.    On    April 14, 2023, the Company issued four convertible promissory notes (the "  April 14, 2023 Notes")  with an aggregate principal amount $312,500.  One note was issued to a related party, controlled by two members of the Board, in conversion and satisfaction of three existing promissory notes, totaling $260,000 issued by the Company on   July 5, 2022,   August 4, 2022 and   January 17, 2023 respectively.  Three of the   April 14, 2023 Notes were issued to an officer, a member of the Company’s Board of Directors and an entity controlled by two members of the Board of Directors totaling $52,500.  The   April 14, 2023 Notes bear eight percent (8%) interest and have a maturity date of   April 14, 2026 (the “Maturity Date”). There are no required periodic payments due under the Notes and the entire amount of accrued interest and unpaid principal is due and payable on the maturity date. The Notes and accrued interest are convertible into 17,940,013 shares of common stock of the Company at the conversion price of  $0.0206 per share.   On   October 24, 2023, the Company issued two convertible promissory notes (the "  October 24, 2023 Convertible Notes")  with an aggregate principal amount of $105,000.  One note was issued to a related party entity, controlled by two members of the Board, totaling $90,000.  The other note was issued to an officer of the Company in the amount of $15,000.    The   October 24, 2023 Convertible Notes have a maturity date of  October 24, 2026 and accrues interest at 8% per annum. There are no required periodic payments due under the Notes and the entire amount of accrued interest and unpaid principal is due and payable on the Maturity Date. The notes and accrued interest are convertible into 5,416,574 shares of common stock of the Company at the conversion price of $.0206 per share.   On  March 22, 2024, the Company issued a convertible promissory notes (the  "March 22, 2024 Convertible Note")  with an principal amount of $20,000 to a related party entity controlled by two members of the Board.  The   March 22, 2024 Convertible Note has a maturity date of  March 22, 2027 and accrues interest at 8% per annum. There are no required periodic payments due under the Notes and the entire amount of accrued interest and unpaid principal is due and payable on the Maturity Date. The notes and accrued interest are convertible into 1,252,769 shares of common stock of the Company at the conversion price of $.0165 per share.   On June 26, 2024, the Company issued a convertible promissory note (the “June 26, 2024 Convertible Note”) with a principal amount of $40,000 to a related party entity controlled by two members of the Board.  The June 26, 2024 Convertible Note has a maturity date of June 26, 2027 and accrues interest at 8% per annum.  There are no required periodic payments due under the note and the entire amount of accrued interest and unpaid principal is due and payable on the Maturity Date.  The notes and accrued interest are convertible into 2,121,413 shares of common stock of the Company at a conversion price of $.019 per share.   At  July 31, 2024 and  April 30, 2024, the balance of accrued interest due to related parties from convertible promissory notes is $73,873 and $62,854, respectively, which is included in “Accrued interest, related parties” on the balance sheet.   For the three months ended July 31, 2024 and 2023 , the Company recognized interest expense, related parties of $12,128 and $7,873, respectively.     Consulting agreements   On  May 1, 2021, the Company entered into consulting agreements with four members of the Company’s management team (the “consulting agreements”). The Company entered into an agreement each with the Chairman of the Board, the President, the Chief Financial Officer and the Vice President of Finance.   Each agreement is for a two-year period, automatically renewable annually thereafter, and paid each executive $6,000 per month. Each executive was eligible to receive a bonus payable upon a change in control event equal to eighteen (18) months’ compensation. The consulting agreements superseded any previous agreements or resolutions.   Effective  December 1, 2021, the consulting agreements were amended. Under the terms of the amended agreements, three executives are to be paid $1 annual compensation and one executive will be paid $2,500 per month. Each executive is eligible to receive a bonus payable of $108,000 upon a change of control.   For the three months ended July 31, 2024 and 2023 , the Company recognized $7,500 and $7,500, respectively, in management and administrative expense under the consulting agreements.

v3.24.3

Note 6 - Warrants	3 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Warrants [Text Block]	NOTE 6 – WARRANTS   On October 31, 2021, the Company granted 2,000,000 warrants to purchase Common Stock in lieu of cash payment for future services. The warrants have an exercise price of $0.0442. The expiration date of the warrants is October 31, 2026.    No warrants were issued, exercised, expired or forfeited during the three months ended July 31, 2024 or 2023.

v3.24.3

Note 7 - Stock Options	3 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	NOTE 7– STOCK OPTIONS   Options issued for mining interest   In consideration for its mining interest in prior years (see Note 4), the Company was obligated to issue stock options to purchase shares of the Company’s common stock based on “fair market price” which for financial statement purposes is considered to be the closing price of the Company’s common stock on the issue dates. Those costs were capitalized as mining interest.   Options outstanding for mining interest totaled 935,000 at July 31, 2024 and  April 30, 2024 and are fully vested. As of July 31, 2024, the remaining weighted average term of the option grants for mining interest was 0.08 years. As of July 31, 2024, the weighted average exercise price of the option grants for mining interest was $0.04 per share.   Options issued under the 2011 Stock Option/Restricted Stock Plan   The Company established the 2011 Stock Option/Restricted Stock Plan (the “2011 Plan”). The 2011 Plan is administered by the Board of Directors and provides for the grant of stock options to eligible individual including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction.   No options were issued, exercised, expired or forfeited under the Stock Option Plan during the three-months ended  July 31, 2024 or 2024.   The total value of stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of  July 31, 2024 and April 30, 2024, respectively, there was no unrecognized compensation cost related to stock-based options and awards.  As of July 31, 2024, the remaining average term of the 2011 Plan option grants was 1.75 years.  As of July 31, 2024, the weighted average exercise price of the options issued under the 2011 plan was $0.06.    The following table summarizes additional information about the options under the Company's Stock Option Plan:       Options outstanding and exercisable               Remaining Term           Date of Grant   Shares     (years)     Price   April 30, 2021     2,500,000       1.75       0.06     Summary:   The following is a summary of the Company’s stock options outstanding and exercisable:               Weighted Average       All options     Exercise Price   Balance outstanding at April 30, 2024 and July 31, 2024     3,435,000     $ 0.055                   Weighted                         Average       Weighted                 Remaining Term       Average Exercise   Options issued for:   Options     (years)     Price   Mining interests     935,000       0.08     $ 0.04   Stock option plan     2,500,000       1.75       0.06   Outstanding and exercisable at July 31, 2024     3,435,000             $ 0.055     The aggregate intrinsic value of all options vested and exercisable at July 31, 2024, was $Nil based on the Company’s closing price of $0.0131 per common share at July 31, 2024. The Company’s current policy is to issue new shares to satisfy option exercises.

v3.24.3

Note 8 - Subsequent Events	3 Months Ended
	Jul. 31, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 8– SUBSEQUENT EVENTS   On  August 5, 2024, the Company entered into a promissory note with the Chairman of the Board of Directors in the amount of $5,000.  The promissory note had a maturity date of  August 24, 2026.   The note accrues interest at 8% per annum.   On August 11, 2024, the Company amended the June 28, 2023 and August 24, 2023 promissory notes with the Chairman of the Board of Directors.  The amendment extended the maturity date of the promissory notes to August 24, 2026 (Note 5).   On  September 10, 2024, the Company entered into a promissory note with the Chairman of the Board of Directors in the amount of $15,000.  The promissory note had a maturity date of  September 10, 2027.   The note accrues interest at 8% per annum.

v3.24.3

Insider Trading Arrangements	3 Months Ended
	Jul. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM 5. OTHER INFORMATION.   None
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

v3.24.3

Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation   In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods reported. The condensed balance sheet at  April 30, 2024 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Operating results for the three-month period ended  July 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2025.   These unaudited condensed interim financial statements have been prepared by management in accordance with generally accepted accounting principles used in the United States of America (“U.S. GAAP”). These unaudited condensed interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2024 filed with the Securities and Exchange Commission on August 13, 2024.   The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements.
Going Concern [Policy Text Block]	Going Concern   As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of July 31, 2024, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows. As shown in the accompanying condensed balance sheet as of July 31, 2024, the Company has an accumulated deficit of  $12,956,976.  On  July 31, 2024, the Company's working capital deficit was $320,873. The lack of sufficient working capital to meet current obligations, continuing losses and ongoing cash used by operating activities raises substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence. Achievement of the Company’s objectives will depend on the ability to obtain additional financing, to locate profitable mining properties and generate revenue from current and planned business operations, and control costs. The Company plans to fund its future operations by joint venturing or obtaining additional financing from investors and/or lenders.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Financial Instruments    The Company's financial instruments include cash and cash equivalents, reclamation bonds, promissory notes related parties and convertible promissory notes, related parties.   Cash and cash equivalents, reclamation bonds, promissory notes, related party and convertible promissory notes, related parties are accounted for on a cost basis, which, due to the short maturity of these financial instruments, approximates fair value at July 31, 2024.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements   Accounting Standards Updates Adopted   In August 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective application of the amendments are permitted. We do not expect adoption of the new guidance to have a material impact on our financial statements and disclosures.   In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our financial statements and disclosures.   In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our financial statements and disclosures.   Accounting standards that have been issued or proposed by the Financial Accounting Standards Board ("FASB") that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications   Certain reclassifications have been made to the April 30, 2024 financial statements in order to conform to the July 31, 2024 financial statement presentation.  These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported.

v3.24.3

Note 3 - Earnings Per Share (Tables)	3 Months Ended
	Jul. 31, 2024
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	July 31, 2024     July 31, 2023   Stock options     3,435,000       3,435,000   Convertible promissory notes and accrued interest, related parties     30,131,043       19,876,945   Warrants     2,000,000       2,000,000   Total Possible Dilution     35,566,043       25,311,945

v3.24.3

Note 4 - Mining Interest (Tables)	3 Months Ended
	Jul. 31, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	July 31, 2024     April 30, 2024   Mining interest - Longstreet     602,167       590,167   Total   $ 602,167     $ 590,167

v3.24.3

Note 5 - Related Party Transactions (Tables)	3 Months Ended
	Jul. 31, 2024
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	Maturity date   Interest rate     Conversion price per share     Shares (if converted)     Principal amount     Accrued interest     Total   Promissory notes, related parties                                                 March 31, 2024     8 %   $ -       -     $ -     $ 852     $ 852   August 24, 2026     8 %     -       -       15,000       1,731       16,731   August 24, 2026     8 %     -       -       35,000       2,624       37,624                         -     $ 50,000     $ 5,207     $ 55,207   Convertible promissory notes, related parties                                                 April 30, 2025     5 %   $ 0.05       3,400,274       150,000       20,014       170,014   April 14, 2026     8 %     0.02       15,042,301       260,000       40,846       300,846   April 14, 2026     8 %     0.02       2,897,712       52,500       5,454       57,954   October 24, 2026     8 %     0.0206       772,818       15,000       920       15,920   October 24, 2026     8 %     0.0206       4,643,756       90,000       5,661       95,661   March 22, 2027     8 %     0.0165       1,252,769       20,000       671       20,671   June 26, 2027     8 %     0.0190       2,121,413       40,000       307       40,307                         30,131,043     $ 627,500     $ 73,873     $ 701,373   Maturity date   Interest rate     Conversion price per share     Shares (if converted)     Principal amount     Accrued interest     Total   Promissory notes, related parties                                                 March 31, 2024     8 %   $ -       -     $ -     $ 852     $ 852   June 28, 2024     8 %     -       -       15,000       1,328       16,328   August 24, 2024     8 %     -       -       35,000       1,918       36,918                         -     $ 50,000     $ 4,098     $ 54,098   Convertible promissory notes, related parties                                                 April 30, 2025     5 %   $ 0.05       3,362,466       150,000       18,123       168,123   April 14, 2026     8 %     0.02       14,780,164       260,000       35,603       295,603   April 14, 2026     8 %     0.02       2,844,781       52,500       4,396       56,896   October 24, 2026     8 %     0.0206       758,159       15,000       618       15,618   October 24, 2026     8 %     0.0206       4,555,659       90,000       3,847       93,847   March 22, 2027     8 %     0.0165       1,228,327       20,000       267       20,267                         27,529,556     $ 587,500     $ 62,854     $ 650,354

v3.24.3

Note 7 - Stock Options (Tables)	3 Months Ended
	Jul. 31, 2024
Notes Tables
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]	Options outstanding and exercisable               Remaining Term           Date of Grant   Shares     (years)     Price   April 30, 2021     2,500,000       1.75       0.06                 Weighted                         Average       Weighted                 Remaining Term       Average Exercise   Options issued for:   Options     (years)     Price   Mining interests     935,000       0.08     $ 0.04   Stock option plan     2,500,000       1.75       0.06   Outstanding and exercisable at July 31, 2024     3,435,000             $ 0.055
Schedule of Stock Options Roll Forward [Table Text Block]	Weighted Average       All options     Exercise Price   Balance outstanding at April 30, 2024 and July 31, 2024     3,435,000     $ 0.055

v3.24.3

Note 2 - Significant Accounting Policies (Details Textual) - USD ($)	Jul. 31, 2024	Apr. 30, 2024
Retained Earnings (Accumulated Deficit)	$ (12,956,976)	$ (12,857,539)
Working Capital	$ (320,873)

v3.24.3

Note 3 - Earnings Per Share - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Total Possible Dilution (in shares)	35,566,043	25,311,945
Share-Based Payment Arrangement, Option [Member]
Total Possible Dilution (in shares)	3,435,000	3,435,000
Convertible Debt Securities [Member]
Total Possible Dilution (in shares)	30,131,043	19,876,945
Warrant [Member]
Total Possible Dilution (in shares)	2,000,000	2,000,000

v3.24.3

Note 4 - Mining Interest (Details Textual) - USD ($)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Apr. 30, 2024	Aug. 24, 2020
Restricted Cash, Noncurrent	$ 89,400		$ 89,400
United States Department of Agriculture Forest Service [Member]
Restricted Cash, Noncurrent	89,400		$ 89,400
Longstreet Property [Member] | Great Basin Resource, Inc. [Member]
Annual Advance Royalty Payment				$ 12,000
Royalty Expense	$ 12,000	$ 12,000
Longstreet Property [Member] | Great Basin Resource, Inc. [Member] | One Half Great Basin's 3.0% Net Smelter Royalty [Member]
Other Commitment				$ 1,750,000

v3.24.3

Note 4 - Mining Interest - Schedule of Mining Interests (Details) - USD ($)	Jul. 31, 2024	Apr. 30, 2024
TOTAL MINING INTEREST	$ 602,167	$ 590,167
Longstreet Property [Member]
TOTAL MINING INTEREST	$ 602,167	$ 590,167

v3.24.3

Note 5 - Related Party Transactions (Details Textual)							3 Months Ended		12 Months Ended
	Jun. 26, 2024	Mar. 22, 2024 USD ($) $ / shares	Oct. 24, 2023 USD ($) $ / shares	Apr. 14, 2023 USD ($) $ / shares	Nov. 30, 2021 USD ($)	May 01, 2021 USD ($)	Jul. 31, 2024 USD ($) $ / shares	Jul. 31, 2023 USD ($)	Apr. 30, 2024 USD ($) $ / shares	Aug. 24, 2023 USD ($)	Jun. 28, 2023 USD ($)	Dec. 01, 2021 USD ($)
Long-Term Debt, Current Maturities							$ 150,000		$ 150,000
Board of Directors Chairman [Member] | Promissory Note 2 [Member]
Notes Payable							15,000				$ 20,000
Debt Instrument, Interest Rate, Stated Percentage											8.00%
Board of Directors Chairman [Member] | Promissory Note 3 [Member]
Notes Payable							35,000			$ 35,000
Debt Instrument, Interest Rate, Stated Percentage										8.00%
Board of Directors Chairman [Member] | Promissory Note [Member]
Repayments of Notes Payable									$ 20,000
Related Party [Member]
Interest Expense, Debt							12,128	$ 7,873
Related Party [Member] | Accounts Payable and Accrued Liabilities [Member]
Interest Payable							73,873
Related Party [Member] | October 24, 2023 Convertible Note [Member]
Debt Instrument, Interest Rate, Stated Percentage			8.00%
Convertible Notes Payable			$ 105,000
Debt Instrument, Convertible, Number of Equity Instruments			5,416,574
Debt Instrument, Periodic Payment			$ 0
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares			$ 0.0206
Related Party [Member] | March 22, 2024 Convertible Note [Member]
Debt Instrument, Interest Rate, Stated Percentage		8.00%
Convertible Notes Payable		$ 20,000
Debt Instrument, Convertible, Number of Equity Instruments		1,252,769
Debt Instrument, Periodic Payment		$ 0
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares		$ 0.0165
Related Party [Member] | June 26, 2024 Convertible Note [Member]
Convertible Notes Payable							$ 40,000
Debt Instrument, Convertible, Number of Equity Instruments	2,121,413
Related Party [Member] | Promissory Note 2 [Member]
Debt Instrument, Interest Rate, Stated Percentage							8.00%		8.00%
Interest Payable							$ 1,731		$ 1,328
Debt Instrument, Convertible, Number of Equity Instruments							0		0
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares							$ 0		$ 0
Related Party [Member] | Promissory Note 3 [Member]
Debt Instrument, Interest Rate, Stated Percentage							8.00%		8.00%
Interest Payable							$ 2,624		$ 1,918
Debt Instrument, Convertible, Number of Equity Instruments							0		0
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares							$ 0		$ 0
Related Party [Member] | Promissory Note [Member]
Notes Payable									$ 50,000
Interest Payable							$ 5,207		$ 4,098
Debt Instrument, Convertible, Number of Equity Instruments							0		0
Related Party [Member] | Convertible Debt [Member]
Interest Payable							$ 73,873		$ 62,854
Debt Instrument, Convertible, Number of Equity Instruments							30,131,043
Certain Officers and Directors [Member] | Convertible Promissory Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage					5.00%
Interest Payable							$ 20,014		18,123
Convertible Notes Payable					$ 150,000
Debt Instrument, Convertible, Conversion Ratio					0.05
Long-Term Debt, Current Maturities							150,000		$ 150,000
Debt Instrument, Convertible, Number of Equity Instruments					3,400,274
Certain Officers and Directors [Member] | April 14, 2023 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage				8.00%
Convertible Notes Payable				$ 312,500
Debt Instrument, Convertible, Number of Equity Instruments				17,940,013
Debt Instrument, Periodic Payment				$ 0
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares				$ 0.0206
Related Party, Controlled by Two Members of the Board [Member] | April 14, 2023 Notes [Member]
Convertible Notes Payable				$ 260,000
Related Party, Controlled by Two Members of the Board [Member] | October 24, 2023 Convertible Note [Member]
Convertible Notes Payable			$ 90,000
An Officer, a Director and an Entity Controlled by Two Directors [Member] | April 14, 2023 Notes [Member]
Convertible Notes Payable				$ 52,500
Officer [Member] | October 24, 2023 Convertible Note [Member]
Convertible Notes Payable			$ 15,000
Management [Member] | Consulting Agreement [Member]
Deferred Compensation Arrangement with Individual, Maximum Contractual Term (Year)						2 years
Deferred Compensation Arrangement with Individual, Monthly Distributions						$ 6,000
Deferred Compensation Arrangement with Individual, Bonus Payable												$ 108,000
Deferred Compensation Arrangement with Individual, Compensation Expense							$ 7,500	$ 7,500
Three Executives [Member] | Consulting Agreement [Member]
Deferred Compensation Arrangement with Individual, Monthly Distributions												1
One Executive [Member] | Consulting Agreement [Member]
Deferred Compensation Arrangement with Individual, Monthly Distributions												$ 2,500

v3.24.3

Note 5 - Related Party Transactions - Summary of Notes, Related Parties (Details) - Related Party [Member]	3 Months Ended	12 Months Ended
	Jul. 31, 2024 USD ($) $ / shares	Apr. 30, 2024 USD ($) $ / shares
Promissory Note 1 [Member]
Interest rate	8.00%	8.00%
Conversion price per share (in dollars per share) | $ / shares	$ 0	$ 0
Debt Instrument, Convertible, Number of Equity Instruments	0	0
Principal amount	$ 0
Interest Payable	852	$ 852
Total	$ 852	$ 852
Promissory Note 2 [Member]
Interest rate	8.00%	8.00%
Conversion price per share (in dollars per share) | $ / shares	$ 0	$ 0
Debt Instrument, Convertible, Number of Equity Instruments	0	0
Principal amount	$ 15,000	$ 15,000
Interest Payable	1,731	1,328
Total	$ 16,731	$ 16,328
Promissory Note 3 [Member]
Interest rate	8.00%	8.00%
Conversion price per share (in dollars per share) | $ / shares	$ 0	$ 0
Debt Instrument, Convertible, Number of Equity Instruments	0	0
Principal amount	$ 35,000	$ 35,000
Interest Payable	2,624	1,918
Total	$ 37,624	$ 36,918
Promissory Note [Member]
Debt Instrument, Convertible, Number of Equity Instruments	0	0
Principal amount	$ 50,000	$ 50,000
Interest Payable	5,207	4,098
Total	$ 55,207	$ 54,098
Convertible Promissory Note 1 [Member]
Interest rate	5.00%	5.00%
Conversion price per share (in dollars per share) | $ / shares	$ 0.05	$ 0.05
Debt Instrument, Convertible, Number of Equity Instruments	3,400,274	3,362,466
Principal amount	$ 150,000	$ 150,000
Interest Payable	20,014	18,123
Total	$ 170,014	$ 168,123
Convertible Promissory Note 2 [Member]
Interest rate	8.00%	8.00%
Conversion price per share (in dollars per share) | $ / shares	$ 0.02	$ 0.02
Debt Instrument, Convertible, Number of Equity Instruments	15,042,301	14,780,164
Principal amount	$ 260,000	$ 260,000
Interest Payable	40,846	35,603
Total	$ 300,846	$ 295,603
Convertible Promissory Note 3 [Member]
Interest rate	8.00%	8.00%
Conversion price per share (in dollars per share) | $ / shares	$ 0.02	$ 0.02
Debt Instrument, Convertible, Number of Equity Instruments	2,897,712	2,844,781
Principal amount	$ 52,500	$ 52,500
Interest Payable	5,454	4,396
Total	$ 57,954	$ 56,896
Convertible Promissory Note 4 [Member]
Interest rate	8.00%	8.00%
Conversion price per share (in dollars per share) | $ / shares	$ 0.0206	$ 0.0206
Debt Instrument, Convertible, Number of Equity Instruments	772,818	758,159
Principal amount	$ 15,000	$ 15,000
Interest Payable	920	618
Total	$ 15,920	$ 15,618
Convertible Promissory Note 5 [Member]
Interest rate	8.00%	8.00%
Conversion price per share (in dollars per share) | $ / shares	$ 0.0206	$ 0.0206
Debt Instrument, Convertible, Number of Equity Instruments	4,643,756	4,555,659
Principal amount	$ 90,000	$ 90,000
Interest Payable	5,661	3,847
Total	$ 95,661	$ 93,847
Convertible Promissory Note 6 [Member]
Interest rate	8.00%	8.00%
Conversion price per share (in dollars per share) | $ / shares	$ 0.0165	$ 0.0165
Debt Instrument, Convertible, Number of Equity Instruments	1,252,769	1,228,327
Principal amount	$ 20,000	$ 20,000
Interest Payable	671	267
Total	$ 20,671	$ 20,267
Convertible Promissory Notes [Member]
Debt Instrument, Convertible, Number of Equity Instruments		27,529,556
Principal amount		$ 587,500
Interest Payable		62,854
Total		650,354
Convertible Promissory Note 7 [Member]
Interest rate	8.00%
Conversion price per share (in dollars per share) | $ / shares	$ 0.019
Debt Instrument, Convertible, Number of Equity Instruments	2,121,413
Principal amount	$ 40,000
Interest Payable	307
Total	$ 40,307
Convertible Debt [Member]
Debt Instrument, Convertible, Number of Equity Instruments	30,131,043
Principal amount	$ 627,500
Interest Payable	73,873	$ 62,854
Total	$ 701,373

v3.24.3

Note 6 - Warrants (Details Textual) - $ / shares		3 Months Ended
	Oct. 31, 2021	Jul. 31, 2024	Jul. 31, 2023
Class of Warrant or Right, Issued During the Period (in shares)		0	0
Class of Warrant or Right, Exercised During Period (in shares)		0	0
Class of Warrant or Right, Forfeitures and Expirations in Period (in shares)		0	0
Warrants Issued for Future Services [Member]
Class of Warrant or Right, Issued During the Period (in shares)	2,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.0442

v3.24.3

Note 7 - Stock Options (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Apr. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	3,435,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 0
Share Price (in dollars per share)	$ 0.0131
Mining Interests [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	935,000		935,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)	29 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0.04
The 2011 Stock Option Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	2,500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)	1 year 9 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0.06
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	0	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)	0	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares)	0	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares)	0	0
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 0		$ 0

v3.24.3

Note 7 - Stock Options - Additional Option Information (Details) - $ / shares	3 Months Ended
	Jul. 31, 2024	Apr. 30, 2023
Balance outstanding at April 30, 2024 and July 31, 2024 (in shares)	3,435,000
Balance outstanding at April 30, 2024 and July 31, 2024 (in dollars per share)	$ 0.055
The 2011 Stock Option Plan [Member]
Balance outstanding at April 30, 2024 and July 31, 2024 (in shares)	2,500,000
Options outstanding and exercisable, remaining term (Year)	1 year 9 months
Balance outstanding at April 30, 2024 and July 31, 2024 (in dollars per share)	$ 0.06
The 2011 Stock Option Plan [Member] | Options Granted April 30, 2021 [Member]
Balance outstanding at April 30, 2024 and July 31, 2024 (in shares)	2,500,000
Balance outstanding at April 30, 2024 and July 31, 2024 (in dollars per share)	$ 0.06
The 2011 Stock Option Plan [Member] | Options Granted on April 30, 2022 [Member]
Options outstanding and exercisable, remaining term (Year)	1 year 9 months
Mining Interests [Member]
Balance outstanding at April 30, 2024 and July 31, 2024 (in shares)	935,000	935,000
Options outstanding and exercisable, remaining term (Year)	29 days
Balance outstanding at April 30, 2024 and July 31, 2024 (in dollars per share)	$ 0.04

v3.24.3

Note 7 - Stock Options - Summary of Options (Details)	Jul. 31, 2024 $ / shares shares
Balance outstanding at April 30, 2024 and July 31, 2024 (in shares) | shares	3,435,000
Balance outstanding at April 30, 2024 and July 31, 2024 (in dollars per share) | $ / shares	$ 0.055

v3.24.3

Note 8 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Board of Directors Chairman [Member] - USD ($)	Sep. 10, 2024	Aug. 05, 2024
August 5, 2024 Promissory Note [Member]
Notes Payable		$ 5,000
Debt Instrument, Interest Rate, Stated Percentage		8.00%
September 10, 2024 Promissory Note [Member]
Notes Payable	$ 15,000
Debt Instrument, Interest Rate, Stated Percentage	8.00%

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