NOTE 6 — ASSET RETIREMENT OBLIGATION

In conjunction with various permit approvals permitting the Company to undergo exploration activities at the CK Gold Project and Keystone Project, the Company has recorded an ARO based upon the reclamation plans submitted in connection with the various permits. The following table summarizes activity in the Company’s ARO for the periods presented:

For the three-month periods ended July 31, 2020 and 2019, accretion expense amounted to $4,060 and $2,140, respectively. There were no exploration activities or new disturbance on any of the Company’s projects during the three months ended July 31, 2020.