Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligation

v3.21.2
Asset Retirement Obligation
12 Months Ended
Apr. 30, 2021
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligation

NOTE 6 — ASSET RETIREMENT OBLIGATION

 

In conjunction with various permit approvals permitting the Company to undergo exploration activities at the CK Gold, Keystone and Maggie Creek Project Projects, 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:

 

    April 30, 2021     April 30, 2020  
             
Balance, beginning of period   $ 168,392     $ 88,746  
Addition and changes in estimates     18,746       69,172  
Accretion expense     17,477       10,474  
Balance, end of period   $ 204,615     $ 168,392  

 

For the years ended April 30, 2021 and 2020, accretion expense amounted to $17,477 and $10,474, respectively.