Quarterly report pursuant to Section 13 or 15(d)

ASSET RETIREMENT OBLIGATION

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ASSET RETIREMENT OBLIGATION
3 Months Ended
Jul. 31, 2022
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 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:

 

    July 31, 2022     April 30, 2022  
             
Balance, beginning of year   $ 260,196     $ 204,615  
Addition and changes in estimates     -       33,517  
Accretion expense     6,274       22,064  
Balance, end of year   $ 266,470     $ 260,196  

 

For the three months ended July 31, 2022 and 2021, accretion expense amounted to $6,274 and $4,934, respectively, and included in general and administrative expenses as reflected in the accompanying statements of operations.