Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jul. 31, 2014 | |
Document and Entity Information: | ||
Entity Registrant Name | RED METAL RESOURCES, LTD. | |
Document Type | 10-K | |
Document Period End Date | 31-Jan-15 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1358654 | |
Current Fiscal Year End Date | -30 | |
Entity Common Stock, Shares Outstanding | 33,456,969 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | FY | |
Entity Public Float | $901,919 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Current Assets | ||
Cash | $4,440 | $3,508 |
Prepaids and other receivables | 670 | 714 |
Total Current Assets | 5,110 | 4,222 |
Equipment | 4,775 | 8,949 |
Unproved mineral properties | 640,653 | 836,401 |
Total Assets | 650,538 | 849,572 |
Current Liabilities | ||
Accounts payable | 340,037 | 329,328 |
Accrued liabilities | 164,263 | 156,358 |
Due to related parties | 892,495 | 889,083 |
Notes payable to related parties | 489,809 | 307,863 |
Total Current Liabilities | 1,886,604 | 1,682,632 |
Total Liabilities | 1,886,604 | 1,682,632 |
Stockholders' Equity | ||
Common stock value | 33,457 | 32,957 |
Additional paid-in capital | 6,730,380 | 6,563,101 |
Deficit | -8,013,633 | -7,481,121 |
Accumulated other comprehensive loss | 13,730 | 52,003 |
Total Stockholders' Equity | -1,236,066 | -833,060 |
Total Liabilities and Stockholders' Equity | $650,538 | $849,572 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Balance Sheet | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 33,456,969 | 32,956,969 |
Common stock, shares outstanding | 33,456,969 | 32,956,969 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Operating expenses | ||
Administration | $50,110 | $52,886 |
Advertising and promotion | 20,351 | 13,588 |
Amortization | 2,137 | 3,276 |
Automobile | 4,784 | 4,696 |
Bank charges | 5,167 | 4,899 |
Consulting fees | 127,379 | 125,971 |
Interest on current debt | 69,407 | 81,997 |
IVA expense | -257 | 2,564 |
Mineral exploration costs | 20,872 | 54,289 |
Office | 12,226 | 16,400 |
Professional fees | 29,775 | 81,640 |
Rent | 12,734 | 13,188 |
Regulatory | 11,669 | 17,554 |
Travel and entertainment | 593 | 3,925 |
Salaries, wages and benefits | 58,451 | 63,894 |
Stock based compensation | 142,779 | |
Foreign exchange loss (gain) | 3,162 | -575 |
Write-down of unproved mineral properties | 3,115 | 6,000 |
Total operating expenses | 574,454 | 546,192 |
Other items | ||
Gain on extinguishment of debt | 150,000 | |
Gain on mineral payment option | 27,687 | |
Recovery of mineral exploration costs | 14,255 | 500 |
Net loss | -532,512 | -395,692 |
Unrealized foreign exchange gain (loss) | -38,273 | 160,909 |
Comprehensive income (loss) | ($570,785) | ($234,783) |
Net loss per share - basic and diluted | ($0.02) | ($0.02) |
Weighted average number of shares outstanding - basic and diluted | 32,956,969 | 25,025,462 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Deficit (USD $) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total |
Beginning Balance, amount at Jan. 31, 2013 | $17,957 | $5,958,101 | ($7,085,429) | ($108,906) | ($1,218,277) |
Beginning Balance, shares at Jan. 31, 2013 | 17,956,969 | ||||
Common stock issued for debt, shares | 15,000,000 | 15,000,000 | |||
Common stock issued for debt, value | 15,000 | 585,000 | 600,000 | ||
Donated services | 20,000 | 20,000 | |||
Unrealized foreign exchange gain (loss) | 160,909 | 160,909 | |||
Net income (loss) for the period | -395,692 | -395,692 | |||
Ending Balance, amount at Jan. 31, 2014 | 32,957 | 6,563,101 | -7,481,121 | 52,003 | -833,060 |
Ending Balance, shares at Jan. 31, 2014 | 32,956,969 | ||||
Stock options, value | 142,779 | 142,779 | |||
Common stock issued for property, shares | 500,000 | 500,000 | |||
Common stock issued for property, value | 500 | 24,500 | 25,000 | ||
Unrealized foreign exchange gain (loss) | -38,273 | -38,273 | |||
Net income (loss) for the period | -532,512 | -532,512 | |||
Ending Balance, amount at Jan. 31, 2015 | $33,457 | $6,730,380 | ($8,013,633) | $13,730 | ($1,236,066) |
Ending Balance, shares at Jan. 31, 2015 | 33,456,969 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Cash Flows used in Operating Activities | ||
Net loss | ($532,512) | ($395,692) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Amortization | 2,137 | 3,276 |
Donated services | 20,000 | |
Gain on extinguishment of debt | -150,000 | |
Gain on mineral payment option | -27,687 | |
Stock based compensation | 142,779 | |
Write-down of unproved properties | 3,115 | 6,000 |
Changes in operating assets and liabilities: | ||
Prepaids and other receivables | -2 | 358 |
Accounts payable | 14,222 | 30,130 |
Accrued liabilities | 7,905 | 27,102 |
Due to related parties | 95,347 | 260,118 |
Notes payable to related party | 34,004 | 24,905 |
Net cash used in operating activities | -260,692 | -173,803 |
Cash Flows from Investing Activities | ||
Option payments received on mineral properties | 50,000 | 75,000 |
Acquisition of unproved mineral properties | 25,321 | 77,660 |
Net cash provided by (used in) investing activities | 24,679 | -2,660 |
Cash Flows from Financing Activities | ||
Cash received on issuance of notes payable to related party | 133,577 | 81,042 |
Net cash provided by financing activities | 133,577 | 81,042 |
Effect of foreign currency exchange | 103,368 | 95,778 |
Increase (decrease) in cash | 932 | 357 |
Cash, beginning of period | 3,508 | 3,151 |
Cash, end of period | 4,440 | 3,508 |
Supplemental Disclosure of Cash Flow Information: | ||
Income tax | ||
Interest |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended |
Jan. 31, 2015 | |
Notes | |
Organization and Basis of Presentation | NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION |
Nature of Operations | |
Red Metal Resources Ltd. (the “Company”) was incorporated on January 10, 2005, under the laws of the State of Nevada. On August 21, 2007, the Company acquired a 99% interest in Minera Polymet Limitada (“Polymet”), a limited liability company formed on August 21, 2007, under the laws of the Republic of Chile. The Company is involved in acquiring and exploring mineral properties in Chile. The Company has not determined whether its properties contain mineral reserves that are economically recoverable. | |
The Company’s consolidated financial statements are prepared on a going concern basis in accordance with US generally accepted accounting principles (“GAAP”) which contemplates the realization of assets and discharge liabilities and commitments in the normal course of business. The Company is in the exploration stage. It has generated only minimal operating revenues to date, and has accumulated losses of $8,013,633 since inception. The Company has funded its operations through the issuance of capital stock and debt, and to the minor extent through royalty revenue and option payments. Management plans to raise additional funds through equity and/or debt financings, and by entering into joint venture agreements. There is no certainty that further funding will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a going concern. The Company’s ability to continue its operations as a going concern, realize the carrying value of its assets, and discharge its liabilities in the normal course of business is dependent upon its ability to raise new capital sufficient to fund its commitments and ongoing losses, and ultimately on generating profitable operations. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2015 | |
Notes | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of Presentation | |
These consolidated financial statements and related notes are presented in accordance with US GAAP, and are expressed in United States dollars. The Company has not produced revenues from its principal business. These financial statements include the accounts of the Company and its subsidiary, Polymet. All intercompany transactions and balances have been eliminated. | |
Reclassifications | |
Certain comparative amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year’s presentation. These reclassifications had no effect on the consolidated results of operations or financial position for any year presented. | |
Accounting Estimates | |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain of the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The most significant estimates with regard to these financial statements relate to carrying values of unproved mineral properties, asset retirement obligations, fair value of stock based transactions, and recognition of deferred tax assets or liabilities. | |
Asset Retirement Obligations | |
The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. This liability is capitalized as part of the cost of the related asset and amortized over its useful life. The liability accretes until the Company settles the obligation. To date the Company has not incurred any asset retirement obligations. | |
Long Lived Assets | |
The carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. | |
Fair Value of Financial Instruments | |
The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair value of cash, other receivables, amounts due to related parties, notes payable and accounts payable approximates their carrying value due to their short-term nature. | |
Foreign Currency Translation and Transaction | |
The functional currency for the parent company and the Company’s foreign subsidiary is the US dollar and the Chilean peso, respectively. The Company translates assets and liabilities to US dollars using year-end exchange rates and translates revenues and expenses using average exchange rates during the period. Exchange gains and losses arising from the translation of foreign entity financial statements are included as a component of other comprehensive loss. | |
Transactions denominated in currencies other than the functional currency of the legal entity are re-measured to the functional currency of the legal entity at the year-end exchange rates. Any associated transactional currency re-measurement gains and losses are recognized in current operations. | |
Income Taxes | |
Income taxes are determined using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. | |
The Company accounts for uncertainty in income taxes by applying a two-step method. First, it evaluates whether a tax position has met a more likely than not recognition threshold, and second, it measures that tax position to determine the amount of benefit, if any, to be recognized in the financial statements. The application of this method did not have a material effect on the Company's financial statements. | |
Loss per Share | |
The Company presents both basic and diluted loss per share (“LPS”) on the face of the statements of operations. Basic LPS is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted LPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method. Diluted LPS excludes all dilutive potential shares if their effect is anti-dilutive. | |
Mineral Properties | |
Acquisition costs (including option payments) and mineral property taxes are capitalized as mineral property costs. Mineral exploration costs are expensed as incurred until commercially mineable deposits are determined to exist within a particular property. | |
Equipment | |
Equipment is recorded at cost and is being amortized over its estimated useful lives using the declining balance method at 30% per year. | |
Recovery of exploration costs | |
Recovery of exploration costs is recognized in relation to royalty payments received from authorized contractors. Amounts are recognized when the risks and rewards of ownership to delivered concentrate pass to the buyer and collection is reasonably assured. | |
Stock Options and Other Share-Based Compensation | |
For equity awards, such as stock options, total compensation cost is based on the grant date fair value and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period an employee becomes eligible to retain the award at retirement, adjusted for the expected rate of forfeiture of the equity awards granted. | |
Recently Adopted Accounting Guidance | |
In June 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update(ASU) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810,Consolidation”. This ASU does the following, among other things: a) eliminates the requirement to present inception-to-date information on the statements of income, cash flows, and shareholders' equity, b) eliminates the need to label the financial statements as those of a development stage entity, c) eliminates the need to disclose a description of the development stage activities in which the entity is engaged, and d) amends FASB ASC 275, “Risks and Uncertainties”, to clarify that information on risks and uncertainties for entities that have not commenced planned principal operations is required. The amendments in ASU No. 2014-10 related to the elimination of Topic 915 disclosures and the additional disclosure for Topic 275 are effective for public companies for annual and interim reporting periods beginning after December 15, 2014. Early adoption is permitted. The Company has evaluated this ASU and adopted beginning with the period ended January 31, 2015. | |
The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its financial position, results of operations or cash flows. |
RelatedParty_Transactions_Disc
Related-Party Transactions Disclosure | 12 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Notes | |||||||
Related-Party Transactions Disclosure | NOTE 3 - RELATED-PARTY TRANSACTIONS | ||||||
The following amounts were due to related parties as at: | |||||||
January 31, | January 31, | ||||||
2015 | 2014 | ||||||
Due to a company owned by an officer (a) | $ | 445,601 | $ | 350,206 | |||
Due to a company controlled by directors (b) | 317,089 | 395,921 | |||||
Due to a director (a) | -- | 5,666 | |||||
Due to a company controlled by a major shareholder (a) | 91,966 | 94,099 | |||||
Due to a major shareholder (a) | 37,839 | 43,191 | |||||
Total due to related parties | $ | 892,495 | $ | 889,083 | |||
Note payable to the Chief Executive Officer (“CEO”) (c) | $248,564 | $ | 204,730 | ||||
Note payable to the Chief Financial Officer (“CFO”) (c) | 10,802 | 9,974 | |||||
Note payable to a major shareholder (c) | 113,241 | 25,378 | |||||
Note payable to a company controlled by directors (c) | 117,202 | 67,781 | |||||
Total notes payable to related parties | $ | 489,809 | $ | 307,863 | |||
(a) Amounts are unsecured, due on demand and bear no interest. | |||||||
(b) Amounts are unsecured, due on demand and bear interest at 10%. | |||||||
(c) Amounts are unsecured, due on demand and bear interest at 8%. | |||||||
During the year ended January 31, 2015, the Company accrued $34,004 (2014 - $24,905) in interest expense on the notes payable to related parties. During the same time, the Company accrued $18,676 (2014 - $44,091) on trade accounts payable with related parties. | |||||||
Transactions with Related Parties | |||||||
During the years ended January 31, 2015 and 2014, the Company incurred the following expenses with related parties: | |||||||
January 31, | January 31, | ||||||
2015 | 2014 | ||||||
Consulting fees paid or accrued to a company owned by the CFO | $ | 120,000 | $ | 100,000 | |||
Consulting fees donated by a company owned by the CFO | -- | 20,000 | |||||
Corporate communication fees paid or accrued to a company controlled by two directors | 4,113 | -- | |||||
Mineral exploration fees paid or accrued to a company controlled by two directors | -- | 51,236 | |||||
Rent fees paid or accrued to a company controlled by a major shareholder | 12,734 | 13,188 | |||||
Royalty revenue earned from a company controlled by a major shareholder | $ | 9,865 | $ | 500 |
Unproved_Mineral_Properties_Di
Unproved Mineral Properties Disclosures | 12 Months Ended | ||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||
Notes | |||||||||||||||||||
Unproved Mineral Properties Disclosures | NOTE 4 - UNPROVED MINERAL PROPERTIES | ||||||||||||||||||
Mineral Claims | January | Additions/ | Property | Write- | Effect of | January 31, | |||||||||||||
31, 2014 | Payments | Taxes Paid/ | down | foreign | 2015 | ||||||||||||||
Accrued | currency | ||||||||||||||||||
translation | |||||||||||||||||||
Farellon Project | |||||||||||||||||||
Farellon Alto 1-8(1) | $ | 584,414 | $ | -- | $ | 3,736 | $ | -2,115 | $ | -169,605 | $ | 416,430 | |||||||
Cecil | 49,975 | -- | 1,730 | -- | -9,976 | 41,729 | |||||||||||||
Quina(2) | -- | 25,000 | -- | -- | -591 | 24,409 | |||||||||||||
634,389 | 25,000 | 5,466 | -2,115 | -180,172 | 482,568 | ||||||||||||||
Perth Project(3) | 22,313 | -22,313 | -- | -- | -- | -- | |||||||||||||
Mateo Project | |||||||||||||||||||
Margarita | 19,575 | -- | 424 | -- | 108 | 20,107 | |||||||||||||
Che(4) | 26,371 | -- | 623 | -- | -5,651 | 21,343 | |||||||||||||
Irene | 48,652 | -- | 455 | -- | -12,894 | 36,213 | |||||||||||||
Mateo | 85,101 | 4,799 | 19,340 | -6,604 | -22,214 | 80,422 | |||||||||||||
179,699 | 4,799 | 20,842 | -6,604 | -40,651 | 158,085 | ||||||||||||||
Total Costs | $ | 836,401 | $ | 7,486 | $ | 26,308 | $ | -8,719 | $ | -220,823 | $ | 640,653 | |||||||
(1) The Farellon Alto 1-8 claim is subject to a 1.5% royalty on the net sales of minerals extracted from the property to a total of $600,000. The royalty payments are due monthly while the claim is being exploited, and are subject to minimum payments of $1,000 per month. As at January 31, 2015, the Company had paid $14,755 in royalty payments to the vendor, which were recorded as part of mineral exploration costs. See Farellon Project discussion below. | |||||||||||||||||||
(2) The Quina claim is subject to a 1.5% royalty on the net sales of minerals extracted from the property. The royalty payments are due semi-annually once commercial production begins, and are not subject to minimum payments. | |||||||||||||||||||
(3) See Perth Project discussion below. | |||||||||||||||||||
(4) The claims are subject to a 1% royalty on the net sales of minerals extracted from the property to a total of $100,000. The royalty payments are due monthly once exploitation begins and are not subject to minimum payments. The Company has no obligation to pay the royalty if it does not commence exploitation. | |||||||||||||||||||
Farellon Project | |||||||||||||||||||
On May 27, 2014, the subsidiary of the Company entered into a Memorandum of Understanding (the “MOU”) with an unrelated party to acquire an option to earn a 100% interest in two mining claims contiguous to the Farellon Property. On December 15, 2014, the MOU was superseded by an option agreement to earn 100% interest in one of the mining claims included in the MOU, Quina 1-56 (the “Quina claim”). | |||||||||||||||||||
In order to acquire the 100% interest in the Quina claim, the Company is required to pay a total of $150,000, which, at discretion of the Company, can be paid in a combination of shares of the Company and cash over four years, as detailed in the following schedule: | |||||||||||||||||||
Date | Option Payment | ||||||||||||||||||
Upon execution of the Option Agreement (“Execution date”) (paid) | $ | 25,000 | |||||||||||||||||
12 months subsequent to the Execution date | 25,000 | ||||||||||||||||||
24 months subsequent to the Execution date | 25,000 | ||||||||||||||||||
36 months subsequent to the Execution date | 25,000 | ||||||||||||||||||
48 months subsequent to the Execution date | 50,000 | ||||||||||||||||||
Total | $ | 150,000 | |||||||||||||||||
The number of shares to be issued for each option payment will be determined based on the average trading price of the Company’s shares during a 30-day period prior to the payment. All of the above payments shall be made only if the Company wishes to keep the option agreement in force and finally to exercise the option to purchase. | |||||||||||||||||||
In addition to the option payments, the Company will have to pay a 1.5% royalty from net smelter returns (“NSR”) on the Quina claims, which the Company can buy out for a one-time payment of $1,500,000 any time after acquiring 100% of the Quina claim. | |||||||||||||||||||
On December 15, 2014, the Company issued 500,000 shares of its common stock with a fair value of $25,000 as consideration for the first option payment (Note 6). | |||||||||||||||||||
Perth Project | |||||||||||||||||||
On April 30, 2013, the Company granted Geoactiva SpA (“Geoactiva”) an option to purchase 100% of the Perth Property through the execution of a mining option purchase agreement (the “Option Agreement”). | |||||||||||||||||||
To maintain the option and acquire the properties, Geoactiva agreed to the following: | |||||||||||||||||||
Date | Option | Exploration | |||||||||||||||||
Payments | Expenditures | ||||||||||||||||||
April 30, 2013 (paid) | $ | 37,500 | $ | -- | |||||||||||||||
October 30, 2013 (paid) | 37,500 | -- | |||||||||||||||||
April 30, 2014 (paid and incurred) | 50,000 | * | 500,000 | ||||||||||||||||
30-Oct-14 | 50,000 | -- | |||||||||||||||||
30-Apr-15 | 100,000 | 1,000,000 | |||||||||||||||||
30-Oct-15 | 100,000 | -- | |||||||||||||||||
30-Apr-16 | 125,000 | 1,000,000 | |||||||||||||||||
30-Oct-16 | 250,000 | -- | |||||||||||||||||
30-Apr-17 | 250,000 | 1,000,000 | |||||||||||||||||
Total | $ | 1,000,000 | $ | 3,500,000 | |||||||||||||||
* The amount has been credited against the carrying value of the Perth property. The excess of $27,687 over the carrying value of the Perth property has been recorded as a gain on mineral property option payment in the consolidated statements of operations. | |||||||||||||||||||
Upon exercise of the Option Agreement and once commercial production begins, Geoactiva agreed to pay the Company a Net Smelter Royalty (“NSR”) of 1.5% from the sale of gold, copper, and cobalt extracted from the Perth property. At any time after the exercise of the Option Agreement and Geoactiva’s fulfilment of the investment commitment of $3,500,000 in exploration expenditures, Geoactiva will be able to purchase 100% of the NSR as follows: | |||||||||||||||||||
Gold: paying $5 per inferred ounce of gold, according to the definition of Inferred Mineral Resource in the CIM Definition Standards on Mineral Resources and Mineral Reserves. | |||||||||||||||||||
Copper: $0.005 per inferred ounce of copper, according to the definition of Inferred Mineral Resource in the CIM Definition Standards on Mineral Resources and Mineral Reserves. | |||||||||||||||||||
Cobalt: If Geoactiva acquired the NSR with respect to gold, copper, or both, the NSR relating to cobalt would have been terminated. | |||||||||||||||||||
In August 2014 Geoactiva notified the Company that it had no intention to continue the Joint Venture and the Perth Option Agreement was cancelled. | |||||||||||||||||||
Abandoned claims | |||||||||||||||||||
During the year ended January 31, 2015, the Company wrote off several claims within the Mateo Project with a total cost of $6,604. The Company wrote off $2,115 when it decided not to pursue exploration of certain other exploration claims. | |||||||||||||||||||
During the year ended January 31, 2014, the Company abandoned several generative mineral claims with a paid cost of $6,000 as it decided not to pursue exploration of the claims. |
Equipment_Disclosure
Equipment Disclosure | 12 Months Ended | |||||
Jan. 31, 2015 | ||||||
Notes | ||||||
Equipment Disclosure | NOTE 5 - EQUIPMENT | |||||
Amortization schedule for the equipment at January 31, 2015 and 2014: | ||||||
January 31, | January 31, | |||||
2015 | 2014 | |||||
Book value | $ | 8,949 | $ | 12,225 | ||
Amortization | -2,137 | -3,276 | ||||
Effect of foreign exchange translation | -2,037 | -- | ||||
Equipment | $ | 4,775 | $ | 8,949 | ||
The equipment consists of a truck that is used for daily operations and is amortized on a declining balance basis at 30% over its useful life. |
Common_Stock_Disclosure
Common Stock Disclosure | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Notes | ||||
Common Stock Disclosure | NOTE 6 - COMMON STOCK | |||
On December 15, 2014, the Company issued 500,000 shares of its common stock with a fair value of $25,000 as consideration for the first option payment to acquire an interest in the Quina claim (Note 4). | ||||
On August 12, 2013 the Company settled $750,000 in notes payable by issuing 15,000,000 shares of its common stock. The fair value of the shares was $600,000 and the Company recognized a gain on settlement of debt of $150,000. | ||||
Warrants | ||||
On April 5, 2013, the Company extended the term of the warrants issued as part of the April 7, 2011, private equity financing from April 7, 2013 to April 7, 2014, and lowered the exercise price to $0.10. The incremental increase in fair value of the modified warrants was determined to be $526,690. | ||||
On November 25, 2013, the Company extended the term of the warrants issued as part of the April 12, 2012, private equity financing from April 27, 2014 to April 27, 2015, and lowered the exercise price to $0.10. The incremental increase in fair value of the modified warrants was determined to be $15,879. | ||||
The Company did not have any transactions that resulted in a grant of warrants during the year ended January 31, 2015. | ||||
January 31, | January 31, | |||
2015 | 2014 | |||
Balance, opening | 7,187,001 | 7,187,001 | ||
Expired | -6,919,666 | -- | ||
Balance, closing | 267,335 | 7,187,001 | ||
The weighted average life and weighted average exercise price of the warrants at January 31, 2015 is 0.24 years and $0.10, respectively. | ||||
Options | ||||
On February 28, 2014, the Company granted 1,200,000 options to purchase shares of its common stock to certain officers, directors, consultants and employees. The Chief Executive Officer, Chief Financial Officer, and Vice President of Exploration were each granted options to purchase up to 300,000 shares of the Company’s common stock. The options are exercisable at $0.15 for a term of two years and vested upon grant. | ||||
January 31, | January 31, | |||
2015 | 2014 | |||
Balance, opening | -- | 1,040,000 | ||
Granted | 1,200,000 | -- | ||
Expired | -- | -1,040,000 | ||
Balance, closing | 1,200,000 | -- | ||
The weighted average life and weighted average exercise price of the options at January 31, 2015 is 1.08 years and $0.15, respectively. | ||||
The Company recorded $142,779 as stock-based compensation associated with the grant of options, which was calculated using the following assumptions under the Black-Scholes option-pricing model: | ||||
Expected life of options | 2 years | |||
Annualized volatility | 179% | |||
Risk-free interest rate | 0.33% | |||
Dividend yield | Nil |
Income_Taxes_Disclosure
Income Taxes Disclosure | 12 Months Ended | |||||
Jan. 31, 2015 | ||||||
Notes | ||||||
Income Taxes Disclosure | NOTE 7 - INCOME TAXES | |||||
The provision for income taxes differs from the amount that would have resulted in applying the combined federal statutory tax rate as follows: | ||||||
January 31, | January 31, | |||||
2015 | 2014 | |||||
Net loss | $ | -532,512 | $ | -395,692 | ||
Statutory income tax rate | 34% | 34% | ||||
Expected in tax recovery at statutory income tax rates | -181,054 | -134,535 | ||||
Permanent differences | -47,791 | 98,770 | ||||
Difference in foreign tax rates, foreign exchange, other | 315,876 | -27,656 | ||||
Change in valuation allowance | -87,031 | 63,421 | ||||
Income tax recovery | $ | -- | $ | -- | ||
Temporary differences that give rise to the following deferred tax assets and liabilities are: | ||||||
January 31, | January 31, | |||||
2015 | 2014 | |||||
Deferred tax assets | ||||||
Federal loss carryforwards | $ | 1,079,146 | $ | 1,093,484 | ||
Foreign loss carryforwards | 561,117 | 446,361 | ||||
Mineral properties | -129,107 | 58,342 | ||||
1,511,156 | 1,598,187 | |||||
Valuation allowance | -1,511,156 | -1,598,187 | ||||
$ | -- | $ | -- | |||
The Company has $3,173,960 of United States federal net operating loss carry forwards that may be offset against future taxable income. These losses expire as follows: | ||||||
2026 | $ | 1,188 | ||||
2027 | 14,932 | |||||
2028 | 231,644 | |||||
2029 | 429,972 | |||||
2030 | 329,635 | |||||
2031 | 459,615 | |||||
2032 | 780,079 | |||||
2033 | 487,838 | |||||
2034 | 227,034 | |||||
2035 | 212,023 | |||||
$ | 3,173,960 | |||||
The Company also has approximately $2,805,000 of Chilean tax losses. The Chilean tax losses can be carried forward indefinitely. | ||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Policies | |
Basis of Presentation | Basis of Presentation |
These consolidated financial statements and related notes are presented in accordance with US GAAP, and are expressed in United States dollars. The Company has not produced revenues from its principal business. These financial statements include the accounts of the Company and its subsidiary, Polymet. All intercompany transactions and balances have been eliminated. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies: Reclassifications (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Policies | |
Reclassifications | Reclassifications |
Certain comparative amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year’s presentation. These reclassifications had no effect on the consolidated results of operations or financial position for any year presented. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies: Accounting Estimates (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Policies | |
Accounting Estimates | Accounting Estimates |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain of the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The most significant estimates with regard to these financial statements relate to carrying values of unproved mineral properties, asset retirement obligations, fair value of stock based transactions, and recognition of deferred tax assets or liabilities. |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies: Asset Retirement Obligations (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Policies | |
Asset Retirement Obligations | Asset Retirement Obligations |
The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. This liability is capitalized as part of the cost of the related asset and amortized over its useful life. The liability accretes until the Company settles the obligation. To date the Company has not incurred any asset retirement obligations. |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies: Long Lived Assets Policy (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Policies | |
Long Lived Assets Policy | Long Lived Assets |
The carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair value of cash, other receivables, amounts due to related parties, notes payable and accounts payable approximates their carrying value due to their short-term nature. |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies: Foreign Currency Translation and Transaction Policy (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Policies | |
Foreign Currency Translation and Transaction Policy | Foreign Currency Translation and Transaction |
The functional currency for the parent company and the Company’s foreign subsidiary is the US dollar and the Chilean peso, respectively. The Company translates assets and liabilities to US dollars using year-end exchange rates and translates revenues and expenses using average exchange rates during the period. Exchange gains and losses arising from the translation of foreign entity financial statements are included as a component of other comprehensive loss. | |
Transactions denominated in currencies other than the functional currency of the legal entity are re-measured to the functional currency of the legal entity at the year-end exchange rates. Any associated transactional currency re-measurement gains and losses are recognized in current operations. |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies: Income Taxes Policy (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Policies | |
Income Taxes Policy | Income Taxes |
Income taxes are determined using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. | |
The Company accounts for uncertainty in income taxes by applying a two-step method. First, it evaluates whether a tax position has met a more likely than not recognition threshold, and second, it measures that tax position to determine the amount of benefit, if any, to be recognized in the financial statements. The application of this method did not have a material effect on the Company's financial statements. |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies: Loss Per Share Policy (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Policies | |
Loss Per Share Policy | Loss per Share |
The Company presents both basic and diluted loss per share (“LPS”) on the face of the statements of operations. Basic LPS is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted LPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method. Diluted LPS excludes all dilutive potential shares if their effect is anti-dilutive. |
Recovered_Sheet1
Summary of Significant Accounting Policies: Mineral Properties Policy (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Policies | |
Mineral Properties Policy | Mineral Properties |
Acquisition costs (including option payments) and mineral property taxes are capitalized as mineral property costs. Mineral exploration costs are expensed as incurred until commercially mineable deposits are determined to exist within a particular property. |
Recovered_Sheet2
Summary of Significant Accounting Policies: Equipment Policy (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Policies | |
Equipment Policy | Equipment |
Equipment is recorded at cost and is being amortized over its estimated useful lives using the declining balance method at 30% per year. |
Recovered_Sheet3
Summary of Significant Accounting Policies: Recovery of Exploration Costs Policy (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Policies | |
Recovery of Exploration Costs Policy | Recovery of exploration costs |
Recovery of exploration costs is recognized in relation to royalty payments received from authorized contractors. Amounts are recognized when the risks and rewards of ownership to delivered concentrate pass to the buyer and collection is reasonably assured. |
Recovered_Sheet4
Summary of Significant Accounting Policies: Stock Options and Other Share-based Compensation Policy (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Policies | |
Stock Options and Other Share-based Compensation Policy | Stock Options and Other Share-Based Compensation |
For equity awards, such as stock options, total compensation cost is based on the grant date fair value and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period an employee becomes eligible to retain the award at retirement, adjusted for the expected rate of forfeiture of the equity awards granted. |
Recovered_Sheet5
Summary of Significant Accounting Policies: Recently Adopted Accounting Guidance (Policies) | 12 Months Ended |
Jan. 31, 2015 | |
Policies | |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance |
In June 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update(ASU) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810,Consolidation”. This ASU does the following, among other things: a) eliminates the requirement to present inception-to-date information on the statements of income, cash flows, and shareholders' equity, b) eliminates the need to label the financial statements as those of a development stage entity, c) eliminates the need to disclose a description of the development stage activities in which the entity is engaged, and d) amends FASB ASC 275, “Risks and Uncertainties”, to clarify that information on risks and uncertainties for entities that have not commenced planned principal operations is required. The amendments in ASU No. 2014-10 related to the elimination of Topic 915 disclosures and the additional disclosure for Topic 275 are effective for public companies for annual and interim reporting periods beginning after December 15, 2014. Early adoption is permitted. The Company has evaluated this ASU and adopted beginning with the period ended January 31, 2015. | |
The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its financial position, results of operations or cash flows. |
RelatedParty_Transactions_Disc1
Related-Party Transactions Disclosure: Schedule of Related Party Transactions (Tables) | 12 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Tables/Schedules | |||||||
Schedule of Related Party Transactions | |||||||
January 31, | January 31, | ||||||
2015 | 2014 | ||||||
Due to a company owned by an officer (a) | $ | 445,601 | $ | 350,206 | |||
Due to a company controlled by directors (b) | 317,089 | 395,921 | |||||
Due to a director (a) | -- | 5,666 | |||||
Due to a company controlled by a major shareholder (a) | 91,966 | 94,099 | |||||
Due to a major shareholder (a) | 37,839 | 43,191 | |||||
Total due to related parties | $ | 892,495 | $ | 889,083 | |||
Note payable to the Chief Executive Officer (“CEO”) (c) | $248,564 | $ | 204,730 | ||||
Note payable to the Chief Financial Officer (“CFO”) (c) | 10,802 | 9,974 | |||||
Note payable to a major shareholder (c) | 113,241 | 25,378 | |||||
Note payable to a company controlled by directors (c) | 117,202 | 67,781 | |||||
Total notes payable to related parties | $ | 489,809 | $ | 307,863 | |||
(a) Amounts are unsecured, due on demand and bear no interest. | |||||||
(b) Amounts are unsecured, due on demand and bear interest at 10%. | |||||||
(c) Amounts are unsecured, due on demand and bear interest at 8%. |
RelatedParty_Transactions_Disc2
Related-Party Transactions Disclosure: Schedule of Transactions with Related Parties (Tables) | 12 Months Ended | ||||||
Jan. 31, 2015 | |||||||
Tables/Schedules | |||||||
Schedule of Transactions with Related Parties | |||||||
January 31, | January 31, | ||||||
2015 | 2014 | ||||||
Consulting fees paid or accrued to a company owned by the CFO | $ | 120,000 | $ | 100,000 | |||
Consulting fees donated by a company owned by the CFO | -- | 20,000 | |||||
Corporate communication fees paid or accrued to a company controlled by two directors | 4,113 | -- | |||||
Mineral exploration fees paid or accrued to a company controlled by two directors | -- | 51,236 | |||||
Rent fees paid or accrued to a company controlled by a major shareholder | 12,734 | 13,188 | |||||
Royalty revenue earned from a company controlled by a major shareholder | $ | 9,865 | $ | 500 |
Unproved_Mineral_Properties_Di1
Unproved Mineral Properties Disclosures: Schedule of Unproved Mineral Properties (Tables) | 12 Months Ended | ||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||
Tables/Schedules | |||||||||||||||||||
Schedule of Unproved Mineral Properties | |||||||||||||||||||
Mineral Claims | January | Additions/ | Property | Write- | Effect of | January 31, | |||||||||||||
31, 2014 | Payments | Taxes Paid/ | down | foreign | 2015 | ||||||||||||||
Accrued | currency | ||||||||||||||||||
translation | |||||||||||||||||||
Farellon Project | |||||||||||||||||||
Farellon Alto 1-8(1) | $ | 584,414 | $ | -- | $ | 3,736 | $ | -2,115 | $ | -169,605 | $ | 416,430 | |||||||
Cecil | 49,975 | -- | 1,730 | -- | -9,976 | 41,729 | |||||||||||||
Quina(2) | -- | 25,000 | -- | -- | -591 | 24,409 | |||||||||||||
634,389 | 25,000 | 5,466 | -2,115 | -180,172 | 482,568 | ||||||||||||||
Perth Project(3) | 22,313 | -22,313 | -- | -- | -- | -- | |||||||||||||
Mateo Project | |||||||||||||||||||
Margarita | 19,575 | -- | 424 | -- | 108 | 20,107 | |||||||||||||
Che(4) | 26,371 | -- | 623 | -- | -5,651 | 21,343 | |||||||||||||
Irene | 48,652 | -- | 455 | -- | -12,894 | 36,213 | |||||||||||||
Mateo | 85,101 | 4,799 | 19,340 | -6,604 | -22,214 | 80,422 | |||||||||||||
179,699 | 4,799 | 20,842 | -6,604 | -40,651 | 158,085 | ||||||||||||||
Total Costs | $ | 836,401 | $ | 7,486 | $ | 26,308 | $ | -8,719 | $ | -220,823 | $ | 640,653 |
Unproved_Mineral_Properties_Di2
Unproved Mineral Properties Disclosures: Schedule of Quina Claim Acquisition (Tables) | 12 Months Ended | ||
Jan. 31, 2015 | |||
Tables/Schedules | |||
Schedule of Quina Claim Acquisition | |||
Date | Option Payment | ||
Upon execution of the Option Agreement (“Execution date”) (paid) | $ | 25,000 | |
12 months subsequent to the Execution date | 25,000 | ||
24 months subsequent to the Execution date | 25,000 | ||
36 months subsequent to the Execution date | 25,000 | ||
48 months subsequent to the Execution date | 50,000 | ||
Total | $ | 150,000 |
Unproved_Mineral_Properties_Di3
Unproved Mineral Properties Disclosures: Schedule Of Exploration Expenses (Tables) | 12 Months Ended | |||||
Jan. 31, 2015 | ||||||
Tables/Schedules | ||||||
Schedule Of Exploration Expenses | ||||||
Date | Option | Exploration | ||||
Payments | Expenditures | |||||
April 30, 2013 (paid) | $ | 37,500 | $ | -- | ||
October 30, 2013 (paid) | 37,500 | -- | ||||
April 30, 2014 (paid and incurred) | 50,000 | * | 500,000 | |||
30-Oct-14 | 50,000 | -- | ||||
30-Apr-15 | 100,000 | 1,000,000 | ||||
30-Oct-15 | 100,000 | -- | ||||
30-Apr-16 | 125,000 | 1,000,000 | ||||
30-Oct-16 | 250,000 | -- | ||||
30-Apr-17 | 250,000 | 1,000,000 | ||||
Total | $ | 1,000,000 | $ | 3,500,000 |
Equipment_Disclosure_Schedule_
Equipment Disclosure: Schedule of Amortization for Equipment (Tables) | 12 Months Ended | |||||
Jan. 31, 2015 | ||||||
Tables/Schedules | ||||||
Schedule of Amortization for Equipment | ||||||
January 31, | January 31, | |||||
2015 | 2014 | |||||
Book value | $ | 8,949 | $ | 12,225 | ||
Amortization | -2,137 | -3,276 | ||||
Effect of foreign exchange translation | -2,037 | -- | ||||
Equipment | $ | 4,775 | $ | 8,949 |
Common_Stock_Disclosure_Schedu
Common Stock Disclosure: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables) | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Tables/Schedules | ||||
Schedule of Stockholders' Equity Note, Warrants or Rights | ||||
January 31, | January 31, | |||
2015 | 2014 | |||
Balance, opening | 7,187,001 | 7,187,001 | ||
Expired | -6,919,666 | -- | ||
Balance, closing | 267,335 | 7,187,001 |
Common_Stock_Disclosure_Schedu1
Common Stock Disclosure: Schedule of Share-based Compensation, Stock Options, Activity (Tables) | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Tables/Schedules | ||||
Schedule of Share-based Compensation, Stock Options, Activity | ||||
January 31, | January 31, | |||
2015 | 2014 | |||
Balance, opening | -- | 1,040,000 | ||
Granted | 1,200,000 | -- | ||
Expired | -- | -1,040,000 | ||
Balance, closing | 1,200,000 | -- |
Common_Stock_Disclosure_Schedu2
Common Stock Disclosure: Schedule of Assumptions under the Black-Scholes Option-Pricing Model (Tables) | 12 Months Ended | |
Jan. 31, 2015 | ||
Tables/Schedules | ||
Schedule of Assumptions under the Black-Scholes Option-Pricing Model | ||
Expected life of options | 2 years | |
Annualized volatility | 179% | |
Risk-free interest rate | 0.33% | |
Dividend yield | Nil |
Income_Taxes_Disclosure_Schedu
Income Taxes Disclosure: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended | |||||
Jan. 31, 2015 | ||||||
Tables/Schedules | ||||||
Schedule of Components of Income Tax Expense (Benefit) | ||||||
January 31, | January 31, | |||||
2015 | 2014 | |||||
Net loss | $ | -532,512 | $ | -395,692 | ||
Statutory income tax rate | 34% | 34% | ||||
Expected in tax recovery at statutory income tax rates | -181,054 | -134,535 | ||||
Permanent differences | -47,791 | 98,770 | ||||
Difference in foreign tax rates, foreign exchange, other | 315,876 | -27,656 | ||||
Change in valuation allowance | -87,031 | 63,421 | ||||
Income tax recovery | $ | -- | $ | -- |
Income_Taxes_Disclosure_Schedu1
Income Taxes Disclosure: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended | |||||
Jan. 31, 2015 | ||||||
Tables/Schedules | ||||||
Schedule of Deferred Tax Assets and Liabilities | ||||||
January 31, | January 31, | |||||
2015 | 2014 | |||||
Deferred tax assets | ||||||
Federal loss carryforwards | $ | 1,079,146 | $ | 1,093,484 | ||
Foreign loss carryforwards | 561,117 | 446,361 | ||||
Mineral properties | -129,107 | 58,342 | ||||
1,511,156 | 1,598,187 | |||||
Valuation allowance | -1,511,156 | -1,598,187 | ||||
$ | -- | $ | -- |
Income_Taxes_Disclosure_Summar
Income Taxes Disclosure: Summary of Tax Credit Carryforwards (Tables) | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Tables/Schedules | ||||
Summary of Tax Credit Carryforwards | ||||
2026 | $ | 1,188 | ||
2027 | 14,932 | |||
2028 | 231,644 | |||
2029 | 429,972 | |||
2030 | 329,635 | |||
2031 | 459,615 | |||
2032 | 780,079 | |||
2033 | 487,838 | |||
2034 | 227,034 | |||
2035 | 212,023 | |||
$ | 3,173,960 |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details) | Aug. 21, 2007 |
Details | |
Business acquisition, interest acquired | 99.00% |
RelatedParty_Transactions_Disc3
Related-Party Transactions Disclosure: Schedule of Related Party Transactions (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Due to related party | $892,495 | $889,083 |
Notes payable to related party | 489,809 | 307,863 |
Company Owned by Officer | ||
Due to related party | 445,601 | 350,206 |
Company Controlled by Directors | ||
Due to related party | 317,089 | 395,921 |
Notes payable to related party | 117,202 | 67,781 |
Director | ||
Due to related party | 5,666 | |
Company Controlled by Major Shareholder | ||
Due to related party | 91,966 | 94,099 |
Majority Shareholder | ||
Due to related party | 37,839 | 43,191 |
Notes payable to related party | 113,241 | 25,378 |
CEO | ||
Notes payable to related party | 248,564 | 204,730 |
CFO | ||
Notes payable to related party | $10,802 | $9,974 |
RelatedParty_Transactions_Disc4
Related-Party Transactions Disclosure (Details) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Notes payable to related parties | ||
Interest expense accrued with related parties | $34,004 | $24,905 |
Trade accounts payable with related parties | ||
Interest expense accrued with related parties | $18,676 | $44,091 |
RelatedParty_Transactions_Disc5
Related-Party Transactions Disclosure: Schedule of Transactions with Related Parties (Details) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Company Owned by the Chief Financial Officer | ||
Related Party Transaction, Amounts of Transaction | $120,000 | $20,000 |
Corporate Communication Fees, Company Controlled by Directors | ||
Related Party Transaction, Amounts of Transaction | 4,113 | |
Mineral Exploration Fees, Company Controlled by Directors | ||
Related Party Transaction, Amounts of Transaction | 51,236 | |
Company Controlled by Major Shareholder | ||
Related Party Transaction, Amounts of Transaction | 12,734 | 13,188 |
Company Controlled by Major Shareholder(2) | ||
Related Party Transaction, Amounts of Transaction | $9,865 | $500 |
Unproved_Mineral_Properties_Di4
Unproved Mineral Properties Disclosures: Schedule of Unproved Mineral Properties (Details) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Mineral claims, balance | $640,653 | $836,401 |
Mineral claims, additions / payments | 7,486 | |
Mineral claims, property taxes | 26,308 | |
Mineral claims, write-down | -8,719 | |
Mineral claims, effect of foreign currency translation | -220,823 | |
Farellon Project | ||
Mineral claims, balance | 482,568 | 634,389 |
Mineral claims, additions / payments | 25,000 | |
Mineral claims, property taxes | 5,466 | |
Mineral claims, write-down | -2,115 | |
Mineral claims, effect of foreign currency translation | -180,172 | |
Perth Project | ||
Mineral claims, balance | 22,313 | |
Mineral claims, additions / payments | -22,313 | |
Mateo Project | ||
Mineral claims, balance | 158,085 | 179,699 |
Mineral claims, additions / payments | 4,799 | |
Mineral claims, property taxes | 20,842 | |
Mineral claims, write-down | -6,604 | |
Mineral claims, effect of foreign currency translation | ($40,651) |
Unproved_Mineral_Properties_Di5
Unproved Mineral Properties Disclosures (Details) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | 27-May-14 | |
Common stock issued for property | 500,000 | |
Value of common stock issued for property | $25,000 | |
Memorandum of Understanding, Farellon Property | ||
Option to earn interest in mining claims | 100.00% | |
Total purchase commitment | 150,000 | |
NSR buyout, one-time payment | $1,500,000 |
Unproved_Mineral_Properties_Di6
Unproved Mineral Properties Disclosures: Schedule of Quina Claim Acquisition (Details) (Memorandum of Understanding, Farellon Property, USD $) | 12 Months Ended |
Jan. 31, 2015 | |
Memorandum of Understanding, Farellon Property | |
Payment to acquire mining claims | $25,000 |
Unproved_Mineral_Properties_Di7
Unproved Mineral Properties Disclosures: Schedule Of Exploration Expenses (Details) (Perth Project, USD $) | 1 Months Ended | |||||||||
Apr. 30, 2017 | Oct. 30, 2016 | Apr. 30, 2016 | Oct. 30, 2015 | Apr. 30, 2015 | Oct. 30, 2014 | Apr. 30, 2014 | Oct. 30, 2013 | Apr. 30, 2013 | Jan. 31, 2015 | |
Perth Project | ||||||||||
Option payments received | $50,000 | $37,500 | $37,500 | |||||||
Exploration expenditures | 500,000 | |||||||||
Option Payments due to company | 250,000 | 250,000 | 125,000 | 100,000 | 100,000 | 50,000 | ||||
Exploration expenses to be incured | 1,000,000 | 1,000,000 | 1,000,000 | |||||||
Total agreed purchase amount | 1,000,000 | |||||||||
Total exploration expenses agreed to be incurred | $3,500,000 |
Equipment_Disclosure_Schedule_1
Equipment Disclosure: Schedule of Amortization for Equipment (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Details | ||
Book value | $8,949 | $12,225 |
Amortization of equipment | -2,137 | -3,276 |
Effect of foreign exchange translation on equipment | -2,037 | |
Equipment | $4,775 | $8,949 |
Common_Stock_Disclosure_Detail
Common Stock Disclosure (Details) (USD $) | 12 Months Ended | |||
Jan. 31, 2015 | Jan. 31, 2014 | Nov. 25, 2013 | Apr. 05, 2013 | |
Details | ||||
Common stock issued for property | 500,000 | |||
Value of common stock issued for property | $25,000 | |||
Amount of debt settled | 750,000 | |||
Common stock issued debt settlement | 15,000,000 | |||
Value of common stock issued for debt | 600,000 | |||
Gain on extinguishment of debt | 150,000 | |||
Fair value of the warrants | 15,879 | 526,690 | ||
Weighted average exercise price of the warrants | $0.10 | |||
Number of options granted | 1,200,000 | |||
Options exercisable price | $0.15 | |||
Weighted average exercise price of the options | $0.15 | |||
Stock-based compensation | $142,779 |
Common_Stock_Disclosure_Schedu3
Common Stock Disclosure: Schedule of Stockholders' Equity Note, Warrants or Rights (Details) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Details | ||
Warrants outstanding | 267,335 | 7,187,001 |
Warrants expired | -6,919,666 |
Common_Stock_Disclosure_Schedu4
Common Stock Disclosure: Schedule of Share-based Compensation, Stock Options, Activity (Details) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2013 | |
Details | ||
Number of options outstanding | 1,200,000 | 1,040,000 |
Options expired during the period | -1,040,000 |
Common_Stock_Disclosure_Schedu5
Common Stock Disclosure: Schedule of Assumptions under the Black-Scholes Option-Pricing Model (Details) | 12 Months Ended |
Jan. 31, 2015 | |
Details | |
Annualized volatility | 179.00% |
Risk-free interest rate | 0.33% |
Income_Taxes_Disclosure_Schedu2
Income Taxes Disclosure: Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Details | ||
Net loss | ($532,512) | ($395,692) |
Statutory income tax rate | 0.34 | 0.34 |
Expected in tax recovery at statutory income tax rates | -181,054 | -134,535 |
Permanent differences | -47,791 | 98,770 |
Difference in foreign tax rates | 315,876 | -27,656 |
Change in valuation allowance | ($87,031) | $63,421 |
Income_Taxes_Disclosure_Schedu3
Income Taxes Disclosure: Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Details | ||
Federal loss carryforwards | $1,079,146 | $1,093,484 |
Foreign loss carryforwards | 561,117 | 446,361 |
Mineral properties (deferred tax assets) | -129,107 | 58,342 |
Deferred tax assets, gross | 1,511,156 | 1,598,187 |
Valuation allowance | ($1,511,156) | ($1,598,187) |
Income_Taxes_Disclosure_Summar1
Income Taxes Disclosure: Summary of Tax Credit Carryforwards (Details) (USD $) | Jan. 31, 2015 |
Federal net operating loss carry forwards | $3,173,960 |
2026 | |
Federal net operating loss carry forwards | 1,188 |
2027 | |
Federal net operating loss carry forwards | 14,932 |
2028 | |
Federal net operating loss carry forwards | 231,644 |
2029 | |
Federal net operating loss carry forwards | 429,972 |
2030 | |
Federal net operating loss carry forwards | 329,635 |
2031 | |
Federal net operating loss carry forwards | 459,615 |
2032 | |
Federal net operating loss carry forwards | 780,079 |
2033 | |
Federal net operating loss carry forwards | 487,838 |
2034 | |
Federal net operating loss carry forwards | 227,034 |
2035 | |
Federal net operating loss carry forwards | $212,023 |
Income_Taxes_Disclosure_Detail
Income Taxes Disclosure (Details) (USD $) | Jan. 31, 2015 |
Details | |
Chilean tax losses carried forward | $2,805,000 |