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Sector NewswireTM Sector: Mining, Precious Metals, Industrial :
News Release - January 15, 2021 5:03 PM ET Editorial Release
Straightup Resources Inc. Featured in Overview of Noteworthy Developments in Red Lake District, Ontario
NEW YORK, NY, January 15, 2021 /Sector Newswire/ -- Straightup Resources Inc. (CSE: ST) was this week the subject of a Market Equities Research Group Market Bulletin on noteworthy developments in the Red Lake District. Full copy of the report may be viewed online at:
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Significant Gold Mining Developments in Red Lake District, Canada -- The High-Grade Gold Capital of the World
Consider establishing a long position in these three Red Lake District gold mining companies for exposure to precious metals in a safe (tier-one mining) jurisdiction and in a diversified manner:
- Great Bear Resources Ltd. (TSX-V: GBR) (OTCQX: GTBAF) - Growing Extreme Ounces, Great Bear's Dixie & Sobel Properties are arguably the hottest exploration play in Canada right now. Great Bear Resources DOES NOT have a resource calculation yet, but what is shaping up for investors appears enormous; when a first-pass resource does come forth look for significant related intrinsic value share price appreciation to materialize.
- PureGold Mining Inc. (TSX-V: PGM) (LSE: PUR) - A New Major Gold Producer, PureGold's Red Lake Mine is one of the world’s highest-grade gold mines anywhere on this planet (higher than 95% of gold mines). The Company poured its first gold dore bar from the mill on December 29, 2020.
- Straightup Resources Inc. (CSE: ST) - Highly Prospective for Major Discovery, Straightup Resources' RLX & Belanger Properties are proximal Great Bear Resources. Look for activity just off Straightup Resources property line in the near-term; Great Bear Resources has identified target zones on its new Sobel Property that is directly adjacent to Straightup Resources' RLX. After Great Bear discovered a world-class 11+ km long high-grade gold system on its Dixie property, Great Bear Resources geologists took their improved understanding of the area geology and decided to acquire a select few new claims that they believe to be most prospective for major discovery. Straightup Resources acquired its claims prior to Great Bear announcing it had selected this ground. When Great Bear Resources gets around to drilling targets on its Sobel property, then Straightup Resources is apt to experience considerable attention due to the fact its RLX Project is directly adjacent (nearly encircling). There is an excellent chance we will see action soon; we note that Great Bear stated in a recent press release regarding planned activities for 2021 that "additional drills may also be used at various times throughout the calendar year to drill other regional targets at the Dixie Project, and/or at Great Bear’s other Red Lake area properties."
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Red Lake in Ontario, Canada, is one of the more prolific gold mining districts in the world with ~30 million oz gold having been produced from high-grade mines since 1925, >80% of this gold was produced from Evolution Mining's Red Lake Complex (formerly owned by Newmont). Today some of the most exciting exploration projects are ongoing in the district.
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● Update on Pure Gold Mining - Canada's Newest Gold Producer
On December 29, 2020 PureGold poured its first gold dore bar following the introduction of ore to its new mill a couple weeks earlier (on budget and on schedule). The optimization process of equipment and ramp-up process is in full-swing and as the Company proves itself look for the share price to respond upward accordingly. When fully dialled-in the company expects to ultimately develop into one of the world’s most profitable gold mines; looking to ultimately deliver an operating margin over $1,350 an ounce -- generating more than $2.3 billion revenue in Phase One alone. The PureGold Mine has a 2.1-million-ounce Indicated Resource (7.2Mt at 8.9 g/t gold) and a 0.5-million-ounce Inferred Resource (1.9Mt at 7.7g/t gold). Mineral resources are inclusive of Probable Mineral Reserves of 1 million ounces of gold grading 9g/t (in 3.5 million tonnes).
For further insight on PureGold Mining Inc. see https://puregoldmining.ca
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● Update on Great Bear Resources
Great Bear Continues to Build Ounces on a World-Class 11+ km Long High-Grade Gold System on its Dixie Property Great Bear Resources continues to encounter spectacular intersects along its LP Fault on its Dixie Project. In the last two years, there have been multiple high-grade gold discoveries on the Dixie Property; the Dixie Limb, Hinge, Arrow, Bear-Rimini, Yuma, Auro, Yauro, Viggo and Gap zones. The last six discovery areas are now considered one zone that is hosted by the LP Fault deformation zone, which overall is an 18km target that is continuously being explored by the company. 3D VERIFY Model In mid-December-2020 Great Bear released a new 3D 'VERIFY' Model of the Dixie Project geology and gold mineralization. The model (and how to use it) is explained in the following video online: https://www.youtube.com/watch?v=HTUEV5mLM98&feature=youtu.be
The 3D VERIFY model can be found https://www.greatbearresources.ca online. The 3D VERIFY model is based on about 400 drill holes, the user can peel off the geology in pre-set images and view gold distribution. The model allows the different zones to be zoomed in on at any angle. The model also has tabs that detail in-progress geological and mineralization modeling, including detailed known and projected mineralization. The projected mineralization is derived from structural information (e.g. oriented drill core). News releases regarding large ~400 m & ~500 m step-outs (at depth) in the LP, Hinge, and Limb Zones affirm the model is working; the model clearly presented the deep holes that were directionally drilled. In short, there is an immense amount of gold already found and even more high-grade gold to be discovered with high confidence.
Figure 1 (above) Example image of the current 3D geological and gold mineralization model at Dixie. (Source: Dec 16, 2020 news release). What is shaping up for investors appears enormous, when a first-pass resource does come forth look for significant intrinsic value related share price appreciation to materialize. There are multi-km long lengths of continuous high-grade gold at impressive widths close to surface. These zones are also proven now to be continuing at depth. The market capitalization of other miners with established resources comparable in size and quality of what appears to be shaping up at Great Bear Resources dictates that the share price of GBR trade multiples higher. 13 Million Ounces? We are not suggesting a first-pass resource of this size, but certainly heading toward that; Analyst David Talbot of Eight Capital has attempted to quantify matters. The following is an excerpt from his September 9, 2020 report:
https://sectornewswire.com/Eight-Capital-GBR-Sept9-2020.pdf Excerpt:
------ ------ ----- ------ ------ ----- ------ ------ ----- ● Great Bear’s plan to repeat success of Dixie at Sobel, located directly adjacent Straightup Resources RLX Project
Straightup Resources Inc. is a relatively new public company, trading under the
stock symbol ST on the Canadian Securities Exchange. On September 9, 2020 the President, CEO, and Director of Great Bear Resources, Chris Taylor, gave a synopsis of what attracted them to the Sobel property and how they identified targets; see 3:15 minute mark of https://youtu.be/kzdE81iT0ns?t=191 online.
Video (above) discussion of Sobel - Great Bear has identified a couple of large anomalies (several hundred meters across each). These anomalies are very similar to what was seen above the zones at the Dixie project. These SGH sample surveys are a bit of a black box technique, it’s basically measuring the metabolic by-products of bacteria and other soil organisms that are eating the mineralization within the gold zone, and it is those metabolic by-products that get analysed in the lab (it is not a gas survey). This SGH survey is exactly what Great Bear used at the Dixie Project to highlight where they would end up finding ultimately the Hinge Zone and the LP fault Zone. Technically the Hinge Zone was found first before they did the SGH surveys, but when Great Bear did the SGH survey, it successfully identified the areas where the gold mineralization was nearer the surface. SGH surveys do not locate gold that is deep, thus it can give false negatives. It is however a technique found to be effective, cheap to implement, and is a good first-pass method of identifying zones under cover.
Figure Figure 3. (above) Map of Red Lake District showing area projects/players, Straightup Resources' RLX North, RLX South, and Belanger Properties are depicted in red.
The fact Great Bear has chosen Sobel (which is almost entirely
encircled by Straightup) to explore, even before it has calculated a
resource on its Dixie Project, shows just how prospective it
believes this location to be.
The BELANGER PROJECT (~2,000
ha) is more advanced, has mineralization at surface, and it brings
opportunity for quick news flow with two immediate areas of
interest; 1) the Hemming Showings are found in a deformation
zone, tracking NE to SW near the middle of the property, that is
measured to be at least 100 m wide and possibly a lot wider. The
showing produced a selective grab sample which measured ~0.9 oz/t
gold. There are a number of gold and base metal showings along
that same line strike through the property. 2) The Williamson
Showings are where three historic trenches were exposed by past
operators; trench C has produced grab samples up to 25 g/t
gold, trench E which is 550 m to the NE of trench C has produced
selective grab samples of up to 60.44 g/t gold, selected
copper grab samples were also pulled from the trenches measuring
over 5% Cu. There are parallel deformation zones. Straightup Resources' technical team will be
looking at the underlying controls, the big picture,
how the gold and copper are distributed, and will
develop a predictive model. Already, from drill
holes performed by past operator Kings Bay, it is
suggesting some continuity to the copper and gold
mineralization; DDH 14 & 15 both intersected over 7
g/t gold over narrow intercepts within the broader
gold and copper mineralized envelope. See related
October 14, 2020 news release entitled "Straightup
Completes Preliminary Field Work on Belanger Gold
Property, Red Lake District, Ontario".
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SOURCE: Sector Newswire editorial
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