Sector: Mining, Precious Metals, Industrial :
News Release - March 26, 2021 5:18 PM ET Editorial Release
Straightup Resources Inc. Acquires Ferdinand Gold Property, Ontario and Appoints New Director and Officer
NEW YORK, NY, March 26, 2021 /Sector Newswire/ -- Straightup Resources Inc. (CSE: ST) this week announced an option to acquire a 100% interest in the Ferdinand Gold Property situated near Red Lake, Ontario, and the appointment of new people. The Ferdinand Gold Property is a spectacular addition to Straightup's existing Red Lake portfolio (RLX & Belanger properties). Below is an excerpt of the latest news release, followed by excerpt copy from a recent Mining MarketWatch Journal Review of the opportunity.
News release excerpt:
Full copy of the March 24, 2021 news release from Striaghtup Resources Inc. may be viewed here.
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Straightup Resources Inc. is also the subject of a Mining MarketWatch Journal review, full copy of which may be viewed at https://miningmarketwatch.net/st.htm online. Excerpt copy may be viewed below.
Straightup Resources Inc. (CSE: ST) is a
relatively new public company focused on advancing its flagship RLX
and Belanger properties located in the Red Lake District of Ontario,
Canada, and its newly acquired Ferdinand Gold Property in State
Falls (near Red Lake), Ontario.
Straightup Resources' Red Lake Projects
Approximately 3 years ago Great Bear was trading at ~50 cents/share, it has since experienced a >38X multiple share price appreciation (>76X over 3 years). Obviously there are some really smart people over at Great Bear, they have a track record of being able to look at the big picture of what is going on geologically in the Red Lake District and predict where huge deposits of gold might occur. In 2019 Great Bear acquired additional ground it believed to be highly prospective, of particular note is its Sobel property which is almost entirely encircled by Straightup Resources' RLX property. The RLX property offers the big elephant size gold discovery potential with D2 faults interpreted to run through, on-strike to the SE of the district’s largest gold deposit (Red Lake Gold Mines – Evolution Mining). The RLX property of Straightup Resources is prime ground that was staked prior to Great Bear announcing its Sobel acquisition by the entity that vended both the RLX and Belanger properties into the new public company.
In short, Straightup Resources is considered to have highly favorable geology for a major gold discovery of significance in a prime Red Lake District location.
Neighbour Great Bear Resources' Sobel property is almost entirely encircled by Straightup Resources' RLX property. Great Bear Resources has targets on Sobel that many speculate will be drilled near-term, this is apt to draw significant attention to Straightup when further exploration/drilling occurs. On September 9, 2020 Great Bear Resources announced the identification of gold target zones on its Sobel Property, having completed 399 samples, establishing a four square kilometre SGH survey (similar to that used by Great Bear to successfully identify gold mineralization at the LP Fault, Dixie Limb and Hinge zones at the Dixie property). Straightup will be performing the same SGH surveys on its RLX property this 2021.
At over 10,000 hectares, RLX North and RLX South Projects represent a district-scale exploration opportunity:
Figure 1. (above) RLX North and South Properties of Straightup Resources Inc. - The blue lines represent the interpretation of the D2 folds, a major controlling feature for gold mineralization in Red Lake. 'D2' stands for the 'second deformation' event that occurred in the district -- there is a lot of gold historically associated with these D2 fold structures. 90% of the historic gold production in the Red Lake District was extracted from a larger volcanic package called the Balmer assemblage at the contact of the Confederation assemblage, which is ~250 million years younger. This geological contact between mafic/ultramafic (more brittle under stress) vs. felsic intermediate rocks (more ductile under stress) is the key for creating the pathway for hydrothermal fluids -- Great Bear has a ~4km+ long gold laden sheet of it along its LP fault, part of an 11+ km gold system that also includes its Dixie fault. Important to note is that the D2 faults tracking into the RLX Project come from the direction, on-strike, of the nearby Evolution Mining Red Lake Mine.
Straightup receives major jumpstart at RLX: On November 10, 2020 Straightup announced it has entered into an agreement with Tri Origin Exploration Ltd. to acquire a digital database of compilation and field exploration data for the RLX properties. Tri Origin was active on the RLX project from 2004 to 2014, prior to neighbour Great Bear making its series of major discoveries on Dixie. The exploration programs completed by Tri Origin consisted of geological mapping, overburden geochemistry, airborne and ground geophysical surveying, and diamond drilling. Exploration completed by Tri Origin has identified mafic volcanic rocks including high iron tholeiitic and basaltic komatiite, both of which are known to occur within the tholeiitic-komatiitic Bamler sequence of the Red Lake Greenstone Belt, which host the majority of past and current gold production in the Red Lake district. The significant volume of the Digital Database will facilitate effective time and cost saving target generation to locate specific rock types associated with the gold mineralization within the Red Lake camp. The Digital Database is comprised of, but not limited to:
NOTE: All the above itemized newly acquired data is from past exploration on the RLX claims -- This publication estimates the value of the acquired exploration work at >$2 million and saves considerable time -- something Straightup managed to acquire for mere pennies on the dollar.
Figure 2. (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.... ##
[See the full Mining MarketWatch Journal Review https://miningmarketwatch.net/st.htm for an overview of each of Straightup's properties, including its newly acquired Ferdinand Gold Project]
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SOURCE: Sector Newswire editorial