Sector Newswire - ST.C

Sector NewswireTM

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:


Straightup Resources Acquires Ferdinand Gold Property in Ontario and Announces Appointment of New Director and Officer

Vancouver, British Columbia (Newfile Corp – March 24, 2021) – Straightup Resources Inc. ("Straightup" or the "Company") (CSE: ST) is pleased to announce that it has acquired an option from Gravel Ridge Resources Ltd. and Perry English to acquire a 100% interest in certain unpatented mining claims consisting of 17 claims comprising 354 cells and encompassing 6,600 hectares, which are situated near Red Lake, Ontario (the “Ferdinand Gold Property”). In order to exercise the option, the Company is required to pay cash payments of C$148,000 over a term of four years, and issue an aggregate of 750,000 common shares at a deemed price of $0.15 per share. Upon exercise of the Option, the Company has agreed to grant to the optionors a 1.5% net smelter return (the “NSR”), which NSR shall be subject to the Company’s right to repurchase 0.5% of the NSR for a payment of C$500,000.

The Ferdinand Gold Property is 13 km northwest of the town of Slate Falls. Access is currently by logging roads with forestry logging operations scheduled for expansion into the property. It is located within the eastern extension of the Confederation-Uchi greenstone belt, one of the best metal endowed greenstone belts in the world. Crustal scale structural features such as the Fry-Bamaji deformation zone traverse the length of the property. Total magnetic intensity of the Ferdinand Gold Property display folded stratigraphy along D2 structures. These are important structural features that are important for gold-bearing hydrothermal fluids and traps. The Ferdinand Gold Property is situated within the prolific Uchi Subprovince, which is one of the most metal endowed greenstone belts in the world by square kilometer.


In addition, the Company is pleased to announce the appointment of Mark Brezer to the Board of Directors and the appointment of Donna Moroney as Corporate Secretary. John Hiner has resigned as a director of the Company, effective March 22, 2021. The Board wishes to thank Mr. Hiner for his valuable contributions to the Company during his tenure with the Company.


Mr. Mark Brezer is a successful businessman and holds a geography/geology degree from the University of Arizona. During his studies, emphasis was placed on remote sensing, GIS, glaciation and climate change. Mr. Brezer has worked as a Project Manager and has overseen quality control, environmental monitoring and safety programs as related to road construction. Strong communication skills also led to roles in media relations and marketing. Mr. Brezer’s family has been passionate about mining and construction for decades and he has been actively involved in the research and investment of junior mining companies for over 25 years. Time in the field and personal interest led Mr. Brezer to extensive first aid training and he certified as a paramedic and firefighter.


Donna Moroney has over 30 years of extensive experience in regulatory and corporate compliance in both Canada and the United States, and as a senior officer for various public companies, and has instructed and provided training in regulatory compliance. As President and owner of Wiklow Corporate Services Inc. since 2008, she assists companies in the resource, financial and technology sectors in maintaining the securities and exchange demands on public companies, as well as keeping them up-to-date on relevant issues, policies and working practices. Ms. Moroney also assists companies reporting in the U.S. in preparing registration statements, quarterly and annual financial filings and other various facets of meeting U.S. securities requirements.


Full copy of the March 24, 2021 news release from Striaghtup Resources Inc. may be viewed here.


------ ------ ------      ------ ------ ------      ------ ------ ------

Straightup Resources Inc. is also the subject of a Mining MarketWatch Journal review, full copy of which may be viewed at online. Excerpt copy may be viewed below.


Excerpt Copy:


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.

The Ferdinand Gold Property is a spectacular addition, located within the eastern extension of the Confederation-Uchi greenstone belt. There isn’t a single registered drill hole on the property, a statistic hard to believe in such a renown greenstone belt. In-short, the project is approximately 20 km south-east of First Mining's Springpole Gold Project, and the property lights up like a Christmas tree on geological surveys. Total magnetic intensity of the Ferdinand Gold Project display folded stratigraphy along D2 structures. These are important structural features that are important for gold-bearing hydrothermal fluids and traps. The Hinge Zone at Great Bear Resources Dixie Gold Project in the same geological environment to the west is a prime example of D2 structurally controlled gold deposition.


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:

  • 1452 kilometres of helicopter VTEM airborne survey - 100 metres spacing;

  • > 150 kilometres of Induced Polarization in multiple grids;

  • 5504 humus and 2305 soil geochemical sample results;

  • extensive geochemistry samples across all rock types;

  • detailed geological and structural mapping;

  • 38 diamond drill-hole digital database; and

  • compilation of historic exploration and government geoscience.

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 for an overview of each of Straightup's properties, including its newly acquired Ferdinand Gold Project]

------ ------- ------      ------ ------- ------      ------ ------ ------

The following URLs have been identified for additional insight on Straightup Resources Inc.:

Corporate website:

The full Mining Journal Review:


 # #



This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned. Readers are referred to the terms of use, disclaimer and disclosure located at the above referenced URL(s).



SOURCE: Sector Newswire editorial


Additional Disclaimer and Disclosure I Contact I Terms and Conditions I Copyright I Privacy Policy