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News Release - July 10, 2020
4:16 PM ET Editorial Release
Straightup Resources Announces
Receipt of Exploration Permits for Its RLX North, RLX South, and
Belanger Properties, Red Lake Division, Ontario, Canada
NEW YORK, NY, July 10, 2020 /Sector Newswire/ --
Straightup Resources Inc. (CSE: ST) this week announced it has
received exploration permits for its RLX and Belanger properties
located in the Red Lake District of Ontario, Canada. Additionally,
the Company announced it has located and is taking possession of
diamond drill core from 2002. Copy of today's news release may be
viewed further below.
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.
Today's news from Straightup Resources regarding the acquisition of
old drill core on ground that has a new geological thesis parallels
the genesis of the path that lead to success for Great Bear
Resources on its nearby Dixie project. Excerpt copy of the
Mining Journal review is made available further below.
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Excerpt copy of
July 7, 2020 news release:
STRAIGHTUP
ANNOUNCES RECEIPT OF EXPLORATION PERMITS FOR ITS RLX
NORTH, RLX SOUTH, AND BELANGER PROPERTIES, RED LAKE
DIVISION, ONTARIO, CANADA
Straightup Resources Inc. has received exploration
permits for its RLX North, RLX South and Belanger
properties in the Red Lake mining division, Ontario,
Canada. The permits allow substantial exploration
activities on each of the properties, including
mechanical stripping of overburden, bedrock trenching,
line cutting for geophysical activities, and diamond
drilling. The timely receipt of these permits will allow
for efficient exploration program planning, and for a
more timely flow of field activities. The company is in
the process of planning its field programs, and
anticipates mobilizing its exploration teams in the near
future.
The Company is also pleased to report that diamond drill
core from drilling at the Belanger Property in the 2002
has been located. The core has been stored under cover
in secure facilities in Kenora, Ontario and is in
excellent condition. The Company is moving the core to
its own storage facilities, where the Belanger technical
team will resample previously sampled intervals for
historical data confirmation, and will also split and
sample the core that was not analyzed in the previous
campaign. The core will also be relogged and interpreted
in light of modern studies and additional understanding
of mineralization controls in the Red Lake region.
RLX North, RLX South and Belanger properties
The Belanger Property is one of three acquired in the
historic Red Lake District. The RLX North and RLX South
Properties are contiguous to and partially surround
Great Bear Resource Ltd's Sobel Property.
The Belanger property comprises 2,100 hectares and is
located 2.2 km north of Infinite Ore Corp.'s
Garnet/Arrow deposit.
Historic exploration on the Belanger property identified
two distinct zones of interest as follows:
The Hemming Showing- part of a strong deformation zone
that tracks NE through the center of the property;
The Williamson Showings - three significant gold-copper
occurrences over an interpreted strike length of 600
meters. These were historically referred to as Trench
"C", Trench "D" and Trench "E".
The reader is referred to the Straightup news release
dated June 11, 2020 for additional historic detail
regarding results of exploration.
With permits in hand and the availability of newly
discovered core, the Company plans to incorporate
historical data review and reinterpretation followed by
a field exploration program that is currently being
planned. More detail regarding the upcoming exploration
programs at RLX North, RLX South and the results of core
logging and sampling at Belanger, will be released upon
completion of the core and data review.
Qualified Person
John E. Hiner,
Licensed Geologist and Registered Member of SME (Society
for Mining, Metallurgy & Exploration), a qualified
person as defined by NI 43-101, has reviewed the
scientific and technical information that forms the
basis of this news release and has approved the
disclosure herein. Mr. Hiner is not independent of the
Company as he is a director of the Company, and holds
stock options in the Company.
About Straightup Resources
Straightup is engaged in the business of mineral
exploration and the acquisition of mineral property
assets in Canada. Its objective is to locate and develop
economic precious and base metal properties of merit. In
addition to the Red Lake Division properties, Straightup
intends to conduct on the Hi-Mars Property. The Hi-Mars
Property consists of 11 contiguous mineral titles
covering an area of 1,788 hectares located approximately
17 kilometres northeast of the City of Powell River in
the southwest British Columbia, Canada, within the
Vancouver Mining Division.
We seek Safe Harbor.
....click
here for full copy of release from source |
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Excerpt of recent
Mining Journal review:
Will Straightup
Resources Inc. become the next Great Bear Resources?
Straightup Resources Inc. (CSE: ST) is a new public company
focused on advancing its flagship RLX and Belanger properties
located in the Red Lake District of Ontario, Canada. Red Lake is one
of the more prolific gold mining districts in the world with ~29 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; e.g.
Great Bear Resources is working its Dixie project just to the south
of Straightup Resources' RLX Property, and Pure Gold Mining
Resources is advancing to production for the end of this year.
Two
years ago Great Bear was trading at ~50 cents/share, it has since
experienced a >38X multiple share price appreciation. 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
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.
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. Each project
brings investors value in different ways;
-
The RLX
PROJECT is large (~10,000 ha) and 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
property is underexplored as it has overburden with
little bedrock outcropping, which has limited past
exploration efforts in favour of other areas in the
Red Lake District. Straightup Resources' technical
team will be looking to target the contact zones of
the volcanic assemblages that host the gold. A past
operator has already drilled one hole (DDH-160-5-1
in the 80s) on RLX North that shows the geological
contact between mafic/ultramafic vs. felsic
intermediate rocks is present -- a major
geological contact similar to what provided a
pathway for gold laden hydrothermal fluids for
success at Great Bear Resources on its Dixie
property.
-
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
Showing is 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) 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.
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Project Location
Figure 3. (above) Project location map
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Ontario’s Red Lake Mining
District is one of Canada’s most prolific gold
mining districts, renowned for high-grade gold
deposits.
-
This is a mining-friendly,
politically stable jurisdiction with a skilled
labour force and infrastructure specifically built
around meeting the needs of the mining industry.
Project Location – Red Lake
-
Nearly 30 million ounces of
gold has now been produced from the district and
gold production has been continuous since it was
first discovered in the late 1920s.
-
Different types of exploration
work are better suited to being performed at
different times of the year; prospecting and
geological mapping between May and October. Winter
is often better to diamond drill because frozen
lakes give access to areas. Geophysics can be
performed year round.
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RLX North and RLX South
-- Project
Overview
Figure 4. (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.
At over 10,000 hectares, RLX North and RLX
South Projects represent a district-scale exploration opportunity.
The RLX North and RLX South Projects are well-positioned:
-
On-strike to the SE of the
district’s largest gold deposit (Red Lake Gold Mines
– Evolution Mining).
-
Inferred presence of major
lithological contacts and structural controls.
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The project almost surrounds
Great Bear Resources’ Sobel Project. Great Bear also
appears to have interpreted the presence of these
significant regional-scale structural controls that
track into the project area (see
GBR news release dated March 11, 2019 note: they
too show similar D2 fault lines in the image
accompanying their release).
-
Highly accessible, the southern
property boundary is only 8 km from the paved
highway into Red Lake and can be accessed by forest
service roads which traverse throughout the
properties.
2020 Exploration
Program for the RLX Projects - Science-Based
Exploration and Decision-Making
Historical data Review, compilation and
interpretation;
Examine historical drill core (ENDM
Core Library, Red Lake);
Geological mapping and sampling;
-
Using field observations and
geochemistry to map Balmer-Confederation
Assemblages. SGH soil sampling has been used
recently by Great Bear Resource, BTU Metals and
GoldON on their Red Lake exploration projects.
-
Re-interpret property geology.
Geophysical surveys;
“Value
is created in the ‘juniors’ in exploration by answering a series of
unanswered questions“ – Rick Rule
Figure 5. (above) Opportunity at the RLX
Project (source: Straight Up Resources Corporate
Presentation)
Straightup Resources Inc. had the following synopsis of its RLX
Project on its
corporate website:
The RLX North and RLX South property package is
located within the Red Lake Greenstone Belt of Northwestern Ontario.
Collectively the RLX North and RLX South properties form a
contiguous land package of over 10,000 hectares surrounding Great
Bear Resources’ Sobel property.
The primary distinction between the two properties (RLX North and
RLX South) is with the interpreted geology underlying each, with RLX
North interpreted to be underlain primarily by the 2.96-2.99 Ga
Balmer Assemblage, and RLX South interpreted to be underlain
primarily by the 2.73-2.75 Ga Confederation Assemblage. The contact
between these two metavolcanic packages is highly prospective for
economic deposits of gold in the Red Lake mining camp. The majority
of historic gold production from the district has been mined from
within a few hundred meters of this important geological contact,
making it a high priority exploration target.
The exact boundaries and the contact between the two metavolcanic
packages, and the surrounding felsic intrusives are not accurately
mapped owing to the presence of thick overburden. The lack of rock
exposure (less than 1%) has also resulted in limited historical
exploration, and the property is underexplored in comparison to
other areas of favourable stratigraphy within the Red Lake
Greenstone Belt. This represents an exploration opportunity, to
answer previously unanswered questions about the underlying geology
of the area.
While historic exploration has been limited, particularly in the
areas of preliminary interest on the property, sufficient
exploration has been done to provide some useful data to be
reinterpreted. Selco diamond drill hole 160-5-1 drilled in 1980, for
example, was collared in the northeastern portion of the RLX North
property. Based on government geological maps, this drill hole was
collared several hundred meters into the surrounding felsic
intrusives. However, an examination of the drill core logs reveals
that the drill hole remained in metavolcanics or metasediments for
its entire 300 ft length. This hole was interesting and may warrant
follow-up work because the top portion of the hole, which is almost
exclusively mafic-ultramafic and metasedimentary, is consistent with
lithology typical of the Balmer Assemblage, while the lower portion
of the hole, which is almost exclusively felsic to intermediate, is
consistent with lithology typical of the Confederation Assemblage.
It is possible that this hole may have transected the Balmer-Confederation
contact in an area previously interpreted to be felsic intrusives.
Based on mapped geology and regional geophysical surveys, the
project area can be interpreted to be a possible extension of the
geology and structures hosting Evolution Mining’s Red Lake Gold
Mines which are located approximately 10-17 km to the northwest of
the RLX South and RLX North properties, respectively. Historic
geophysical surveys have identified the possible presence of D2
folds and east plunging anticlines on property, which may be
important structural controls on mineralization.
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Belanger
-- Project Overview
Figure 6. (above) Map of the Belanger
Project.
• Historical exploration work (mechanical
stripping, diamond drilling) on the 2,000-hectare property has
identified a significant Au-Ag-Cu showing that is exposed on surface
in three trenches along ~600 meters of strike:
-
Gold values up to 60.44 g/t Au,
copper values up to 5.47% Cu in selective grab
samples.
-
7 grab samples collected from
Trench “C” in 2012 averaged 6.8 g/t Au (range 1.01
g/t Au to 25.0 g/t Au) – notably, this trench has
never been drill tested.
-
Early exploration work will
focus on validating historical sampling results and
following the occurrence along strike with a view to
better understanding the nature and controls on
mineralization.
• Only 2 km north of Infinite Ore’s
Garnet Lake - Arrow Zone Zn-Cu-Ag-Au deposit, and 9 km
northeast of Infinite Ore’s Copperlode “A” Cu-Ag
deposit.
• Excellent forest road access from the town of Ear
Falls.
2020
Exploration Program – Belanger Project
Historical data Review, compilation and
interpretation;
▪ Compile historical property and regional data from government
surveys.
▪ Analyze and reinterpret data.
Re-examine areas of mechanical stripping and bedrock trenching;
▪ Resample to validate historical assays.
▪ Interpret geological and structural controls on mineralization.
▪ Prospect for strike extensions.
Geological mapping and sampling;
▪ Property-wide mapping and sampling.
▪ Re-interpret property geology.
Geophysical surveys;
▪ High-resolution airborne magnetics.
▪ Induced Polarization.
▪ LIDAR.
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The following URLs have been
identified for further DD on Straightup Resources Inc.:
Corporate website:
https://www.straightupresources.com
Recent Mining Journal review:
https://miningmarketwatch.net/st.htm
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
editorial@SectorNewswire.com
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