Sector NewswireTM Sector: Mining, Precious Metals, Industrial :
News Release - August 7, 2020 4:47 PM ET Editorial Release
Straightup Reports Positive Results from Initial Examination of RLX Properties Adjacent Great Bear's Recently Acquired Sobel, Red Lake District, Ontario
"After discovering 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 -- Great Bear is directly adjacent Straightup Resources (which acquired its claims prior to Great Bear announcing it had selected this ground). Straightup is highly prospective for major gold discovery of significance." -- Market Equities Research Group
NEW YORK, NY, August 7, 2020 /Sector Newswire/ -- Straightup Resources Inc. (CSE: ST) this week announced it has completed an initial field examination of its RLX North and RLX South properties, part of its Red Lake gold project. The news falls on the heels an announcement that the Company has closed its previously announced non-brokered private placement, and news it has engaged the services of Michael Dehn, PGeo, and Tim Twomey, PGeo, as consulting geologists of the Company. Copy of this week's news release may be viewed further below.
Click to view full copy of Straightup's August 6th, 2020 news release entitled Positive Results from Initial Examination of RLX North and RLX South Properties, Red Lake District, Ontario.
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.
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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 (and >76X in 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 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;
Synopsis by Geologists in the Company's August 6, 2020 news release entitled Positive Results from Initial Examination of RLX North and RLX South Properties, Red Lake District, Ontario; Tim Twomey, PGeo, an experienced geologist with respect to the Red Lake district geology and gold deposits, was engaged by the company to confirm historical surface showings, rank their significance and propose a follow-up program to begin evaluation of the properties. Mr. Twomey noted several positive aspects of the properties based on his visit to the properties, including:
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Project Location
Figure 3. (above) Project location map
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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.
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;
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.
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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:
• 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.
2020 Exploration Program – Belanger Project
Historical data Review, compilation and
interpretation;
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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
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