Sector
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Sector: Mining, Precious Metals, Industrial
:
News Release - September
18, 2020
5:25 PM ET Editorial Release
Straightup Resources Engages
Exploration Consultant to Advance Red Lake Projects, Including RLX
-- Directly Adjacent Great Bear Resources' Sobel which has Newly
Announced Gold Targets
"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's Sobel Property is directly adjacent Straightup Resources
(which acquired its claims prior to Great Bear announcing it had
selected this ground). Great Bear just announced new gold target
zones on Sobel. Straightup is highly prospective for major
gold discovery of significance."
-- Market E\quities Research Group
NEW YORK, NY, September 18, 2020 /Sector Newswire/ --
Straightup Resources Inc. (CSE: ST) announced last week it has
engaged Clark Exploration and Consulting to compile and reinterpret
all of the available historical data on the Company's RLX North, RLX
South and Belanger properties, which comprise its Red Lake district
property package. Collectively, the Properties form a contiguous
land package of over 10,000 hectares partially surrounding Great
Bear Resources Ltd.’s Sobel property.
-
See related September 9, 2020 news
release entitled "Straightup
Engages Exploration Consultant to Compile and Reinterpret
Historical Data on RLX North, RLX South and Belanger Properties,
Red Lake District, Ontario"; for the Belanger property, the
Program will include repatriating, re-logging and assaying of
historic drill cores from drillisg conducted in 2002 by King's
Bay Gold Corporation. In addition, a mapping and sampling
program will be undertaken to define other possible drill
targets on the Belanger property. The portion of the Program
conducted on the RLX North and RLX South properties will involve
a compilation of all historical data to help direct a detailed
mapping and sampling program.For the Belanger property, the
Program will include repatriating, re-logging and assaying of
historic drill cores from drilling conducted in 2002 by King's
Bay Gold Corporation. In addition, a mapping and sampling
program will be undertaken to define other possible drill
targets on the Belanger property. The portion of the Program
conducted on the RLX North and RLX South properties will involve
a compilation of all historical data to help direct a detailed
mapping and sampling program.
NOTE: Excitement runs high directly adjacent Straightup
Resources' RLX project as its neighbor, Great Bear Resources, has announced the
identification of gold target zones on its Sobel Property; see
related September 9, 2020 news from Great Bear Resources
here; on Sobel Great Bear has completed 399 samples,
establishing a four square kilometre Spaciotemporal Geochemical
Hydrocarbon (“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
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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 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.
Straightup Resources is advancing both the RLX
and Belanger land projects this 2020, see related September 9, 2020
news release entitled "Straightup
Engages Exploration Consultant to Compile and Reinterpret Historical
Data on RLX North, RLX South and Belanger Properties, Red Lake
District, Ontario"; For the Belanger property, the Program will
include repatriating, re-logging and assaying of historic drill
cores from drillisg conducted in 2002 by King's Bay Gold
Corporation. In addition, a mapping and sampling program will be
undertaken to define other possible drill targets on the Belanger
property. The portion of the Program conducted on the RLX North and
RLX South properties will involve a compilation of all historical
data to help direct a detailed mapping and sampling program.For the
Belanger property, the Program will include repatriating, re-logging
and assaying of historic drill cores from drilling conducted in 2002
by King's Bay Gold Corporation. In addition, a mapping and sampling
program will be undertaken to define other possible drill targets on
the Belanger property. The portion of the Program conducted on the
RLX North and RLX South properties will involve a compilation of all
historical data to help direct a detailed mapping and sampling
program.
Excitement runs high directly adjacent
Straightup Resources' RLX project as its neighbor, Great Bear Resources, has
announced the identification of gold target zones on its Sobel
Property; see related September 9, 2020 news from Great Bear
Resources
here; on Sobel Great Bear has completed 399 samples,
establishing a four square kilometre Spaciotemporal Geochemical
Hydrocarbon (“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.

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.
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:
-
Both RLX North and RLX South
properties are located on the strike extension of
the Red Lake gold mines trend.
-
The geologic unconformity that
is the locus of much of the gold mineralization in
the district is located within the properties.
-
The properties contain basalts
from the Balmer assemblage, which hosts many of the
Red Lake gold mineralization.
-
Felsic volcanic rocks are
present within the properties, which provide
exploration potential for gold deposits similar to
those found at the Great Bear property.
-
Both RLX North and RLX South
are well located and contain the geologic units of
interest in a more complex setting than previously
understood, which may provide additional exploration
potential as more work is conducted.
-
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.
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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.
-
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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