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News Release - November 20, 2020 5:43 PM ET    Editorial Release

 

 

Straightup Appoints Dr. Robert Valliant To Advisory Board and Acquires Digital Database for the RLX Properties, Red Lake District, Ontario, Adjacent Great Bear Resources

 

NEW YORK, NY, November 20, 2020 /Sector Newswire/ -- Straightup Resources Inc. (CSE: ST) this week announced that it has appointed Dr. Robert Valliant to its advisory board in connection with the recent acquisition by Straightup of a digital database of exploration data from Tri Origin Exploration Ltd. Last week the Company announced that it has entered into an agreement with a past operator to acquire a digital database of compilation and field exploration data for its RLX North and RLX South 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.

Full copy of the November 10, 2020 news release entitled "Straightup Acquires Digital Database for the RLX Properties, Red Lake District, Ontario" may be viewed at https://www.straightupresources.com/news/2020/straightup-acquires-digital-database-for-the-rlx-properties-red-lake-district-ontario online.

 

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Straightup 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:

 

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, next to Great Bear Resources. Red Lake is one of the more prolific gold mining districts in the world with ~30 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.

 

$14,000 invested in Great Bear Resources 3 years ago turned into $1 million

 

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.

 

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.

  

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 operators have already drilled on RLX properties showing 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. See related October 14, 2020 news release entitled "Straightup Completes Preliminary Field Work on Belanger Gold Property, Red Lake District, Ontario".

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Project Location

 

     

Figure 3. (above) Project location map

  • 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 (click https://marketequitiesresearch.com/marketbulletin-GBR-ST-Oct9-2020.htm to see what attracted Great Bear Resources to this area next to the RLX project).

  • 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;

  • Compile historical property and regional data from government surveys.

  • Analyze and reinterpret data.

Examine historical drill core (ENDM Core Library, Red Lake);

  • Selectively re-sample primarily for primitive-mantle normalized trace element geochemistry. Primitive-mantle normalized trace element geochemistry was used recently by Great Bear Resources and Bounty Gold Corp on their Red Lake exploration projects.

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;

  • High-resolution airborne magnetics.

  • Induced Polarization.

  • LIDAR. LIDAR was used recently by Pacton Gold on their Red Lake exploration project.

 

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.

 

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See the Company's October 14, 2020 news release entitled "Straightup Completes Preliminary Field Work on Belanger Gold Property, Red Lake District, Ontario".

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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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