StraightUp Resources Initiates High-resolution Heli-borne Magnetic Survey on its Ferdinand Gold Project, Ontario
Vancouver, BC, June 1, 2021- StraightUp Resources Inc. ("StraightUp" or the “Company”) (CSE: ST) is pleased to announce that it has contracted Prospectair Geosurveys Inc. to perform a high-resolution heli-borne magnetic survey (MAG) on the Ferdinand Gold Project (the “Property”) located in the Confederation-Uchi greenstone belt 120km east of the Red Lake. The Company owns 100% interest in the Property consisting of 17 contiguous mining claims covering 7,143 hectares (Figure 1). The heli-borne magnetic survey consists of 1,994 line-km at 50m line spacings covering the entire property will begin this week. Preliminary results will be received the following week.
Figure 1. Regional location and access of the Ferdinand Gold Project.
The MAG survey is designed to provide geological and structural details of a 25km long south east extension of the Confederation-Uchi greenstone belt along the Fry-Bamaji Deformation Zone. Interpretation of the survey results will be used to aid in identifying structural features, lithological contacts and rock types associated with potential gold mineralization and vector exploration efforts to those areas of high merit.
StraightUp’s President and CEO, Mr. Mark Brezer, said, “The Ferdinand Gold Project represents an exciting opportunity for our Company. I’ve yet to know where there is a stretch of the Confederation-Uchi greenstone belt along a crustal scale deformation zone that hasn’t seen one drill hole. The high resolution heli-borne magnetic survey commissioned by StraightUp will greatly enhance the geological and structural make-up of this property and enhance our chances for success with our 2021 exploration efforts.”
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
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 south-eastern extension of the Confederation-Uchi greenstone belt, one of the best metal endowed greenstone belts by square kilometre in the world with past production and current resources totaling 64M. oz. of gold. Crustal scale structural features such as the Fry-Bamaji deformation zone traverse the length of the property (Figure 2). Regional, coarse, government sponsored magnetic surveys of the Ferdinand Gold Property display folded stratigraphy along possibly D2 structures. These structural features that are important for gold-bearing hydrothermal fluids and traps. There is not one Ontario Geological Survey registered drill hole on the entire property.
Figure 2. Regional geology and structure of the Ferdinand Gold Project.
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 exploration of its Red Lake Division properties, StraightUp intends to conduct exploration on the Hi-Mars Property and the Ferdinand Gold 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 southwest British Columbia, Canada, within the Vancouver Mining Division.
On Behalf of the Board of Directors
Mark Brezer Chief Executive Officer, President and Director
For further information, please contact:
Chief Executive Officer, President and Director
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release).