Straightup Announces Results From Field Examination of Belanger Property, Red Lake District, Ontario
Provides Update on RLX North and RLX South Properties
December 2, 2020
Vancouver, British Columbia: Straightup Resources Inc. ("Straightup" or the "Company"; CSE: ST) is pleased to announce the results from its preliminary field examination of the Belanger property (the "Belanger Property"), located in the Red Lake District, Ontario. The Company has also completed the review and further sampling of the historic diamond drill core from the Kings Bay Gold Corporation 2002 diamond drilling program (the "Kings Bay 2002 Drill Program") that was stored at Government facilities in Kenora and moved to a core facility in Thunder Bay, Ontario.
"We are extremely pleased with the progress being made on the Belanger Property given the current global conditions," stated Matthew Coltura, President and CEO of Straightup. "The results from the field examination of the Hemming Occurrence have confirmed the presence of the Confederation Lake Narrows Deformation Zone. We plan to continue work directed at defining the potential of this area."
Belanger Property Field Examination
Field crews conducted prospecting and mapping on the Belanger Property focusing on previously underexplored areas of the Belanger Property hosting the historic "Hemming Occurrences". The Hemming Occurrences are located within the northeast trending Confederation Lake Narrows Deformation Zone, in the central part of the Belanger Property. A property examination by the Red Lake Resident Geologist in 1997 suggested the showings associated with the Hemming Occurrences are found within a 060° trending shear zone that is potentially more than 100 m wide and extensively silicified.
In total, 27 grab samples were collected and submitted for analysis for gold and base metals to AGAT Laboratories in Thunder Bay, Ontario. From the Hemming Occurrences, 24 samples were collected, of which 13 samples were below detection limit for gold (Table 1). The highest assay, taken from a quartz/ankerite vein hosted within intermediate volcanics, returned 1.93g/t Au and 1.1g/t Ag. Other notable assays returned 0.122g/t Au, 2.4g/t Ag and 1.6g/t Ag, respectively. A grab sample from the "Trench D" area in the vicinity of the Kings Bay 2002 Drill Program returned 0.343g/t Au, 1.1g/t Ag, and 0.454% Cu.
Table 1: Highlighted grab samples from the Belanger Property Field Examination
The Belanger Property is fully permitted for early exploration activities such as stripping, trenching, line cutting and drilling. Readers are cautioned that prospecting surface rock sample assays, as presented herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled.
Diamond Drill Core Review
The Kings Bay 2002 Drill Program tested the Williamson Occurrences, which produced the historic diamond drill core being re-analyzed by the Company at the Thunder Bay core facility. In reviewing the diamond drill core Clark Exploration and Consulting ("Clark Exploration") geologists noted that much of the core was under sampled, including areas of deformation that were noted in a number of the drill holes from the Kings Bay 2002 Drill Program. Re-logging and sampling have been completed by the Company and it is awaiting analytical results.
Quality Assurance and Quality Control
All rock samples collected from the Belanger Property were sealed individually in the field and delivered by Clark Exploration employees to AGAT Laboratories, located in Thunder Bay, Ontario. Each sample was analyzed using the AGAT Laboratories codes 202051, Fire Assay - AAS (30g); 201073, Aqua Regia Digest / ICP-OES Finish, and 201676 Lithium Borate Fusion XRF Finish. Being an early stage sampling program, the Company relied on the AGAT Laboratories internal duplicate and standard protocols.
RLX North & South Properties
The Company continues to review and compile the data received from Tri Origin Exploration Ltd. ("Tri Origin") for the RLX North and South properties (the "RLX Properties"). This work has led to the recognition of extensions and repetitions of the important, gold-hosting Upper Balmer Assemblage and the continuation of major structural features across the RLX Properties. These structural features are thought to be important in localizing gold zones in the Red Lake Gold Mine and Great Bear Resources Ltd. Dixie Hinge Zone. The data from Tri Origin will be used to help define targets for future work programs on the RLX Properties which are expected to commence in 2021.
Matthew Coltura stated, "We are excited to begin work on our RLX North and RLX South properties, which surround Great Bear Resources' Sobel property, in the Spring of 2021. Based on our historical data and the success of Great Bear Resources in the region, we believe the RLX North and South properties have great exploration potential."
Readers are cautioned that the Company has no interest in or right to acquire any interest in Great Bear Resources' properties or the Red Lake Gold Mines, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties are not indicative of mineral deposits on the Company's properties or any potential exploitation thereof.
Brent Clark, P. Geo., 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. Clark is independent of 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 exploration of its Red Lake Division properties, Straightup intends to conduct exploration 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.
On Behalf of the Board of Directors
Chief Executive Officer, President and Director
For further information, please contact:
Chief Executive Officer, President and Director
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the results from sampling of the historical drill core from the Kings Bay 2002 Drill Program, anticipated exploration activities and program results from exploration activities on the Belanger Property and the RLX Properties, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements are based on certain assumptions regarding the Company including, without limitation, that market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company’s projects in a timely manner, the availability of financing on suitable terms for the exploration and development of the Company's projects and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including anticipated exploration work on the Belanger Property and the RLX Properties, the fact that the Company’s interest in the Belanger Property and the RLX Properties is an option only and there is no guarantee that such interest, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of gold, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, accidents, labour disputes and other risks of the mining industry, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, the Company’s limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as other risks and uncertainties disclosed in the Company’s latest Management’s Discussion and Analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this presentation or incorporated by reference herein, except as otherwise required by law.