Straightup Announces Results From Re-logging of Historic Drill Core on Belanger Property, Red Lake District, Ontario
Provides Update on RLX North and RLX South Properties
February 3, 2021
Vancouver, British Columbia: Straightup Resources Inc. ("Straightup" or the "Company"; CSE: ST) is pleased to announce the results from its re-logging and sampling of the historic diamond drill core from the Kings Bay Gold Corporation ("Kings Bay") 2002 diamond drilling program at the Williamson Occurrence on the Company's Belanger property (the "Belanger Property"), located in the Red Lake District, Ontario.
Re-logging and assaying of the Kings Bay drill core revealed multiple areas of mineralization not previously sampled. Highlights from the re-logging and assaying are shown in Table 1 and include: 1020ppb Au, 625ppb Au and 2.5g/t Ag over 0.91m in hole GL-3, 464ppb Au, 6.5g/t Ag, 0.73% Cu over 0.91m and 97ppg Au, 2.5g/t Ag, 0.50% Cu over 0.91m in hole GL-5, and 3.7g/t Ag, 0.46% Cu over 0.91m in hole GL-15.
Intervals of mineralization in hole GL-3 may correspond to previously reported assays by Kings Bay in hole GL-01 (3050ppb Au over 0.45m, and 2106ppb Au over 1.22m) (Figure 1). However, the section of the drill core from GL-1 was not present for the Company to re-assay, and the results from the assays previously reported by Kings Bay are historic and may not accurately reflect the mineralization present on the Belanger Property. Additionally, some sections of the drill core were missing or out of order when the Company received them. The geologists conducting the sampling and re-logging pieced these sections of the drill core together, but sampling depths and intervals may not accurately reflect the location of mineralization present on the Belanger Property.
Previous surface samples collected by the Company from the "Trench E" area of the Belanger Property in 2020 (see news release dated August 13, 2020) included 24.8g/t Au over 60cm, 5.8g/t over 82cm, and 6.21g/t Au over 20cm chip samples. The Company intends on carrying out further work to try and correlate the surface sampling with the historic Kings Bay drill core to better understand the control of mineralization on the Belanger Property.
Figure 1: Belanger Property Overview Map
Table 1: Highlighted samples from re-logging and sampling of Kings Bay drill core
|Hole_ID||From (m)||to (m)||Length (m)***||Au ppb||Ag g/t||Cu %||Cu ppm|
**not previously sampled
***the mineralized intervals in Table 1 do not represent true widths, and sampling intervals may not accurately reflect location and depth of mineralization due to the poor condition of the historic drill core
Quality Assurance and Quality Control
All drill core samples collected were split in half using a mechanical splitter, sealed individually at the core processing facility and delivered by Clark Exploration and Consulting 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 (together, the "RLX Properties"). As part of the data compilation process, the Company intends to reprocess the VTEM data received from Tri Origin and conduct SHG (soil gas hydrocarbon) sampling over target areas on the RLX Properties. The Company intends to use the results from SGH sampling in conjunction with the data received from Tri Origin to help define targets for future work programs on the RLX Properties. The necessary permitting application for the planned exploration on the RLX Properties has been submitted to the Ontario Ministry of Energy, Northern Development and Mines for expected commencement in early spring. If SGH results outline prospective areas that are not covered in the permit application an additional permit will need to be submitted to cover these areas for further early exploration activities.
Brent Clark, P. Geo., a qualified person as defined by National Instrument 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 anticipated 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.