Straightup Initiates Ground Magnetic Survey on RLX North Property, Red Lake District, Ontario
March 18, 2021
Vancouver, British Columbia: Straightup Resources Inc. ("Straightup" or the "Company": CSE: ST) is pleased to announce that it has commenced a ground magnetic survey on its RLX North property (the "RLX North Property"), located southeast of Red Lake, Ontario. The ground magnetic survey will comprise approximately 230 line kilometres, the results of which will be used to generate prospective targets for an induced polarization ("IP") survey. The Company intends to use the results of the IP survey to generate drill targets for a diamond drilling program on the RLX North Property during summer 2021.
The primary target on the RLX North Property is the interpreted Upper Balmer Assemblage and the continuation of major structural features on the property (Figure 1). These structural features are thought to be important in localizing gold zones in the Red Lake Gold Mine and Great Bear Resources Ltd.'s Dixie Limb and Hinge Zone. 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.
The location of the prospective area of Upper Balmer Assemblage rocks is based on the interpretation of aeromagnetic data obtained from Tri Origin Exploration Ltd. (see news release dated November 10, 2020) and historic drilling by Selco Mining Corp Ltd. ("Selco") in 1980 (DDH# 160-5-1). The Selco drill hole intersected ultramafic rocks and sulphide bearing quartz veins proximal to a prominent mafic/ultramafic and felsic geological contact. While the drill logs were filed for assessment work with the Ontario Ministry of Energy, Northern Development and Mines, no assay results are currently available for the sampling in this drill hole.
Matthew Coltura, President and CEO of Straightup, stated, "The ground magnetic survey is expected to better define the lithological and structural framework of the RLX North Property. There has been limited prior work on the area of the interpreted Upper Balmer Assemblage due to poor outcrop exposure, and the goal is to use the results of the ground magnetic survey and subsequent IP survey to further define priority exploration targets."
Figure 1: RLX North Property showing the area of the ground magnetic survey as well as the location of Great Bear Resources (GBR) SGH Anomalies (News Release Sept, 09, 2020) and the interpreted location of the BaImer-Confederation unconformity.
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 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 ground magnetic survey and IP survey on the RLX North Property, the generation of potential drill targets for a diamond drilling program on the RLX North Property, anticipated exploration activities and program results from exploration activities on the RLX North Property, 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, including the results from the ground magnetic survey and IP survey on the RLX North Property, the fact that the Company's interest in the RLX North Property 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 news release or incorporated by reference herein, except as otherwise required by law.