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Feature article April 12, 2021:

 

Will Straightup Resources Inc. become the next Great Bear Resources?

 

Straightup

Resources Inc.

(CSE: ST) (US: STUF)

 

Share data, Capitalization, & Corporate info

 

 Shares Outstanding:  ~24 million (~35M fully diluted)

 Recently Traded: ~CDN$0.19/share (CSE: ST)

 52 Week High/Low: $0.12/ 0.35

 Current Market Cap.: ~$4.56 million Canadian

 Corporate Website: www.straightupresources.com

 

   

Valuation Commentary: Straightup Resources Inc. (CSE: ST) (US Listing: STUPF) is a relatively new public company focused on advancing its flagship RLX and Belanger properties located in the Red Lake District of Ontario, Canada, and its newly acquired Ferdinand Gold Property in State Falls (near Red Lake), Ontario.

 

The Ferdinand Gold Property is a spectacular addition, located within the eastern extension of the Confederation-Uchi greenstone belt. There isn’t a single registered drill hole on the property, a statistic hard to believe in such a renown greenstone belt. In-short, the project is approximately 20 km south-east of First Mining's Springpole Gold Project, and the property lights up like a Christmas tree on geological surveys. Total magnetic intensity of the Ferdinand Gold Project display folded stratigraphy along D2 structures. These are important structural features that are important for gold-bearing hydrothermal fluids and traps. The Hinge Zone at Great Bear Resources Dixie Gold Project in the same geological environment to the west is a prime example of D2 structurally controlled gold deposition.

 

Below is a review of both Stratightup's Red Lake Land Packages (RLX and Belanger) and its Ferdinand Gold Property. Each highly prospective for major gold discovery.

 

Straightup Resources' Red Lake Projects

 

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 is Canada's newest gold producer at its Red Lake Mine.

 

Approximately 3 years ago Great Bear was trading at ~50 cents/share, it has since experienced a >38X multiple share price appreciation (>76X over 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 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 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.

 

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Straightup Resources is advancing both the RLX and Belanger land projects this 2021, see February 3, 2021 exploration update;

 

2021 Exploration - 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.

Also see March 18, 2021 news release Straightup Initiates Ground Magnetic Survey on RLX North Property, Red Lake District, Ontario.

 

2021 Exploration - Belanger Property: 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.

  

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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 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. Past operators on the RLX properties have shown 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.

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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 4a. (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 is adjacent to Great Bear Resources’ Sobel Project. Great Bear Resources is also in the process of evaluating the area for significant regional-scale structural controls and has proposed additional work on their neighbouring project in the near term (see GBR news release dated September 9, 2020).

  • 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.

2021 Exploration Program - RLX Projects
 

Historical data Review, compilation and interpretation
• Review and compile digital data acquired from Tri Origin Exploration (TOE)
• Add in new 2021 data to enhance interpretations

Examine historical drill core (ENDM Core Library, Red Lake)
• Geochemical sampling to determine Balmer sequence rocks (BSR)
• Locate drill holes in field that are BSR and prospect areas

Geological mapping and sampling
• Use TOE data to define areas to detail map for BSR
• Complete SGH soil sampling on east and west end of claims

Geophysical surveys
• Re-interpret digital mag and VTEM data from TOE
• Expand induced polarization to test BSR

 

Straightup proposes to apply a variety of exploration techniques both old (traditional) and new. Some exploration techniques have yet to be applied to the property, each of which will be evaluated for the relevance they might contribute to the exploration efforts:

 

 

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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)

 

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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.

 

Figure 6. (above) -- Map of RLX Area
 
Property Digital Data Base Acquisition:
Tri Origin Exploration Ltd (TOE) staked one of the largest contiguous land positions in the Red Lake greenstone belt of northwest Ontario (early to mid 2000). This strategic land position covers the south-eastern extension of the Red Lake greenstone belt, from which over 22 million ounces of gold has been produced. The exploration concept was to unravel the geology and show the potential for hosting the same rock types that host some of the richest gold zones and named the project RLX (Red Lake Extension).
 

TOE commenced this strongly integrated geological project was comprised of programs of geological mapping, overburden geochemistry, airborne and ground geophysical surveying and diamond drilling have led to recognition of extensions and repetitions across the property of the important, gold-hosting rock units at Red Lake and the continuation across the property of major structural features thought to be important in localizing gold deposits at Red Lake. Importantly, sulphide mineralization and zones of rock alteration similar to those observed in the Red Lake District have been identified through Tri Origin’s work. Anomalous gold values have been found to be associated with these features.
 

Before TOE commenced the project the limited outcrop has hindered field mapping to date, especially in areas thought to host upper Balmer rocks. The primary rock types which have been identified on the property include mafic volcanic rocks, sedimentary rocks, and felsic volcanic rocks which are primarily located in the north and central-east portions of the property. Felsic intrusive rocks are found throughout the property. To date ultramafic rocks have only been identified in the occasional boulder and in a historic drill hole completed at the very northeast of the property during the 1970’s by Selco intersected ultramafic rock in association with sulphide iron formation, sedimentary/tuffaceous rocks and felsic volcanic units (upper Balmer?).
 

In February 2012, Tri Origin entered into an option agreement with Osisko Mining Corp whereby Osisko would earn a majority interest in the property by funding a four year exploration program and making certain cash payments to Tri Origin. The first year of the Osisko option saw the completion of a program of geological mapping, line cutting, IP and magnetic geophysical surveying and diamond drilling at the northwest part of the property. At the beginning of the second year of the Osisko option a preliminary program of line cutting and geophysical surveying was commenced in areas now believed to be underlain by upper Balmer rocks. Soon after commencement of this program, Osisko informed Tri Origin that due to a decline in gold price it was deferring all exploration expenditures at the project and it subsequently terminated the option on October 16, 2013. As of May 2013, a total of $823,340.15 had been spent on the property on behalf of Osisko during the first and second year terms of the option.
 

All of the large gold mines at Red Lake occur at the upper part of the Balmer Assemblage. The sequence of rocks comprising the “upper Balmer” is distinctive in the district. Importantly, during the course of recent work at RLX a new and proprietary interpretation of the distribution of the ore-hosting upper Balmer rock sequence extending southeast from the Red Lake Gold Mining District was developed by Tri Origin.
 

Tri Origin and, in part, through the Osisko option has been successful in delineating new areas of prospective host rock believed to correlate with the “upper” Balmer rocks at Red Lake which host all of the substantial gold mines in the District. Tri Origin held the land as long as it could but eventually with no new work being completed the claims reverted to the crown. This occurred just before the discovery of the LP structure by Great Bear Resources.
 

With gold prices up and people focused on Red Lake, groups of companies started staking prospective targets. This led to Pacton, Bounty Gold and Great Bear acquired ground covering parts of the former RLX property.
 

Straightup Resources entered into an agreement with Bounty Gold to option and work the Property.
 

Bounty Gold successfully acquired the RLX north and south claim groups. These claim blocks encircle the claim block acquired by Great Bear.
 

The interpretative geology as Upper Balmer rocks and prospective structures are located on both properties. Specifically, Bounty Gold was able to acquire the claim area drilled in the 1970’s by Selco. This hole intersected ultramafic rock in association with sulphide iron formation, sedimentary/tuffaceous rocks and felsic volcanic units (upper Balmer?).
 

Straightup Resources reached out to Dr. Robert Valliant of TOE to facilitate acquiring the digital database and well as notes and interpretation of the exploration. The value of the exploration work far exceeds $1.0 million. This sets Straightup Resources with a great advantage that will move exploration to a drill stage faster. An added bonus is that Dr. Valiant has joined the company as an advisor.
 

One method of exploration that has become widely used by explorers in Red Lake. The process of Spaciotemporal Geochemical Hydrocarbon (SGH) testing has occurred on the Great Bear Sobel property that is encircled by RLX north and south. Great Bear in a September 9, 2020 press release announced new Gold Targets at the Sobel Property indicated by SGH.
 

The Release stated:
“Current results relate to the Sobel property, which was acquired to control prospective stratigraphy within the Red Lake Greenstone Belt along the same regional D2 fold axis that controls the majority of gold mineralization at the Red Lake Gold Mine.
 

Highlights of regional exploration at the Sobel property include:
 

• Completion of a 399 sample, 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.
 

• Identification of two large SGH targets at the Sobel property, respectively measuring approximately 800 metres by 500 metres, and 900 metres by 450 metres.
 

• The SGH targets overlie regional D2 fold closures with a similar geological and structural setting to the gold zones at the RLGM, and the Hinge zone at the Dixie property. These targets are apparent on regional geophysics and were predicted by Great Bear’s exploration team to have gold mineralization potential prior to undertaking the SGH survey.
 

• Prospecting, geological mapping and geochemical analysis have identified mafic volcanic rocks including high iron tholeiite and basaltic komatiite, both of which are known to occur within the tholeiitic-komatiitic Balmer sequence of the Red Lake Greenstone Belt, which host the majority of past and current gold production in the Red Lake district. These are locally in contact with units of meta-sediments, intermediate, felsic and intrusive rocks.
 

A substantial amount of additional work is warranted to properly explore the target areas currently outlined by the ROE and to continue to generate new targets throughout this prospective terrain.

 

Figure 7. (above) -- From Great Bear's release
 

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Belanger -- Project Overview

 

 

Figure 8. (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.

  • 2020 chip samples returned values of 24.8g/t Au over 60cm, 6.21g/t Au over 20cm, 5.80g/t Au over 82cm at Trench “E” and grab samples up to 2.94g/t Au. Trench “C” chip samples returned 3.88g/t Au over 90cm, 1.97g/t Au over 40cm, and grab samples returned up to 2.36g/t Au.

  • Early exploration work will focus on validating historical sampling results and following the occurrences along strike with a view to better.

• Excellent forest road access from the town of Ear Falls.

 

Straightup Resources Inc. had the following synopsis of its Belanger Project on its corporate website:

 

The 2,100 hectare Belanger property is located within the 2.73-2.75 Ga Confederation Assemblage. The property is located 9 km northeast of Infinite Ore’s polymetallic Copperlode “A” deposit, 2.2 km north of Infinite Ore’s polymetallic Garnet/Arrow deposit and 6 km southwest of the historic South Bay Mine VMS deposit.
 

Historic exploration on the property in the 1990’s identified three significant surface exposures of gold, copper and silver mineralization in the southern portion of the property, referred to as the Williamson Occurrences. These three surface showings, referred to as trenches “C”, “D” and “E” would appear to be on-strike of each other, with approximately 550-600 meters separating trenches “C” and “E”.

 

Historic grab samples from Trench "C" have returned up to 25.0 g/t Au, and up to 5.47% Cu and seven grab samples collected from this trench in 2012 averaged 6.8 g/t Au (range 1.01 to 25.0 g/t Au) and 0.446% Cu (range 0.114 to 0.820% Cu). Trench C has yet to be tested by diamond drilling.

 

Historic grab samples from Trench "D" have returned up to 3.41 g/t Au and up to 3.85% Cu. A limited diamond drilling program completed in 2002 also returned significant intercepts, such as 1.10 g/t Au, 6.6 g/t Ag and 0.69% Cu over 10 ft (including a narrower higher grade intercept of 7.66 g/t Au and 2.06% cu over 1 ft) in drill hole GL-14, drilled by King's Bay Gold Corporation.

 

Historic grab samples from Trench "E" have returned up to 60.44 g/t Au. A limited diamond drilling program completed in 2002 also returned significant intercepts beneath Trench E, including 2.20 g/t Au over 5.8 ft (GL-03).

 

As each of the three trenches has been mechanically stripped of overburden in the 1990’s, there exists an opportunity to further study and interpret the underlying structural controls on gold-copper mineralization with the intent of targeting zones of higher grade along strike and at depth.

 

Several other gold or base metal occurrences occur throughout the property, including the Hemming Occurrences, which are located within the northeast trending Confederation Lake Narrows Deformation Zone. A property examination by the Red Lake Resident Geologist in 1997 suggested the showings associated with the Hemming Occurrences are found within a 060o trending shear zone that is potentially more than 100 m wide and extensively silicified.

 

In 1992, three separate surface exposures, referred to as the No. 1, No. 2 and No. 3 showings were described.

 

The No. 1 or Main showing consists of a large trench sunk on an 8 to 12 inch wide quartz vein trending 030/70SE. The vein contains abundant chlorite stringers and minor amounts of disseminated galena and fine visible gold. Two grab samples taken by A.P. Pryslak from the quartz vein at the No. 1 showing assayed 0.11 ounce Au per ton and 0.13 ounce Ag per ton; and 0.59 ounce Au per ton and 0.41 ounce Ag per ton.

 

The No. 2 showing is located about 2000 feet southwest of the Main showing. The No. 2 showing consists of a small trench sunk on a massive, white, quartz vein striking 040/90 along an exposed strike length of 35 feet. The vein is 9 feet wide at its northeast end and branches into 2 separate veins, which are 5 and 12 feet wide, at its southwest end. The vein contains chloritic inclusions of wall rock and minor amounts of galena. The vein occurs at a gabbro/tuff contact which is on strike with the No. 1 showing.

 

The No. 3 showing is situated about 3400 feet east-northeast of the No. 1 showing and is located on the north shore of a small lake. The showing consists of a 1 to 7-foot wide quartz vein which has been traced along a gabbro/tuff contact for 82 feet. G. Hemming reported that a diamond drill hole targeted on the quartz vein at the No. 3 showing intersected 0.10 ounce Au per ton across 3 feet (Pryslak 1975).

 

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Ferdinand Gold Property, State Falls, Ontario

 

Property Summary

 
➢ The Ferdinand Gold Project consists of 17 contiguous mining claims covering approximately 7,143 hectares.

 
➢ The 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.
 

➢ The Ferdinand Gold Project is located within the eastern extension of the Confederation-Uchi greenstone belt, one of the best metal endowed greenstone belts in the world.
 

➢ The lack of access has played a major role in the limited exploration activity on the property. There isn’t a single registered drill hole on the property, a statistic hard to believe in such a renown greenstone belt.
 

➢ Crustal scale structural features such as the Fry-Bamaji deformation zone traverse the length of the property.
 

➢ Total magnetic intensity of the Ferdinand Gold Project display folded stratigraphy along D2 structures. These are important structural features that are important for gold-bearing hydrothermal fluids and traps. The Hinge Zone at Great Bear Resources Dixie Gold Project in the same geological environment to the west is a prime example of D2 structurally controlled gold deposition.

 

Figure 9. (above) Location map

 

 

Figure 10. (above) location of prolific Uchi Subprovince.

 

 

Figure 11. (above) Location and access

 

 

Figure 12. (above) Ferdinand Gold Project Regional Geology

 

 

Figure 13. (above) - Regional Mineral Occurrences -- note proximity to First Mining Springpole Gold Project (Indicated Resource: 139.1 Mt at 1.04 g/t Au, 5.4 g/t Ag, containing 4,670,000 ounces of gold and 24,190,000 ounces of silver, Inferred Resource: 11.4 Mt at 0.63 g/t Au, 3.1 g/t Ag, containing 230,000 ounces of gold and 1,120,000 ounces of silver. On June 11, 2020, First Majestic announced that it has agreed to acquire from First Mining, a stream on 50% of payable silver produced from the Springpole Gold Project located in Ontario, Canada. First Majestic will make ongoing cash payments of 33% of the silver spot price per ounce, to a maximum of $7.50 per ounce, for all payable silver delivered by Springpole. First Majestic has agreed to pay First Mining total consideration of $22.5 million in cash and shares, over three milestone payments, for the silver stream which covers the life of the Project.)

 

 

Figure 14. (above) - Ferdinand Regional Magnetic Intensity

 

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Below is additional insight on Straightup Resources Inc.

 

     Content found herein is not investment advice see Terms of Use, Disclosure & Disclaimer

  

 

Recent news releases regarding Company accomplishments and operational developments:

 

March 24, 2021: "Straightup Resources Acquires Ferdinand Gold Property in Ontario and Announces Appointment of New Director and Officer".

 

March 18, 2021: "Straightup Initiates Ground Magnetic Survey on RLX North Property, Red Lake District, Ontario".

 

February 3, 2021: "Straightup Provides Update on RLX North and RLX South Properties, Announces Results From Re-logging of Historic Drill Core on Belanger Property, Red Lake District, Ontario".

 

December 02, 2020: "Straightup Announces Results from Field Examination of Belanger Property, Red Lake District, Ontario - Provides Update on RLX North and South Properties".

 

November 16, 2020: "Straightup Announces Appointment of Dr. Valliant to Advisory Board".

 

November 10, 2020: "Straightup Acquires Digital Database for the RLX Properties, Red Lake District, Ontario".

 

November 9, 2020: "Straightup Announces 2020 Annual General Meeting Results Closes $883,700 Non-Brokered Private Placement".

 

October 14, 2020: "Straightup Completes Preliminary Field Work on Belanger Gold Property, Red Lake District, Ontario".

 

September 28, 2020: "Straightup Announces Commencement of Field Work on Belanger Gold Property, Red Lake District, Ontario".

 

September 9, 2020: "Straightup Engages Exploration Consultant to Compile and Reinterpret Historical Data on RLX North, RLX South and Belanger Properties, Red Lake District, Ontario".

 

August 13, 2020: "Straightup Resources - Confirmation of Gold Mineralization Received for the Belanger Property".

 

August 6, 2020: Positive Results from Initial Examination of RLX North and RLX South Properties, Red Lake District, Ontario.

 

July 27, 2020: Straightup completes Belanger field visit.

 

July 20, 2020: Straightup Resources closes $630,000 private placement.

 

July 15, 2020: Straightup Resources Announces Engagement of Consulting Geologist.

 

July 7, 2020: Straightup Resources Announces Receipt of Exploration Permits for Its RLX North, RLX South, and Belanger Properties, Red Lake Division, Ontario, Canada.

 

June 11, 2020: Straightup Announces Property Option for RLX North, RLX South and Belanger Properties.

 

June 4, 2020: Straightup Announces $1.5 Million Non-Brokered Private Placement.

 

March 11, 2020: Straightup Resources Inc. Completes Initial Public Offering and Lists on the Canadian Securities Exchange.

 

 


Straightup Resources' Technical Leadership, Management, and Governance  Skip to top

The current management team and board of directors has a well rounded combination of people that each contribute expertise in disciplines necessary for a successful mining entity:

 

Matthew Coltura – CEO, President, Director

Mr. Coltura is Chief Executive Officer, President, director and a promoter of the Straight Up Resources Inc. and provides his services on a full-time basis. He has served as director since March 19, 2019 and has served as the Chief Executive Officer and President since July 18, 2019. In his capacity as Chief Executive Officer and President, his responsibilities include managing the day-to-day operations, executing policies implemented by the Board of Directors and reporting back to the Board. Mr. Coltura is a businessman and has a Bachelor of Business Administration degree from Okanagan College where he specialised in finance. He has worked in the finance industry for over three years with a primary role in writing credit for potential borrowers in the industrial lending market. Currently, Mr. Coltura is the CFO of Cayenne Capital Corp. Mr. Coltura was also a director of PreveCeutical Medical Inc. from July 2016 to September 2019, a director of Sproutly Canada Inc. (formerly, Stoneridge Exploration Corp.) from March 2015 to July 2018, and since March 2018 has worked as a financial specialist at Quip Finance. He has several years of experience with reporting issuers.

 

Mark Lotz – CFO, Director

Mr. Lotz is the Chief Financial Officer, Corporate Secretary and a director of Straight Up Resources Inc. and provides his services on a part time basis. He has served as director and Chief Financial Officer since December 4, 2017 and Corporate Secretary since March 2019. In his capacity as Chief Financial Officer, Mr. Lotz reports to the President and Chief Executive Officer regarding strategic and tactical matters as they relate to budget management, cost-benefit analysis, forecasting needs and securing adequate funding. Mr. Lotz is a businessman and provides management consulting and corporate finance services to public and private companies. He has several years of experience with reporting issuers, and currently serves as a director of Golden Raven Resources Ltd., Logan Resources Ltd., Teal ValleyHealth Inc. (formerly, Radiant Health Care Inc.), Vodis Pharmaceuticals Inc. ("Vodis"), PreveCeutical Medical Inc. and Ascent Industries Corp. Mr. Lotz also currently serves as the Chief Financial Officer for Ascent IndustriesCorp., Handa Mining Corporation, Candente Copper Corp., Candente Gold Corp., Specialty Liquid Transportation Corp.("Specialty Liquid"), Fiorentina Minerals Inc. and Volatus Capital Corp.

 

Mark Brezer – Director

Mr. Mark Brezer is a successful businessman and holds a geography/geology degree from the University of Arizona. During his studies, emphasis was placed on remote sensing, GIS, glaciation and climate change. Mr. Brezer has worked as a Project Manager and has overseen quality control, environmental monitoring and safety programs as related to road construction. Strong communication skills also led to roles in media relations and marketing. Mr. Brezer's family has been passionate about mining and construction for decades and he has been actively involved in the research and investment of junior mining companies for over 25 years. Time in the field and personal interest led Mr. Brezer to extensive first aid training and he certified as a paramedic and firefighter.

 

Dušan Berka – Director

Mr. Berka has served as a director since May 22, 2018. As a director, he is responsible for directing and overseeing management. Mr. Berka has extensive experience in the management, marketing, promotion and administration of public companies as well as in corporate communication, shareholders information, public relations and contract negotiation. Mr. Berka has served as a director and/or officer of various public companies traded on the TSX and TSX Venture Exchanges, the CSE and the NASDAQ System in the USA. Currently, Mr. Berka serves as a director of 92 Resources Corp., Dimension Five Technologies Inc., Eloro Resources Inc., Golden Lake Exploration Inc., King's Bay Gold Corp., Aguila American Gold Ltd.,Megastar Development Corp.and Prospera Energy Corp. Mr. Berka holds a degree in engineering with a M.Sc. (Dipl. Ing.) degree from the Slovak Technical University, Bratislava, Slovakia (1968). Mr. Berka is currently a Life Member (non-practicing) of the Association of Professional Engineers and Geoscientists of B.C., having been a member of the association since 1977.

 

Donna Moroney – Corporate Secretary

Donna Moroney has over 30 years of extensive experience in regulatory and corporate compliance in both Canada and the United States, and as a senior officer for various public companies, and has instructed and provided training in regulatory compliance. As President and owner of Wiklow Corporate Services Inc. since 2008, she assists companies in the resource, financial and technology sectors in maintaining the securities and exchange demands on public companies, as well as keeping them up-to-date on relevant issues, policies and working practices. Ms. Moroney also assists companies reporting in the U.S. in preparing registration statements, quarterly and annual financial filings and other various facets of meeting U.S. securities requirements.

 

Gerry Carlson – Advisory Board

Gerry Carlson's career has spanned four decades of precious and base metal exploration throughout the Americas, focused on Yukon and northern British Columbia. His career has included independent consulting assignments and management of exploration programs for both junior and major mining companies. He is President and CEO of Pacific Ridge Exploration Ltd., a junior explorer with gold and copper projects in British Columbia and Yukon and a board member of Almaden Minerals Ltd., developing the Ixtaca gold-silver project in Mexico. He is a past President of AMEBC (formerly the British Columbia and Yukon Chamber of Mines). He is a recipient of the SEG's Ralph Marsden Award for distinguished service and CIM's J.C. Sproule Award for the advancement of geology and mineral exploration in the Yukon.

 

Dr. Robert Valliant, Ph.d. – Advisory Board

Dr. Valliant is currently the President and CEO of Tri Origin . He has a Ph.D. in Economic Geology and more than 40 years' experience in mineral exploration and mining. During his career he has been intimately involved with the discovery of gold deposits in Canada, Australia and the United States, and participated in their development into profitable, operating mines. Dr. Valliant cofounded and listed Tri Origin on the Toronto Stock Exchange (the "TSX") and founded and listed TriAusMin Ltd, Tri Origin's former subsidiary, on the ASX and TSX. Prior to Tri Origin, Dr. Valliant was Vice President Exploration for LAC Minerals Ltd., one of Canada's top gold producers prior to its takeover by Barrick Gold Corp.

 

   

Tim Twomey, PGeo – Consulting Geologist

Mr. Twomey brings over 36 years of experience to the technical team of Straightup. Mr. Twomey played a key role in the discovery of Goldcorp's "High-Grade Zone", and subsequently held the position of Senior Exploration Geologist with Goldcorp's Regional Exploration Team in the Red Lake District. Mr. Twomey also previously worked with Premier Gold Mines Ltd., Yamana Gold Inc. and Mega Precious Metals Inc. to advance their respective Red Lake District exploration projects. As such, Mr. Twomey brings to the Straightup technical team a wealth of knowledge and experience with respect to understanding the geology and controls on gold mineralization in the Red Lake District.

 

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Note: This article is not intended to be a complete overview of Straightup Resources Inc. or a complete listing of Straightup Resources' projects. Mining MarketWatch urges the reader to contact the subject company and has identified the following sources for information:

 

For more information contact Straightup Resources' head office at: PH (604) 290.6152

 

Company's web site: www.straightupresources.com   SEDAR Filings: URL

 

 

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*Content found herein is not investment advice see Terms of Use, Disclosure & Disclaimer. This is a journalistic article and the author is not a registered securities advisor, and opinions expressed should not be considered as investment advice to buy or sell securities, but rather journalistic opinion only. Technical mining terms used by the writer may be used/expressed in simplified layman terms and should not be relied upon as appropriate for making investment decisions unless the reader contacts the company directly for independent verification. *Estimates of potential made by the mining analyst and journal(s) are non 43-101 and not from the Company.

 

     

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