StraightUp Discovers Multiple Targets Upon Completion of 2021 Exploration Plan on Ferdinand Gold Project in Red Lake, Ontario
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Vancouver, BC, November 29, 2021- Straightup Resources Inc. ("StraightUp" or the “Company”) (CSE: ST)(OTCQB: STUPF) is pleased to announce that their 2021 ground exploration and heliborne magnetic surveys on the Ferdinand Gold Project (the “Property”) are complete and that all available geologic data has been compiled by Orix Geosciences. Their structural interpretation confirms multiple areas of high merit and potential mineralization on the Property. The Company has the right to acquire 100% interest in the Property consisting of 17 contiguous mining claims covering 7,143 hectares located in the south Uchi greenstone belt, 120km east of Red Lake, Ontario.
StraightUp’s President and CEO, Mr. Mark Brezer, said, “We now have confirmation of D2 folding and ultramafic rocks, together considered to be a primary control for high-grade gold mineralization in this region, especially the Great Bear Resources Dixie Lake Gold Project. This study represents a transformation of the Ferdinand Gold Project and we couldn’t be more excited about the road ahead in this unexplored and unappreciated section of the infamous Uchi subprovince”.
Heli-Bourne Magnetic Survey
Prospectair completed a high-resolution heliborne magnetic (“MAG”) survey consisting of 2,985 line-km at 50m line spacings covering the entire property the last week of August 2021 (Figure 1).
Figure 1. Ferdinand Gold Project showing Residual Total Magnetic Intensity with equal area color distribution
Orix Geoscience has identified the projects structural features, lithological contacts and rock types associated with potential gold and base metal mineralization (Figure 2).
Figure 2. Regional geological and structural framework of the Ferdinand Property, source Orix Geoscience.
Results of the Orix data compilation and reinterpretation study are as follows:
- A vastly improved geological and structural map that has turned a ‘simple framework’ into a concise stratigraphic and folded layering of various volcanic, ultra-mafic, clastic sediments and felsic intrusive lithologies.
- D1, in the ENE to NW tight, isoclinal folded (F1) mafic intrusive, and mafic to intermediate volcanic units.
- D2, a north-south shortening recognized by sets of open to close-tight folds (F2).
- Major D2 shear zones are approximately parallel to the F2 fold axial traces.
- The possible continuation of “Fry-Bamaji Shear Zone”, or splay off, and several likely second order, or shear band ENE-striking structures, are the most predominant features within the property area.
OGS Lake Sediment Study, 2001
In 2001, the Ontario Geological Survey completed lake sediment sampling over parts of the Ferdinand Property. Results of the survey indicate a distinct clustering of lake sediment samples anomalous in Au, Cu, Ni, PGE’s, Mo, Zn, Co, Cs +/-Pb and +/- Cd (Figure 3). The survey coupled with the structural and geological study has generated several new targets for potential mineralization.
Figure 3. Anomalous lake sediment samples within the Ferdinand Property.
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 Company is pleased to announce the closure of a 4th tranche of financing for $100,000 through the issuance of 500,000 common shares and 250,000 warrants, exercisable at $0.30 until November 15, 2023. All securities issued are subject to a 4-month hold period expiring on March 16, 2022. The net proceeds from the offering will be used for funding of exploration projects and property expenditures, as well as working capital.
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 Uchi greenstone belt, one of the best metal endowed greenstone belts by square kilometer in the world with past production and current resources totaling 64M. oz. of gold. The property is sandwiched between Kenorland and Barrick’s South Uchi Project, 30 km to south and First Minings Springpole Project, 25 km to the north-west.
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. StraightUp intends to conduct exploration on the RLX North, RLX South, Belanger and the Ferdinand Gold Property, all located in the Red Lake Mining Division, as well as the recently acquired Bear Head Gold Project, located within the Meen-Dempster Greenstone Belt of the Uchi Subprovince, approximately 80 kilometers west of the Pickle Lake Gold Camp. The Company’s recently acquired West Cat Mine includes an Unpatented Mining Claim on Federal Land, located in the Historic Beatty Mountain Nevada Mining District / Nye County, Nevada, about 15 kilometers east of U.S. Route 95, approximately 20 kilometers from Beatty, Nevada, at the base of the Bare Mountain Range.
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
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