Straightup Announces Receipt of Exploration Permits for its RLX North, RLX South, and Belanger Properties, Red Lake Division, Ontario, Canada
July 7, 2020
Matthew Coltura, President and CEO is pleased to report that the Company has received exploration permits for its RLX North, RLX South, and Belanger Properties in the Red Lake Mining Division, Ontario, Canada. The permits allow substantial exploration activities on each of the properties, including mechanical stripping of overburden, bedrock trenching, line cutting for geophysical activities, and diamond drilling. The timely receipt of these permits will allow for efficient exploration program planning, and for a more timely flow of field activities. The company is in the process of planning its field programs, and anticipates mobilizing its exploration teams in the near future.
The Company is also pleased to report that diamond drill core from drilling at the Belanger Property in the 2002 has been located. The core has been stored under cover in secure facilities in Kenora, Ontario and is in excellent condition. The Company is moving the core to its own storage facilities, where the Belanger technical team will resample previously sampled intervals for historical data confirmation, and will also split and sample the core that was not analyzed in the previous campaign. The core will also be relogged and interpreted in light of modern studies and additional understanding of mineralization controls in the Red Lake region.
RLX North, RLX South, and Belanger Property
The Belanger Property is one of three acquired in the historic Red Lake District. The RLX North and RLX South Properties are contiguous to and partially surround Great Bear Resource Ltd’s Sobel Property.
The Belanger property comprises 2,100 hectares and is located 2.2 km north of Infinite Ore Corp.'s Garnet/Arrow deposit (Figure 1).
Figure 1 Straightup Red Lake Division Properties (in red)
Historic exploration on the Belanger property identified two distinct zones of interest as follows:
- the Hemming Showing- part of a strong deformation zone that tracks NE through the center of the property, and
- the Williamson Showings - three significant gold-copper occurrences over an interpreted strike length of 600 meters. These were historically referred to as Trench "C", Trench "D" and Trench "E".
The reader is referred to the Straightup news release dated June 11, 2020 for additional historic detail regarding results of exploration.
Figure 2 Belanger Property and highlights
With permits in hand and the availability of newly discovered core, the Company plans to incorporate historical data review and reinterpretation followed by a field exploration program that is currently being planned. More detail regarding the upcoming exploration programs at RLX North, RLX South and the results of core logging and sampling at Belanger, will be released upon completion of the core and data review.
John E. Hiner, Licensed Geologist and Registered Member of SME (Society for Mining, Metallurgy & Exploration), 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. Hiner is not independent of the Company as he is a director of the Company, and holds stock options in 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 the Red Lake Division properties, Straightup intends to conduct 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 exercise of the Option, the NSR Royalty, anticipated exploration program results from exploration activities on the 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 the Company's option to acquire the Property, the proposed exploration work thereon, the fact that the Company's interest in the 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 those factors discussed under the heading "Risk Factors" in the Company's prospectus dated January 22, 2020 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.