Straightup Resources Receives Preliminary High-Resolution Magnetic Survey Results on its Red Lake Ferdinand Gold Project, Ontario
Straightup Resources Inc. has received preliminary results on its high-resolution heliborne magnetic survey on the Ferdinand gold project located in the Confederation-Uchi greenstone belt, 120 kilometres east of Red Lake.
Straightup Resources Inc. (CSE:ST) has received preliminary results on its high-resolution heliborne magnetic survey (MAG) on the Ferdinand gold project located in the Confederation-Uchi greenstone belt, 120 kilometres east of Red Lake. The company has an option to earn a 100-per-cent interest in the property, consisting of 17 contiguous mining claims covering 7,143 hectares. The heliborne magnetic survey consisted of 1,994 line kilometres at 50-metre line spacings covering the entire property. Final results will be received in approximately six weeks.
The MAG survey was designed to provide geological and structural details of a 25 km long southeast extension of the Confederation-Uchi greenstone belt along the Fry-Bamaji Deformation Zone. Preliminary interpretation of the survey results include (Figure 2):
- Supported evidence that the Fry-Bamaji Deformation Zone transects the entire length of the property for over 25km suggesting this is a major crustal scale structural corridor.
- Evidence of second order splays from the Fry-Bamaji deformation zone. These are important structural shear zones that are common hosts to orogenic gold deposits (Feng and Kerrich, 1992).
- Folded stratigraphy around regional-scale D2 fold axes common to the gold deposits of the Red Lake camp and a principal style of gold mineralization at Great Bears Dixie Project (TSXV:GBR news release dated May 21, 2021).
- High total field magnetic intensity linear belts possibly representing lithologies of banded iron formation. These are well-known hosts to Archean orogenic gold deposits (e.g. Lupin, Meadowbank and Musselwhite, Lothka and Nesbitt, 1989).
Straightup’s President and CEO, Mr. Mark Brezer, said, “When we optioned the Ferdinand Gold Project we saw geological and structural components of an unexplored and undrilled 25 km stretch of the Uchi-Confederation greenstone belt that represented untapped potential. The preliminary high resolution heliborne magnetic survey results suggest that the Property hosts all the ingredients for gold mineralization. We look forward to receiving the final results of the survey to target future exploration efforts to those areas of high merit.”
The Company announces the issuance of 350,000 stock options to a director of the Company at an exercise price of $0.28 for a term of five years.
The Company also announces it has appointed Diana Mark as Corporate Secretary. Mrs. Mark has over 30 years’ experience in providing corporate and regulatory services in the public company marketplace, and we welcome her to the Straightup team. The registered and records office has also been moved to Greystone Corporate Services Inc., 6204-125 Street, Surrey, BC V3X 2E1.
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 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 Confederation-Uchi greenstone belt, one of the best metal endowed greenstone belts by square kilometre in the world with past production and current resources totaling 64M. oz. of gold.
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 and the Ferdinand Gold 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.