Discovering New Opportunities in North America
This Straightup Resources profile is part of a paid investor education campaign.*
Straightup Resources (CSE:ST) is a mineral exploration company focused on the acquisition and development of assets in North America. The company is targeting economic precious and base metal properties, specifically those found in historical mining districts such as the Red Lake Mining District of Ontario. The company’s approach involves leveraging modern exploration techniques in order to improve its understanding of its projects.
Straightup Resources’ Belanger gold–copper property and the RLX gold property are both located in the Red Lake Mining District, where approximately 30 million ounces of gold have been produced since the 1920s. Straightup Resources’ flagship Belanger property comprises 2,100 hectares and is surrounded by a number of existing deposits including Infinite Ore’s polymetallic Copperload “A” deposit, the Garnet/Arrow deposit and the historic South Bay Mine VMS deposit.
The RLX Project comprises over 10,000 hectares of land that forms a contiguous land package within the Red Lake Greenstone Belt. The property is divided into two parcels, the RLX North and RLX South, which collectively surround Great Bear Resources’ (TSXV:GBR; OTCQX:GTBAF) Sobel property.
Straightup Resources’ Company Highlights
- Operating in the stable and mining-friendly jurisdiction of Ontario
- Focused on projects in the Red Lake Mining District, where approximately 30 million ounces of gold have been produced since the 1920s
- Flagship Belanger gold property has returned historic grab samples of 25.0 g/t gold and up to 5.47 percent copper
- RLX Property is comprised of RLX North and RLX South, which together make a contiguous land package surrounding Great Bear Resources’ Sobel property
- Intends to apply modern exploration techniques to its properties in order to improve its understanding of mineralization at each project
- Sampling conducted at Hi-Mars project has confirmed the presence of copper and molybdenum mineralization in granitic rocks
- Straightup Resources is tightly-held, with friends and family holding approximately 75 percent of shares
Straightup Resources’ Belanger Project
Straightup Resources announced an option agreement to acquire the Belanger project in June 2020. The project comprises approximately 2,100 hectares in Ontario’s Red Lake Mining District and is located only 2.2 kilometers north of Infinite Ore’s Garnet/Arrow deposit. Historical exploration at Belanger has revealed three significant gold-copper occurrences over an interpreted strike length of 600 meters: Trench C, Trench D and Trench E.
Exploration work has been conducted on all three occurrences at the Belanger project. Historic grab samples from Trench C have returned up to 25.0 g/t gold and 5.47 percent copper, however, diamond drilling has not been conducted in the area.
Historical grab samples taken from Trench D returned up to 3.41 g/t gold and up to 3.85 percent copper. In 2002, a limited diamond drilling campaign was conducted on Trench D by King’s Bay Gold Corporation. Significant intercepts were discovered at Trench D, including 1.10 g/t gold, 6.6 g/t gold and 0.69 percent copper over 10 feet. The 2002 diamond drill program conducted by King’s Bay Gold Corporation also targeted Trench E, returning significant intercepts including 2.20 g/t gold over 5.8 feet in drill hole GL-03.
Moving forward, Straightup Resources intends to conduct a historical review and re-interpretation of all geological mapping, sampling and airborne geophysical survey data. The company has submitted applications for advanced exploration activities on the property, including a diamond drill program designed to explore high-priority targets previously identified by exploration work.
Straightup Resources’ RLX Project
As part of its 2020 option agreement, Straightup Resources also acquired the RLX Project, which comprises the RLX North and RLX South properties. Together the two properties are contiguous and surround Great Bear Resources’ Sobel property. The RLX North and RLX South properties are both believed to be situated on the same geological trend as the Red Lake Gold Mines, which hosts a gold deposit of approximately 29.63 million ounces of gold at an average grade of 21 g/t gold.
The RLX North portion of the property is interpreted to be underlain primarily by the 2.96-2.99 Ga Balmer Assemblage, while the RLX South portion of the property is interpreted to be underlain primarily by the 2.73-2.75 Ga Confederation Assemblage. The contact point between the mineralization of these two metavolcanic packages has been highly-prospective for gold in the Red Lake Mining Camp, with the majority of historical gold production in the district occurring within several hundred meters of this important geological contact.
Exploration work at RLX North and RLX South has been limited, however, Straightup Resources believes the geological contact is a high-priority exploration target based on the geological setting. Based on existing geologic and regional geophysical surveys, the company has interpreted the RLX project to be a possible extension of the geology and structures found at Evolution Mining’s Red Lake Gold Mines, which are approximately 10 to 17 kilometers to the northwest of the RLX properties.
In June of 2020 Straightup Resources received the necessary permits to begin exploration of the RLX project, including initial field examination of both the RLX North and RLX South properties. The exploration work aimed to confirm historical showings on the property while ranking their significance in order to inform a follow-up program to continue evaluating the properties. Straightup Resources intends to conduct a geological mapping and sampling program in order to improve its understanding of the geologic complexity and update drill targets.
Straightup Resources’ Hi-Mars Project
Straightup Resources’ Hi-Mars project comprises 1,788 hectares within the Vancouver Mining Division, 17 kilometers northeast of Powell River in southwest British Columbia. The property consists of 11 contiguous mineral titles, which were previously held by Mr. Craig Lynes. Straightup Resources has entered into an Option Agreement to earn an initial 51 percent interest in the property with the option to earn the remaining 49 percent interest.
The Hi-Mars property covers six distinct Minfile mineral occurrences that have all been classified as porphyry copper-molybdenum. An exploration program was conducted on the property in 2017, including the collection of 73 rock and 726 soil samples mainly along existing logging roads. A number of the samples collected in 2017 confirmed previous exploration work through the presence of anomalous soils and low-to-moderate grade copper and molybdenum mineralization in granitic rocks. Several new showings found in 2017 have allowed the company to expand its area of interest, with more exploration work to follow.
Straightup Resources’ Management Team
Matthew Coltura—CEO, President and 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 a 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 specialized 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.
Mark Lotz—CFO, Corporate Secretary and 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.
John E. Hiner—Director
Mr. Hiner is a director and provides his services to the Issuer on a part-time basis and has served as a director of the Issuer since December 4, 2017. As a director, he is responsible for directing and overseeing management. Mr. Hiner is a licensed geologist in the State of Washington and SME registered member and he has an exploration history of over 45 years with several major mining companies exploring for geothermal energy, precious metals, and industrial minerals. He has served as a director and/or officer of mineral exploration and mining development companies and works as an independent consulting geologist for mining companies. Previously, Mr.Hiner was an officer of Geocom Resources Inc. and a director of Red Pine Petroleum Ltd. Mr. Hiner is currently a director of Golden Lake Exploration Inc. and Fiorentina Minerals Inc.
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 an 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.
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