Matthew Coltura, President and CEO, is pleased to report that Straightup Resources (CSE:ST) has completed an initial field examination of its Belanger property, a part of its Red Lake Gold Project.
Matthew Coltura, President and CEO, is pleased to report that Straightup Resources (CSE:ST) has completed an initial field examination of its Belanger property, a part of its Red Lake Gold Project. Mr. Timothy Twomey, P. Geo, an expert on the Red Lake District geology and gold deposits, was directed to confirm historical surface showings, rank their significance, and propose a follow-up program to begin evaluation of the Belanger property. Mr. Twomey reports the following observations:
“The showings, referred to as the Williamson Occurrences were trenched in the 1990’s. These occurrences, named trenches C, D and E were examined, sampled and structural measurements taken. Alteration observed in the deformed rocks was variable; being composed of chlorite +- magnetite in the mafic rocks, and silicification with minor iron-carbonate, depending on the rock-type.”
Mr. Twomey took various grab and chip samples from each of the three showings, for a total of 22 samples. Mineralization occurs as disseminated pyrite and chalcopyrite in sheared mafic volcanics, felsic dykes and metasediments as well as within deformed quartz veins. These are presently being assayed for gold and results are expected in 3 to 4 weeks.
He recommends that further work be conducted, including:
1. Compile, digitize and interpret all historical data on the property;
2. Secure, re-log and re-assay Kings Bay Gold drill core, including drill-holes #1 and #3 under Trench E and drill-holes #10 and #14 under Trench D, and assay the entire core from all four drill-holes;
3. Conduct a detailed geological mapping and sampling program (including geology, structure, alteration, mineralization, and geochemistry). This work should include locating where the interpreted Confederation Lake Narrows Deformation Zone (CLNDZ) passes through the property, focussing on the structural setting of the property to get an indication of the potential for further mineralization and size of exploration targets with the intent to drill test them by winter 2021.
Figure 1: Some Chip samples across quartz veins in Trench E.
Mr. Coltura commented “We are pleased with the results of Mr. Twomey’s visit in that his observations mirror the historical comments regarding geology and alteration of prior operators and the excellent potential for additional gold discoveries on the Belanger property. We will report the analyses when received from the laboratory.”
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.