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Straightup Resources Inc. (CSE: ST) ("StraightUp" or the "Company") is pleased to announce that it has entered into an option agreement to acquire the Bear Head Gold Project (the "Property") comprising 31 mining claims totaling 1,944 hectares in the Meen-Dempster Greenstone Belt of the Uchi Subprovince. The property is located 80km west of the Pickle Lake Gold Camp and is contiguous to Ardiden's massive Pickle Lake Gold Project which covers 870 km2. The Meen-Dempster Greenstone Belt is host to the Golden Patricia former gold mine which produced 620,000 ounces of gold at an average grade of 15.2 gt Au from 1988-1997. The Bear Head Gold Project lies 14km northeast of the Golden Patricia Mine (Figure 1).
Figure 1. Regional location and access of the Bear Head Gold Project.
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The Property
The Bear Head Gold Project of the Meen-Dempster Greenstone Belt (MDGB) lies proximal to the Bear Head Deformation Zone (BHDZ). The BHDZ is a 1st order crustal scale regional fault system over 2km wide that extends over 400km from the Pickle Lake Gold Camp, northeast through Ontario and into Manitoba. Numerous 2nd and 3rd order shear zones cut iron formation and mafic volcanics in the MDGB responsible for numerous mineral occurrences in the belt. The Dorothy Main gold deposit owned by Ardiden lies only 1km from the Bear Head Gold Project. The Dorothy Main gold deposit holds non-compliant historical resources of 46,600 ounces of gold at 6.17 g/t Au (https://www.ardiden.com.au/project/dorothy-dobie-deposit/). The Dobie Deposit owned by Ardiden lies only 7m southeast of the Bear Head Gold Project. The Dobie Deposit holds non-compliant historical resources of 53,000 ounces of gold at 5.5 g/t Au (Figure 2).
Historical drilling in 1989 on the Bear Head Gold Project has recorded 11.09 g/t Au over 1.79m, 3.98 g/t Au over 2.3m and 3.08 g/t Au over 2.5m associated with iron formation and silicified mafic volcanics. Gold values were shallow at
Figure 2. Location of the Bear Head Gold Project contiguous to Ardiden's Pickle Lake Project. Source Ardiden website.
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Acquisition
Straightup Resources has entered into an option agreement whereas StraightUp can earn 100% in the property by paying $96,000 in cash and issuing 350,000 shares over a three-year period. The vendors retain a 1.5% NSR with an option buyback by StraightUp of 0.5% for $350,000.
Commentary
StraightUp's President and CEO, Mr. Mark Brezer, said, "The option agreement for the Bear Head Gold Project compliments our Ferdinand Gold Project also located in the metal endowed Uchi Subprovince. We are located in the heat of Ardiden's exploration efforts and close to structure and nearby gold deposits. Significant historical gold assays are reported in shallow drilling on the Property with no follow-up. We look forward to adding the Bear Head Gold Project to our exploration efforts."
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 QP and the Company has not completed sufficient work to verify the historic information on the properties comprising the Bear Head Gold Project, particularly regarding historical exploration, neighbouring companies, and government geological work.
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. StraightUp intends to conduct exploration on the RLX North, RLX South, Belanger and the Ferdinand Gold Property, located in the Red Lake Mining Division.
On Behalf of the Board of Directors
Mark Brezer Chief Executive Officer, President and Director
For further information, please contact:
Mark Brezer
Chief Executive Officer, President and Director
(604) 989-6275
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release).
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