- StraightUp Resources is a mineral property acquisition and exploration company currently focused on potential production targets in Ontario, Canada’s historic Red Lake Mining District
- StraightUp has options to four flagship properties that together comprise over 20,000 hectares (about 50,000 acres) in a region that has produced more than 30 million ounces of gold historically
- The company announced this month that it has completed a high-resolution heli-borne magnetic survey (“MAG”) on its largest project that will help the company decide where potential gold mineralization worth further exploration may lie
- The company’s efforts to fund its exploration work include a recently announced private placement offering and an initial financing tranche closing that raised C$301,100
Mineral explorer and acquisition company StraightUp Resources (CSE: ST) is making inroads on the evaluation of potential yields from flagship properties it has acquired options to in the well-known rich gold resource district within Ontario, Canada.
StraightUp announced earlier this month that it had completed a high-resolution heli-borne magnetic survey (“MAG”) on the RLX North and RLX South properties that comprise the company’s largest area of operation currently — claims covering over 10,000 hectares (about 25,000 acres). The MAG survey consists of 2,985 line-km at 50-meter line intervals covering the entire property and the results will be used to help determine areas of potential gold mineralization and high-merit areas worthy of further exploration.
“It is exciting to see how the adoption of technology has led to such advanced interpretation and with computer modelling, revolutionization of the industry,” StraightUp President and CEO Mark Brezer stated in a news release announcing the project’s status (https://ibn.fm/M3M5Z). “These projects are in the heart of the Red Lake Mining District, an area that is seeing a resurgence of gold bearing deposits that were overlooked in the past. RLX North and South almost completely surround Great Bear Resources Sobel Project and with our accumulated data from the region and upcoming MAG results, we can better pin-point future drill programs.”
The Red Lake district is renowned for over 30 million ounces of historic gold production, and the RLX projects are situated near the Red Lake Mine complex that is the district’s largest gold deposit with estimated reserves of 3.23 million ounces as of a 2019 report (https://ibn.fm/qQtLi).
The company regards the contact between the metavolcanic packages of north and south RLX properties as “highly prospective” for economic deposits of gold, or deposits that are formed in such a way that they can be mined out of economic interests. Most of the ore production that has taken place in the district historically has come from within a few hundred meters of the contact point, according to the company.
The RLX properties are joined by other neighboring projects StraightUp has optioned, including the 6,600-hectare (16,308-acre) Ferdinand Gold Property, the 2,000-hectare (4,942-acre) Belanger property and the 1,944-hectare (4,803-acre) Bear Head Gold Project, which extend into a neighboring greenstone belt.
As StraightUp evaluates the prospects of the properties, it continues to acquire financing for the projects. Concurrent with the announcement of completing the RLX MAG survey, the company announced a non-brokered financing to raise up to C$2 million through a private placement offering and the close of the first tranche of the financing, raising C$301,100 by issuing 1.5 million common shares and 752,750 warrants.
The private placement offers one common share at a price of C$0.20 and one-half of a transferable common share purchase warrant, which can be used to buy an additional common share at a price of C$0.30 per whole warrant.
The net proceeds will be used to fund upcoming exploration projects and other property expenditures.
In June, the company received preliminary MAG survey results from its Ferdinand Gold Project and began ground work exploration there in August (https://ibn.fm/28CmC). In June the company also filed an NI 43-101 compliant technical report that recommends further exploration on the Belanger Property (https://ibn.fm/2de7C).
For more information, visit the company’s website at www.StraightUpResources.com.
NOTE TO INVESTORS: The latest news and updates relating to ST are available in the company’s newsroom at https://ibn.fm/STR
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