- The global COVID pandemic has had a significant impact on the world’s markets, but a basic optimism has generally persisted after the shock of the initial outbreak
- Gold continues to generate interest among investors amid concerns about inflation and the potential for consumer prices to continue in an uncontrolled climb
- Mineral property acquisition and exploration company StraightUp Resources is focused on potential gold production targets in Ontario, Canada, and has begun to expand its resource portfolio internationally
- The company’s international interests include a mine recently acquired in Nevada’s historically productive Beatty region, as well as one of the largest silver mining land packages in Peru that is in the negotiation process
Nearly two years into the global COVID pandemic, world capital markets are mining optimism that seems to have forgotten the precipitous declines in the early spring of 2020. Following the shock of COVID’s first year, and political unrest that accompanied it, most market sectors began to recover their losses, although there has been a notable widening of the distance between the best performers and those at the low end of the scale (https://nnw.fm/RNkLd). (https://ibn.fm/hyBzi).
Still, fears of breakaway inflation continue to create a wariness among investors, particularly as U.S. consumer prices continue to rise at their highest rate in 30 years (https://nnw.fm/KV7NR). (https://ibn.fm/VQ65A).
Such trends have generally strengthened the gold market, which is seen as a buffer against inflationary activity. In August, gold achieved a record high of $2,067.15 per ounce and two major banks expect it to reach $3,000 in 2022, although some other analysts expect gold to lose some momentum upon a conclusion of the pandemic (https://ibn.fm/rvC9t). A decision on Fed leadership in the United States is considered responsible for gold dropping below the $1,800 level this month (https://ibn.fm/WrouN), but many analysts are calling it a buy opportunity before prices potentially rise again early next year (https://ibn.fm/UE6Kw).
Mineral explorer and acquisition company StraightUp Resources (CSE: ST) (OTCQB: STUPF) is placing its bets on a strong gold market for years to come, building a portfolio of potential precious metal resource sites in the well-known gold-rich region of Red Lake’s greenstone belt in Ontario, Canada, as well as in a historically productive mining region in southern Nevada, and in the Lima region of Peru.
The Canadian properties include options for the RLX North, RLX South, Belanger Red Lake, Bear Head, and Ferdinand gold properties (https://ibn.fm/uqTW2) near Pure Gold Mining’s flagship site, which became Canada’s newest mine when it declared it had reached commercial production in August and increased its throughput by 35 percent over the previous quarter (https://ibn.fm/QOX1n).
Canada is the world’s fifth-largest producer of gold and more than 75 percent of its precious metals have come from Ontario and nearby Quebec. The value of gold production in Canada more than tripled between 2008 and 2020, when it crossed the $7.8 billion mark (https://ibn.fm/PNtzs).
The Red Lake district has a history of producing over 30 million ounces of gold, and StraightUp has completed high-resolution heli-borne magnetic surveys (“MAGs”) on the Ferdinand and the RLX properties to advance its interests there, with Orix Geoscience contracted to interpret the final report on the Ferdinand survey.
“We … continue to position ourselves among top-quality assets and companies,” StraightUp President and CEO Mark Brezer stated after announcing the company’s expansion into the United States by adding Nevada’s West Cat Mine to its properties in September (https://ibn.fm/qPeU7). “(Nevada is) the second-largest (silver) producer in the United States, after Alaska, and, in 2014, Nevada produced roughly 11 million troy ounces — more than half of which came as a byproduct from gold mining.”
Negotiations under way for the Peru property could potentially grant StraightUp access to one of the largest silver mining land packages in the country with over $120 million in capitalized expenditures currently in care and maintenance mode (https://ibn.fm/bv9DQ).
For more information, visit the company’s website at www.StraightUpResources.com.
NOTE TO INVESTORS: The latest news and updates relating to STUPF are available in the company’s newsroom at https://ibn.fm/STUPF
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