- StraightUp is positioning itself to tap into the trends associated with the prices of precious metals with the expectation that the positive historical trends could continue well into the future
- The company is undertaking additional, thorough exploration works at its existing properties as well as acquiring new properties
- In 2022, the company hopes to prove gold mineralization at its RLX properties located in the legendary Red Lake Mining District
2022 could hold some extreme promise, excitement, and momentum for StraightUp Resources (CSE: ST) (OTCQB: STUPF), a public company engaged in the business of mineral exploration and the acquisition of mineral property assets with significant potential in North and South America, according to company President and Director Mark Brezer.
Speaking during a recent Bell2Bell podcast interview (https://ibn.fm/IYjPt), Brezer pegged this 2022 outlook on the expectation that the precious metals’ prices could extend their positive historical trends well into the future.
The average silver prices per troy ounce, for example, have trended upwards since 2018, starting at $15.71. In 2019, the figure rose to $16.22 and further to $20.69 in 2020, finally settling at $25.14 in 2021 (https://ibn.fm/XynY3).
Similarly, the average gold prices per troy ounce have increased year-over-year since 2015, starting at $1,159.86. The figure increased to $1,251.92 in 2016, $1260.39 in 2017, $1268.93 in 2018, $1,393.34 in 2019, $1,773.73 in 2020, finally topping off at $1,798.89 in 2021. As of the first week of January 2022, the gold price per troy ounce had already increased to more than $1,810 (https://ibn.fm/wu3Fe).
StraightUp is ideally positioning itself to tap into the expected growth trends – based on the historical data – by undertaking thorough exploration works at its existing mining assets as well as acquiring new properties. In September last year, for instance, the company acquired the West Cat Mine in the historic Beatty Mountain Nevada Mining District in Nye County, Nevada.
“This is our first acquisition in the district and in Nevada, and we’ll be looking at more assets in America,” noted StraightUp Director & Chief Financial Officer Daniel Cruz in a December 7 video published on the company’s YouTube channel (https://ibn.fm/I3I0M). “The property had a historic shaft, less than 200 feet below the surface, and there was a NI 43-101 compliant historical data that there were silver, gold, and other minerals.”
Before the extraction of mineral ore can begin at the Nevada facility, Cruz says, StraightUp intends to bring in a new geological team to evaluate the historical data as well as undertake soil sampling and magnetic surveys (“MAGs”). Then, when the team confirms the shaft is safe, the company should proceed with mineral ore extraction.
StraightUp also secured rights of exclusivity with Premier Silver Corp that signaled its possible entry into Peru (https://ibn.fm/Ue6bd). Once the acquisition is completed, the facility, which includes the Mallay Mine & Processing Plant and associated exploration and development assets, is expected to position StraightUp as a mining company.
“StraightUp Resources and Premier will now be a company that is not only exploring for opportunities but also generating cash flow, and that takes us from being an exploration company to a mining company,” stated Brezer during the podcast interview. “To have a proven silver mine and cash flow coming from it will help strengthen our other business endeavors.”
In addition to the two mining assets in Peru and the United States, StraightUp owns several properties in Canada. These are the Red Lake gold project that includes the RLX North and RLX South properties; the Belanger project, where historical exploration work has evidenced significant gold, silver, and copper deposits; the Ferdinand gold project; and the Bear Head gold project.
Moving forward, the company intends to continue focusing on the Red Lake mining district’s opportunities as well as the exploration works at the Ferdinand project located within one of the world’s best metal endowed greenstone belts. According to Brezer, a heli-borne magnetic survey (“MAG”) offered a structural understanding of the latter property. Still, the company intends to leverage advanced technology to identify the specific areas to focus additional exploration efforts on.
At its Red Lake properties, the company intends to combine historical data with new data to generate new geological interpretations in readiness for drilling programs. “In 2022, we hope to return to the RLX, which has already seen more than a dozen holes drilled in the past, identify new targets and try to prove the gold mineralization that we believe is present on this property as in neighboring properties that have found tremendous success,” added Brezer.
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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