- Metals exploration and acquisition company StraightUp Resources has spent recent months optioning potential drill sites in the gold-producing region of Ontario’s famed Red Lake Mining District
- StraightUp conducted ground and airborne magnetic surveys last year to help guide its strategy for potential exploration, with results showing some “high merit” areas of potential mineralization
- The company has obtained the necessary permit for a summer drilling program on one of its five sites in Ontario’s well-known greenstone belt region in and around the Red Lake District
- Gold prices declined during the pandemic as many people held off on buying jewelry and turned to other sources for crisis market hedges, but prices have been trending upward since last summer as consumers resume lifestyle routines while wary of new inflationary pressures
Consumer sentiment about gold investment continues to reflect expectations that inflation may remain troublesome throughout the coming year, as people everywhere attempt to process the potential economic impacts of the COVID-19 pandemic and fiscal policies both in government and private sectors as a response to the pandemic.
The University of Michigan’s most recent survey of consumer sentiment reported a sharp drop to a 10-year low, driven by “weakening personal financial prospects, largely due to rising inflation, less confidence in the government’s economic policies, and the least favorable long term economic outlook in a decade” (https://ibn.fm/fv2IL).
While the decline in consumer optimism heralds the possible onset of a sustained downturn in consumer spending, it also portends the possibility of rising strength in the gold market, which has suffered declines during the pandemic that have led many analysts to question gold’s prevailing role as a financial hedge during stormy times (https://ibn.fm/P0aKg). Precious metals commodities media outlet Kitco News reported this month on diverging faith in gold between Wall Street analysts and Main Street consumers, with 40 percent of Wall Street analysts surveyed bullish on gold’s price potential, 27 percent bearish and 33 percent neutral, while 62 percent of Main Street responses were bullish and only 16 percent neutral (https://ibn.fm/ZKLti).
The survey demonstrates the common investor’s willingness to make assessments that may not align with what they regard as advisors’ “manipulation” of the market, as a number of comments on the Kitco report indicated. Despite the doubts, gold prices in February marked a climbing trend that saw them at their highest point since June (https://ibn.fm/zdg8o). And beyond the investor marketplace, gold continues to play a popular role in rising jewelry purchases (44.99 percent YOY increase) and cultural mainstays in Asian countries such as China and India (https://ibn.fm/9SVW7), which may also signal a revival in Western Hemisphere markets as pandemic concerns wane during the coming months.
Precious metals explorer StraightUp Resources (CSE: ST) (OTCQB: STUPF) has spent the past year examining the potential for gold exploration on flagship properties the company has optioned in Canada’s well-known greenstone belts in Ontario, anticipating persistent demand for the metal worldwide.
Ground magnetic surveys and helicopter-borne high-resolution aerial magnetic surveys have helped confirm the potential of StraightUp’s five gold properties in the Red Lake Mining region, such as “multiple areas of high merit and potential mineralization” reported in November at the Ferdinand Gold Project, which consists of 17 contiguous mining claims covering 7,143 hectares (17,651 acres) (https://ibn.fm/rlGyc). The company entered into an option agreement to acquire the property in March.
The nearby RLX North site, at 4,725 hectares (about 11,675 acres), was greenlighted last month for an early exploration permit, and the company expects to move forward this summer with drill programs on it and the adjacent RLX South site, which together comprise StraightUp’s largest property at 10,000 hectares.
The permit for mechanized drilling at the site will be valid for three years, according to the company.
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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