- StraightUp Resources is a mining acquisition and exploration company with flagship properties in Ontario, Canada, and an expanding international footprint
- Following on the acquisition of aerial digital magnetic survey data last year for its flagship properties, the company is preparing a summer work program that will include analysis of its data, identification of key geological targets, and geophysical sampling including a drill program
- The war Russia launched in Ukraine last month has driven some new interest in gold amid concerns about the war’s potential far-reaching impact as well and the immediate impact on Russia’s and the world economy as a result of growing international sanctions
- The Ontario exploration district where StraightUp’s property options are located has historically produced more than 30 million ounces of gold
The gold market has seen recent fluctuations between “war premium” highs over Russia’s assault on Ukraine and the fallout of expected dollar-supporting policies from the U.S. Federal Reserve (https://ibn.fm/cwVbI), although the resultant inflation fear-mongering appears to be easing somewhat (https://ibn.fm/oOsMh). Through it all, gold has maintained its luster for those who regard it as a solution for uncertain times, particularly Russia’s Central Bank, which has been driven to try to strengthen the country’s financial stability in the wake of serious economic sanctions imposed on Russia by numerous countries because of the war (https://ibn.fm/txwEh).
Precious metals explorer StraightUp Resources (CSE: ST) (OTCQB: STUPF) is advancing preparations for its summer 2022 work programs in the company’s optioned greenstone belt properties in Ontario, Canada’s Red Lake Mining District — a historically prolific producer of gold (more than 30 million ounces). The work programs will include drilling of the most significant prospects.
StraightUp’s flagship properties include the 4,725-hectare (about 11,675 acres) RLX North site and the adjacent 6,275-acre (about 15,505 acres) RLX South site, plus a newly acquired option to purchase the Ranger/Otter mining project adjacent to RLX North that consists of three claims on 1,234 hectares (3,050 acres).
The company has two additional projects — Belanger and Ferdinand, at 2,000 hectares (4,942 acres) and 7,143 hectares (17,651 acres), respectively — stretching northeast along the greenstone belt toward the company’s Bear Head gold project (1,944 hectares, or 4,803 acres) in the neighboring Meen-Dempster Greenstone Belt of the Uchi Subprovince. And StraightUp owns the West Cat mine property in southeastern Nevada in the United States, which has reportedly produced some very rich gold ore in a region drawing new excitement for potential prospects.
StraightUp is also reviewing the possibility of acquiring the Mallay silver mine and processing plant in the Lima region of Peru, having recently extended a right of exclusivity agreement (“ROE”) for all outstanding shares in Premier Silver Corp., which owns the mine, according to its March 7 statement on the Ranger/Otter option (https://ibn.fm/lnT1Q).
StraightUp’s summer exploration programs will include a review and interpretation of historical data on the RLX projects, compiled with new 2021 data to improve the interpretation effort. Following additional examination of the historical drill core, the company will pursue geological mapping and sampling based on the historical data and new soil analysis techniques, as well as geophysical surveys that re-interpret the historical data and the digital magnetic surveys (“MAGs”) conducted from the air last year, according to an investor presentation the company updated this month (https://ibn.fm/IMP72).
Exploration of the Belanger Project also planned this summer will largely follow the outline for the RLX properties, with some variation that reflects a different accumulation of historical data on the site. The company is seeking an additional permit for the RLX properties that will allow greater cutting than what was specified in its June 2020 permits, according to the presentation.
“We are pleased to further our position in Ontario’s Red Lake Mining District, especially now, given the rapid acceleration of exploration activity and large cap miners interest in the region,” company President and Director Mark Brezer stated in regard to the Ranger/Otter option.
Kinross Gold recently acquired Great Bear Resources’ Sobel Project, which is surrounded by the RLX properties, and Kinross is actively pursuing Great Bear Resources’ other prior assets at a total price of about $1.45 billion.
For more information, visit StraightUp Resources’ 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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