- StraightUp Resources has optioned or acquired several properties in the historic Red Lake District in Ontario, which has produced over 30 million ounces of gold to date
- The company’s properties in the area include RLX North, RLX South, Belanger, and Ferdinand properties
- Late last year, a senior gold mining company entered into an agreement to acquire Great Bear Resources, one of the success stories of the Red Lake District
- This acquisition, coupled with results from own surveys and the district’s storied history, support StraightUp’s focus in the area
When StraightUp Resources (CSE: ST) (OTCQB: STUPF) optioned mining claims comprising the RLX North, RLX South, and Belanger properties located in the prolific Red Lake District in Ontario, Canada’s Uchi subprovince in 2020, the company expressed optimism at being able to further survey the area and potentially uncover profitable mineralization (https://ibn.fm/V2rf6). In 2021, StraightUp acquired the Ferdinand Gold Property (https://ibn.fm/avBYJ), also located in the Red Lake District, bringing the total of its optioned properties in the area to just under 20,000 hectares.
The historic Red Lake District is renowned for having some of the richest gold deposits in the world. According to a report by the Geological Survey of Canada, the Red Lake greenstone belt on which part of the Red Lake mining district sits, had historically produced over 18 million ounces of gold (https://ibn.fm/x8T6q) by the turn of the century. In total, more than 30 million ounces of gold have so far been mined from the area, leading to the successes of gold mining companies like Great Bear Resources.
In December last year, Kinross Gold Corporation, a Canadian-based senior gold mining company with mines and projects in North America, South America, Africa, and Russia, entered into a definitive agreement to acquire Great Bear Resources, in a transaction valued at $1.4 billion (other payments may also apply) (https://ibn.fm/ThrE8).
Following the acquisition, Kinross would own the Dixie project, one of the most electrifying gold discoveries in the Red Lake mining district, located several kilometers southwest of StraightUp’s properties. Drilling results at the Dixie project have shown the attributes of a prime deposit. This, coupled with the billion-dollar acquisition, reinforce StraightUp’s initial optimism in the Red Lake mining district.
In fact, StraightUp’s own ground exploration and heliborne magnetic surveys in the area have evidenced multiple locations of high merit and potential mineralization, including at the Ferdinand project.
“We now have confirmation of D2 folding and ultramafic rocks together considered to be a primary control for high-grade gold mineralization in this region, especially the Great Bear Resources Dixie Lake Gold Project. This study represents a transformation of the Ferdinand Gold Project, and we couldn’t be more excited about the road ahead in this unexplored and unappreciated section of the infamous Uchi subprovince,” commented StraightUp President Mr. Mark Brezer as part of the announcement of the interpretation of the Ferdinand property survey data (https://ibn.fm/KXkcg).
Similarly, a re-logging and sampling exercise from a 2002 diamond drilling program on the Belanger property revealed multiple areas of mineralization not previously sampled (https://ibn.fm/yczDQ).
StraightUp also completed a high-resolution heliborne magnetic survey on its RLX properties in September 2021 (https://ibn.fm/BzOn4). The company intends to combine the interpretation of data from this survey, comprehensive data compilation, and detailed regional structural interpretation to pinpoint the highest priority targets for Orogenic gold occurrences. Last month, StraightUp received an early exploration permit that will help it accomplish some of these objectives (https://ibn.fm/VmKAQ).
A public company engaged in the business of exploring and acquiring mineral property assets in North America, StraightUp is keen on maximizing shareholder wealth through mineral discoveries at projects with robust potential. And given the prolific nature of the Red Lake district, where the company has optioned or acquired several properties, StraightUp is indeed working toward this goal.
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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