- Mineral property exploration company StraightUp announced Sept. 28 that it is expanding its footprint with the acquisition of a mine in Nevada’s historic Bullfrog boom zone about 125 miles northwest of Las Vegas
- The company recently completed high-resolution heli-borne magnetic surveys (“MAG”) on its largest properties in Ontario, and on another nearby property in a renowned greenstone belt
- Both regions have generated excitement among explorers as gold prices have climbed sharply during the past four years, with analysts predicting the potential for continued increases if market instability resumes during the ongoing COVID pandemic
- The Nevada mine is in an area that produced about 2.3 million ounces of gold and more than 3 million ounces of silver during the 1990s
Canada-based mineral exploration and mining property acquisition company StraightUp Resources (CSE: ST) is adding a historically productive mine within the renowned Bullfrog boom zone of southwestern Nevada to its Ontario greenstone belt options as new interest in gold production begins to manifest itself across North America.
StraightUp announced the acquisition of the West Cat Mine, which includes an unpatented lode mining claim on a 20.66-acre package in federal land, Sept. 28 in a news release that expressed the company’s excitement to be expanding into new mining districts while continuing to evaluate the potential of multiple options in the heart of Ontario’s Red Lake Mining District.
“This is clearly an area ready for large-scale operations to come,” StraightUp President and CEO Mark Brezer stated (https://nnw.fm/fWJfS). (https://ibn.fm/SXZ3x). “(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.”
StraightUp’s announcement came the same day as news that gold prices had retreated to $1,722.50 per ounce near the year’s Aug. 10 lows (https://ibn.fm/RmMi4). But overall gold prices have been vigorously marking new territory since September 2018 when they were at $1,202.44, notably driven by the COVID-19 pandemic (https://ibn.fm/t4TMq), and analysts continue to anticipate gold prices could resume their climb this fall if the U.S. dollar’s recent rally loses steam during the historically turbulent month of October.
Barrick Bullfrog Inc. produced about 2.3 million ounces of gold and more than 3 million ounces of silver during the 1990s from its property in the Bullfrog boom zone near Beatty, Nev., shuttering the project when prices fell (https://ibn.fm/JFyvI). The area has generated new excitement among explorers in recent months, as demonstrated by South Africa-based gold miner AngloGold Ashanti’s definitive agreement for about US$370 million to acquire its remaining stake in Canadian firm Corvus Gold, which owns the North Bullfrog and Mother Lode projects as well as other exploration assets in Nevada (https://ibn.fm/6xFvo).
The Beatty Mining District is located near U.S. Highway 95, about 125 miles northwest of Las Vegas’ metropolitan transportation hub. According to StraightUp, the West Cat Mine has reportedly produced some very rich gold ore from quartz veins high in base metals within fault zones and shears that also cut dolomite limestones and metamorphic schists.
StraightUp will pay the cash equivalent of CA$50,000 and issue 4 million common shares at a deemed price of CA$0.25 per share to complete the deal.
In Ontario, the company has recently completed high-resolution heli-borne magnetic surveys (“MAG”) on its 10,000-hectare (about 25,000-acre) RLX North and RLX South properties, and on its 6,600-hectare (16,308-acre) Ferdinand Gold Project, where ground work exploration has since begun (https://ibn.fm/dSGxV). A company specializing in structural interpretation will begin processing the Ferdinand data in October with the final report from the RLX survey also due.
StraightUp has also optioned the 2,000-hectare (4,942-acre) Belanger property and the 1,944-hectare (4,803-acre) Bear Head Gold Project in the district known for producing over 30 million ounces of gold historically.
A nearby GoldON Resources project announced Sept. 29 that initial mapping and sampling on its property located five new gold showings in a variety of environments not historically recorded within the entire greenstone belt (https://ibn.fm/Kgd9D) as a demonstration of the region’s ongoing potential.
StraightUp has undertaken a non-brokered financing to raise up to CA$2 million to continue advancing its projects.
For more information, visit the company’s website at www.StraightUpResources.com.
NOTE TO INVESTORS: The latest news and updates relating to ST are available in the company’s newsroom at https://ibn.fm/STR
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