- Groundwork exploration kicked off in August, led by Orix Geosciences
- The survey revealed multiple areas of high merit and potential mineralization
- This complements a sediment sampling conducted back in 2001 by the Ontario Geological Survey
- With these results, StraightUp can now execute its right to acquire 100% interest in the property
In early 2021, StraightUp Resources (CSE: ST) (OTCQB: STUPF) acquired an option to purchase the Ferdinand Gold Property in Ontario and set out to explore the property for potential mineralization (https://ibn.fm/o1XoL). Groundwork exploration kicked off in the month of August, spearheaded by Orix Geosciences.
On November 29, 2021, the company announced having completed all of 2021 ground exploration on the property. The study, which involved heliborne magnetic surveys, revealed multiple areas of high merit and potential mineralization, a significant achievement for the company (https://ibn.fm/Wh23o).
“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,” noted Mark Brezer, the President and Chief Executive Officer (“CEO”) of StraightUp.
“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,” he added.
This just-concluded survey complements a sediment sampling conducted by the Ontario Geological Survey back in 2001. This study revealed distinct clustering of lake sediment samples anomalous in specific minerals that further allowed for new targets for potential mineralization to be identified.
With these results, StraightUp now can execute its right to acquire 100% interest in the property, which comprises 17 mining claims comprising 354 cells spread across 7,143 hectares. The property is located within the south Uchi greenstone belt, 13 km northwest of Slate Falls town and 120 km east of Red Lake, Ontario.
The conclusion of this exploration marks a significant milestone for StraightUp, particularly as it aligns with its commitment to mineral exploration and the acquisition of mineral property assets in North America. The company is determined to continue maximizing shareholder wealth as it makes discoveries at projects with great potential within the region.
StraightUp also announced the closure of the 4th tranche of financing for a sum of $100,000. The money will be raised by issuing 150,000 warrants and 500,000 common shares, exercisable at $0.30 until November 15, 2023. The proceeds from the offering will fund exploration projects and property expenditures, as well as working capital. All securities issued will be subject to a 4-month hold period expiring March 16, 2022.
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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