19:56:30 EDT Thu 15 Apr 2021
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Straightup Resources Inc
Symbol ST
Shares Issued 16,138,001
Close 2020-08-05 C$ 0.24
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Straightup says initial RLX property look was positive

2020-08-06 08:46 ET - News Release

Mr. Matthew Coltura reports


Straightup Resources Inc. has completed an initial field examination of its RLX North and RLX South properties, which are a part of its Red Lake district property package. Collectively, the properties form a contiguous land package of over 10,000 hectares partially surrounding Great Bear Resources Ltd.'s Sobel property. The RLX North property is interpreted to be underlain primarily by the 2.96 to 2.99 Ga Balmer assemblage, and RLX South is considered to be underlain by the 2.73 to 2.75 Ga Confederation assemblage.

Readers are cautioned that the company has no interest in or right to acquire any interest in any property other than the RLX North, RLX South and Belanger properties, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties are not indicative of mineral deposits on the company's properties or any potential exploitation thereof.

Tim Twomey, PGeo, an experienced geologist with respect to the Red Lake district geology and gold deposits, was engaged by the company to confirm historical surface showings, rank their significance and propose a follow-up program to begin evaluation of the properties. Mr. Twomey noted several positive aspects of the properties based on his visit to the properties, including:

  • Both RLX North and RLX South properties are located on the strike extension of the Red Lake gold mines trend.
  • The geologic unconformity that is the locus of much of the gold mineralization in the district is located within the properties.
  • The properties contain basalts from the Balmer assemblage, which hosts many of the Red Lake gold mineralization.
  • Felsic volcanic rocks are present within the properties, which provide exploration potential for gold deposits similar to those found at the Great Bear property.
  • Both RLX North and RLX South are well located and contain the geologic units of interest in a more complex setting than previously understood, which may provide additional exploration potential as more work is conducted.

Mr. Twomey recommended that further work be conducted, including:

  • Compiling, digitizing and interpreting all historical data on the properties;
  • Conducting a detailed geological mapping and sampling program (including geology, structure, alteration, mineralization and geochemistry) in order to better understand the geologic complexity and provide better targeting for potential future exploration.

Matthew Coltura, president and chief executive officer, commented: "We are pleased with the results of Mr. Twomey's visit. His observations lend strong credence to the exploration potential at the RLX North and RLX South properties."

Based on mapped geology and historical regional geophysical surveys, the properties are situated along the same geological trend as the Red Lake gold mines, now operated by Evolution Mining Ltd., which are located approximately 10 kilometres and 17 km to the northwest of the RLX South and RLX North properties, respectively. Historic geophysical surveys suggest the possible presence of D2 folds and east-plunging anticlines on the properties, which may be important structural controls of mineralization (see news release dated June 11, 2020).

Grant of stock options

Straightup announces that, pursuant to its stock option plan, it has granted an aggregate of 700,000 incentive stock options to certain directors, officers, consultants and an advisory board member of the company. The stock options will vest immediately and each be exercisable to purchase one common share in the capital of the company on or before Aug. 4, 2025, at a price of 24.5 cents per common share.

Advertising and investor relations agreement

The company also announces it has entered into an agreement with Dig Media Inc. (doing business as Investing News Network (INN)) pursuant to which INN will provide certain advertising services to the company. Such services include the creation of a profile for the company, which will include interviews, maps, videos, images, stock chart and articles related to the company, as well as lead generation and general on-line and social media marketing. INN will provide such services until Sept. 30, 2021. As consideration, the company will pay INN a fee of $58,000 (plus tax). Based out of Vancouver, B.C., with international offices, INN is an independent firm which provides independent news and education to investors.

Qualified person

John E. Hiner, licensed geologist and registered member of SME (Society for Mining, Metallurgy and Exploration), a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis of this news release and has approved the disclosure herein. Mr. Hiner is not independent of the company as he is a director of the company and holds stock options in the company.

About Straightup Resources Inc.

Straightup is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada.

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