Mr. Matthew Coltura of Straightup reports
STRAIGHTUP ACQUIRES DIGITAL DATABASE FOR THE RLX PROPERTIES, RED LAKE DISTRICT, ONTARIO
Straightup Resources Inc. has entered into an agreement with Tri Origin Exploration Ltd. to acquire a digital database of compilation and field exploration data for the RLX North and RLX South properties.
The company has recognized the value in the extensive exploration data and compilation work completed by Tri Origin between 2004 and 2014 on the RLX properties. The exploration programs completed by Tri Origin consisted of geological mapping, overburden geochemistry, airborne and ground geophysical surveying, and diamond drilling. Exploration completed by Tri Origin has identified mafic volcanic rocks, including high iron tholeiitic and basaltic komatiite, both of which are known to occur within the tholeiitic-komatiitic Bamler sequence of the Red Lake greenstone belt, which hosts the majority of past and current gold production in the Red Lake district. Although the data comprising the digital database are generally available in the public domain, they are in a variety of analog formats not easily transferable into a usable digital database.
The significant volume of the digital database will facilitate effective time and cost-saving target generation to locate specific rock types associated with the gold mineralization within the Red Lake camp. The digital database is composed of, but not limited to:
1,452 kilometres of helicopter VTEM (versatile time domain electromagnetic) airborne survey -- 100-metre spacing;
- Greater than 150 kilometres of induced polarization in multiple grids;
5,504 humus and 2,305 soil geochemical sample results;
Extensive geochemistry samples across all rock types;
Detailed geological and structural mapping;
38 diamond drill hole digital database;
Compilation of historic exploration and government geoscience.
Matthew Coltura, the company's chief executive officer and president, stated: "The acquisition of Tri Origin's extensive digital database is a great benefit to moving the RLX properties forward in a cost-effective manner. The digital database will allow Straightup to maximize exploration dollars without having to duplicate previously completed exploration. Additionally, the company's discussions with Tri Origin have provided access to the guiding principles and interpretations that directed their exploration."
The digital database is in the process of being integrated with the company's current project database. The company will formulate its plans for the next steps of exploration on the RLX properties upon completion of the integration.
In consideration for the acquisition, the company will pay a purchase price consisting of an aggregate cash payment of $100,000 and the issuance of 200,000 common share purchase warrants. The purchase price is payable as to: (i) $50,000 in cash and 100,000 warrants upon the closing of the acquisition; and (ii) $50,000 in cash and 100,000 warrants upon the earlier of: (A) the commencement of a work program by the company on either of the RLX properties; or (B) the date that is six months from the closing. The warrants will each be exercisable to purchase one common share in the capital of the company for a period of three years from the date of issuance at an exercise price of 26 cents per share.
Brent Clark, PGeo, 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. Clark is independent of the company.
About Straightup Resources Inc.
Straightup is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop economic precious and base metal properties of merit. In addition to exploration of its Red Lake division properties, Straightup intends to conduct exploration on the Hi-Mars property. The Hi-Mars property consists of 11 contiguous mineral titles covering an area of 1,788 hectares, located approximately 17 kilometres northeast of the city of Powell River in southwest British Columbia, Canada, within the Vancouver mining division.
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