Straightup Resources Inc. CSE: ST is considered to have highly favorable geology for major gold discovery of significance in a prime Red Lake District location.
Straightup Resources Inc. (CSE:ST)
NEW YORK, NY, UNITED STATES, July 2, 2020 /EINPresswire.com/ — Straightup Resources Inc. (CSE: ST) is a new public company focused on advancing its flagship RLX and Belanger properties located in the Red Lake District of Ontario, Canada. Red Lake is one of the more prolific gold mining districts in the world with ~29 million oz gold having been produced from high-grade mines since 1925, >80% of this gold was produced from Evolution Mining's Red Lake Complex (formerly owned by Newmont). Today some of the most exciting exploration projects are ongoing in the district; e.g. Great Bear Resources is working its Dixie project just to the south of Straightup Resources' RLX Property, and Pure Gold Mining Resources is advancing to production for the end of this year.
Two years ago Great Bear was trading at ~50 cents/share, it has since experienced a >38X multiple share price appreciation. Obviously there are some really smart people over at Great Bear, they have a track record of being able to look at the big picture of what is going on geologically in the Red Lake District and predict where huge deposits of gold might occur. In 2019 Great Bear acquired additional ground it believed to be highly prospective, of particular note is its Sobel property which is almost entirely encircled by Straightup Resources' RLX property. The RLX property of Straightup Resources is prime ground that was staked prior to Great Bear announcing its Sobel acquisition by the entity that vended both the RLX and Belanger properties into the new public company.
In short, Straightup Resources is considered to have highly favorable geology for a major gold discovery of significance in a prime Red Lake District location.
Straightup Resources is the subject of a Mining MarketWatch Journal review, full copy of which may be viewed at https://miningmarketwatch.net/st.htm online.
The RLX PROJECT is large (~10,000 ha) and offers the big elephant size gold discovery potential with D2 faults interpreted to run through, on-strike to the SE of the district’s largest gold deposit (Red Lake Gold Mines – Evolution Mining). The property is underexplored as it has overburden with little bedrock outcropping, which has limited past exploration efforts in favour of other areas in the Red Lake District. Straightup Resources' technical team will be looking to target the contact zones of the volcanic assemblages that host the gold. A past operator has already drilled one hole (DDH-160-5-1 in the 80s) on RLX North that shows the geological contact between mafic/ultramafic vs. felsic intermediate rocks is present — a major geological contact similar to what provided a pathway for gold laden hydrothermal fluids for success at Great Bear Resources on its Dixie property.
The BELANGER PROJECT (~2,000 ha) is more advanced, has mineralization at surface, and it brings opportunity for quick news flow with two immediate areas of interest; 1) the Hemming Showing is found in a deformation zone, tracking NE to SW near the middle of the property, that is measured to be at least 100 m wide and possibly a lot wider. The showing produced a selective grab sample which measured ~0.9 oz/t gold. There are a number of gold and base metal showings along that same line strike through the property. 2) three historic trenches were exposed by past operators; trench C has produced grab samples up to 25 g/t gold, trench E which is 550 m to the NE of trench C has produced selective grab samples of up to 60.44 g/t gold, selected copper grab samples were also pulled from the trenches measuring over 5% Cu. There are parallel deformation zones. Straightup Resources' technical team will be looking at the underlying controls, the big picture, how the gold and copper are distributed, and will develop a predictive model. Already, from drill holes performed by past operator Kings Bay, it is suggesting some continuity to the copper and gold mineralization; DDH 14 & 15 both intersected over 7 g/t gold over narrow intercepts within the broader gold and copper mineralized envelope.
The blue lines seen in the accompanying image of the RLX Property represent the interpretation of the D2 folds, a major controlling feature for gold mineralization in Red Lake. 'D2' stands for the 'second deformation' event that occurred in the district — there is a lot of gold historically associated with these D2 fold structures. 90% of the historic gold production in the Red Lake District was extracted from a larger volcanic package called the Balmer assemblage at the contact of the Confederation assemblage, which is ~250 million years younger. This geological contact between mafic/ultramafic (more brittle under stress) vs. felsic intermediate rocks (more ductile under stress) is the key for creating the pathway for hydrothermal fluids — Great Bear has a ~4km+ long gold laden sheet of it along its LP fault, part of an 11+ km gold system that also includes its Dixie fault. Important to note is that the D2 faults tracking into the RLX Project come from the direction, on-strike, of the nearby Evolution Mining Red Lake Mine.
The following URLs have been identified for further DD on Straightup Resources Inc.:
Corporate website: https://www.straightupresources.com
Recent Mining Journal review: https://miningmarketwatch.net/st.htm
Mining MarketWatch Journal
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Source: EIN Presswire