News
Straightup Resources to begin survey at Ferdinand
2021-06-01 09:22 ET - News Release
Mr. Mark Brezer reports
STRAIGHTUP RESOURCES INITIATES HIGH-RESOLUTION HELI-BORNE MAGNETIC SURVEY ON ITS FERDINAND GOLD PROJECT, ONTARIO
Straightup Resources Inc. has contracted Prospectair Geosurveys Inc. to perform a high-resolution heli-borne magnetic survey (MAG) on the Ferdinand gold project located in the Confederation-Uchi greenstone belt 120 kilometres east of Red Lake. The company owns 100-per-cent interest in the property consisting of 17 contiguous mining claims covering 7,143 hectares. The heli-borne magnetic survey consisting of 1,994 line-kilometres at 50-metre line spacings covering the entire property will begin this week. Preliminary results will be received the following week.
The MAG survey is designed to provide geological and structural details of a 25-kilometre-long south eastextension of the Confederation-Uchi greenstone belt along the Fry-Bamaji deformation zone. Interpretation of the survey results will be used to aid in identifying structural features, lithological contacts and rock types associated with potential gold mineralization and vector exploration efforts to those areas of high merit.
Commentary
Straightup's president and chief executive officer Mark Brezer said: "The Ferdinand gold project represents an exciting opportunity for our company. I've yet to know where there is a stretch of the Confederation-Uchi greenstone belt along a crustal scale deformation zone that hasn't seen one drill hole. The high-resolution heli-borne magnetic survey commissioned by Straightup will greatly enhance the geological and structural make-up of this property and enhance our chances for success with our 2021 exploration efforts."
Mike Kilbourne, PGeo, an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the company.
The property
The Ferdinand gold property is 13 kilometres northwest of the town of Slate Falls. Access is currently by logging roads with forestry logging operations scheduled for expansion into the property. It is located within the southeastern extension of the Confederation-Uchi greenstone belt, one of the best metal-endowed greenstone belts by square kilometre in the world with past production and current resources totalling 64 million ounces of gold. Crustal scale structural features such as the Fry-Bamaji deformation zone traverse the length of the property. Regional, coarse, government-sponsored magnetic surveys of the Ferdinand gold property display folded stratigraphy along possibly D2 structures. These structural features that are important for gold-bearing hydrothermal fluids and traps. There is not one Ontario Geological Survey-registered drill hole on the entire property.
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 and the Ferdinand gold 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.