Straight Up Initiates Ground Magnetic Survey on RLX North Property
LC284959-1
STRAIGHTUP RESOURCES INC.
9285 203B Street
Langley, British Columbia V1M 2L9
March 18, 2021
STRAIGHTUP INITIATES GROUND MAGNETIC SURVEY ON RLX NORTH
PROPERTY, RED LAKE DISTRICT, ONTARIO
Vancouver, British Columbia : Straightup Resources Inc. ("Straightup" or
the "Company": CSE: ST ) is pleased to announce that it has commenced a ground
magnetic survey on its RLX North property (the "RLX North Property"), located southeast
of Red Lake, Ontario. The ground magnetic survey will comprise approximately 230 line
kilometres, the results of which will be used to generate prospective targets for an induced
polarization ("IP") survey. The Company intends to use the results of the IP survey to
generate drill targets for a diamond drilling program on the RLX North Property during
summer 2021.
The primary target on the RLX North Property is the interpreted Upper Balmer
Assemblage and the continuation of major structural features on the property (Figure 1).
These structural features are thought to be important in localizing gold zones in the Red
Lake Gold Mine and Great Bear Resources Ltd.'s Dixie Limb and Hinge Zone. Readers
are cautioned that the Company has no interest in or right to acquire any interest in Great
Bear Resources' properties or the Red Lake Gold Mines, 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.
The location of the prospective area of Upper Balmer Assemblage rocks is based on the
interpretation of aeromagnetic data obtained from Tri Origin Exploration Ltd . (see news
release dated November 10, 2020) and historic drilling by Selco Mining Corp Ltd. ("Selco")
in 1980 (DDH# 160-5-1). The Selco drill hole intersected ultramafic rocks and sulphide
bearing quartz veins proximal to a prominent mafic/ultramafic and felsic geological
contact. While the drill logs w ere filed for assessment work with the Ontario Ministry of
Energy, Northern Development and Mines , no assay results are currently available for
the sampling in this drill hole.
Matthew Coltura, President and CEO of Straightup, stated, "The ground magnetic survey
is expected to better define the lithological and structural framework of the RLX North
Property. There has been limited prior work on the area of the interpreted Upper Balmer
Assemblage due to poor outcrop exposure, and the goal is to use the results of the ground
magnetic survey and subsequent IP survey to further define priority exploration targets."
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Figure 1: RLX North Property showing the area of the ground magnetic survey as well as the
location of Great Bear Resources (GBR) SGH Anomalies (News Release Sept, 09, 2020) and the
interpreted location of the BaImer-Confederation unconformity.
Qualified Person
Brent Clark, P. Geo., a qualified person as defined by NI 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
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.
LC284959-1
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LC284959-1
On Behalf of the Board of Directors
Matthew Coltura
Chief Executive Officer, President and Director
For further information, please contact:
Matthew Coltura
Chief Executive Officer, President and Director
(778) 886-6200
Forward-Looking Statements:
This news release includes certain forward -looking statements and forward -looking information
(collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation.
All statements, other than statements of historica l fact, included herein including, without limitation,
statements regarding the ground magnetic survey and IP survey on the RLX North Property, the generation
of potential drill targets for a diamond drilling program on the RLX North Property , anticipated exploration
activities and program results from exploration activities on the RLX North Property, the discovery and
delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future
activities of the Company, are forward -looking statements. Although the Company believes that such
statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often,
but not always, forward looking information can be identified by words such as "pro forma ", "plans",
"expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates",
"believes", "potential" or variations o f such words including negative variations thereof, and phrases that
refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved.
Forward-looking statements are based on certain assumptions regarding the Company including, without
limitation, that market fundamentals will result in sustained precious metals demand and prices, the receipt
of any necessary permits, licenses and regulatory approvals in connection with the future exploration and
development of the Company's projects in a timely manner, the availability of financing on suitable terms
for the exploration and development of the Company 's projects and the Company 's ability to comply with
environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to differ materially from any future
results, performance or achievements expressed or implied by the forward-looking statements. Such risks
and other factors include, among others, statements as to the anticipated business plans and timing of
future activities of the Company , including anticipated exploration work , including the results from the
ground magnetic survey and IP survey on the RLX North Property, the fact that the Company 's interest in
the RLX North Property is an option only and there is no guarantee that such interest, if earned, will be
certain, the timing and amount of estimated future production, the costs of production, capital expenditures,
the costs and timing of the development of new deposits, requirements for additional capital, future prices
of gold, changes in general economic conditions, changes in the financial markets and in th e demand and
market price for commodities, accidents, labour disputes and other risks of the mining industry, the ability
of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining
governmental and regulato ry approvals (including of the Canadian Securities Exchange), permits or
financing, risks relating to epidemics or pandemics such as COVID –19, including the impact of COVID–19
on the Company's business, financial condition and results of operations, changes in laws, regulations and
policies affecting mining operations, the Company ’s limited operating history, currency fluctuations, title
disputes or claims, environmental issues and liabilities, as well as other risks and uncertainties disclosed
in the Company’s latest Management’s Discussion and Analysis and other filings of the Company with the
Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR
website at www.sedar.com.
Readers are cautioned not to place u ndue reliance on forward -looking statements. The Company
undertakes no obligation to update any of the forward -looking statements in this news release or
incorporated by reference herein, except as otherwise required by law.