Straightup Announces Completion of Field Work on Belanger Gold Property, Red Lake District, Ontario
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STRAIGHTUP RESOURCES INC.
9285 203B Street
Langley, British Columbia V1M 2L9
Vancouver, British Columbia, (October 14, 2020)
“Straightup” or the "Company”: CSE: ST
STRAIGHTUP COMPLETES PRELIMINARY FIELD WORK ON BELANGER GOLD
PROPERTY, RED LAKE DISTRICT, ONTARIO
ANNOUNCES $1,200,000 PRIVATE PLACEMENT
The Company is pleased to announce that Clark Exploration and Consulting personnel
have completed a preliminary field examination to comple ment the compilation and
reinterpretation work of all of the available historical data on the Company's Belanger gold
property (the "Property") located in the Red Lake District, Ontario (see news releases
dated September 9 and September 28, 2020). In addition, the Company has initiated the
review of the historic diamond drill core that was stored at Government facilities in Kenora
and moved to a core facility in Thunder Bay, Ontario.
The Company also announces a non -brokered private placement to r aise aggregate
proceeds of up to $1,200,000.
Belanger Property
Field crews conducted prospecting and mapping on the Property focusing on previously
underexplored areas of the Property hosting the historic “Hemming Occurrences”, which
are located within the northeast trending Confederation Lake Narrows Deformation Zone
located in the central part of the Property. A property examination by the Red Lake
Resident Geologist in 1997 suggested the showings associated with the Hemming
Occurrences are found within a 060 o trending shear zone that is potentially more than
100 m wide and extensively silicified. In total, Cl ark Exploration and Consulting field
crews collected 27 grab samples which have been submitted for analysis for gold and
base metals to AGAT Laboratories in Thunder Bay, Ontario.
Historical sampling from the Hemming O ccurrences returned results of 6.8g/t Au and
3.18g/t Au, 0.8g/t Ag respectively, from samples taken in 1997, and 16.72g/t Au, 11.62g/t
Ag and 3.11g/t Au, 3.68g/t Ag respectively from samples taken in 1975 . The Clark
Exploration crew was able to locate the historic Hemming trenches and confirm ed the
extensive deformation zone on the Property.
Readers are cautioned that the above-mentioned samples are selective and likely biased
by nature and therefore are not necessarily representative of the overall grade and extent
of any mineralization that could occur on the subject areas of the Property.
These results are historical in nature and may not accurately indicate the extent or grade
of mineralization present on the Property. Although the Company believes the source of
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the historical information to be generally reliable, such information is subject to
interpretation and cannot be verified with complete certainty due to limits on the
availability and reliability of raw data and other inherent limitations and uncertainties.
The King 's Ba y Gold Corporation 2002 diamond drill campaign tested the Williamson
Occurrences which occur on the southern part of the Property. In reviewing the diamond
drill logs filed with the Ontario Government various sections of core intersected significant
gold values (see news release dated June 11, 2020). The drill logs indicated areas of un-
sampled material that may contain anomalous gold. The Company has initiated the re -
logging and additional sampling of the diamond drill core. The core is currently in a core
facility in Thunder Bay allowing easy access and review.
The Property is fully permitted for early exploration activities such as stripping, trenching,
line cutting and drilling.
Private Placement
The Company also announces a non-brokered private placement (the "Offering") to raise
aggregate proceeds of up to $1,200,000 through the sale of: (i) up to 3,600,000 units at
the price of $0.20 per unit (each, a "Unit"); and (ii) up to 1,920,000 flow-through common
shares at a price of $0.25 per share.
Each Unit is comprised of one non-flow-through common share of the Company and one-
half of one common share purchase warrant (each whole warrant, a "Warrant"), with each
Warrant entitling the holder to acquire one additional common share at a price of $0.3 0
per share for a period of 12 months from the closing of the Offering. I n the event the
closing price of the Company's common shares on the Canadian Securities Exchange
(the "Exchange") is equal to or greater than $0.50 per share for a minimum of ten
consecutive trading days commencing four months and one day after the closing of the
Offering, the Company may accelerate the expiry date of the Warrants by providing notice
to the holders thereof and, in such case, the Warrants will expire on the 30th day after the
date on which such notice is given by the Company.
The Company may pay finder's fees to arm's length parties that have introduced the
Company to subscribers participating in the Offering. All securities issued in connection
with the Offering will be subject to a four-month and one day hold period in Canada.
The net proceeds from the Offering are intended to be used for property expenditures
and for general working capital.
None of the foregoing securities have been and will not be registered under the United
States Securities Act of 1933 , as amended (the "1933 Act") or any applicable state
securities laws and may not be offered or sold in the United States or to, or for the account
or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in
the United States absent registration or an applicable exemption from such registration
requirements. This press release does not constitute an offer to sell or the solicitation of
an offer to buy nor will there be any sale of the for egoing securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
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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 the southwest
British Columbia, Canada, within the Vancouver Mining Division.
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 amount of the Offering, the expected use of proceeds from the Offering,
anticipated exploration activities and program results from exploration activities on the Propert y, 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 g ive 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 of 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 achieve d. Forward -looking statements are based on certain assumptions regarding the Company
including, without limitation , that investor interest will be sufficient to close the Offering, that market
fundamentals will result in sustained precious metals demand a nd 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 busi ness plans and timing of
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future activities of the Company , including anticipated exploration work on the Property, the fact that the
Company’s interest in the 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 the
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 regulatory approvals (including of the Exchange in respect of the Offering ),
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, curren cy
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 undue reliance on forward -looking statements. The Company
undertakes no obligation to update any of the forward -looking statements in this presentation or
incorporated by reference herein, except as otherwise required by law.