Straightup Announces Property Option for RLX North, RLX South and Belanger Properties

Vancouver, British Columbia, June 11, 2020:  Straightup Resources Inc. (the “Company” or “Straightup”) (CSE: ST) is pleased to announce that it has entered into a property option agreement (the “Option Agreement”) dated June 3, 2020 (the “Effective Date”) with an arm’s length vendor (the “Vendor”), whereby it has been granted the sole, exclusive and irrevocable right and option (the “Option”) to acquire a 100% undivided interest in certain unpatented mining claims comprising the RLX North, RLX South and Belanger properties (collectively, the “Property”) located in the District of Red Lake, Ontario, Canada, subject to a 3% net smelter returns royalty. 

“We are excited to move forward with exploration of the RLX North, RLX South and Belanger properties,” stated Matthew Coltura, President and CEO of Straightup Resources, “With the Red Lake district being known to host some of the richest gold deposits in the world and the recent success in the region by Great Bear Resources, we are pleased to be in a position to further survey the area and potentially uncover profitable mineralization.”

Readers are cautioned that the Company has no interest in or right to acquire any interest in any property in Figure 1 other than the Property, 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.

RLX North and RLX South

The RLX North and RLX South properties form a large (approximately 10,000 hectare) land package contiguous to, and almost entirely surrounding, Great Bear Resources Ltd.’s (“Great Bear”) Sobel property (Figure 1).  Upon acquiring its Sobel property in March 2019, Great Bear interpreted the presence of important D2 fold axial planes (major regional-scale controls on gold mineralization) extending into the Sobel property.  The RLX North and RLX South properties are also situated along the same geological trend as the Red Lake Gold Mines, now operated by Evolution Mining Limited, with gold endowment of 29.63 Moz Au at an average grade of 21 g/t Au (based on reported reserves of 840 tonnes of gold at 21 g/t and a conversion of 35,273.96 ounces per tonne of gold).

Readers are cautioned that the Company has no interest in or right to acquire any interest in any property in Figure 1, including Great Bear’s Sobel property and the Red Lake Gold Mines, other than the Property, 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 RLX North property is interpreted to be underlain primarily by the 2.99 Ga Balmer Assemblage.  The majority of historic gold production in the Red Lake District has been mined from this metavolcanic sequence.  The RLX South property is interpreted to be underlain by the 2.74 Ga Confederation Assemblage.  This sequence is also prospective for gold, but also has potential for VMS-style base metal deposits, such as the historic South Bay Mine (a VMS deposit), and the TNT target being actively explored by BTU Metals Corp. at its Dixie Halo property.  Notably, the geological contact between the Balmer and Confederation Assemblages is also interpreted to be present on the RLX North and RLX South properties, and the most significant gold deposits in Red Lake have been found within several hundred meters of this geological contact.

Figure 1.  Red Lake Gold Properties.

Like many other projects in this portion of the Red Lake Greenstone Belt (including Great Bear’s nearby Dixie project located 6 km to the south of the Property), thick overburden cover, particularly in the eastern portion of the RLX North property, has resulted in the area being historically underexplored, and presents excellent opportunity for a new discovery using a combination of traditional and modern exploration techniques.

Planned exploration activities in 2020 are expected to consist of historical data review and re-interpretation, geological mapping and sampling, and geophysical surveys (airborne), all of which may be conducted prior to the issuance of an exploration permit and are not ground-disturbing activities.  Exploration permit applications have been submitted and are anticipated to be issued in the near-term.  The issuance of an exploration permit will allow more advanced exploration activities on these projects in the future, if warranted, such as diamond drilling of high-priority targets identified by the early exploration program.