Completes High-Resolution Heli-Borne Magnetic Survey On RLX Properties In Ontario
StraightUp Resources Inc. (CSE: ST) confirms that Prospectair Geosurveys Inc. has completed a high-resolution heli-borne magnetic survey (MAG) on the RLX North and RLX South located in the Red Lake Greenstone Belt 25km east of the Red Lake.
The company has the right and option to acquire 100% undivided interest in the Property, with claims covering over 10,000 hectares.
The heli-borne magnetic survey consists of 2,985 line-km at 50m line spacings covering the entire property and preliminary results have been received with the final report expected in early October.
President and CEO, Mark Brezer, said the MAG survey is designed to provide geological and structural details. Interpretation of the results will be used to aid in identifying structural features, lithological contacts and rock types associated with potential gold mineralisation and vector exploration efforts to those areas of high merit.
“These projects are in the heart of the Red Lake Mining District, an area that is seeing a resurgence of gold bearing deposits that were overlooked in the past,” Mr Brezer said.
“RLX North and South almost completely surround Great Bear Resources Sobel Project and with our accumulated data from the region and upcoming MAG results, we can better pin-point future drill programmes. It is exciting to see how the adoption of technology has led to such advanced interpretation and with computer modelling, revolutionisation of the industry.”
The RLX North and RLX South are located 25 km southeast of the town of Red Lake. The primary distinction between the two properties is with the interpreted geology underlying each, with the North being primarily of the Balmer Assemblage and the South being Confederation. The contact between these two metavolcanic packages is highly prospective for economic deposits of gold in the Red Lake mining camp.
The majority of historic production from the district has been mined from within a few hundred metres of this important geological contact, making it a high priority exploration target.
Historic exploration of the RLX claims, which includes diamond drill holes, date back to the 1980’s. Almost $1 million dollars has since been spent on drilling, soil geochemical surveys, line-cutting, IP and geophysical surveying by previous operators.
The company has also announced a non-brokered financing to raise up to C$2,000,000.
For further information please visit: https://www.straightupresources.com/