StraightUp Resources (CSE: ST) (OTCQB: STUPF), a public company engaged in the business of mineral exploration and the acquisition of mineral property assets in North America, has entered into a purchase option agreement with 1544230 Ontario Inc. The agreement, entered into on behalf of Perry English and Gravel Ridge Resources Ltd., gives StraightUp Resources the exclusive right and option to acquire an undivided interest in the Ranger/Otter mining project, which is located in Red Lake, Ontario. According to the announcement, the agreement is subject to a 1.5% net smelter returns royalty. The agreement also notes that StraightUp Resources has the right to buy back one-third of the NSR as well as rights of first refusal with respect to any sale of the NRS. The Ranger/Otter project includes three claims comprised of 61 cells and encompassing 3,050 acres. “We are pleased to further our position in Ontario’s Red Lake Mining District, especially now, given the rapid acceleration of exploration activity and large cap miners interest in the region,” said StraightUp Resources president and director Mark Brezer in the press release. “These new claims expand our flagship RLX Project, surrounding the Great Bear Resources Sobel Project, by over 10 percent.”
To view the full press release, visit https://ibn.fm/jsFgE
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. StraightUp intends to conduct exploration on the RLX North, RLX South, Belanger and Ferdinand Gold Project, all located in the Red Lake Mining Division, as well as the recently acquired Bear Head Gold Project, located within the Meen-Dempster Greenstone Belt of the Uchi Subprovince, approximately 80 kilometers west of the Pickle Lake Gold Camp. The company’s recent acquisition of West Cat Mine includes an unpatented mining claim on federal land located in the historic Beatty Mountain Nevada Mining District/Nye County Nevada about 15 kilometers east of US-95, approximately 20 kilometers from Beatty, Nevada, at the base of the Bare Mountain Range. For further information about the company, visit www.StraightUpResources.com.
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