- Straightup Resources (ST) has signed an option to acquire 100 per cent interest in certain un-patented mining claims from Gravel Ridge Resources Ltd.
- The 17 claims represent 354 cells, encompassing 6,600 hectares, which are situated near Red Lake, Ontario
- They are collectively known as the Ferdinand Gold Property
- The property is located within the eastern extension of the Confederation-Uchi greenstone belt
- Straightup Resources is up 13.33 per cent, trading at C$0.17 at 12:57 pm ET
Straightup Resources (ST) has signed an option to acquire 100 per cent interest in certain un-patented mining claims from Gravel Ridge Resources Ltd.
The 17 claims represent 354 cells, encompassing 6,600 hectares, which are situated near Red Lake, Ontario.
They are collectively known as the Ferdinand Gold Property.
Under terms of the deal, the company will pay cash payments of C$148,000 over a term of four years, and issue an aggregate of 750,000 common shares at a deemed price of $0.15 per share.
Straightup has agreed to a 1.5 per cent net smelter return (NSR), which is subject to the company’s right to repurchase 0.5 per cent of the NSR for a payment of C$500,000.
The Ferdinand Gold Property is 13 kilometres northwest of the town of Slate Falls. Access is currently by logging roads with forestry logging operations scheduled for expansion into the property. It is located within the eastern extension of the Confederation-Uchi greenstone belt, one of the best metal endowed greenstone belts in the world.
Straightup Resources 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 Resources is up 13.33 per cent, trading at C$0.17 at 12:57 pm ET.