StraightUp Resources Inc. Acquires Historic Mine in Nevada, USA
VANCOUVER, British Columbia, Sept. 28, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – StraightUp Resources Inc. ("StraightUp" or the “Company”) (CSE: ST) is pleased to announce that it has acquired the West Cat Mine, which includes an unpatented lode mining claim on federal land in the historic Beatty Mountain Nevada Mining District in Nye County, Nevada, located about 15 kilometers east of U.S. Route 95 and approximately 20 kilometers from Beatty, Nevada, at the base of the Bare Mountain Range.
Excitement in the Beatty Mining District of Nevada has been increasing this year, propelled by news that South Africa-based gold miner AngloGold Ashanti has entered into a definitive arrangement agreement to acquire the remaining stake in Canadian firm Corvus Gold. The total transaction cost to AngloGold Ashanti is estimated to be approximately US$370 million. According to the proposal, announced Sept. 13, 2021, AngloGold Ashanti will provide Corvus Gold’s shareholders with CA$4.10 per share in cash. Canadian firm Corvus, owns the North Bullfrog and Mother Lode projects, along with other exploration assets in Nevada.
The Property
The West Cat Mine is part of a 20.66-acre land package discovered in the early years of the Bullfrog mining boom. Gold-bearing quartz veins, high in base metals, occur in the west-draining canyons and along the western slopes of Bare Mountain. The mine has reportedly produced some very rich gold ore within fault zones and shears that cut Precambrian-Cambrian quartzites, dolomites, and schists.
In consideration of the purchase agreement, StraightUp is issuing 4,000,000 common shares at a deemed price of CA$0.25 per share and paying a cash amount equal to CA$50,000, payable within three months.
Commentary
StraightUp President and CEO Mark Brezer said, “We are extremely excited to begin our expansion into new mining districts and continue to position ourselves among top-quality assets and companies. Nevada calls itself the ‘Silver State’ for good reason. It’s the second-largest producer in the United States, after Alaska, and, in 2014, Nevada produced roughly 11 million troy ounces -- more than half of which came as a byproduct from gold mining. This is clearly an area ready for large-scale operations to come.”
Transfer Agent Change
The Company also announces it has changed its transfer agent to Endeavor Trust Corporation.
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. StraightUp intends to conduct exploration on the RLX North, RLX South, Belanger and the Ferdinand Gold properties, 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.
On Behalf of the Board of Directors
Mark Brezer, Chief Executive Officer, President and Director
For further information, please contact:
Mark Brezer
Chief Executive Officer, President and Director
(604) 989-6275
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the completion and anticipated results of planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved" or the negative connation thereof. Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company's planned exploration activities will be completed in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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Attachments
West Cat Mine Location
The West Cat Mine has historically produced rich gold ore.
West Cat Mine
The West Cat Mine is part of a 20.66-acre land package.
Nevada silver, 2019 production
