UrbanGold Further Expands its Gold Property at Troilus, Announces Upcoming Diamond Drilling Programs

Ottawa, Ontario–(Newsfile Corp. – August 6, 2019) – UrbanGold Minerals Inc. (TSXV: UGM) (“UrbanGold” or the “Company”) is pleased to announce the expansion of its property in the Troilus area (“the Project”) located north of Chibougamau, Quebec and the upcoming start of a drill program on the Project. UrbanGold considers the Project to be a high priority project to compliment the Monaco and StarGold properties.

Highlights of the Project

  • 79 new claims bringing total surface area to 10,525 hectares
  • Several mineral occurrences on property
  • Prospective ground, with key geology
  • Active area with excellent infrastructure

In addition to the acquisition announced July 18th, UrbanGold has increased its position in the area with another 79 map-staked claims based on prospective geology with the presence of Gold, Silver, Copper and/or Zinc mineralization to be drill-tested. A partial list of these occurrences is provided below. Most of the new claims acquired are centrally located in the Troilus Greenstone belt, with a separate group located to the northeast as per the adjoined map.

Partial list of historical occurrences on property:

  • Occurrence C: Grab sample of 759 g/t Ag and 31% Cu*
  • PL-08-273: Grab sample of 8.6% Cu and 21.1 g/t Ag*
  • Lac Troilus-Sud: Channel sample of 0.55% Cu and 3.4 g/t Ag over 1.95 m*
  • Dauphin NE: Channel sample of 2.2 g/t Au and 0.23% Cu over 1.00 m*

*The above values are taken from the MERN of Quebec database and are historical in nature. The QP has assumed the collection of samples met industry standards of the time and has no reason to doubt the reliability of the data and information, however the QP has been unable to verify the results.

The acquisition is based on compilation data and on the current ongoing surface exploration which has uncovered several instances of additional mineralization. In one area, Malachite, a copper bearing mineral, was discovered in a new area. Plans are underway to follow-up on this discovery drilling within the next few weeks. Samples have been rushed to the lab for assaying. Pictures of the discovery are to be posted on UrbanGold’s website. Other samples from the current field program noted various amounts of sulfides and native copper.

Mathieu Stephens, President and CEO, commented: “Given that we are in an area with several known gold showings and located only 20 kilometres from the historic Troilus Au-Cu mine which produced 2 million ounces of gold and almost 70,000 tonnes of copper between 1996 and 2010, this is definitely a discovery to follow-up on.”

A good portion of the property benefits from presence of well-established infrastructure, including an extensive network of well-maintained roads and nearby high-tension power lines maintained by Hydro-Quebec. Additionally, another company is currently evaluating the former producing Troilus mine for potential reopening.

Drill Programs

A minimum 3000 metre drill program is currently planned for the Troilus area project and drill programs are also planned for two other projects, the Monaco and StarGold properties with details to follow.

Qualified Person

This news release has been prepared by Mathieu Stephens, P.Geo., President and CEO for UrbanGold Minerals, the Qualified Person, as defined by National Instrument 43-101.

About UrbanGold

UrbanGold Minerals Inc. is a gold and base-metals exploration company, federally incorporated and headquartered in Ottawa, Ontario, Canada. The Company’s common shares trade on the TSX Venture Exchange under the symbol “UGM”. UrbanGold is focussed on mineral exploration in Quebec with emphasis on the Urban-Barry (Windfall), Troilus mineral belts and its StarGold property.

Forward Looking Information

This press release contains “forward-looking information” within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “intend”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by forward-looking information. See “Risk Factors” in the Company’s Final Prospectus dated December 13, 2018 filed on SEDAR at www.sedar.com for a discussion of these risks.

The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.

Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.

For further information

Mathieu Stephens, Chief Executive Officer
[email protected]

Jens Hansen, Chairman of the Board
[email protected]

Phone (613) 721-2919

Neither the TSX Venture Exchange, nor its Regulation Service Provider (as that term is defined in the policies of the TSXV, accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46710

Comments are closed.

Free newsletter for stock pics, interview transcripts & investing ideas