UrbanGold Makes 11 New Gold, Silver and Copper Discoveries in the Troilus Area

Ottawa, Ontario–(Newsfile Corp. – September 26, 2019) – UrbanGold Minerals Inc. (TSXV: UGM) (“UrbanGold” or the “Company”) is pleased to provide an update on its current gold exploration activities at the Bullseye and Larabel blocks located in the Troilus area, in James Bay region, Quebec where drilling has recently begun (See September 25, 2019 News Release). The Bullseye Project totals 110 claims centrally located at the heart of the Troilus mineral belt. A portion of the Property is under option from Argonaut Gold (See September 13, 2019 News Release).

Exploration Highlights

  • New gold, silver and copper occurrences have been identified during summer surface exploration program (11 new occurrences)
  • Best values from grab samples include:
    • New T-Rex showing: 10.6 g/t gold
    • New Raptor showing: 1,020.0 g/t silver
    • New Bronto showing: 6.05% copper
  • Compilation of historical data indicates significant hydrothermal alteration present, consisting mainly of carbonate, fuchsite, biotite and sericite alteration.
  • Mineralization occurs along a major deformation corridor
  • Bullseye block shows geological association between gold mineralization and quartz-feldspar porphyries along major deformation zone.
  • High resolution induced polarization survey expanded to a total of 70 km. Several chargeability anomalies identified.
  • Drill targets include new surface gold discoveries, historical occurrences and priority geophysical targets.
  • Troilus Free Gold zone mineralization open in all directions. Current drill program to explore potential extensions
  • Permits received; Drilling started

Cannot view this image? Visit: https://www.miningstockeducation.com/wp-content/uploads/2019/09/48172_16c3fd3de43f8a90_002.jpg

Figure 1: Map of Troilus area

To view an enhanced version of Figure 1, please visit:

The summer surface exploration program was successful in identifying 11 new gold, silver and/or copper occurrences on the Bullseye and Larabel blocks. Highlights from the sampling program are listed in Table 1 and shown on Figure 2 below.

Table 1: Grab sample discoveries at Bullseye and Larabel blocks, Troilus Area.

Occurrence Grab Sample ID Gold (g/t) Silver (g/t) Cu (%) Zn (%)
T-Rex A0091192 10.77 16.2 0.67 nsv
Raptor A0091325 0.04 1020.0 1.71 nsv
Bronto A0091180 6.02 12.9 0.61 nsv
Auromis A0091176 1.15 5.3 0.41 nsv
Khaan 1 A0091311 0.01 21.8 6.05 nsv
Khaan 2 A0091307 0.08 45.4 2.36 nsv
Khaan 3 A0091315 0.08 98.1 nsv 1.03
Copperfield A0092557 0.22 14.4 2.32 nsv
Diplo A0091057 0.54 136.6 1.61 nsv
Golden Bay A0091251 1.88 1.5 nsv nsv
Larabel A0091008 1.43 0.5 nsv nsv

nsv = No Significant Values

It is to be noted that grab samples are selective in nature and may not be representative of the average grades of mineralized zones.

Cannot view this image? Visit: https://www.miningstockeducation.com/wp-content/uploads/2019/09/48172_16c3fd3de43f8a90_003.jpg

Figure 2: Map of Troilus North area

To view an enhanced version of this graphic, please visit:

At several locations, geologists noted various quantities of sulphides were associated with the gold occurrences, making geophysics a valuable tool for ground follow-up prior to drilling.

In the case of the T-Rex showing, mineralization is associated with a 1.5 metre wide shear containing semi-massive sulphides within a gabbro. Two other parallel shears were also mapped over the outcrop for over 6 metres before they were lost in overburden. A Quartz-Feldspar porphyry intrusive were also noted nearby and may be related to the emplacement of the mineralization.

The Raptor occurrence returned exceptional silver and copper values of 1,020.0 g/t Ag and 1.71% Cu in a grab sample. Mineralization is associated with chalcopyrite stringers within a gabbro unit located along a major deformation corridor.

At the Bronto occurrence where a grab sample returned 6.0 g/t Au with silver and copper, mineralization is associated with quartz veining within a 0.5 metre wide deformation corridor, containing chalcopyrite, pyrrhotite and biotite.

At the Larabel occurrence, several parallel mineralized structures were also noted. Three induced polarization survey grids have been completed over the area and have produced several priority drilling targets along what is believed to be an important mineralized structure.

A total of 282 grab samples (203 on the Bullseye Block and 79 on the Larabel Block) were taken over the project areas. All rock, grab and chip samples were collected by hand and were located by hand-held GPS, bagged and tagged with certified blanks and standards inserted with the sequence, sealed, delivered to Laboratoire Expert in Rouyn-Noranda. All samples were crushed and pulverized. The samples were analyzed for Au, Ag, Cu, Zn. The gold value is determined by fire assay with finish by atomic absorption. If the grade was over 3 ppm Au, the assay was then reanalysed by fire assay with finish by gravimetry. The metallic content is analysed by aqua regia. The laboratory also runs their own duplicates and repeat analyses, as well as internal blanks and standards which are reported to the Company.

Surface geophysics consisting of a 70 line-km high-resolution induced polarization survey is nearing completion over the property and covers the areas where the above occurrences were located. The geophysical data will assist geologists in determining the best targets to drill in the current program.

The surface exploration program also validated select historical occurrences in preparation for the current drill program. This data, combined with the digitized historical drilling data has been used to prepare drilling targets.

A portion of the drilling will focus on the property held by Argonaut Gold (“Argonaut”) and which is under option by UrbanGold. The priority target consists of the Free Gold zone which recent data compilation indicates is open in several directions. Readers are encouraged to visit UrbanGold’s website for further information on the historical 200m long Free Gold occurrence.

Some of the drilling is also intended to repeat and verify historical intercepts so that data can be in line with National Instrument 43-101 best practices and be used in any potential future resource estimates. Exploration targets located beyond the main occurrence will also be drill tested.

Mineralization on the Bullseye Project is widespread with indications of gold mineralization often associated with copper mineralization as is the case at the past producing Troilus Mine (over 2,000,000 Oz of gold and 70,000 tonnes of Copper produced; Source: https://www.troilusgold.com/troilus-gold-project/). A review of historical work indicates that no work has occurred on the Bullseye Project for over 20 years, with the bulk of the historical drilling having occurred in the 1960s, at a time when access was very limited. The area is currently being actively explored by many organisations and has seen much added infrastructure since, with the addition of an all-weather road, and a powerline located only 7 kilometres to the east of the Bullseye Project.

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) and Troilus area properties.

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 Management’s Discussion and Analysis dated September 9, 2019 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, President and Chief Executive Officer
[email protected]

Jens Hansen, Chairman of the Board
[email protected]

Phone (613) 721-2919

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) 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/48172

Comments are closed.

Free newsletter for stock pics, interview transcripts & investing ideas