Ottawa, Ontario - July 18, 2019 UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to report it has significantly expanded its land position in the Troilus area with the acquisition of 56 new mineral claims totalling 3,046 hectares.
The new claims cover under-explored prospective ground centrally located within the Frotet greenstone belt and contain several gold, copper and silver occurrences which have never been drill tested. A field crew with two geologists has already commenced helicopter assisted surface exploration of the area.
UrbanGold map staked 52 claims which recently became available for acquisition and seven other claims were acquired from local prospectors. A total of four of these claims are located in the Troilus area and three are at the Mercier Rare Earth property (see June 6, 2019 news release).
The underlying geology is deemed prospective for gold, copper and silver mineralization given its location along a major shear zone and on strike with mineralization located on an adjacent property.
Compilation of historical data has revealed several gold indicators on the property, including Fuschite, Carbonates, Sericite and Biotite within an orogenic context. A reinterpretation of historical geophysics has also identified new electromagnetic targets which have not been investigated.
To acquire a 100% interest in the seven claims owned by local prospectors, UrbanGold has agreed to issue 140,000 common shares of the Company. The transaction is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange. The common shares of the Company issued to the local prospectors will be subject to a four month hold period from the date of the closing of the transaction.
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
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