UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to report the start of its 2019 drill program on its Bullseye and Larabel blocks located in the Troilus area, in James Bay region, Quebec.
The minimum 3,000 metre diamond drill program will focus on new surface discoveries made during the summer exploration program, on geophysical targets and will also target historical occurrences.
Drilling is to begin in the southern portion of the Bullseye block where a strong geophysical anomaly located on strike with gold mineralization is present. Alteration halos indicate a favorable context for mineralization. Surface summer prospecting could not locate any outcrops in the area over the anomaly.
The drill program will also focus on the Larabel block located further north-east, where the geological context is somewhat similar to major discoveries in the area. The area of interest is located with the pressure shadow of a large pluton and on strike with anomalous gold values further south.
Once these exploration drill holes are completed, drilling will target the Free Gold zone which is located on the portion of the property under option from Argonaut Gold (See September 13th, 2019 News Release). The objective will be to validate historical drill results as well as to test potential extensions of the gold mineralization. Digitization of the historical drill holes (all prior to 1990) indicates that the gold mineralization may be open in several directions. The drill program will test these potential extensions along strike and at depth. A review of historical drill data also indicates the presence of possible parallel zones which are also to be tested.
Surface geophysics consisting of induced polarization is ongoing, and is expected to be completed over the next week. Several priority targets have been identified, many in areas known to contain gold mineralization.
The Troilus area has relatively good infrastructure given the presence of a nearby all-weather road and a powerline located only 7 kilometres to the east of the Bullseye Project. The past producing Troilus Mine (over 2,000,000 Oz of gold and 70,000 tonnes of Copper produced) is also located nearby and will serve as a base for the program.
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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.
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.
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, President and Chief Executive Officer
Jens Hansen, Chairman of the Board
Phone (613) 721-2919
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