UrbanGold Minerals Inc. ("UrbanGold" or the "Company” | TSXV: UGM) is pleased to announce that is has acquired additional claims to enlarge its Mercier property, a Rare Earth Elements (“REE”) project located south of the Windfall-Urban area and next to its 100% owned StarGold project. The Mercier property was originally acquired in 2016 and an additional 19 claims have been acquired through map staking. Once pending claims have been approved, the Mercier property will total 38 claims totalling 2,170 hectares.
Originally discovered in 1974, the Mercier property was drilled in 2008 and in 2010 for its potential for REE hosted within a large alkaline carbonatite intrusive complex. The limited drilling program intersected significant widths of Total Rare Earth Oxides (“TREO”) and surface sampling also uncovered high grade values in grab samples (Please refer to Threegold Resources Inc.'s news release dated April 30, 2010 for values and widths.) No work has been recorded in the area since.
The following map shows the Mercier property location in relation to the Windfall area, and the Company’s StarGold and Monaco properties.
Mathieu Stephens, President and CEO of UrbanGold comments: “Although the Company’s primary focus remains its StarGold and Monaco gold projects, we did not want the Mercier property to sit idle during this time of turmoil and rising REE prices due to the current trade issues between the US & China. The Mercier intrusive complex was originally acquired by UrbanGold for its REE grades and due to its potential large size of roughly 4 kilometres by 6 kilometres.”
This news release has been prepared by Mathieu Stephens, P.Geo., President and CEO for UrbanGold, the Qualified Person, as defined by National Instrument 43-101.
UrbanGold is incorporated under the federal laws of Canada and has its principal office in Ottawa, Ontario, Canada. The Company is engaged in the evaluation, acquisition and exploration of mineral properties in Canada, and its current focus is Quebec. The Company plans to ultimately develop the properties, bring them into production, option or lease the properties to third parties, or sell the properties outright. The Company has not determined whether these properties contain mineral reserves that are economically recoverable, and the Company is considered to be in the exploration stage.
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
Jens Hansen, Chairman of the Board
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.