UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to announce that it will commence a helicopter-borne geophysical survey on its 100% owned StarGold property, located in Quebec (the "Property"). The 809 line-kilometre electro-magnetic survey is designed to cover the entire Property, and has an objective of identifying the potential source of a large angular boulder from which grab samples reportedly analyzed 279 g/t gold along with variable amounts of silver, copper and zinc (See February 21st, 2019 UGM press release).
The 6,318-hectare Property is located 200 kilometres northeast of the town of Val-d'Or, a gold mining hub and 68 kilometres south of the Windfall deposit. The Property is easily accessible by a network of forestry roads and accommodations are readily available nearby.
The StarGold boulder is partially composed of massive sulphides which suggests that airborne electro-magnetics and magnetics are ideally suited to identifying its potential source. Except for a small ground electro-magnetic survey located in the vicinity of the boulder location, the Property has never been surveyed in its entirety.
UrbanGold has engaged the services of Prospectair of Gatineau to complete the survey. Prospectair has an excellent track record for providing good quality and cost efficient heliborne geophysical surveys on promising grass-root exploration projects like this one. Their Time-Domain Electromagnetic System is a powerful light-weight system that can be flown close to the ground, enabling maximum data resolution. The 100-metre survey line spacing will ensure that significant sized conductive sources are all precisely located. Detected anomalies will then be followed-up on the ground by a field crew as soon as ground conditions permit.
Mathieu Stephens, President and CEO of UrbanGold, commented: "We are thrilled to launch our exploration program on the promising StarGold property due to the spectacular gold grades involved. And we find ourselves quite lucky to be able to work this property which has excellent infrastructure but yet remains almost unexplored and certainly never drilled."
Please refer to the UrbanGold website for the location of the StarGold property with respect to the Monaco property and Windfall deposit. The StarGold property acquisition is pending TSX Venture Exchange approval and it is to be noted that grab samples are selective in nature and are not necessarily representative of the mineralization hosted on the Property.
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 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 informationMathieu 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.