UrbanGold Minerals Inc. (TSXV: UGM) (“UrbanGold” or the “Company”) is pleased to report additional surface exploration results on the Company’s 100%-owned Pallador property (the “Property”) in the Troilus-Frotet area, Quebec.
UrbanGold Minerals Inc. (TSXV:UGM) (“UrbanGold” or the “Company”) is pleased to report additional surface exploration results on the Company’s 100%-owned Pallador property (the “Property”) in the Troilus-Frotet area, Quebec.
Over the course of the summer, UrbanGold geologists have been conducting geological mapping and surface exploration on several blocks of the Property, including the main block located next to the Kenorland Minerals recent Regnault gold discovery, where drilling intersected 8.47 g/t Au over 29 metres and further extended mineralization southward to within 400 metres of the UrbanGold ground. (Kenorland Minerals July 29, 2020 and August 31, 2020 news releases).
The UrbanGold exploration team has located several additional mineralized boulders on this main block that have assayed up to 102 g/t Au (quartz) with best results shown in the table below. Some of these boulders are quite large (8m in length) indicating a possible nearby source. Outcrop exposure in the area is poor. Nevertheless, two nearby outcrops consisting of felsic intrusives have been located and are considered an encouraging sign given that some mineralization on the nearby Kenorland discovery has been reported within this type of lithology.
In total, 544 grab samples have been submitted for analysis and results for 476 of these have been received to date with best results associated with mafic, gabbroic and dioritic type lithologies.
To date, 43 grab samples returned anomalous gold (greater than 0.1 g/t Au). Assay results for 68 grab samples remain pending at this time. In addition to the grab sampling, 659 soil samples were taken over the area, for which results have been received recently and are being reviewed. The reader is cautioned that grab samples are selective samples and may not necessarily be representative of the mineralization hosted on the Property.
All grab 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, and 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 a finish by atomic absorption. If the grade was over 3 g/t 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 that are reported to the Company. Grab samples are selective samples and may not necessarily be representative of the mineralization hosted on the Property. We invite readers to visit our website for additional information on the project and sample locations.
Mathieu Stephens, UrbanGold President and CEO, commented: “The adjacent discovery made by Kenorland appears to be an important one and the data they made public in their press release yesterday shows just how widespread the mineralization may be in the area. Given that our team sampled gold in gabbroic/dioritic lithologies similarly to Kenorland, indicates to us that a lot more work is required in the area to fully comprehend the type of mineralization and the controlling structures we are dealing with. All our explorations efforts will be dedicated to our Pallador property in the near future.”
UrbanGold’s exploration team is scheduled to return to the Troilus-Frotet area later in the week and will commence exploration on the 100% owned Diléo-Nord block located further north and closer to the past producing Troilus Mine where a positive Preliminary Economic Assessment was recently announced by Troilus Gold (August 31, 2020 news release). The Dileo-Nord block was acquired by the Company this past July due to its strong potential for gold mineralization. The block contains several historical gold occurrences, including a drill intersection of 31 g/t Au over 1 metre (Sigeom Database) which was never followed-up on. Numerous other occurrences are also present as are unexplained chargeability anomalies. A map is adjoined showing the centrally located Dileo-Nord block.
Technical aspects of this news release have been reviewed and approved by Mathieu Stephens, P.Geo., President and CEO for UrbanGold, the Qualified Person, as defined by National Instrument 43-101.
UrbanGold Minerals Inc. is a precious metals exploration company with its activities focused in key gold prospective areas of Quebec. The Company specializes in project generation supported by substantial exploration expertise. The Company’s common shares trade on the TSX Venture Exchange under the symbol “UGM”.
Forward Looking Information
This news release may contain certain forward-looking information and statements, including without limitation, the upcoming soil sample results. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in UrbanGold’s disclosure documents on the SEDAR website at www.sedar.com. UrbanGold does not undertake to update any forward-looking information except in accordance with applicable securities laws.
For further information
First Canadian Capital Corporation
Mathieu Stephens, P.Geo
President and Chief Executive Officer
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