UrbanGold expands its position in the Troilus area, immediately commences surface exploration
Ottawa, 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.
About UrbanGold
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
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
mstephens@urbangoldminerals.com
Jens Hansen, Chairman of the Board
jhansen@urbangoldminerals.com
Phone (613) 721-2919
www.urbangoldminerals.com
Neither the TSX Venture Exchange, nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange, accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46344