UrbanGold Begins Surface Work for Gold at Kiyask
Ottawa, June 26, 2020 - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") announces the start of surface work at its Kiyask property (the "Property"). The Property consists of several blocks of claims all located between 5 and 20 kilometres northeast of the Urban-Barry mill operated by Bonterra Resources.
Although the Property is known to contain at least 5 gold occurrences, the work will focus on the historical Gunnar showing which has reportedly been traced by near-surface drilling in the late 1950s over a 200m strike length within a shear zone (MERN-Sigeom website). No follow-up drill work is recorded thereafter. A map of the area and its main occurrences is adjoined.
The initial program will focus on reconnaissance work and surface sampling in preparation for ground geophysics. The program will follow-up on the airborne magnetic survey completed earlier this year (See January 15th, 2020 news release) which was designed to cover the potential extensions of mineralized shears zones located approximately 1.5 kilometres from where historical drilling has recorded 40 g/t gold over 3 metres and where 70.6 g/t gold in a grab sample was taken from another location (MERN-Sigeom website). It is to be noted that values are historical predating National Instrument 43-101 standards, may not represent true width and grab samples are selective in nature.
Mathieu Stephens, UrbanGold President and CEO commented: "While the Troilus area remains our main focus, we have been gradually increasing our land position at Kiyask given the area's gold potential and excellent infrastructure. Work is currently underway on both properties in preparation for drilling".
The 1,325-hectare Property is located approximately 1.5 kilometres from the main highway, and is easily accessible by secondary roads. The Property is ideally located for an eventual drill program for which drill permits have been received. The Property is also located 8 kilometres west of the now closed Lac Shortt mine which produced 2.7 million tonnes averaging 4.6 g/t gold in the 1980s (MERN-Sigeom website). We invite readers to visit our website for more information on this Property.
Map 1
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Qualified Person
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.
About UrbanGold
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 planned summer/fall exploration program. 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
Mathieu Stephens, P.Geo
President and Chief Executive Officer
mstephens@urbangoldminerals.com
Jens Hansen, P.Eng
Chairman of the Board
jhansen@urbangoldminerals.com
Phone (343) 883-4334
www.urbangoldminerals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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