Laval, January 26, 2021 - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to report the completion of its initial drill program on its 100% owned 26,585-hectare Pallador Property (the "Property") in the Regnault area of the Troilus-Frotet region. Ten diamond drill holes totalling 2,452 metres targeted an area located immediately south of and on strike with Kenorland Minerals Regnault major gold discovery, which includes an intersection of 8.47 grams per tonne gold over 29 metres (see Kenorland's July 29, 2020 news release).
UrbanGold's drilling focused on several high-priority targets, including coincident chargeability and geochemical anomalies in soil consisting of gold and known pathfinder elements. No previous historical drilling was recorded on this portion of the Property prior to the completion of UrbanGold's program.
Four drill holes totalling 1,095 metres were completed before the holidays and samples have been sent to SGS Laboratories for assaying. Samples for the 6 holes drilled this month will also be sent out for assaying shortly. Maps showing the location of the drilling area are adjoined.
The Company is planning additional work over the area this winter, including expanded geophysical surveys east and south of the area drilled.
Technical aspects of this news release have been reviewed and approved by Mathieu Stephens, P.Geo., an Officer and Director of the Company and the Qualified Person, as defined by National Instrument 43-101.
UrbanGold Minerals Inc. is a precious metals exploration company with its activities focused on the Troilus-Frotet gold belt, 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 reception date of the assay 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.
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