UrbanGold Completes Magnetic Survey at its Urban Area Kiyask Property

January 15, 2020 8:30 AM EST | Source: UrbanGold Minerals Inc.

Ottawa, Ontario--(Newsfile Corp. - January 15, 2020) - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") announces the completion of a helicopter-borne magnetic survey at its Kiyask property (the "Property") located approximately 15 kilometres northeast of the Urban-Barry mill operated by Bonterra Resources and adjacent to Osisko Mining claims where historical gold occurrences have been recorded.

The 108 line-km survey was designed to cover the potential extensions of mineralized shears zones located approximately 1.5 kilometres to the west of 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).

The geophysical survey will aid in identifying important underlying geological lithologies and structures as gold mineralization in the area is often associated with east-west trending shears within highly magnetic gabbros. The Gunnar showing (also known as Gand), is located on the Property and has reportedly been traced by near-surface drilling in the 1950s over a 200m strike length within a shear zone (MERN-Sigeom website).

The 487.1 hectares Property is located south of the community of Waswanipi, approximately 1.5 kilometres from the main highway, and is easily accessible by secondary roads. The Property is ideally located for a subsequent 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).

The Company is also awaiting assay results for the drilling completed in December 2019 at its Troilus property (December 17, 2019 news release). These are expected within two weeks and results will aid in preparing follow-up work which will include additional drilling.

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 gold and base-metals exploration company with its activities focused in Quebec with emphasis on the Urban-Barry (Windfall) and Troilus area properties. 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 timing of the assay results and the follow-up drill 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, President and Chief Executive Officer

Jens Hansen, Chairman of the Board

Phone (613) 721-2919

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51467