UrbanGold Announces 2,500 Metres Drill Program at Pallador in the Troilus Area

Ottawa, Ontario--(Newsfile Corp. - July 23, 2020) - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to report it will begin a minimum 2,500 metre drill program in August 2020 on the Company's 100%-owned Pallador Project in the Troilus area, Quebec. The upcoming drill program will test the newly discovered gold bearing quartz vein system announced yesterday where several grab samples have returned values of up to 33 g/t Au (UrbanGold July 22nd, 2020 news release).

The program is designed to test for lateral continuity at depth of the system, and for other possible parallel veins. Several other gold targets in the vicinity will be drill tested, included an area located 6 kilometres southeast where historical work had identified palladium ("Pd") values of interest in several locations, including a channel sample of 0.6 g/t Pd over 1 metre. It is to be noted this value is historical and predates National Instrument 43-101 standards and may not represent true width.

Drilling will also focus on other portions of the Pallador Project where strong electro-magnetic anomalies are present, including one which is located up-ice from a gold-anomalous boulder and till train. It is to be noted that several other neighboring companies are working in the area and several base metal deposits are also located nearby.

Mathieu Stephens, UrbanGold President and CEO commented: "We have several targets of merit that we intend to drill right away on the ground that we own 100%. We are ramping-up exploration, and surface work will also continue on other parts of the property as drilling progresses."

Readers are cautioned that grab sample are selective in nature and may not be representative of the mineralization hosted on the property.

Qualified Person

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.

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 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, P.Geo
President and Chief Executive Officer

Jens Hansen, P.Eng
Chairman of the Board

Phone (343) 883-4334

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/60328