UrbanGold Completes First Phase Drill Program on the Golden Road Block at Pallador

Ottawa, Ontario--(Newsfile Corp. - September 3, 2020) -  UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to report the completion of its first phase of drilling on the Company's 100%-owned Pallador property (the "Property") in the Troilus-Frotet area, Quebec.

A drill program consisting of 6 holes totalling 1,620 metres was completed on the Golden Road block and approximately 16 kilometres north of the Pallador Main block. Drilling focused on geophysical targets located up-ice from anomalous gold bearing boulders and tills within a favorable geological context and where a major fault has been interpreted. Assay results for this first phase of drilling are expected this fall. Several occurrences are located within the immediate area which is located within the western portion of the Troilus-Frotet area, and approximately 25 kilometres southwest of the past producing Troilus mine.

UrbanGold is aggressively pursuing exploration on several portions of the Property. Surface exploration is resuming on the 100%-owned Diléo-Nord block located further north. This portion of the Property contains several historical gold occurrences, including a drill intersection of 31 g/t Au over 1 metre (Sigeom Database). Numerous other historical occurrences and unexplained geophysical induced polarization chargeability anomalies are also present on this portion of the Property which remain to be investigated in preparation for a future drill program.

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 timing for the assay results and the future 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

Investor Relations
First Canadian Capital Corporation
Phone: 416-742-5600

Mathieu Stephens, P.Geo
President and Chief Executive Officer
mstephens@urbangoldminerals.com

Phone 1-888-397-3566
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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/63136

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