UrbanGold Drills Additional Targets at Troilus
Ottawa, Ontario--(Newsfile Corp. - December 13, 2019) - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") announces it has started drilling on the Cressida block, Troilus property, located near Chibougamau, Quebec.
The area was previously drilled in the 1980s, prior to the opening of the nearby Troilus gold mine which has produced over 2 million ounces of gold and 70 thousand tonnes of copper (source: www.troilusgold.com/troilus-gold-project/). No follow-up work is recorded on the Cressida block thereafter due to various changes of ownership since.
Compilation and digitization of the historical data by UrbanGold indicates that the majority of the historical holes had intersected gold over significant widths and over a strike length of well over 300 metres. The mineralized corridor remains open at depth and along strike, with only two holes reaching a depth of over 75m, including hole 88-TN-10 which had intersected 17m at 1.05 g/t Au. Other holes drilled include hole 88-TN-08 (34m at 1.6 g/t Au) and hole 88-TN-07 (44m at 1.0 g/t Au) (source: MERN website, report GM 48341).
The mineralized corridor is located on strike with the Troilus Mine (see figure 1 below) and is believed by the Company to have many geological similarities, including the presence of a nearby large felsic intrusion which may have had a role in the emplacement of gold mineralization.
To view an enhanced version of this graphic, please visit:
The objective of the program is to verify historical results and test for potential extensions of the gold mineralization. The 400m program is to be concluded next week and a larger follow-up program based on these results is planned for in 2020.
Mathieu Stephens, President and CEO of UrbanGold commented: "The fact that we potentially have the presence of gold mineralization over considerable widths, and located only 14 kilometres from a past producing mine is very encouraging and certainly justifies doing an initial drill program in the area in preparation for a possible larger drill program in the New Year. The area is easily accessible as a road crosses the mineralized zone and the nearby infrastructure from the old Troilus gold mine simplifies operations. Our recent financing will also permit us to aggressively pursue this golden opportunity with additional work in 2020."
In November, UrbanGold announced the completion of its helicopter assisted drill program on the Bullseye block (November 21, 2019 news release) as part of an option agreement with Argonaut Gold Inc. (TSX: AR). Results are pending for the last holes which are expected to be received by early next week. The Bullseye block is located 9 kilometres southeast of the current drilling.
This news release has been prepared by Mathieu Stephens, P.Geo., President and CEO for UrbanGold Minerals, the Qualified Person, as defined by National Instrument 43-101.
UrbanGold Minerals Inc. is a federally incorporated gold and base-metals exploration company operating in Quebec, Canada. 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 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/50760