UrbanGold Minerals Inc. [UGM-TSXV] is pleased to report initial exploration results on the Company’s 100%-owned Pallador Project in the Troilus area, Quebec.
UrbanGold geologists conducted initial bedrock mapping and boulder hunting on the main block of the Pallador Project and other areas of importance in June 2020. In total, 531 samples have been submitted for analysis and results for 230 samples have been received to date with best results associated with mafic, gabbroic and dioritic intrusions.
To date, 21 samples returned anomalous gold (greater than 0.1 g/t Au) including 4 samples taken from a sulphide-bearing quartz vein system assaying up to 33 g/t Au in grab samples (see table below). Gold-bearing boulders were also located during the program for which best results are in the table below. Assay results for 301 grab samples remain pending at this time. In addition to the rock sampling, 659 soil samples were taken over the area for which assay results remain pending.
A total of 498 grab samples were taken over the project areas. All rock, grab and chip samples were collected by hand and were located by hand-held GPS, bagged and tagged with certified blanks and standards inserted with the sequence, sealed, and delivered to Laboratoire Expert in Rouyn-Noranda and Actlabs in Thunder Bay. All samples were crushed and pulverized. The samples were analyzed for Au, Ag, Cu, Zn and/or Pt-Pd. The gold value is determined by fire assay with finish by atomic absorption. If the grade was over 3 g/t Au, the assay was then reanalysed by fire assay with finish by gravimetry. The metallic content is analysed by aqua regia. The laboratory also runs their own duplicates and repeat analyses, as well as internal blanks and standards which are reported to the Company. Grab samples are selective samples and may not necessarily be representative of the mineralization hosted on the Pallador Project. A map of the Troilus Area with the location of the discovery is available here.
Mathieu Stephens, UrbanGold President and CEO commented: “Our discoveries in the Troilus area, including the new vein system with a 33 g/t gold grab sample are very encouraging. We look forward to doing more advanced work shortly. UrbanGold has consolidated key ground in the Troilus area and we are now ready and eager to proceed at full throttle in advancing work on our Troilus area properties. We invite readers to visit our website for additional information on the project, sample locations and photos”.
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.
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 remaining 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.
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.