UrbanGold Announces Drill Program at Pallador-Regnault

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Ottawa, Ontario--(Newsfile Corp. - November 16, 2020) - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to announce that it has secured a drill for its upcoming drilling program located approximately 400m south and on strike of the current extent of Kenorland Minerals Ltd. ("Kenorland") recent major gold discovery, which includes an intersection of 8.47 g/t Au over 29 metres located further north (Kenorland July 29, 2020 news release).

The minimum 2,000-metre drill program will focus on the northwest portion of the Regnault block which forms part of its 100%-owned Pallador property (the "Property") in the Frotet area. The Company has identified several targets consisting of coincident geochemical and geophysical anomalies and where several mineralized boulders of up to 102 g/t Au have been located thus far (UrbanGold September 2, 2020 news release).

The program will focus on several targets of interest, all located just south of the nearby Kenorland Discovery. The targets include coincident chargeability and geochemical anomalies in soil consisting of gold and known pathfinder elements. A map of the area is provided here.

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Map 1

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Mathieu Stephens, UrbanGold President and CEO commented: "We are very pleased to start a drill program in this area where no historical drills holes are known to exist. The lack of bedrock exposure has been challenging, and our team has been able to identify excellent targets in just a few months of surface work. This initial program will focus on extending the newly discovered 2-kilometre-long gold system further south into our claims."

The Company has awarded the drill contract to Miikan Drilling Ltd of Chibougamau, northern Québec, which is a subsidiary of Chibougamau Diamond Drilling Ltd in partnership with local First Nations communities.

All target areas are easily accessible by road. Readers are encouraged to visit the Company's website for more information on the targets that are to be drilled.

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 on the Frotet gold belt, 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 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

Phone: 514-346-3813

Mathieu Stephens, P.Geo
President and Chief Executive Officer
[email protected]

Phone 1-888-397-3566

Neither the 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/68243

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