UrbanGold completes drill program at Troilus, Cressida block

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Ottawa, Ontario--(Newsfile Corp. - December 17, 2019) - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to report it has completed three additional holes totalling 369 metres on the Cressida block, Troilus property, located near Chibougamau, Quebec.

The initial small program announced on December 13th, 2019 was planned to test the core of the historical mineralized zone and its potential extension to the north east, where the past producing Troilus mine is located 14 kilometres further along strike.

Compilation and digitization of the historical data by UrbanGold indicated that the majority of the historical holes had intersected gold over significant widths, near surface, and over a strike length of well over 300 metres. The historical drill program included 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).

Mathieu Stephens, President and CEO of UrbanGold commented: "We are pleased that the program progressed rapidly and that operations are wrapping up before the start of the Holiday season. Our initial assessment of the retrieved core is that it is quite similar with that of the Troilus Mine with similar alterations and presence of sulphides. Samples are being sent to the lab this week, and will determine if gold is associated with these sulphides. A larger follow-up drill program based on these results is planned for 2020."

In November 2019, 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). All results have now been received and are currently being reviewed in order to be disseminated in a timely matter. The Bullseye block is located 9 kilometres southeast of the current drilling.

Qualified Person

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.

About UrbanGold

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
[email protected]

Jens Hansen, Chairman of the Board
[email protected]

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/50830

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