UrbanGold Completes High Resolution Magnetic Survey at Pallador

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Ottawa, Ontario--(Newsfile Corp. - August 4, 2020) - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to report it has completed a 1,866 line-km high resolution magnetic survey over large portions of its 100%-owned Pallador project (the "Property") in the Troilus area, Quebec. One portion of the area covered is located less than 700 metres from Kenorland Minerals recently announced drill results which includes an intersection of 8.47 g/t Au over 29 metres (Kenorland Minerals July 29, 2020 news release).

The helicopter assisted magnetic survey with 50m spacing between lines and at 30 metres from the ground surface was designed to cover areas where limited information is available. The data will help delineate stratigraphic boundaries and structural trends in preparation for more advanced work.

On the main Pallador block, the current available data indicates the presence of a major fold crossing the Property boundary onto Kenorland ground. UrbanGold's survey will be merged with the survey flown on Kenorland's property which will allow for a much better understanding of the underlying geology, and help in planning future work. 431 line-kilometres were flown in this area.

Mathieu Stephens, UrbanGold President and CEO commented: "The drill results made by Kenorland which are as close as 700 metres from our boundary are very encouraging and are a clear indication of the region's potential for gold mineralization. We want to congratulate Kenorland for their discovery, and for bringing renewed attention to the area. Given the relative proximity of their drill holes to our own Property and the similarities in geology, we are eager to follow-up with diamond drilling on our own targets as quickly as possible."

In addition to the main Pallador block, the survey also covered the entire Golden Road block that straddles the western margin of the Frotet greenstone belt, a favorable horizon within which several gold and copper occurrences are located, including the past producing Troilus mine. In this area, the 1,435 line-km survey was done in collaboration with Fancamp Exploration, which holds the adjacent ground. UrbanGold and Fancamp Exploration have agreed to cooperate in advancing work on their respective properties in order to increase the chances of success and limit fixed costs. A map showing the areas covered by the survey is available here.

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Map 1

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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, future planned work on the Property. 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
[email protected]

Jens Hansen, P.Eng
Chairman of the Board
[email protected]

Phone 1-888-397-3566

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/61023

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