UrbanGold Intersects Gold Mineralization Below The FreeGold Zone at Troilus

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Ottawa, Ontario--(Newsfile Corp. - December 23, 2019) - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to report partial results from its fall drill program on the Troilus Property, located near Chibougamau, Quebec. Several areas were targeted during the initial program which included the Larabel block to the north, the central Bullseye block and the Argonaut claims which are under earn-in agreement with Argonaut Gold ("Argonaut") (September 13th, 2019 news release).

On the Argonaut claims, a total of fourteen (14) holes were drilled on targets that had not seen any work for over 30 years.

Nine (9) holes targeted the historic FreeGold zone and its potential extensions along strike (September 13th, 2019 news release). Additional core assay analysis and testing is currently underway on the portion of the drill core that is presumed to intersect the FreeGold zone. Hole FRG-19-04, which extended deeper than most other holes at FreeGold intersected new mineralization below the historical FreeGold system at a vertical depth of approximately 83 metres with 10.14 g/t Au and 3.77 g/t Ag over 1.8 metres (including: 30.3 g/t Au, 10.3 g/t Ag over 0.6 metres). It is to be noted that true width cannot be determined at this time. Anomalous amounts of copper and zinc are also reported within the same intersection. It was observed that gold mineralization is associated with small amounts of sulphides forming stringers in contact with a porphyritic dyke. UrbanGold geologists are currently re-evaluating the geological model for the area to determine if porphyritic dykes may be associated with gold mineralization elsewhere within the FreeGold system.

The other five (5) holes targeted geophysical and/or areas where surface sampling had identified new mineralization in grab samples during the summer exploration program on the Argonaut claims. (September 26th, 2019 news release). Several holes intersected sulphide mineralization, many with chalcopyrite and sphalerite. Hole UTB-19-12 intersected 2.12% Zn; 0.78% Cu; 0.3 g/t Au; 8.4 g/t Ag over 0.9 metres. Most of the holes show lithologies, alterations and contain anomalous metal values typical of a porphyritic Cu-Au system. Finally, not all surface occurrences where able to be drill tested and more work is planned to follow-up on these occurrences. These include the new Raptor and Bronto occurrences which returned 1,020 g/t Ag and 6 g/t Au respectively in grab samples (September 26th, 2019 news release).

On the Bullseye Block, twelve (12) holes targeted geophysical anomalies and the T-Rex occurrence (September 26th, 2019 news release) with no significant results. Several additional targets remain to be verified over the course of the 2020 summer exploration program.

On the Larabel block, three (3) holes targeted induced polarization anomalies that where associated with a gold occurrence identified at surface in a grab sample (September 26th. 2019 news release). Anomalous gold, copper and zinc associated with quartz veining and pyrite was intersected in one hole over thin widths. Further work consisting of geophysics and surface prospecting is under consideration for this block.

Mathieu Stephens, President and CEO of UrbanGold commented: "We look forward to releasing additional drill results in the near future, including those for the FreeGold zone as well as those for the recently completed drill program on the Cressida Block. A larger follow-up drill program based on these results is planned for 2020."

Quality Insurance and Quality Control (QA/QC)

The protocol QA/QC contained the incorporation of standards (4 types were used) and of blank to validate the accuracy and precision of the laboratory. All the samples were sent at ALS MINERALS in Val-D'Or, Quebec. The preparation was made in their laboratory of Sudbury, Ontario whereas analyses were completed in the laboratory of Vancouver, British Columbia. All the samples were analyzed with the method ME-ICP41 (Aqua regia ICP-EAS 35 elements). Samples presenting contents > 1,0 % Cu-Zn or > 100 ppm Ag was re-analysed with the method OG46 (aqua regia). Gold grades were established by the method Au-AA23, pyro-analysis with a finish of atomic absorption. Samples presenting contents > 10 ppm Au was re-analysed with the method AU-GRA21 (pyro-analysis with a finish by gravimetric).

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/51009

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