UrbanGold Provides Year-End Update on its Troilus-Frotet Area Properties

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Ottawa, Ontario--(Newsfile Corp. - December 21, 2020) - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to provide a year-end update on its exploration activities for its Troilus-Frotet area properties (Pallador and Bullseye). A map showing locations of areas discussed herein is provided below.

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Figure 1

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Pallador Property (100% Owned)

Drilling is currently underway on the Regnault block located immediately south and on strike with the current extent of the recent major gold discovery by Kenorland Minerals Ltd. ("Kenorland"), which includes an intersection of 8.47 g/t Au over 29 metres, located further north (see Kenorland's July 29, 2020 news release). Four drill holes totalling 1095 metres have been completed since the start of the program earlier this month. Drilling will be halted for the holidays and will resume in January 2021.

On the Golden Road block located 12 kilometres north of the Regnault block, six drill holes totalling 1,608 metres were completed in a summer/fall program to test a combination of geophysical and geochemical targets, in addition to sites near where gold-bearing boulders had been located down-ice from the targeted area. Highlights include hole UPR-20-01, where 10.5 g/t Au was intersected over 0.5 metres and hole UPR-20-06 that intersected a wide anomalous gold-silver zone of 21.2 metres grading 0.15 g/t Au and 1.56 g/t Ag. Data regarding this new prospective area, where no historical drilling has been recorded, is being reviewed to determine future exploration work for the immediate area.

Bullseye Property (50% Owned)

Surface geophysics has been completed on the Cressida block that forms part of the Bullseye joint-venture property with Argonaut Gold Inc., where previous drilling has identified a gold-bearing zone located 14 km southwest of the former producing Troilus Gold-Copper mine. The surface geophysics consisting of a 27.2-kilometre induced polarization ("IP") survey and a smaller 3D IP survey were completed this week, with results to be reviewed before the year-end.

The Cressida gold mineralization is estimated to extend over a strike length of 400 metres and remains open in both directions and at depth. Gold mineralization is observed to be associated with disseminated sulphides, principally pyrite. UrbanGold anticipates to undertake target selection and a drilling program for this area in early 2021.

Quality Insurance and Quality Control (QA/QC)

UrbanGold Minerals implemented a strict QA/QC protocol in processing all rock samples collected from the Golden Road property. The protocol included the insertion and monitoring of appropriate reference materials, in this case certified gold standards and blanks to validate the accuracy and precision of the assay results. All collected rock samples were put in sturdy plastic bags, tagged, and sealed in the field under the supervision of professional geologists. The sample bags were then put in rice pouches and kept securely in a field tent before being sent by a transporter for preparation and analysis to the Actlabs laboratories in Timmins, Ontario. All samples were analyzed using the Aqua regia ICP-EOS method for 38 elements. Samples having contents > 10 000 ppm Cu; > 10 000 ppm Zn; > 5000 ppm Pb; and > 100 ppm Ag were re-analyzed by the Code-8 method (aqua regia). Gold assays were determined by Fire Assay with an atomic absorption finish (method 1A2B AA). Samples having gold concentrations > 10 ppm Au were re-analyzed with the 1A3-50 method (pyro-analysis with a gravimetric finish). The core was logged and sampled in Saguenay, at the core shack of Laurentia Exploration.

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 Troilus-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, future exploration work. 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/70690

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