Ottawa, Ontario–(Newsfile Corp. – March 5, 2019) – UrbanGold Minerals Inc. (TSXV: UGM) (“UrbanGold” or the “Company”) is pleased to announce it has acquired, through map designation, 11 additional claims in the Troilus area bringing its total land package to 73 claims or 3,970 hectares for the property.
The claims are known to contain the PK occurrence which is reported to have values of 0.66% Cu, 6.70% Zn and 15.9 g/t Ag over 9.8 metres in surface channel samples and 0.8% Cu, 2.59% Zinc and 17.7 g/t Ag over 14.9 metres in limited near surface drilling (INCO Mining – Sigeom database).
The PK showing is located in the southcentral portion of the Troilus belt, approximately 6 km east of the Lessard base metal deposit owned by Landore Resources and 5 km west of Soquem’s DeMaures base metal deposit. UrbanGold geologists have reviewed available historical geological information for the immediate area and preliminary data suggests the occurrence is located near the hinge of a major regional fold.
Mathieu Stephens, President and CEO of UrbanGold commented: “The PK occurrence constitutes a compelling target and warrants further work given the area’s limited drilling and the potential along strike and at greater depth. Although our summer work programs will mainly focus on our gold assets, a small surface program will occur in the vicinity of the PK occurrence as well”.
The new claims are located 5 kilometres southwest from UrbanGold’s main block (58 claims) and are easily accessible via forestry roads. A map follows showing their location. The reader is cautioned that the reported historical intersections above pre-date NI 43-101 standards and practices and true widths could not be verified or estimated.
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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.
UrbanGold is incorporated under the federal laws of Canada and has its principal office in Ottawa, Ontario, Canada. The Company is engaged in the evaluation, acquisition and exploration of mineral properties in Canada, and its current focus is Quebec. The Company plans to ultimately develop the properties, bring them into production, option or lease the properties to third parties, or sell the properties outright. The Company has not determined whether these properties contain mineral reserves that are economically recoverable, and the Company is considered to be in the exploration stage.
Forward Looking Information
This press release contains “forward-looking information” within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “intend”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by forward-looking information. See “Risk Factors” in the Company’s Final Prospectus dated December 13, 2018 filed on SEDAR at www.sedar.com for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
For further information
Mathieu Stephens, Chief Executive Officer
Jens Hansen, Chairman of the Board
Phone (613) 721-2919
Neither the TSX Venture Exchange, nor its Regulation Service Provider (as that term is defined in the policies of the TSXV, 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/43219