Ottawa, Ontario–(Newsfile Corp. – May 14, 2019) – UrbanGold Minerals Inc. (TSXV: UGM) (“UrbanGold” or the “Company”) is pleased to announce that a 640 line-kilometre helicopter-borne electromagnetic survey has been completed on its 100% owned StarGold property in Quebec (the “Property”). The survey has located several conductors located up-ice from the large angular boulder from which grab samples reportedly analyzed 279 g/t gold along with variable amounts of silver, copper and zinc (See February 21, 2019 UrbanGold press release).
The Time Domaine Electromagnetic and Magnetic survey was completed over the entirety of the Property with a spacing of 100m between lines, allowing for complete coverage. A preliminary assessment of the conductor targets detected indicates that most are easily accessible by ground transportation. The targets will be verified on the ground with geophysical instruments, prospecting, sampling and trenching when ground conditions permit followed by drilling positive results.
Mathieu Stephens, President and CEO of UrbanGold, commented: “We are very encouraged by the results obtained. In addition to numerous conductors observed, the high-resolution magnetic will be instrumental in establishing underlying geology and key structures which will help geologists on the ground.”
The 6,318-hectare Property is located 200 kilometres northeast of the town of Val-d’Or, a gold mining hub and 68 kilometres south of the Windfall gold deposits. The Property is easily accessible by a network of forestry roads and accommodations are readily available nearby.
Please refer to the UrbanGold website for the location of the Property with respect to the Monaco property and Windfall deposit. The Property acquisition is pending TSX Venture Exchange Inc. approval and it is to be noted that grab samples are selective in nature and are not necessarily representative of the mineralization hosted on the Property.
This news release has been prepared by Mathieu Stephens, P.Geo., President and CEO for UrbanGold, 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/44762