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TICKERS: UGM

Explorer Reports Sampling Results of Up to 102 g/t Gold at Quebec Project
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Assays are from UrbanGold Minerals' Pallador property in the Troilus-Frotet area.

UrbanGold Minerals Inc. (UGM:TSX.V) announced in a news release more surface exploration results from its Pallador property in Quebec's Troilus-Frotet area.

The company's summer 2020 exploration and mapping work is being done on several blocks, including the main one next to Kenorland Minerals' recent Regnault gold discovery.

Mineralized boulders from Pallador's main block returned assays that include 102.48 grams per ton (102.48 g/t) gold and 195.9 g/t silver (sample B550174), 14.06 g/t gold (sample B550533) and 7.71 g/t gold (sample B550533). The large size, about 8 meters long, of some of the boulders suggests that a mineralization source is potentially close by, the company stated.

Of the 544 grab samples that UrbanGold submitted for analysis so far, results for 476 are available. Of those, 43 returned anomalous gold with grades that are greater than 0.1 g/t, UrbanGold noted.

Geologists also found two nearby outcrops that are composed of felsic intrusives. These outcrops "are considered an encouraging sign, given that some mineralization on the nearby Kenorland discovery has been reported within this type of lithology," the release noted.

"The adjacent discovery made by Kenorland appears to be an important one and the data they made public in their press release yesterday shows just how widespread the mineralization may be in the area," President and CEO Mathieu Stephens said in the release.

"Given that our team sampled gold in gabbroic/dioritic lithologies similarly to Kenorland, [it] indicates to us that a lot more work is required in the area to fully comprehend the type of mineralization and the controlling structures we are dealing with. All our explorations efforts will be dedicated to our Pallador property in the near future," Stephens added.

Later this week, the company's exploration team is scheduled to return to the project and start exploring the company's Diléo-Nord block. It is located further north on the Pallador property and, thus, closer to the past-producing Troilus mine.

Currently, the Ontario-based company is reviewing the results of all of the 659 Pallador soil samples.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of UrbanGold Minerals, a company mentioned in this article.

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