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

Dec 21, 2020

UrbanGold Minerals Inc. s pleased to provide a year-end update on its exploration activities for its Troilus-Frotet area properties, Pallador and Bullseye.

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.

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