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UrbanGold resumes drilling at Pallador-Regnault, update for Bullseye-Cressida

Jan 15, 2021

UrbanGold Minerals Inc. is pleased to announce that drilling has resumed on the Regnault block, at the company's 100% owned Pallador property that totals 26,585 hectares. UrbanGold drilled 4 holes totalling 1,095 metres before the holidays and resumed drilling this past Monday on priority targets located immediately south and on strike of the Kenorland Minerals Regnault discovery located further north which includes an intersection of 8.47 grams per tonne gold over 29 metres (see Kenorland's July 29, 2020 news release). The 2,500-metre initial drill program is expected to be completed within the next two weeks (see UrbanGold's November 16, 2020 news release for additional details).

UrbanGold has also received the interpretation of the induced polarization ("IP") survey completed on the Cressida block which forms part of its 8,558 hectares Bullseye joint-venture property and where previous drilling has identified a wide gold-bearing zone extending at least 400 metres in length and located 14 km southwest of the former producing Troilus gold-copper mine. The surface geophysics consisting of a 27.2-kilometre induced polarization survey and a smaller 3-D IP survey have identified several high priority targets, including a strong chargeability anomaly coinciding with the known gold zone and extending 500 metres to the northeast. Other untested chargeability targets are also present.

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".

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