UrbanGold Announces the Start of Ground Geophysics at Pallador

Ottawa, Ontario–(Newsfile Corp. – September 29, 2020) – UrbanGold Minerals Inc. (TSXV: UGM) (« UrbanGold » or the « Company ») is pleased to announce the start of a ground induced polarization (« IP ») geophysics program on the Company’s 100%-owned Pallador property in the Troilus-Frotet area, Quebec. The area targeted by the survey is interpreted to be on strike and located as close as 400 metres from the recent drilling completed by Kenorland Minerals which announced a major gold discovery in the area. Kenorland’s drilling intersected 8.47 g/t Au over 29 metres with numerous other holes in the area having intersected gold values of interest (Kenorland Minerals July 29, 2020 news release).

The IP survey covers two distinctly strong gold anomalies in soil and in an area where several gold bearing boulders of up to 102 g/t Au have been located by UrbanGold geologists (UrbanGold September 2, 2020 news release). The area is devoid of any bedrock exposure and the survey will assist in pinpointing drill targets for an upcoming initial drill program. The time domain IP survey will cover 8 line-kilometres in a dipole-dipole configuration with 25 metre spacing and 1 to 10 kVA power output separations, which will allow for high-definition of anomalies from sources up to 80 metres in depth. No historical drilling is recorded in the area with very little done exploration prior to UrbanGold’s work.

A high-resolution heliborne magnetic survey was completed over the area in August 2020 and permitted to determine with a high degree of confidence that the same geological formations that host the gold mineralization on the adjacent Kenorland property continue on the northwest portion of the main Pallador block, and where the anomalous gold targets discussed above are present.

Mathieu Stephens, UrbanGold President and CEO commented: « With a known strike length of 2 kilometres and open towards our Pallador property, this newly discovered gold system seems quite significant. We are therefore eager to pursue this exploration opportunity promptly and efficiently. The high-resolution IP survey is our last step in the exploration process prior to undertaking our maiden drill program in the area later this fall. »

Qualified Person

Technical aspects of this news release have been reviewed and approved by Mathieu Stephens, P.Geo., President and CEO for UrbanGold, the Qualified Person, as defined by National Instrument 43-101.

About UrbanGold

UrbanGold Minerals Inc. is a precious metals exploration company with its activities focused in key gold prospective areas of 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 ».

Forward Looking Information

This news release may contain certain forward-looking information and statements, including without limitation, the future drill program. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in UrbanGold’s disclosure documents on the SEDAR website at www.sedar.com. UrbanGold does not undertake to update any forward-looking information except in accordance with applicable securities laws.

For further information

Investor Relations
First Canadian Capital Corporation
Phone: 416-742-5600

Mathieu Stephens, P.Geo
President and Chief Executive Officer

Phone 1-888-397-3566

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.