UrbanGold Completes Geophysics, Outlines Drill Targets at Pallador-Regnault

Ottawa, Ontario–(Newsfile Corp. – October 29, 2020) – UrbanGold Minerals Inc. (TSXV: UGM) (« UrbanGold » or the « Company ») is pleased to announce that it has received a detailed interpretation of the induced polarization (« IP ») survey it recently completed on a portion of its 100%-owned Pallador property (the « Property ») in the Troilus-Frotet area, Quebec. The IP survey was completed in the Regnault area, and along strike with and 400 metres south of Kenorland Minerals Ltd. (« Kenorland ») drilling that has initially outlined their recent discovery (Kenorland August 31, 2020 news release), and over ground where the Company had previously identified several gold anomalies in soil samples (UrbanGold September 8th, 2020 news release).

The high-definition IP anomalies strongly correlate with the geochemical anomalies identified last month, and also with the locations of several gold- bearing boulders discovered by UrbanGold geologists that exhibit values up to 102 g/t Au (UrbanGold September 2, 2020 news release). The data collected has permitted UrbanGold’s exploration team to outline drill targets, for which permits have already been received.

Mathieu Stephens, UrbanGold President and CEO commented: « The Kenorland discovery is a game changer for the area and we are right next door to it. More importantly, however, the UrbanGold claims are on strike to what appears to be a 2-kilometre-long gold system. In the 3 months that have passed since the Regnault discovery was announced, UrbanGold’s exploration team has been able to locate numerous gold-bearing boulders and recognize priority soil anomalies that coincide with the recently identified IP chargeability targets. The next step in the exploration process is to drill these targets, some of which are located 400 metres from the Kenorland drilling. »

Planning for the Company’s maiden drill program for the area is underway. The area where the targets have been identified is easily accessible via a dirt road which crosses the Property and is located only 2 kilometres from an all-weather road (Route-du-Nord).

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.

« Let’s Talk Mining » – Virtual Conference

UrbanGold will be participating in MI3’s upcoming virtual conference this Thursday at 6:30 PM, featuring companies active in the Frotet-Evans greenstone belt. Speakers will also include Troilus Gold Corp. and Kenorland Minerals Ltd.

For further information, please contact MI3 (Contact information below).

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 ».

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

Phone: Phone: 514-346-3813

Mathieu Stephens, P.Geo
President and Chief Executive Officer

Phone 1-888-397-3566

Neither the 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.