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UrbanGold Minerals (TSXV:UGM) completes magnetic survey work in Quebec
  • UrbanGold Minerals (UGM) has completed a 1,866 line-kilometre magnetic survey over its wholly owned Pallador project in Quebec's Troilus region
  • The high-resolution helicopter-assisted survey was designed to cover specific areas that have to date seen little exploration work
  • Data from the survey is expected to help delineate stratigraphic boundaries and structural trends in preparation for more advanced work
  • A portion of the surveyed area sits in close proximity to Kenorland Minerals' Frotet project, which recently returned significant results
  • UrbanGold Minerals (UGM) is currently down 2.7 per cent and is trading at C$0.36 per share

UrbanGold Minerals (UGM) has completed a 1,866 line-kilometre magnetic survey over its wholly owned Pallador project in Quebec's Troilus region.

Located in the municipality of Eeyou Istchee Baie-James, roughly 115 kilometres north of Chibougamau, the property covers a total of 5,668.7 hectares and is prospective for both gold and palladium.

The helicopter-assisted, high-resolution survey was completed with a 50-metres spacing between lines, and was designed to cover specific regions where limited information is currently available.

The data generated from the survey will assist in delineating stratigraphic boundaries and structural trends ahead of more advanced work.

One particular portion of the survey area lies within 700 metres of Kenorland Minerals' Regnault target, located within the company's Frotet Project. Previous drill results from the target include 8.47 grams per tonne of gold over 29 metres.

On the main Pallador block, existing data suggests the presence of a major fold that extends onto Kenorland-owned ground. As such, UrbanGold intends to merge its recently collected survey data with that of Kenorland's, which is expected to provide a more thorough understanding of the underlying geology.

Mathieu Stephens, President and CEO of UrbanGold Minerals, said Kenorland's drill results are very encouraging and offer a clear indication of the region's potential for gold mineralisation.

"We want to congratulate Kenorland for their discovery, and for bringing renewed attention to the area.

"Given the relative proximity of their drill holes to our own property and the similarities in geology, we are eager to follow-up with diamond drilling on our own targets as quickly as possible," he added.

UrbanGold Minerals (UGM) is down 2.7 per cent and is trading at C$0.36 per share at 1:06pm EDT.


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