- UrbanGold Minerals (UGM) is preparing for a 2,500-metre drill program at its wholly owned Pallador project in the Troilus region of central Quebec
- The program will focus on a newly identified gold-bearing quartz system, the grab samples from which were announced yesterday
- It will also target other portions of the property where strong electro-magnetic anomalies have been found
- Drilling is expected to begin in August this year
- UrbanGold Minerals (UGM) is currently up 3.23 per cent and is trading at C$0.32 per share
UrbanGold Minerals (UGM) is preparing for a 2,500-metre drill program at its wholly owned Pallador project in the Troilus region of central Quebec.
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 program, which is scheduled to begin in August this year, will test a recently discovered gold-bearing quartz system that was announced yesterday. Primarily, drilling will focus on confirming lateral continuity of the system at depth, as well as the discovery of possible parallel veins.
According to the release, UrbanGold’s team of geologists carried out a program of bedrock mapping and boulder hunting in June. A total of 531 samples were collected, with the results for 230 of these samples already received.
Four of the samples, which were taken from a sulphide-bearing quartz vein system, returned up to 33 grams per tonne of gold in grab samples with up to 21 grams per tonne of silver.
A number of other gold targets surrounding the area will be tested, including a region located six kilometres to the southwest where previous work confirmed several palladium values of interest.
In addition, drilling will assess other segments of the Pallador project where strong electro-magnetic anomalies have been found, including one located up-ice from a gold-anomalous boulder and till train.
Mathieu Stephens, President and CEO of UrbanGold Minerals, commented on the upcoming program.
“We have several targets of merit that we intend to drill right away on the ground that we own 100 per cent.
“We are ramping-up exploration, and surface work will also continue on other parts of the property as drilling progresses,” he said.
UrbanGold Minerals (UGM) is currently up 3.23 per cent and is trading at C$0.32 per share at 11:14am EDT.