UrbanGold drills 22 metres of 1.02 g/t gold near surface at Cressida, Troilus

Ottawa, February 4, 2020 - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") is pleased to announce results from its maiden drill program at the Cressida block, Troilus property, located near Chibougamau, Quebec, 14 kilometres southwest and on strike with the past-producing Troilus mine and within two kilometres of an all-weather road. The Cressida block is part of an option agreement with Argonaut Gold Inc.

The small drill program completed in December consisted of three holes totalling 369 metres that were designed to (1) confirm the location of a historical mineralized zone discovered prior to the discovery of the nearby Troilus Mine in the mid-1980s and (2) to test its potential strike length and down-dip extension.

All three holes intersected the mineralized zone and the best results were returned from drill hole UTC-19-03 which intersected 22 metres at 1.02 g/t Au (Table 1). Hole UTC-19-02 was drilled 230 metres northeast of hole UTC-19-03 in an area where no prior drilling is recorded intersecting 0.49 g/t Au over 33.5 metres. Both holes UTC-19-01 and UTC-19-02 intersected an additional smaller intercept below the main zone returning anomalous amounts of Ag, Cu and Zn. The best gold assay intersections for each hole are shown in Table 1, below.

Table 1: Best drill results, Cressida block, Troilus.

* True widths estimated at 70% to 85%

Based on the presumptive location of historical holes, it is estimated that the current program has extended the mineralized zone to over 400 metres of strike length which remains open in all directions. Mineralization has yet to be tested below a vertical depth of 120 metres from surface and additional drilling for the project is being planned with future partner Argonaut Gold.

Mathieu Stephens, UrbanGold President and CEO commented: "We are pleased to see that our small maiden drill program on the Cressida block returned gold mineralization over significant widths in all holes and that we were able to extend the known gold corridor towards the northeast. Our view is that the block shows many similarities with that of the old mine, and that more work is required to determine the extent of the mineralization, especially at depth. We plan to aggressively pursue this opportunity in the near future with our partner."

The past producing open-pit Troilus mine (2M Oz of gold produced (Source: Troilus Gold Website)) operated from 1997 to 2010 and was mined to a vertical depth of at least 300 metres before it was closed, with additional mineralization having been delineated at depth since. Key infrastructure remains at the site, including a power line, a 50MW substation, camp, water treatment facility and permitted tailings facility.

To view a map of the area please use the following link and readers are invited to visit the Company's website to view additional maps and drill hole sections.

Map

https://orders.newsfilecorp.com/files/6266/52074_map.jpg

Quality Assurance and Quality Control (QA/QC)

The protocol QA/QC contained the incorporation of standards (4 types were used) and of blank to validate the accuracy and precision of the laboratory. All the samples were sent to ALS MINERALS in Val-D'Or, Quebec. The preparation was made in their laboratory in Sudbury, Ontario whereas analyses were completed in the laboratory in Vancouver, British Columbia. All the samples were analyzed with the method ME-ICP41 (Aqua regia ICP-EAS 35 elements). Samples presenting contents > 1,0 % Cu-Zn or > 100 ppm Ag was re-analysed with the method OG46 (aqua regia). Gold grades were established by the method Au-AA23, pyro-analysis with a finish of atomic absorption. Samples presenting contents > 10 ppm Au was re-analysed with the method AU-GRA21 (pyro-analysis with a finish by gravimetric).

Qualified Person

This news release has been prepared 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 and base metals exploration company with its activities focused in 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 follow-up 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

Mathieu Stephens, President and Chief Executive Officer
mstephens@urbangoldminerals.com

Jens Hansen, Chairman of the Board
jhansen@urbangoldminerals.com

Phone (613) 721-2919
www.urbangoldminerals.com

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52074