• UrbanGold Minerals (TSXV:UGM) has commenced a maiden exploration program at its wholly owned Elmer-East Property in Quebec
  • With the exception of government mapping completed in 1999, there has been no surface exploration work at the property to date
  • Field crews will focus on an initial eight target areas that were previously identified through a heliborne magnetic survey
  • The Elmer-East property sits on the same greenstone belt as Azimut Exploration’s Elmer discovery, which previously returned 3.15 grams per tonne of gold over 102 metres
  • UrbanGold Minerals (UGM) is currently up 3.45 per cent and is trading at C$0.15 per share

UrbanGold Minerals (TSXV:UGM) has commenced a maiden exploration program at its wholly owned Elmer-East Property in Quebec.

Located roughly 110 kilometres east of Eastmain, the 1,942-hectare property sits within the same greenstone belt as Azimut Exploration’s Elmer discovery, which previously returned 3.15 grams per tonne of gold over 102 metres.

While the property has not been the subject of any surface work to date, with the exception of government mapping completed in 1999, Elmer-East is one of the few areas along the greenstone belt known to contain felsic volcanics.

The greenstone belt is also considered to host some of the highest gold values in bottom lake sediments in the entire Elmer region.

The Elmer-East property is surrounded by well-established infrastructure, including the La Route de la Baie James highway, which passes approximately 18 kilometres to the east, and the La Route de la Sarcelle highway which passes five kilometres to the west.

As part of the upcoming exploration program, field crews will focus on an initial eight target areas that were defined through a high-resolution heliborne magnetic survey that was previously completed over the whole property.

Mathieu Stephens, President and CEO of UrbanGold Minerals, commented on the first-ever exploration program.

“While UrbanGold’s flagship properties are in the Troilus area which remains our main focus, UrbanGold owns other key gold assets located in areas of high interest and potential.

“We are advancing these properties in parallel to the work that is underway at Troilus, which will include the resumption of our drill program,” he said.

UrbanGold Minerals (UGM) is currently up 3.45 per cent and is trading at C$0.15 per share at 2:48pm EDT.

More From The Market Online
People working at computers.

The top five best online brokerages in Canada

Interactive Brokers Group (NDAQ:IBKR) is an online brokerage with a global reach, serving clients in more than 200 countries and territories.
The White House.

@ the Bell: TSX recovers; markets assess Biden’s exit

The TSX bumped up in Monday trading after U.S. President Joe Biden’s weekend exit from the 2024 election race.
Computer laptop with a TSX logo on the screen

@ the Bell: TSX drops for third session in a row

Continued pressure from the heavyweight financial and energy sectors dragged Canada’s main stock index lower for a third consecutive session.
Toronto Stock Exchange building

@ the Bell: Despite recent highs, struggles continue for TSX

The TSX continued downward after recent success. Materials weighed on the index as copper prices fell, offsetting a tech stock rebound.