- UrbanGold Minerals (TSXV:UGM) has moved field crews to the Troilus region in western Quebec ahead of a summer exploration program
- Surface exploration activities have already commenced, with geological, geochemical, geophysical and drilling efforts scheduled for later in the year
- Following the company’s acquisition of the Chemin Troilus Property from Quebec Precious Metals in late-May, UrbanGold now holds 58 mineral claims in the region covering 25,600 hectares
- Separately, the company has hired Robert Fraser as a senior technical advisor
- UrbanGold Minerals (UGM) is currently down 3.33 per cent and is trading at C$0.14 per share
UrbanGold Minerals (TSXV:UGM) has moved field crews to the Troilus region in western Quebec ahead of a summer exploration program.
Following the company’s acquisition of the Chemin Troilus Property from Quebec Precious Metals in late-May, UrbanGold now holds 58 mineral claims in the region covering 25,600 hectares.
As consideration for the acquisition, the company issued 800,000 common shares and a one-time cash payment of C$100,000 and has granted Quebec Precious Metals a 2 per cent net smelter return royalty on the property.
The additional claims cover what is considered to be under-explored prospective ground, which has previously been indicated to hold significant electromagnetic anomalies. To date, these anomalies have never been drill tested.
Last week, UrbanGold mobilised field crews to the area, with surface exploration at several high-priority targets already under way. This comes ahead of a proposed summer exploration program, which is anticipated to include geological, geochemical, geophysical and drilling activities.
Separately, the company has employed Robert Fraser as a senior technical advisor to assist in the exploration work. Robert has significant experience in the region, having been a key figure in the discovery of the Troilus Mine with Kerr Addison Mines in the late 1980s.
Mathieu Stephens, President and CEO of UrbanGold Minerals, said he is excited to have the addition of Robert’s expertise.
“We are very pleased that Mr Fraser contacted UrbanGold regarding the potential of our Troilus area properties and we are delighted that he has accepted to advise the company on its upcoming exploration programs.
“Mr Fraser is well known in the industry and we anticipate that UrbanGold will greatly benefit from his wealth of knowledge and experience in the area,” he said.
UrbanGold Minerals (UGM) is down 3.33 per cent and is trading at 14 cents per share at 2:33pm EDT.