• UrbanGold Minerals (UGM) has begun a ground induced polarisation geophysics program at its Pallador property in Quebec
  • The targeted area is interpreted to be on strike, as close as 400 metres from a recently completed drilling program carried out by Kenorland Minerals
  • It covers two strong gold anomalies in soil, and is expected to assist in pinpointing drill targets for a proposed drill program
  • The company recently completed a heliborne magnetic survey at the property, which confirmed the continuation of mineralisation from Kenorland’s adjacent property to the northwest portion of the main Pallador block
  • UrbanGold Minerals (UGM) is currently steady at C$0.28 per share at 2:44pm EDT

UrbanGold Minerals (UGM) has begun a ground induced polarisation (IP) geophysics program at its Pallador property in Quebec.

Located in the municipality of Eeyou Istchee Baie-James, roughly 115 kilometres north of Chibougamau, the property covers a total of 5,668 hectares and is prospective for both gold and palladium.

The survey will target a region that is interpreted to be on strike, roughly 400 metres from Kenorland Minerals’ property that was the subject of a recently completed drill program.

According to an announcement dated July 29, Kenorland intersected 8.47 grams per tonne of gold over 29 metres, with a number of other holes returning similarly positive results.

The planned IP survey covers two strong gold anomalies in soil, in a region where several gold-bearing boulders were previously found to host up to 102 grams per tonne of gold.

While this area has seen little exploration work prior to UrbanGold’s activities, the survey will allow for the definition of anomalies to a depth of approximately 80 metres, which will then assist in pinpointing targets for an upcoming drill program.

It comes off the back of a high-resolution heliborne magnetic survey, which was completed in August this year. The results of this work confirmed that the geological formations which host gold mineralisation at Kenorland’s adjacent property continue into the northwest portion of UrbanGold’s main Pallador block.

Mathieu Stephens, President and CEO of UrbanGold Minerals, said the gold system is potentially significant given the results published by Kenorland and a known strike length of two kilometres.

“We are therefore eager to pursue this exploration opportunity promptly and efficiently.

“The high-resolution IP survey is our last step in the exploration process prior to undertaking our maiden drill program in the area later this fall,” he added.

UrbanGold Minerals (UGM) is currently steady at C$0.28 per share, as of 2:44pm EDT.

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