- UrbanGold Minerals (UGM) has begun a surface geophysics program at its Bullseye property in Quebec ahead of follow-up drilling work
- The property is currently held under a joint venture with Argonaut Gold pursuant to an agreement dated June 29, 2020
- Line-cutting and surface geophysics will cover most of the Cressida block, which was the subject of a small drilling program earlier this year
- This will be followed by two separate geophysical surveys, designed to identify any potential targets along strike of the Cressida Zone
- UrbanGold Minerals (UGM) is currently down 4.35 per cent to C$0.22 per share
UrbanGold Minerals (UGM) has begun a surface geophysics program at its Bullseye property in Quebec ahead of follow-up drilling work.
Located 14 kilometres southwest of the past-producing Troilus copper-gold mine and 100 kilometres north of Chibougamau, the 8,643-hectare property is held under a 50-50 joint venture with TSX-listed Argonaut Gold, pursuant to an agreement dated June 29, 2020.
Initial line-cutting and surface geophysics will be carried out over a 36.8 kilometre grid, which cover most of the Cressida block. This area was the subject of a small drill program in February this year, consisting of three holes that each intersected a mineralised gold zone.
The Cressida Zone is thought to extend over a strike length of 400 metres, remaining open in both directions and at depth.
Once the line-cutting phase is completed, UrbanGold will begin a deep-penetrating induced polarisation (IP) survey, which will assist in identifying potential targets along strike of the Cressida Zone.
This will be followed by a 3D IP survey to further define these targets in preparation for later drilling work.
Mathieu Stephens, President and CEO of UrbanGold Minerals, commented on the launch of the program.
“The size and geological context of the mineralisation at Cressida shows many similarities with the nearby past producing Troilus gold mine, which is understood to be located along the same geological horizon to the northeast.
“UrbanGold, along with our partner Argonaut, are very eager to complete these high-resolution IP surveys quickly which will assist in identifying drill targets in a highly anticipated follow-up drill program,” he said.
UrbanGold Minerals (UGM) is currently down 4.35 per cent to C$0.22 per share at 3:02pm EDT.
