UrbanGold land holdings Credit: UrbanGold
QUEBEC – UrbanGold is expanding its land holdings within the Troilus gold corridor – the company announced that it has entered into an agreement with Quebec Precious Metals to acquire the 33.1-sq.-km Chemin Troilus property adjacent to UrbanGold’s existing holdings.
In consideration for the acquisition, UrbanGold will issue 800,000 shares, make a one-time cash payment of $100,000 and assume an existing 2% net smelter return royalty on the property.
The road-accessible Chemin Troilus property is located within the Troilus gold corridor, also host to Troilus Gold’s Troilus gold project, which is the site of a past-producing open pit mine. Upon closing of this latest acquisition, UrbanGold will hold 218 sq. km within the Troilus area.
Troilus Gold’s 160-sq.-km project features total open pit and underground indicated resources of 159.1 million tonnes grading 0.92 g/t gold-equivalent for a total of 4.71 million oz. gold-equivalent. Additional inferred resources are at 52.7 million tonnes at 1.04 g/t gold-equivalent for a further 1.76 million oz. gold-equivalent.
UrbanGold is a Quebec-focused explorer; Quebec Precious Metal’s flagship project is the 140-sq.-km Sakami project, 570 km north of Val d’Or.
For more information, visit www.UrbanGoldMinerals.com.