UrbanGold to Undertake Surface Geophysics in Preparation for Drilling at Cressida

Ottawa, October 27, 2020 - UrbanGold Minerals Inc. (TSXV: UGM) ("UrbanGold" or the "Company") and Argonaut Gold Inc. ("Argonaut") (TSX: AR) are pleased to announce the start of a line-cutting and surface geophysics program on the 50-50 joint venture, 8,642.8-hectare Bullseye property (the "Property") in preparation for ground geophysics. The 36.8 km grid will cover most of the Cressida block located approximately 14 km southwest of the former producing Troilus Gold-Copper mine and 100 kms north of Chibougamau, Quebec.

In February 2020, UrbanGold announced results of an initial small drill program consisting of three holes totalling 369 metres where each of the holes had intersected a mineralized gold zone. The wide gold-mineralized zone was originally drilled in the late 1980s at the same time that the nearby Troilus deposit was discovered. No other drilling was recorded thereafter until UrbanGold completed its maiden drill program. The Cressida Zone is estimated to extend over a strike length of 400 metres which remains open in both directions and at depth. Gold mineralization is observed to be associated with disseminated sulphides, principally pyrite. Highlights of the historical drilling is listed in table 1 below.

1: Drilled prior to NI 43-101 (No QAQC) 2: NI 43-101 QAQC protocols 3: Core width (True width can not be determined at this time)

Once completed, the line-cutting program will be followed up with two distinct geophysical surveys. First, a deep penetrating induced polarization ("IP") survey will be conducted over most of the Cressida Block and will aide in identifying if any potential targets are present along strike of the Cressida Zone and if parallel zones could also be present as drilling results have suggested. Second, a 3D IP will be conducted over the Cressida Zone to allow for better target definition prior to drilling thereafter.

Mathieu Stephens, UrbanGold President and CEO, commented: "The size and geological context of the mineralization 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."

The Cressida block is easily accessible year-round and is located approximately 14 kilometres south west of the past producing open-pit Troilus mine (2M Oz of gold produced (Source: Troilus Gold Website)) operated from 1997 to 2010 and was mined to a vertical depth of at least 300 metres before it was closed, with additional mineralization having been delineated at depth since. Key infrastructure remains at the site, including a power line, a 50MW substation, camp, water treatment facility and permitted tailings facility.

To view a map of the area please use the following link and readers are invited to visit the Company's website to view additional maps.

Map 1

To view an enhanced version of Map 1, please visit:
https://orders.newsfilecorp.com/files/6266/66907_map1.jpg

In June 2020, the Company entered into a formal joint venture agreement with Argonaut (June 29, 2020 news release) with each party holding a 50% interest in the Property.

Qualified Person

Technical aspects of this news release have been reviewed and approved by Mathieu Stephens, P.Geo., President and CEO for UrbanGold, the Qualified Person, as defined by National Instrument 43-101.

"Let's Talk Mining" - Virtual Conference

UrbanGold Minerals will be participating in MI3's upcoming virtual conference this Thursday at 6:30 PM, featuring companies active in the Frotet-Evans greenstone belt.

Speakers will also include:

Troilus Gold
Kenorland Minerals

For further information please contact MI3 (Contact information below).

About UrbanGold

UrbanGold Minerals Inc. is a precious metals exploration company with its activities focused on the Troilus-Frotet gold belt, Quebec. The Company specializes in project generation supported by substantial exploration expertise. The Company's common shares trade on the TSX Venture Exchange under the symbol "UGM".

Forward Looking Information

This news release may contain certain forward-looking information and statements, including without limitation, the exploration program and the future drill program. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in UrbanGold's disclosure documents on the SEDAR website at www.sedar.com. UrbanGold does not undertake to update any forward-looking information except in accordance with applicable securities laws.

For further information

Investor Relations
First Canadian Capital Corporation
Phone: 416-742-5600

MI3
Phone: Phone: 514-346-3813

Mathieu Stephens, P.Geo
President and Chief Executive Officer
mstephens@urbangoldminerals.com

Phone 1-888-397-3566
www.urbangoldminerals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/66907