UrbanGold Minerals Inc. and Argonaut Gold Inc. announced the start of a line-cutting and surface geophysics program on the 50-50 joint venture, 8,642.8-hectare Bullseye 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 totaling 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. 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.