Archives: News

TSE:URB & CDNX: URB

 

Urbana Corporation is pleased to report the results of a three hole follow-up drill program on a gold zone discovered in the June 2000 drill program at the Macho River Property in Urban Township, Quebec. In the press release dated July 20, 2000, Urbana reported that diamond drill hole AA-00-01 had intersected a new discovery which was a gold bearing horizon on the south east corner of the property. Hole number AA-00-01 located on L 4+00 S @ 40+25 E bearing N 55 W returned an assay of 3.51 grams of gold per tonne over 2.4 metres (0.10 ounces of gold per ton over 7.87 feet). The best assay in this zone returned 5.20 grams of gold per tonne over 0.5 metres (0.15 ounces of gold per ton over 1.64 feet). All intersected widths are almost true width.

 

The follow-up drill program was designed to test the down-dip and on-strike extensions of this gold mineralized zone. A study of the drill core shows the gold zone to occur in a complex alternating sequence of extremely silicified mafic to felsic flows and tuffs occuring between pillowed andesites and sericitic rhyolitic tuffs. Gold mineralization appears to be controlled by degree of silicification and percent of fine pyrite and pyrrhotite.

 

The drill contract was carried-out by Benoit Diamond Drilling Ltd. of Val d’Or, Quebec. All holes were drilled at a -50º angle resulting in nearly true width intersections. Assaying of samples was performed by Bourlamaque Assay Laboratories Ltd. of Val d’Or, Quebec utilizing the atomic absorption/fire assay method for the gold assays. The qualified person for this project is Uldis Abolins, P.Eng., of ABEX Geological Services.

 

Summary of Drill Results

 

Drill hole AA-00-09 (L 4+00 S @ 40+75 E) This hole was set up to intersect the gold bearing zone 50 feet below the previous intersection. Strong sulphide mineralization in silicified rocks was intersected over an 8.8 metre interval (28.9 feet). Assay values in this interval ranged from 0.09 grams to 6.73 grams of gold per tonne. The best assay returned was 6.73 grams of gold per tonne over 1.0 metre (0.196 ounces of gold per ton over 3.28 feet). A 4.2 metre upper section (not including the previous assay ) returned 0.46 grams of gold per tonne. It appears that there are two better gold mineralized sections within this horizon.

 

Drill hole AA-00-10 (L 2+00 S @ 41+25 E) This hole was drilled to test the eastern extension of the zone. The sulphide mineralization and silicification associated with gold values appears to be decreasing in this direction. However 11.8 metres (38.71 feet) of spotty sulphides returned assays ranging from 0.09 grams to 1.87 grams of gold per tonne with one peak value of 6.97 grams of gold per tonne over 0.3 metres (0.20 ounces of gold per ton over 0.98 feet).

 

Drill hole AA-00-11 (L 5+00 S @ 41+05 E) The last hole was spotted to intersect the western extension of the zone. Very strong sulphide mineralization with associated silicification over 9.2 metres (30.18 feet) was intersected carrying gold values generally ranging from 0.09 grams to 2.00 grams of gold per tonne with a 1.9 metre (6.23 feet) section returning assays averaging 4.66 grams of gold per tonne (0.136 ounces of gold per ton).

 

It appears that the mineralization may be more consistent and the alteration (silicification) more intense to the west as one approaches what has been interpreted from geophysics to be a large vent or dome area.

 

The management of Urbana are pleased with the positive assay results of this newly discovered significant gold bearing horizon. More drilling is required to properly evaluate the extent and grade of this horizon.

 

Urbana Corporation is a mineral exploration company currently focusing its efforts on its 48 claim holding in Urban Township, Quebec. The Barry and Urban township area have been the focus of active mineral exploration for several years.

 

Thomas S. Caldwell
President

 

 

Investor Relations: (416) 595-9106

TSE:URB & CDNX: URB

 

Urbana Corporation has completed an 8 hole, 2,372 foot diamond drill program on its Macho River Property in Urban Township, northwestern Quebec. The drill program was designed to test seven electromagnetic anomalies and several previously discovered gold zones. All holes intersected massive bands to stringer sulphide mineralization consisting of pyrite, pyrrhotite and to a lesser degree chalcopyrite in highly silicified volcanic rocks ranging from crystal tuffs to agglomerates.

 

Samples have been sent out for assay and the assay drill results will be released once they have been evaluated.

 

Urbana Corporation is a mineral exploration company currently focusing its efforts on its 48 claim holding in Urban Township, Quebec. The Barry and Urban township area have been the focus of active mineral exploration for several years.

 

Thomas S. Caldwell
President

 

 

Investor Relations: (416) 595-9106

TSE:URB & CDNX: URB

 

Urbana Corporation is commencing a drilling program this week on its Macho River property located in Urban Township, Quebec.

 

Eight drill holes will test different mineralized base metal and gold zones. Four additional drill holes are planned that will be contingent on results from the initial drilling. The eight-hole drill program (minimum 2,100 feet), will be completed in about two weeks at an estimated cost of $100,000.

 

Benoit Diamond Drilling Ltd. has been engaged to complete the diamond drilling. Urbana’s consulting geologist, Abe Abolins, P. Eng. of ABEX Geological Services, will be overseeing the program.

 

Urbana Corporation is a mineral exploration company currently focusing its efforts on its 48 claim holding in Urban Township, Quebec. The Barry and Urban township area have been the focus of active mineral exploration for several years.

 

Thomas S. Caldwell
President

 

 

Investor Relations: (416) 595-9106

TSE:URB & CDNX: URB

 

Urbana Corporation has entered into an agreement with ABEX Geological Services to carry out and manage an exploration program which will include diamond drilling on Urbana Corporation’s Macho River property in Urban Township, Quebec. High priority drill targets have been identified as a result of the $250,000 exploration program completed on the ground last year. The drilling program will commence in the spring, following winter break-up.

 

Urbana Corporation is a mineral exploration company currently focusing its efforts on its 48 claim holding in Urban Township, Quebec. The Barry and Urban township area have been the focus of active mineral exploration for several years.

 

Thomas S. Caldwell
President

 

 

Investor Relations: (416) 595-9106

TORONTO AND VANCOUVER STOCK EXCHANGES SYMBOL: URB

 

Urbana Corporation (“Urbana”) is pleased to announce the results of its comprehensive $250,000 exploration program at its 48 claim (1,805 acre) Macho River Urban Township, Quebec property. Abex Geological Services has completed the summer exploration program which included a detailed review of the extensive exploration work previously completed on the company’s property.

 

The exploration program consisted of geophysical and geologic (including structural) surveys, trenching, cleaning-out and dewatering old workings, chemical sampling, mapping, re-logging old core and bio-chemical surveys.

 

Detailed mapping identified two shear zone structures, one mineralized and the other barren. This mapping identified a sequence of folded rhyolitic rocks which had not previously been identified and are excellent host rocks for base metal mineralization. There are numerous conductors that appear to be associated with these rhyolites.

 

Geophysical and geologic surveys have led to a new structural interpretation that suggests volcanic rocks have been folded around a dome located at the centre of the property. The west limb of this fold has historically been known as the Milner Shear.

 

The North and Farchell showings were re-sampled and channel samples confirmed the presence of high-grade gold mineralization. On the North showing, channel samples assayed 0.32 ounces per ton over 1.5 feet and 1.34 ounces per ton over 3.0 feet. On the Farchell showing, assays were 0.72 ounces per ton over 3.0 feet.

 

Abex Geological Services has recommended a two phase, 19 hole diamond drill program to test geophysical and geological targets.

 

Urbana Corporation is a mineral exploration company currently focusing its efforts on 48 claims in Urban Township, Quebec. The Barry and Urban township area has been the focus of active exploration for the past 3 years. The company is well capitalized with a marketable investment portfolio of $462,000 or $0.21 per share. There are no significant liabilities. Management controls approximately 45% of the 2.2 million shares outstanding.

 

Thomas S. Caldwell
President

 

 

Investor Relations: (416) 595-9106

TORONTO STOCK EXCHANGE TICKER SYMBOL: URB

 

Urbana Corporation (“Urbana”) is pleased to announce that Phase II of its comprehensive exploration program at its Urban Township, Quebec property is now underway. Abex Geological Services has been engaged to complete a detailed review of the extensive exploration work on the Urban Township property which has been carried over the last 20 years at a cost of approximately $2 million dollars.

 

Phase I is now almost completed. Phase I involved a compilation of all previous work on the property, linecutting and VLF EM-16/magnetometer geophysical surveys over the entire property.

 

In Phase II, now underway, the property will be mapped geologically and a structural geology study will be completed. Suitable drill targets have been identified during this work and drill testing will be undertaken in the fall. An exploration camp has been set up to the east of the property.

 

The Phase II exploration program is currently following up geophysical surveys completed in March and April. A reconnaissance geological mapping survey has also been completed over the entire property and the data is currently being compiled. Stripping outcrops, cleaning out old trenches, detailed mapping and sampling has commenced.

 

The 1987-1988 drill core has been located in good condition. It will be re-logged and properly sampled. Several general east-west striking geophysical signatures paralleling cross-fracture quartz veining will also be traced out and detailed during July.

 

Current logging operations on the property have uncovered wide areas that appear to host scattered outcrops, thus providing new geologic information.

 

It is anticipated that Phase I and Phase II will be completed this year at a cost of approximately $250,000.

 

Urbana is a mineral exploration company. The company has focused its efforts on 48 claims in Urban Township, Quebec. The Barry and Urban township area has been actively explored over the last 3 years. The company is well capitalized with an investment portfolio of $700,000 or $0.32 per share. There are no significant liabilities. Management controls about 50% of the 2.2 million shares outstanding.

 

Thomas S. Caldwell
President

 

 

Investor Relations: (416) 595-9106