Archives: News

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

URBAN EXPLORATION PROGRAM UNDERWAY

 

Urbana Corporation (“Urbana”) announces that it has commenced a significant exploration program on its Urban Township, Quebec property. Abex Geological Services has been engaged to complete a detailed review of the extensive past exploration work on the Urban township property, which over the years has amounted to approximately $2 million dollars.

 

The program will consist of three phases. Phase I and II are expected to be completed this year at a cost of approximately $250,000. Phase III is forecast to commence in the spring of 2000. Phase I involves a complete compilation of all previous work on the property, linecutting and VLF EM-16/magnetometer geophysical surveys over the entire claim group. Phase II, which is expected to be completed by late fall, will entail complete geological mapping, a structural geology study and drill target selection. Drill testing is expected to be undertaken on the basis of the above work. Phase III has a preliminary budget of $150,000. This program would include a spectral induced polarization survey, geochemical sampling, outcrop stripping, sampling and further identification of drill targets.

 

TRADING SUSPENSION

 

The trading of Urbana’s shares on The Toronto Stock Exchange (“TSE”) was suspended on July 9, 1998. Management has appealed this decision. The trading suspension is currently under review by the TSE and a verdict is anticipated on or about March 18, 1999.

 

A market for Urbana’s shares is currently being called on the Over-the-Counter market in Toronto. The current quote is $1.05 to $1.15.

 

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 $800,000 or $0.36 per share. There are no significant liabilities. Management controls approximately 45% of the 2.2 million share outstanding.

 

Thomas S. Caldwell
President

 

 

Investor Relations: (416) 595-9106