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
Investor Relations: (416) 595-9106