TORONTO, ONTARIO--(Marketwired - April 25, 2017) -
NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Urbana Corporation ("Urbana") (URB.TO)(TSX:URB.A)(URB.TO)(CNSX:URB.A)(URB.TO)(CSE:URB.A)(URB.CN)(CSE:URB.A.CN) is pleased to report that it has completed its winter drilling program on its Urban Township property, Quebec. Twelve drill holes totaling 2,250 metres were concentrated on the southern portion of the property where a series of geophysical anomalies had previously been identified by an expansive induced polarization and magnetic survey. Drilling also targeted possible extensions of the gold discovery announced on June 6th, 2016, where hole UU-16-10 had intersected 19.85 g/t Au over 1.10 metres near surface.
The drilling area is located 8 kilometres southwest of the nearby Osisko Mining Windfall gold project which displays similar geological features to Urbana's property. Historical data for the property area indicates the presence of several gold occurrences following different mineralized trends. The current drilling targeted selected high priority geophysical anomalies located along previously untested portions of these geological trends, some of which are believed to be contained within a major shear zone
A total of 1,379 drill core samples and 76 quality control samples were sent to ALS Laboratories in Val d'Or for assaying. Results are expected within a few weeks, and will assist in planning future work on the property.
The drill program was executed under the supervision of Mario Justino, P.Geo., a seasoned geologist experienced in advanced gold projects.
Easily accessible by road, the Urban Township property consists of 44 claim cells totaling 1,154.44 hectares centrally located within the Urban-Barry camp and is adjacent to properties owned by Osisko Mining, Beaufield Resources and Metanor Resources. The area has seen resurgence in exploration activity over the past years, with several expansive drill programs underway and recently added infrastructure.
This news release has been prepared by Mathieu Stephens, P.Geo, Vice President of Exploration and Corporate Development for Beaufield, the Qualified Person, as defined by National Instrument 43-101.
About Urbana Corporation
Urbana Corporation is a closed-end investment company with current interests across the financial services sector from exchanges to banks to broker dealers and investment managers.
The goal of Urbana Corporation is to generate long term asset growth through a combination of public and private investments. The mix of an actively managed, liquid portfolio with private equity investments ensures non committed assets are productively employed as we seek out and evaluate opportunities in the non-public sphere. Many of the latter investments take time to mature and typically encompass high risk/high return characteristics.
Urbana Corporation, as a result of its permanent capital base, has both the scope and flexibility to act quickly as opportunities arise.
The information set forth in this press release includes certain forward-looking statements. Such statements are based on assumptions exposed to major risks and uncertainties. Although Urbana deems the expectations reflected in these forward-looking statements to be reasonable, the Corporation cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements. Urbana expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.