TORONTO, ONTARIO--(Marketwired - April 2, 2015) -
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)(CSE:URB.A) and Beaufield Resources Inc. ("Beaufield")(TSX VENTURE:BFD) are pleased to announce that they have completed their joint induced polarization ("IP") and magnetometer ground surveys totalling 103 line kilometres in the Urban township, Quebec.
Highlights
- Induced Polarization and magnetometer surveys completed
- A total of 103 line kilometres surveyed
- High chargeability anomalies discovered
- Some anomalies coincide with mineralization at surface
The geophysical surveys were designed to cover the common border area between the two companies, a high priority underexplored area which has never been covered by past surveys or by drilling. A preliminary examination of the data collected has identified several significant anomalies which represent new targets within the surveyed area.
An anomaly of immediate interest to Beaufield is a 500 metre long and highly anomalous IP response coinciding with an outcrop which recently assayed 20 g/t gold and 2.43% copper in a grab sample (BFD news release, August 1st, 2014). This represents a high priority drill target.
Further south on Urbana ground and approximately 4 kilometres from Metanor Resources' Barry gold deposit, the new targets include a 400 metre long chargeability anomaly in an area that has never been drilled.
The data collected will be analyzed in detail so that all anomalies of interest are identified and integrated with historical data. The new targets will be followed-up by a geologist in late spring, after which, a second phase exploration program is planned.
TMC Geophysics of Val d'Or completed the deep penetrating IP survey, which allows for better resolution and higher precision than any other historical surveys conducted on the properties. The processing and interpretation of the geophysical data is being done by Dynamic Discovery Geoscience of Ottawa.
Urbana and Beaufield agreed to jointly explore and share the properties information. Each party retains 100% ownership of their respective properties. Beaufield has agreed to be the operator (news release November 14, 2014).
Urban Township hosts numerous gold and base metal occurrences and is currently the focus of a significant gold program at Windfall Lake by Eagle Hill Exploration Corporation. The Windfall gold deposit is on strike with the Beaufield-Urbana properties and located 5 kilometres to the northeast of the current work.
Qualified Persons
This news release has been prepared by Jens E. Hansen, Eng., CEO, President and Director, and Mathieu Stephens, P.Geo, Chief Geologist, the Qualified Persons, 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.
About Beaufield
Beaufield is a mineral exploration company with its exploration activity focused in Quebec. Beaufield is well positioned to advance its portfolio of exploration properties and to identify other potential opportunities at the mineral exploration or development stage. The Corporation is actively exploring, well financed, has no debt and has excess work credits on its properties.
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. Neither Urbana nor Beaufield 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.