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TORONTO, March 04, 2025 (GLOBE NEWSWIRE) -- Urbana Corporation (TSX & CSE: URB & URB.A)
Urbana Corporation is pleased to provide an update on its current drill program underway on its 100% owned "Urban Township Project" located in the Urban-Windfall area, Quebec.
Summary Highlights:
- Drilling in an emerging major gold mining camp.
- Five holes totalling 1,503 metres were completed as of yesterday, all in the southeast sector.
- Area targeted covers the Bank-Mazeres fault, the same fault associated with gold mineralization at the nearby Windfall and Barry gold deposits.
- All holes have intersected a sequence of volcanics lithologies consisting of tuffs, rhyolites, dacites and andesites. Gabbros were also intersected in a few of the holes.
- Mineralization intersected in several holes consisting of iron sulphides and/or visible gold.
- The core showed areas of strong alterations, consisting mostly of sericitization and silicification in some areas.
- The drill is scheduled to be moved to the central-south portion of the project area upon completion of the current drill hole.
- The program is on track to be completed in mid-March.
Geology
The drilling to date has concentrated on an area with no historical drill holes and little bedrock exposure. The current drill program intersects a sequence of volcanic rocks, including tuffs and rhyolite and gabbros. The lithologies are considered important as these are the same that host large portions of the nearby world-class Windfall deposit. The presence of visible gold, pyrite and pyrrhotite associated with faulting and alteration is also of keen interest and will form part of the basis on planning follow-up drilling in the area.
The program, which consists of up to 4,150 metres of drilling, is concentrating on the southern sector of the project where gold mineralization has been encountered near the claim boundary by adjacent explorers Osisko Mining and Bonterra Resources. The area is known to host the Mazere fault, a major structure associated with most of the gold mineralization of importance in the region.
The project is located between the nearby Windfall and Barry gold deposits, along the same geological feature. It is situated near existing infrastructure and is accessible by road.
A review of additional data located in the northern sector of the project is underway. Data collected shows numerous gold prospects throughout the area which warrant a potential second drill program in late summer.
PDF versions of the documents are available at www.urbanacorp.com and at www.sedarplus.ca.
Qualified Persons
Technical and scientific aspects of this news release have been reviewed, verified, and approved by Mathieu Stephens, P.Geo., the Qualified Person, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
For further information contact:
Elizabeth Naumovski, Investor Relations
(416) 595-9106 enaumovski@urbanacorp.com
Certain statements in this news release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Urbana to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Unless required by applicable securities law, Urbana does not assume any obligation to update these forward-looking statements.
150 KING ST. WEST, SUITE 1702, TORONTO, ONTARIO M5H 1J9
TEL: 416-595-9106 FAX: 416-862-2498 www.urbanacorp.com
