Beaufield Resources Inc. (“Beaufield”) (TSX VENTURE:BFD) and Urbana Corporation (“Urbana”) (TSX:URB)(TSX:URB.A)(CSE:URB)(CSE:URB.A) are pleased to report that 2 field crews have been mobilized to the Urban property to commence induced polarization and magnetometer surveys.
The survey is designed to straddle the common border between the two companies, a high priority underexplored area which has never been covered by past geophysical surveys or drilling. In 2014, Beaufield geologists identified an area of interest along the claim boundary that assayed 20 g/t gold and 2.43% copper in a grab sample (BFD news release, August 1st, 2014). In the area, gold is known to occur with pyrite and chalcopyrite, these can be detected by induced polarization techniques.
The survey will also cover several other areas with known gold occurrences which are listed in table 1 below.
|Table 1: Select gold showings on the Urban property|
|East Showing||Beaufield||20.0 g/t Au, 2.43% Cu||Surface Grab|
|North Showing||Urbana||14.7 g/t Au||1.5 m (drill core)|
|Farchell||Urbana||7.2 g/t Au||3.3 m (drill core)|
|Woods||Urbana||1.1 g/t Au||0.9 m (channel)|
|Macho River||Beaufield||2.87% Cu||0.4 m (drill core)|
|Mound||Beaufield||6.1 g/t Au||Surface grab|
|West Showing||Beaufield||14.8 g/t Au, 156 g/t Ag, 1.6% Cu||Surface Grab|
The current survey will allow for better resolution and higher precision than any other historical surveys conducted on the properties. Results from the current work program will be compiled and interpreted with historical work to identify and prioritize drill targets.
Urbana and Beaufield have agreed to jointly explore and share the boundary information. Each party will retain 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.
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.
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 identify other potential opportunities in the mineral exploration or development stage. The Corporation is actively exploring, well financed, has no debt and has excess work credits on its properties.
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 Beaufield 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 the Corporation or 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.
Jens E. Hansen, President and CEO
Thomas S. Caldwell, Chief Executive Officer
Elizabeth Naumovski, Investor Relations