Rick, I was e-mailed the actual release which is a little more comprehensive:
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: INTERNATIONAL PURSUIT CORPORATION
TSE SYMBOL: IPJ
MAY 2, 1997
International Pursuit Corporation - Manlupo Step Out
Drilling Confirms Increase In Area Of Copper
Mineralization
TORONTO, ONTARIO--
Pursuit Exploration Teams In Kalimantan Discover New Porphyry
System At Mahakam
International Pursuit Corporation ("Pursuit") is pleased to
announce that drilling in the Philippines on its Manlupo joint
venture property, 2.5 kilometers to the south of the core group of
Hinoba-an claims, is progressing with encouraging results. It was
mentioned in an earlier information release that it appeared that
an entirely new zone was being developed which has the potential
of being much larger than the DJ and A1 zones. Now, with the
completion of six drill holes and one in progress, our initial
assessment appears to be well on route to being confirmed.
Six holes have now been completed, and one hole, being #6, is
presently in progress. Five of the seven holes have successfully
penetrated "ore type" mineralization. A summary of the highlights
of the drill results from the five holes are presented as
follows:-
/T/
Manlupo Diamond Drill Hole Results
----------------------------------
D.D. Hole # FROM m. TO m. LENGTH m. GRADE
percent
Cu
MLP 01 39 285 246 0.48
INCLUDING 114 198 84 0.55
MLP 01A 48 75 27 0.32
MLP 02 12 144 132 0.37
INCLUDING 12 87 75 0.41
MLP 04 114 189 75 0.39
216 267 51 0.51
MLP 05 6 132 126 0.42
INCLUDING 6 57 51 0.50
/T/
Hole #2, drilled 700 meters south of #1, and hole #5, drilled 300
meters north of #1, appear to have established the present known
southern and northern ends of the mineralized zone. The 300 meter
step out hole (#4) to the west of hole #1 has established the
western presently known limit, although still open. Hole #1A
drilled in the opposite direction from the #1 hole set up
indicates that the eastern contact of the zone is approximately 50
meters to the east of the #1. The drilling appears to confirm the
Manlupo zone to be at least 1000 meters in length and 250 meters
in width.
Drilling to date at Manlupo has broadly outlined an area which
represents only 10 percent to 15 percent of the total anomaly
outlined by Pursuit's geological studies and gives Pursuit's
Philippine management confidence that there is a good probability
that it will be able to double the size of the total tonnage
between the core group of claims, at Hinoba-an, and Manlupo to
over 400 million tonnes of copper mineralization by year end.
At present there are three drills operating at Manlupo, two of
which are commencing new holes. In addition, one drill is testing
a new zone on the core group of claims east of the A1 zone to
follow up drill hole A1-70 which intersected values averaging 0.58
percent Cu over a length of 66 meters commencing at a depth of 153
m.
INDONESIA
Recent exploration in the Mahakam CoW has discovered an 8 km wide
alteration zone identified as a porphyry copper-gold system. The
discovery was the result of a follow up of a BLEG (bulk leachable
extractable gold) sample yielding 16.8ppb Au, and 0.83ppb copper.
This was supported by float samples containing quartz/bornite
mineralization which assayed 0.1 percent, 0.7 percent and 0.9
percent copper respectively in the same drainage. Two extensive
mineralized outcrop zones returned values up to 0.08 percent
copper and 0.24 grams per ton gold. The company has initiated an
airborne geophysical program together with detailed mapping and
sampling to assist in the evaluation of drill targets.
CORPORATE PROFILE
International Pursuit Corporation is a Toronto based public
company listed on the Toronto Stock Exchange (symbol "IPJ").
Pursuit has three major exploration and development programs
underway: the Philippines development copper project and the
Kalimantan and Mongolia exploration programs. In both Kalimantan
and Mongolia, Pursuit is the largest exploration company with over
5 million hectares under its direct and indirect control in
Kalimantan and 4 million hectares in Mongolia.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen R. Dattels
President and CEO
William Burton
Vice President, Exploration
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
International Pursuit Corporation
Investor Relations
(416) 947-9216
1-800-396-5188 |
