NEWS RELEASE Those that are selling out at these extraordinarily low prices will regret that they viewed IPJ as primarily an Indo stock. They are forgetting that the Phillipines CU property may vend for over 3 cents per pound of CU in the ground. A geologist contact stated to me that 3 cents is a very low figure. There are many producing mines at .40%, we have prospects of slightly over .50%. Value to the stock is C$3.65. The Mongolian properties are looking better as can be seen from the following news. The Indo properties while jaundiced due to the Bre-X fallout and the Indo Govt's inhospitable display of greed, have value which will now take time to develop and await 7 th gen cow.s.
NEWS FROM MONGOLIA
Ulzit gol results
International Pursuit Corporation IPJ
Shares issued 29,067,395 Jul 7 close $1.60
Tue 8 Jul 97 News Release
Mr Stephen Dattels reports
The company has received additional field updates and analytical results
from its Mongolian exploration programs. Field teams are presently
evaluating eight prospects within three of Pursuit's five license areas.
As previously reported (June 23 1997) the presence of a gold mineralized
carbonate sequence on Pursuit's Blue Spring prospect at Ulzit gol has been
confirmed through a trench resampling program. Analysis indicated gold
contents ranging from 0.72 g/t Au over 10 metres to 28.6 g/t over six
metres in four of the five trenches sampled. A preliminary mapping and soil
sampling program has now been completed with the following results.
Four highly anomalous target areas averaging 58 ppb - 735 ppb have been identified along the 2 kilometer strike length, ranging from 100-300 metres in length and 10-25 metres in width. Dispersion of gold in soils is minimal in this geologic environment which could indicate that the widths discovered at surface are true widths.
A low level anomaly (less than 20 ppb) can be traced over the entire outer
contact area and portions of the inner contact.
The following soil results indicate the greater size potential of the
previously sampled trench areas: 80 metres east of trench No. 1, 24 metres
of 400 ppb.
Seventy metres southeast of trench No. 4, 16 metres of 735 ppb.
Soil lines and trenches designed to test the proximal diabase limestone
contact have in many instances terminated with highly anomalous gold values
(trench 2, 1.72 g/t Au and trench 3, 2.28 g/t Au).
Continuous soil samples collected over 5m lengths extending from trenches
(No. 1-3) away from contact, returned highly anomalous values averaging 1.8
g/t Au.
The Blue Spring prospect is hosted within carbonate rocks of Upper
Proterozoic age at the contact of a diabase sill. This sequence has been
folded into a syncline and intruded by a granodiorite stock of Upper
Paleozoic age. The target area is at the apex and along the flanks of a
north-south trending mountain range rising up to 400 metres above the
valley below. It is believed that the target area has been subjected to two
phases of mineralization. Initially, a narrow, copper skarn was developed
within the carbonates resulting from the intruding diabase and subsequently
hydrothermal fluids derived from the cooling granodiorite stock ascended
and localized in favorable structures along the diabase/carbonate contact.
Pursuit geologists are now completing infill soil sampling, trench
extensions mapping, and magnetic surveys. A phase two program of induced
polarization surveying and drilling will follow, beginning in late July.
Khan uul Gold Prospect, Khan uul License
A mapping and trench resampling program is under way on a large area of
limonitized and silicified quartz sericite chlorite schists, 1.5km x 0.5km.
Initial work included resampling of two trenches in the central portion of
the target area. Results from trench, KUT-1, returned low but anomalous
gold values while results from, KUT-2, 300 metres east returned 12 metres
averaging 4.8 g/t Au including 4 metres averaging 19.53 g/t Au. The
re-sampling program is testing previous Russian work where a resource in
excess of 500,000 ounces was reported.
Khargas Gold Prospect, Khargas License
The main exploration focus within the Khargas license is the Khargas gold
prospect. Previous exploration returned up to 1.33 g/t Au over 15 metres
within an altered, serpentinized ultramafic part of the Khargas ophiolite
zone. Alteration has been traced over an area, 1,000 metres x 50-100
metres. A trenching program is currently being implemented.
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