*******NEWS********
Mongolia activities and plans
International Pursuit Corporation IPJ
Shares issued 23,673,172 Aug 13 close $1.50
Thu 14 Aug 97 News Release
Mr Stephen Dattels reports
The following is a report on the company's activities in Mongolia and its
plans for additional work.
Ulzit Gol (Blue Springs) Licence
The Khukh Bulag prospect lies within the 409,800 hectare Ulzit Gol (Blue
Springs) licence in west central Mongolia. As reported last month, Pursuit
confirmed results from trenches with values ranging from 3.72 g/t gold over
10.0m to 28.6 g/t gold over 6m. Pursuit has now completed geophysical
surveys (induced polarization and magnetics) over this mineralized horizon
which has been traced for 2km. A strong 20 to 40m wide geophysical anomaly
was identified coincident with the trenches and intensifying along strike
to a structural hinge zone. This prospect is now considered a priority
drill target and diamond drilling is planned to begin by late August or
early September.
A second gold prospect, Khar-at-uul, also lies within the Ulzit Gol
licence. Khar-at-uul represents an extensive quartz stockwork system (2km x
500m) surrounded by an alteration zone containing sulphide mineralization
and widespread gold values in outcrops. Recent rock chip sampling within
the alteration zone has returned values up to 3.0 g/t gold. An operating
gold placer deposit lies down-slope to the west. Pursuit recently completed
geophysical surveys (induced polarization and magnetics) over the central
zone. The results indicate two excellent targets both of which measure 400m
to 600m long by 100m to 200m wide. Diamond drilling to test these zones is
planned for mid-September.
A third gold prospect within the Ulzit Gol licence, Bumbuger North, has
recently been elevated to a priority target. This property has geologic
similarities to some multi-million ounce gold deposits to the north in
Russia. The Bumbuger North prospect is known as the "Hill of a Thousand
Sheep" due to the multitude of quartz veins exposed along the valley wall.
The host rocks are comprised of black slates (schists) cut by swarms of
quartz veins and intruded by small diorite plugs and dykes. The area is on
a major collision-subduction zone which divides the northern and southern
megablocks of Mongolia. Grab samples from quartz veins have returned values
as high as 17 g/t gold while the diorites contain up to 4 g/t gold. The
area of interest extends for 12km. Detailed prospecting and geochemical
sampling are under way by Pursuit geologists.
Khargas Licence
The Khargas licence lies in northwest Mongolia and totals 396,900 hectares
in size. The priority target has been termed the Khargas Ophiolite where a
trench completed by earlier workers returned 1.33 g/t gold over 15m.
Geologic mapping by Pursuit has now identified this zone over a strike
length of one kilometre. This zone, consisting of strong carbonate and
sulphide mineralization, exceeds 100m in width as revealed in recent
trenching by Pursuit. Trenching results are pending, and may be followed by
geolophysical surveying.
Other Licences
Pursuit is continuing its evaluation of the Khan-uul prospect within the
400,000 hectare Khan-uul licence. On the Tsakhir Khudag licence (383,100
ha) a reconnaissance team is now completing a preliminary evaluation of a
previously identified gold porphyry prospect. Pursuit's fifth licence,
Erdene-dalai (393,800), will be evaluated later this season.
Pursuit is a Canadian public company whose shares are listed on
the Toronto Stock Exchange under the symbol ("IPJ"). The company
is actively exploring for gold and copper deposits in Philippines,
Indonesia, Mongolia and Nevada.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen R. Dattels William Burton
President and CEO Executive Vice President, Exploration
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
