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Indonesian projects continue; Porphyry district in Kalimantan discovered
International Pursuit Corporation IPJ
Shares issued 29,096,895 Nov 25 close $1.16
Wed 26 Nov 97 News Release
Mr Stephen Dattels reports
A signing ceremony will take place in December 1997 for the first two of the company's contracts of work (CoW). Approvals are anticipated for Mahakam east and Mahakam west, the company's top priority applications. These two CoW applications total approximately 400,000 hectares and include a number of recent gold and copper discoveries. The most advanced of these is the Manto porphyry copper prospect. This discovery was made by diligently following up a stream geochemical sample yielding 16.8 g/t gold and mineralized float samples assaying 0.1%, 0.7% and 0.9% copper. Airborne geophysical surveys involving magnetic and radiometric components were completed over Mahakam east in May 1997. The interpretation of results, coupled with our known geology indicate a large buried central intrusive ringed by six subsidiary, high level porphyry intrusives (the 'Mahakam Cluster'). The prospective area is 12km in diameter and to date only two porphyries have been partially sampled (i.e. the Manto and Tibilhi). Three other large mineralized porphyry systems have been identified and are currently being evaluated across the 110km length of the Mahakam CoWs.
The Manto prospect is a typical high level porphyry type mineral occurrence and is yet unexplored on its south and east sides. To date mineralization is predominantly copper with zones of molybdenum (up to 0.4% Mo) and gold (up to 1.0 g/t). Recent preliminary sampling along Kayan Creek, in the center of the Manto prospect, returned 0.7% copper over 500m. Mineralization has now been identified over an area 1.5km long by 400m wide. Prospecting and sampling programs have recently resumed. The Mahakarn Cluster lies 45km by road from ocean barge terminals on the Mahakarn River. In 1996 Pursuit and its now 100% owned Dayak Goldfields, applied for 24 CoW's covering approximately five million hectares throughout central Kalimantan. Following regional prospecting, geochemical surveys and airborne geophysical surveys over most of its application areas, the company identified five of the most prospective applications covering approximately 970,000 hectares for final CoW approval.
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