Ron - In reflecting on this, I think my interpretation this morning was backwards. Rather than being responsible for the recent strength in IPJ, I think it is more likely that Barricks recent interest in JVAG stems from some good results obtained on IPJ's own properties. I'm going to guess that we have good news forthcoming from the Ulzit Gol targets, either Khukh Bulag or Khar-at-uul. This would also explain why IPJ stepped up its buybacks this fall. It is possible that they do not want to release results until they have completed their repurchase. I have reposted several recent news releases below. I believe that the italisized portions both refer to the same target, with there being a misprint in the earlier release of .72g/t over 10 meters instead of 3.72g/t. This target also corresponds to one mentioned for Ulzit Gol in IPJ's annual report: " The Huh Bulagin Hunidy gold/copper skarn is locted at the contact of a metamorphosed limestone and diabase sill. Several mineralized lenses have been identified through trenching over a 2 kilometer strike length. One lens is reported to grade 8.8g/t gold overa 20 meter width with a strike length of 160 meters. A possible resource of 110,000--ounce gold has been reported for the zone, based on a 4.0g/t cutoff." I am fairly well convinced from watching the stock that there is definitely something going on here. What do you think?
International Pursuit Corporation -
Mongolia activities and plans
International Pursuit Corporation
IPJ
Shares issued 23673172
1997-08-13 close $1.5
Thursday Aug 14 1997
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.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
International Pursuit Corporation -
Ulzit gol results
International Pursuit Corporation
IPJ
Shares issued 29067395
1997-07-07 close $1.6
Tuesday Jul 8 1997
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.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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