Thursday February 19, 9:44 am Eastern Time
Company Press Release
International Pursuit Corporation Mahakam East and West 7th Generation
Cow's Signed by Indonesian Government Exploration Programs Active on
Mahakam Porphyry Prospect
TORONTO--(BUSINESS WIRE)--Feb. 19, 1998--International Pursui(TSE:IPJ. - news; OTC Bulletin Board:IPUCF -
news) International Pursuit Corporation (''Pursuit'' or ''the Company'') announces that on February 19, 1998 an official
signing ceremony in Jakarta with the Indonesian Ministry of Mines ratified two of the Company's 7th Generation Contracts of
Work (CoW).
Pursuit's two newly ratified Cows encompass the Mahakam East and Mahakam West areas, which total approximately
400,000 hectares and include a number of mineralized porphyry discoveries (i.e. Manto, Tebihi and Luso), as previously
announced by the Company, on November 26, 1997.
Pursuit is currently mobilizing two field teams to carry out further geological and geochemical evaluation of both the Manto
and Tebihi Prospects, which on the basis of preliminary sampling have indicated the potential to be large mineralized (Cu,
Mo, Au) porphyry targets. The work program at Manto will seek to expand the area of mineralization that is currently
indicated to be 1.5 km long and up to 500 m wide. Although predominantly copper rich (i.e. up to 0.7 percent copper over
500 meters in preliminary outcrop sampling) molybdenum and gold values are also indicated. The relatively unweathered
chalcopyrite rich potassic alteration of the porphyry suggests that there is no enrichment of the outcrops. In addition, the
identification of roof pendants indicates that this system is largely uneroded. Field work at Tebihi will seek to locate the
source of abundant porphyry float samples grading up to 0.4 percent molybdenum and 0.5 percent copper. A third target,
Luso, will also be inspected in the next field phase, to expand outcrops of skarn mineralization grading up to 1 gm/t gold.
Manto, Tebihi and Luso have been identified as three of six prominent anomalies identified from recent airborne geophysical
surveys, and are collectively termed as the ''Mahakam Porphyry Cluster''. This cluster lies in a semi-circular arrangement
and has been interpreted as being the southeast portion of a collapsed caldera structure, which is up to 12 km in diameter.
This important geological feature lies completely within the Mahakam East CoW area. Reconnaissance surveys on the north
end of the caldera indicate the potential for epithermal gold deposits, since results in this area have returned float samples
grading up to 9 gm/t gold and outcrops up to 1.1 gm/t gold.
Within the Mahakam East and West CoW areas preliminary geological surveys have located three additional porphyry
cluster-type targets. These are Tasan, Tekori, and Pyangi, all with highly anomalous gold and copper values from
geochemical and float samples. At Tekori for example, numerous epithermal float samples in the 25 g/t to 35 g/t gold range
were discovered upstream from an active artisanal alluvial gold operation.
Pursuit anticipates that considerable technical evaluation of these highly-promising targets will be required prior to
establishing any drilling programs. Each prospect will be further explored and prioritized before ground geophysical surveys
lead to the definition of drill targets. Drilling is anticipated in the second half of 1998. While management is encouraged by
the significant potential of these early-stage exploration targets, it must be emphasized that work done to date is very
preliminary and not extensive enough to establish or estimate commercial mineral deposits.
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 in the Philippines, Indonesia, and Mongolia.
On behalf of International Pursuit
Stephen R. Dattels
President and CEO
Contact:
International Pursuit Corporation
Investor Relations, 416/947-9216
or 800/396-5188 |
