News Release - Granting of 7th Gen CoWs at Mahakam E&W
7th generation contracts of work signed
International Pursuit Corporation IPJ
Shares issued 29,096,895 Feb 18 close $3.00
Thu 19 Feb 98 News Release
An anonymous director reports
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. 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 (ie Manto, Tebihi and
Luso), as previously announced by the company in Stockwatch on November 27
1997.
Pursuit is 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 indicated to be 1.5km
long and up to 500m wide. Although predominantly copper rich (ie up to 0.7%
copper over 500 metres 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%
molybdenum and 0.5% copper. A third target, Luso, will also be inspected in
the next field phase, to expand outcrops of skarn mineralization grading up
to 1 g/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 12km 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 g/t gold and outcrops up to 1.1 g/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. |
