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Gold/Mining/Energy : Corsair Exploration CXI A
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To: Aloysius Lo who wrote (95)3/3/1998 5:37:00 PM
From: Aloysius Lo  Read Replies (1) of 99
 
Mr Darold Parken reports
The formal contract of work for the company's 37,500 ha Gowa property located
in South Sulawesi, Indonesia was signed by the Indonesian Minister of Energy and
Mines at a ceremony held in Jakarta on February 19 1998. The contract of work
provides security of Corsair's title and removes all restrictions on drilling activities.
Very successful ground magnetics, geological mapping, soil geochemistry and
trenching have been completed on this 37,500 hectare property. Trenching of the
geological anomaly had revealed an open-ended 1400m strike length of gold
bearing silica rich shear zone.
A recently completed IP survey initially focused on the shear zone, but was
expanded southward as a strong chargeability anomaly was discovered. The
largest IP anomaly covers an area approximately 600m by 1400m and is open to
the south and to depth. This is interpreted as representing a zone of disseminated
sulfide mineralization occurring at a relatively shallow depth below surface
(approximately 50 metres). A variety of chargeability and resistivity anomalies will
be drill tested for potential hydrothermal/epithermal and porphyry deposits.
A drilling contractor has been engaged and the company is preparing drill rig
access to the first drill hole locations. An initial 1100 metre diamond drilling
program will begin in mid-March to test the very strong IP anomalies, and to
investigate further the gold bearing shear zones.
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