Rick: There is another news release from IPJ/DAYK which I will post below.
The deer jumped out from behind an oncoming car. McLoring was in the truck with me, quite exciting. Now, I missed the deer only to discover that there was a second deer. I was already into a 4 wheel lockup for 80 feet, hit the deer and still skidded with the 4 wheel lockup for another 40 feet. Needless to say, the poor deer didn't survive. Ironically, McLoring and myself were talking about hunting deer for about 10 minutes just before this happened. Had to get a 62 mile tow back to Salmon Arm. O Well, could have been worse, will now have to reschedule the trip for a couple of weeks. BTW, I can't recall mentioning this to you, guess you heard from your broker in Calgary.
Sorry for the off thread news, but HERE IS THE PROMISED ADDITIONAL
POST.
IPJ/DAYK/JVAG look like they are really going to be company makers indeed McBrody, fully agree. Looks like the ticket to my next adventure trip to the south seas is about to happen!
Return-Path: <netnews@cdn-news.com>
Date: 28 Feb 1997 17:56:09 -0000
From: netnews@cdn-news.com
To: reverest@jetstream.net
Subject: Hot Off The Wire: INTERNATIONAL PURSUIT CORPORATION
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Canadian Corporate News --- Hot Off The Wire
News Release for "INTERNATIONAL PURSUIT CORPORATION"
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*** As of January 1, 1997, many Canadian public companies are
*** required to electronically file their disclosure documents.
*** Visit tefa.com for more information.
===================================================================
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: INTERNATIONAL PURSUIT CORPORATION
TSE;NASDAQ SYMBOL: IPJ;IPUCF
FEBRUARY 28, 1997
Pursuit Acquires Significant Land Position In Mongolian
Gold Belts
TORONTO, ONTARIO--
Pursuit's Exploration Properties Contain Initial Gold Resources In
Excess Of 600,000 Ounces
International Pursuit Corporation ("Pursuit"), through subsidiary
companies, announces today the acquisition of a significant
property portfolio in Mongolia. The properties are concentrated
in the south central portion of the country and include a major
position in the prospective Bayanhongor Gold Belt. This portfolio
includes direct and indirect hardrock interests in special and
strategic exploration licenses.
The geologic terrain of Mongolia provides a number of environments
conducive to the development of bulk tonnage gold deposits. These
include epithermal gold, basin and range (Carlin), intrusive
related stockwork and vein type, and skarn gold deposits. The
presence of the Maurantau (40 M oz Au), Kumtor (9.3 M oz Au) and
Balei (4 M oz Au) deposits within on-strike geologic terrain's on
either side of Mongolia indicates the countries vast potential.
Previous exploration for low grade, bulk tonnage type targets,
using state of the art exploration methods and recent advances in
regional gold deposit models is almost non-existent. The
following information has been gathered through a 12 month due
diligence study by Pursuit and examination of all available
geologic data.
BAYANHONGOR GOLD BELT
The Bayanhongor Gold Belt hosts approximately 16 significant
hardrock gold prospects. The belt is defined by a collision
suture zone dominated by Lower Cambrian carbonate-volcanogenic
schist and ophiolite complexes. The belt is intruded by multiple
small grano-diorite, diorite and syenite intusives of
Carboniferous age. Gold mineralization is associated with
intrusive related quartz stockworks, veins and skarns.
The Ulzit Gol property hosts the Huh Bulagin hundiy gold/copper
skarn zone. Gold mineralization is located at the contact of a
metamorphosed limestone and a granodiorite intrusive. Several
mineralized lenses have been identified through trenching over a 2
km strike length. One lense is reported to grade 8.8 gpt Au over
20 metres with a strike length of 160 meters. A possible resource
of 110,000oz Au with an average grade of 5.6-8.6gpt Au has been
reported for the zone based on a 4 g/t Au cut-off.
Further south on the Ulzit Gol property the relatively unexplored
Khar-At uul prospect is characterized by a quartz stockwork zone
approximately 550 m in diameter. Free gold associated with
limonite zones has been observed while a single grab sample was
reported to contain 15 g/t Au.
The Khan-uul area is situated 100km southeast of Ulzit Gol in the
Bayanhongor gold belt. Gold mineralization is reported in broad
zones of limonitized and silicified quartz-sericite-chlorite
schists intruded by granite porphyry intrusives situated along a
major east-west structure. A mineralized zone grading 0.8-6.2 g/t
Au is reported to contain a possible resource of 550,000 oz Au.
BAYANLEG-BAYANGOVI GOLD BELT
The northern portion of the Bayanleg-Bayangovi gold belt is
underlain by an active continental margin environment of Paleozoic
age. Gold occurs in veins, skarns and stockworks associated with
Devono-Carboniferous grano-diorite intrusives in the Tsakhir
Khudag area.
ERDENE DALAI
The Erdene-dalai prospect is characterized by a large gold anomaly
covering an area of abundant quartz veining over an area 2km x
1km. Six gold occurrences have been identified in the area with
grades ranging from 0.6 to 20 g/t Au. The area lies on a splay
off a major regional fault cutting Permian age sediments and
granites.
URGAMAL GOLD BELT
Dayak Gold Corporation, ("DAYK") has an interest in the Khargas
property in northwestern Mongolia which is underlain by an
east-west trending zone of basic igneous rocks and ophiolites
representing an island arc sequence. On February 4, 1997,
International Pursuit Corporation announced a takeover bid for
Dayak Gold Corporation. Intrusions of Cambrian age basic to
intermediate rocks has produced an alteration assemblage of
hematite and siderite. Intense alteration zones of chlorite,
epidote, carbonate, quartz and pyrite are distributed irregularly
along a zone 150 m wide by 900 m long. Minor trenching and grab
samples has indicated trace gold of up to 3 g/t Au with anomalous
bismuth, arsenic and copper. Two additional prospects in the
area include a intrusive related replacement zone with coarse gold
panned from local drainages and a gold/copper skarn identified as
having a 3 km strike length. Grab samples are reported to range
from 1.0 to10.0 g/t Au.
CORPORATE SUMMARY
International Pursuit has now been able to acquire direct and
indirect interests in the largest exploration position in
Mongolia. Management believes that based on the countries under
explored yet very prospective gold belts and recent improvement in
the mining investment climate, Mongolia will emerge as one of the
worlds major gold exploration regions. The presence of RTZ/CRA,
BHP and several other western mining company attests to the
countries potential.
Pursuit is an exploration mining company whose shares trade on the
Toronto Stock Exchange under the symbol 'IPJ'. Dayak trades on
the Canadian Dealing Network (Toronto) under the symbol 'Dayak'.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen R. Dattels William B. Burton
President Executive V.P., Exploration
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
International Pursuit Corporation
Investor Relations
(416) 947-9216 or 1-800-396-5188
INDUSTRY: MNG
SUBJECT: NWS
-0-
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