McBro et Mc'S
Working late tonite. Appears we have a major move into Mongolia.
McDee
Significant land position in Mongolian gold belts acquired
International Pursuit Corporation IPJ
Shares issued 23,724,672 Feb 28 close $4.70
Mon 3 Mar 97 News Release
Mr Stephen Dattels reports
Through subsidiary companies, the company has acquired 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 licences.
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 (40m oz
Au), Kumtor 9.3m oz Au) and Balei (4m oz Au) deposits within on-strike
geologic terrains on either side of Mongolia indicates the country's 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
intrusives 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 at the contact of a metamorphosed limestone and a
granodiorite intrusive. Several mineralized lenses have been identified
through trenching over a 2km strike length. One lens is reported to grade
8.8 g/t Au over 20m with a strike length of 160m. A possible resource of
110,000 oz Au with an average grade of 5.6-8 g/t Au has been reported for
the zone based on a four g/t Au cutoff.
Further south on the Ulzit Gol property the relatively unexplored Khar-At
uul prospect is characterized by a quartz stockwork zone approximately 550m
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 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 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-Bay Angovi 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 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 announced a takeover bid for Dayak Gold. 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 150m wide by 900m long. Minor trenching and grab samples has indicated
trace gold of up to three g/t Au with anomalous bismuth, arsenic and
copper. Two additional prospects in the area include an intrusive related
replacement zone with coarse gold panned from local drainages and a
gold/copper skarn identified as having a 3km strike length. Grab samples
are reported to range from 1.0 to 10.0 g/t Au. |
