Drilling by International Pursuit (TSE) continues to test the Hinoba-an copper project 600 km southeast of Manila, on the Philippine island of Negros.
While initial progress has been slow, the principal target, called the A-1 anomaly, is evidently mineralized.
The property already contains the Don Jose copper deposit, which contains measured reserves of 100 million tonnes grading 0.45% copper in a large, low-grade hydrothermal system.
Eight diamond drills have completed seven holes, and seven others are in progress. Four holes were drilled to determine the gold, silver and molybdenum concentrations in the Don Jose deposit, and to test its possible strike extension to the north. Seven holes tested the A-1 anomaly, an area with coincident induced-polarization response and high copper concentrations in soils. Two holes have been advanced on another similar area, the A-2 anomaly, while another is being drilled on a third target. The company says 1,008 of the 2,930 metres of core drilled to date are “ore-grade,” based on visual inspection.
The country is experiencing an upswing in exploration activity, and laboratories are backlogged with samples. This has meant delays in the analysis and reporting of results. These and other concerns have led Pursuit to question the quality of some analyses. Accordingly, it is setting up its own on-site sample preparation lab, with samples sent to an Australian lab for assays.
On the financial front, Pursuit reported earnings of $1.9 million (or 13 cents per share) on revenue of $4.4 million for the first six months of 1995. For the same period in 1994, earnings were $5,721 on $417,195. The principal revenue item was a net gain on the sale of investments of $4.3 million.
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