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   81602
   We propose to observe the ultra-luminous, highly variable, compact X-
   ray source, called source~1, located in the nearby spiral galaxy IC342.
   Its spectra obtained in the ASCA PV observation can be described very
   well with a mult-color disk blackbody model of T_{in} 1.7 keV,
   suggesting that the object is a mass accreting black hole (BH).
   However, the high value of T_{in} apparently contradicts the high BH
   mass required by its high luminosity up to 2 10^{40} ergs s^{-1}. A 200
   ksec exposure onto this object will help us solve these puzzles,
   through; (1) a search for the oribtal period; (2) study of the short-
   term variability; (3) better quantification of the spectrum; and (4)
   investigation of the spectral changes.
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