Olivut Resources Ltd. Exploration Update
Olivut Resources Ltd. Exploration Update
TORONTO, Sept. 13, 2018 -- As announced in July, Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV), signed an
Option Agreement with Talmora Diamond Inc. (“Talmora”) to earn 50% on part of Talmora’s Horton Project, namely the
Seahorse Project, located in Canada’s Northwest Territories (the “Seahorse Project”). The Company also announced in July
that it raised a total of $1,708,000 through private placements to fund option earn-in commitments and for general exploration
and administrative purposes.
During August, crews and equipment were mobilized to initiate the detailed airborne geophysical survey program on the
Seahorse Project. To date, unseasonable, extremely poor weather conditions continue to severely hamper field progress with
the helimag survey since flying is not possible. Reconnaissance work to assist with the planned drill program has been
carried out. If these adverse weather conditions persist, the work that cannot be completed this season will be rescheduled to
be conducted during the spring when crews can benefit from lengthening daylight hours and hopefully, more stable air
masses. The project must be supplied by small aircraft and helicopter.
The Company is looking forward to being able to drill test the targets as soon as practical. Olivut considers the Seahorse
Project to have the potential to host kimberlite bodies of significant size based on a combination of: favourable diamond
stability indicator minerals found regionally and locally, including macro diamonds found in regional samples to the west and
northwest; specific target geophysics; faulting on a regional and local scale; occurrence of diamondiferous kimberlites to the
north and south east, as well as other geological data affecting the area.
The Company believes the Seahorse Project could be the source of the numerous (18) macro diamonds found in regional
samples down ice to the west, as well as the positive indicator mineral chemistry found regionally. The helimag survey will
provide additional detail for drilling. Although Talmora has been active in the area, it has not been able to conduct meaningful
exploration on the Seahorse Project due to a lack of funding during a prolonged negative market environment. New research
and geological information has added further support to a very compelling exploration project.
Numerous targets are drill ready on the HOAM Project and a detailed helimag is proposed for the remaining regional
geophysical targets in order to finalize the drill priority list. Completion of these work programs is contingent on the raising of
additional funds in excess of those committed to the Seahorse Project.
Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project (the “HOAM Project”) and an
option to earn 50% interest in the Seahorse Project, both projects being located in Canada’s Northwest Territories. Please
visit www.olivut.com for detailed corporate and project information.
This press release contains forward-looking statements with respect to the Company, and matters concerning the raising of
additional capital, the business, operations, strategy, and financial performance of the Company. Actual results may differ
materially from those indicated by such statements. These statements generally, but not always, can be identified by use of
forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the
negative thereof or similar variations. All statements, other than statements of historical fact, included herein, including,
without limitations statements regarding future production, are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Such forward-looking statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections
regarding the Company’s properties are realized. Forward-looking statements are based on a number of assumptions which
may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press
release and the Company does not undertake any obligation to update such statements except as required by law.
Martin St. Pierre, P.Geophys., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the
scientific and technical disclosure in this press release.
Leni Keough, P.Geo.
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Leni Keough
President and Chief Executive Officer
Olivut Resources Ltd.
(780) 866-2226