Olivut Resources Ltd. Exploration Update
Olivut Resources Ltd. Exploration Update
TORONTO, July 17, 2023 -- Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV), is pleased to provide an exploration
update. Results of recent further sample analyses from the Seahorse Project, a 50/50 joint venture between the Company and
Talmora Diamond Inc., have become available.
Saskatchewan Research Council (“SRC”) has reported the recovery of one macrodiamond from caustic fusion analysis of a
beach sand heavy mineral concentrate sample weighing 1.8 kg taken proximal to the main Seahorse target. The
macrodiamond has dimensions of approximately 1.9mm x 1.4mm and weighs 5.2628 mg. The diamond is described as off-
white, transparent, distorted, octahedral, and having minor resorption with inclusions and surface pitting.
In addition, Dr. Malcolm McCallum and associate in laboratory facilities located in Loveland, Colorado, have identified a
microdiamond (<0.5mm) from the same 1.8 kg sample. As previously reported, Dr. McCallum’s initial evaluation of this beach
sand indicates that heavy minerals such as opaque oxides (rutile, pseudorutile, ilmenite, titanium magnetite, chromite), garnet
of various compositions, Rare Earth Element (“REE”) minerals (allanite, monazite), zircon, barite and hypersthene are
concentrated in the less than 1mm fraction. In addition to elevated REE values, this beach sand also contains significantly
elevated titanium oxide (“TiO2”), zirconium and barium in heavy mineral concentrates.
Also, two G-9 pyrope garnets and a picroilmenite were confirmed previously in this sample. The identification of a
macrodiamond and a microdiamond, in addition to the previously reported geochemical results, from this relatively small
sample is highly encouraging in the context of the sample’s proximity to geophysical targets.
In light of these recent results, as soon as possible, a field program will be expedited to sample in the vicinity of the main
Seahorse target. Logistical planning is underway. The program will include collection of a heavy mineral mini bulk sample from
the beach sands to recover kimberlite indicator minerals including diamond and other heavy minerals. It is anticipated that
additional caustic fusion analysis will be required.
Additionally, a staking program will be carried out during the current year to cover certain targets within the larger prospecting
permit boundaries as current legislation requires.
The Company considers the Seahorse Project to have the potential to host diamondiferous kimberlite bodies of significant size
and perhaps other mineral deposits, based on a combination of: the recent caustic fusion results; REE and TiO2 results; 2019
drill program results; favourable diamond stability indicator minerals found regionally and locally, including 18 macro diamonds
found down-ice in regional samples to the west and northwest; specific geophysical targets; regional and local faults that
would favour kimberlite emplacement; occurrence of diamondiferous kimberlites to the north and southeast, as well as other
geochemical data in the area.
There is no known historical detailed exploration work in the region. Due to its remoteness, the project area must be supplied
by small aircraft and helicopter.
Numerous targets are drill ready on the HOAM Project and a detailed helimag program is proposed for additional regional
geophysical anomalies in order to finalize the drill priority list. Completion of the HOAM work program is contingent on the
raising of additional funds.
The Company will report further details once they are available.
COVID-19 and its effects prevented any field program related work being conducted since 2020 on the HOAM Project and on
the Seahorse Project. Work programs may continue to be affected by potential supply chain disruptions and additional related
costs arising from the COVID-19 pandemic, particularly on planning and work in the 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
For further information, please contact:
Leni Keough
President and Chief Executive Officer
Olivut Resources Ltd.
(780) 866-2226
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.