Olivut Resources Ltd. Exploration Update
Olivut Resources Ltd. Exploration Update
TORONTO, Feb. 05, 2024 -- Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV), is pleased to provide an
exploration update. Results of a recent sampling program on 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 18 microdiamonds (<0.5mm) from caustic fusion
analysis of a 323.35 kg sample of beach sand heavy mineral concentrate taken proximal to the main Seahorse target. The
beach sand sample was collected from paleo strand line material, naturally concentrated through wave action and typically fine
grained in small lakes. More than 95% of the analyzed material was less than 0.5 mm in grain size, which would limit the
probability of the recovery of any macro diamonds (>0.5 mm).
The mini bulk sample was taken to follow-up on the previously reported one macrodiamond, one microdiamond, two G-9
pyrope garnets and a picroilmenite identified in a small 1.8 kg sample taken from the same location.
The identification of 19 microdiamonds and one macrodiamond from these sediment samples proximal to geophysical targets
is extremely positive and very encouraging, as it is very rare to identify microdiamonds or macrodiamonds in field sediment
samples.
Five stream samples also were obtained in the general region close to the Seahorse target. Four pyrope garnets in in addition
to numerous picroilmenites and chromites were identified by SRC in these samples.
It has been previously reported 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 of beach samples. In addition to elevated REE values, the beach
sand also contained significantly elevated titanium oxide (“TiO2”), zirconium and barium in heavy mineral concentrates.
In light of these results, planning for next steps is underway and will be reported to shareholders when available.
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.
Separately, on the HOAM Project, numerous targets are drill ready 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 from 2020 -2022 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
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