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TORONTO, Jan. 17, 2025 (GLOBE NEWSWIRE) — Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV) hereby provides an exploration update for the 2024 field program underway at the Seahorse Project (“Seahorse Project”).
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A small bulk sample was collected to follow up previously reported excellent results of one macrodiamond larger than 1mm and 19 microdiamonds found in heavy mineral sand concentrates taken from the same area. Several of these previously reported microdiamonds have features that indicate they are fragments of larger diamonds. A drill program is in the process of being planned to test the main Seahorse geophysical target and related targets.
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The 2024 batch sampling program is being implemented concurrently with a required investment program that maximizes the benefits of planning. Therefore, one hundred and eighty three (183) samples were collected from +0.5mm to -1.0mm and +1.0mm to -3.5mm coastal material. Of these, fifty-one (51) budget samples (approximately 7 kg per sample) of the coarse size fraction were analyzed using caustic fusion by the Saskatchewan Research Council (“SRC”). No large diamonds were found. Shrinkage caused by wave action is a possible explanation.
The analysis of the remaining 132 samples will not be carried out at this time as the drilling test of the main target of Seahorse is considered a priority in view of the 19 microdiamonds previously found and the macrodiamond, and the presence of large pyrope grains obtained from the caustic fusion of 2024. .
The first ongoing examination of the remains of 51 samples by Dr. Malcolm McCallum and his colleagues at the laboratory sites in Loveland, Colorado, show that these coarse samples contain much less heavy minerals compared to the diamond-bearing samples collected from previous field projects that were taken from them. Seahorse main target. These 51 samples were reduced by caustic fusion to generally less than two grams per sample indicating that the original sample was composed primarily of the dilution of light, silicate minerals. In contrast, previous diamond-bearing samples were obtained by careful collection of very fine grains (>95% less than 0.5mm), marine sands rich in heavy minerals.
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One 2024 crude sample (apparently mostly <0.5mm) collected in shallow water near the coast, was analyzed by SRC using an Inductively Coupled Plasma (“ICP”). Compared to samples from the previous batch with the same grain size, this sample had higher levels of potassium, aluminum and sodium which might be expected due to the presence of clay minerals observed. This also supports a possible explanation for dilution. Otherwise, the material had the same chemical composition as previously reported samples containing microdiamonds.
The Company considers the Seahorse Project to have the potential to host diamondiferous kimberlite bodies of significant size based on a combination of: caustic fusion results including 19 microdiamonds and one macrodiamond; results of the 2019 training program; diamond-bearing minerals are found locally and locally, including 18 large diamonds found in samples from the western and northwestern regions; geophysical targets; regional and local faults can favor kimberlite emplacement; the occurrence of diamondiferous kimberlites in the north and southeast, and other geochemical details in the area.
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The Seahorse Project is a 50/50 joint venture (“JV”) between the Company and Talmora Diamond Inc. Future operations, including the planned mining program for the large Seahorse target mentioned above, will require additional funding to be obtained by the . JV partners.
Olivut is a diamond exploration company that owns a 100% mineral interest in the HOAM Project (the “HOAM Project”) and a 50% interest in the Seahorse Project. Both projects are located in Canada’s Northwest Territories.
The HOAM project has many targets that are ready for mining.
Please visit www.olivut.com for detailed business and project information.
This press release contains forward-looking statements about the Company, as well as matters relating to the Company’s additional capital raising, business, operations, strategy, and financial performance. Actual results may differ materially from those indicated by those statements. These statements generally, but not always, can be characterized by the use of forward-looking words such as “may”, “will”, “anticipate”, “estimate”, “anticipate”, “intend”, “believe” or “continue” or the like. or similar variations. All statements, other than statements of historical fact, included herein, including, without limitation, 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 may differ materially from those anticipated in such statements. Such forward-looking statements are qualified entirely by the inherent risks and uncertainties surrounding future expectations, including whether estimates and assumptions regarding the Company’s properties are realized. Forward-looking statements are based on numerous assumptions that 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.
Todd McKinlay, PGO., Qualified Person as defined by National Instrument 43-101, reviewed and approved the scientific and technical disclosures in this press release.
Leni Keough, P.Geo.
President and CEO
Neither the TSX Venture Exchange nor its Legal Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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