Olivut Resources Ltd. Exploration Update

TORONTO, June 07, 2023 (GLOBE NEWSWIRE) -- Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV), is pleased to provide an exploration update. Results of recent further analyses of samples from the Seahorse Project, a 50/50 joint venture between the Company and Talmora Diamond Inc., have become available.

Selected samples from the Seahorse Project were recently sent to Saskatchewan Research Council’s (“SRC”) new rare earth element (“REE”) facility established in 2022 for the purpose of conducting rare earth analyses. The Company applied for and was awarded a research grant during late 2022 that covered all costs relating to SRC’s more detailed investigation of the REE content of the homogeneous clays intersected during the 2019 drill program. These REE levels are generally higher than, or consistent with, levels of REE detected in clays found to occur over some identified kimberlites in some locations of the world (e.g. western Australia and Namibia).   Results received in February 2023 for this evaluation confirmed previous results and warranted further investigations regarding REE potential of materials in the vicinity.

The beach sand that was collected during 2018, analyzed for kimberlitic indicator minerals (“KIMs”) and subjected to geochemical analysis, also had elevated REE content. As a result of the recent 2023 SRC REE evaluation of the clays, the beach sand concentrates were treated and are in the process of being microscopically re-examined by Dr. Malcolm McCallum and associate in laboratory facilities located in Loveland, Colorado, in an attempt to determine the source of the REE content. Dr. McCallum’s evaluation of the beach sands indicates that heavy minerals such as opaque oxides (rutile, pseudorutile, ilmenite, titanium magnetite, chromite), garnet of various compositions, REE minerals (allanite, monazite), zircon, barite and hypersthene are concentrated in the less than 1mm fraction. A sample of these <1mm concentrates that was recently sent to SRC for additional geochemical analysis reconfirmed elevated REE content.

In addition to elevated REE values, the beach sand also contains significantly elevated titanium oxide (“TiO2”), zirconium and barium in heavy mineral concentrates. Consequently, more extensive investigation of these beach sands is warranted.

During the 2023 field season the Company intends to protect its targets within the larger prospecting permit boundaries as current legislation requires. Furthermore, as part of these field operations, and depending on results of the ongoing geochemical evaluations, further sampling is intended to ascertain heavy mineral potential in the immediate vicinity.