Olivut Resources Ltd. Exploration Update

TORONTO, Feb. 05, 2024 (GLOBE NEWSWIRE) -- 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.