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
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
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
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.
President and Chief Executive Officer
Neither
For further information, please contact:Leni Keough President and Chief Executive OfficerOlivut Resources Ltd. (780) 866-2226
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