TORONTO, ONTARIO--(Marketwire - Jan. 4, 2013) - Olivut Resources Ltd. ("Olivut" or the "Company") (TSX VENTURE:OLV) provides an update for its exploration programs.
The 2012 HOAM exploration program, reduced in scope and expenditure as a result of world financial markets, resulted in the discovery of one new kimberlite from 11 holes drilled to test nine geophysical targets. Saskatchewan Research Council reported no diamonds from 245 kilograms of kimberlite core submitted for caustic fusion analysis. Information from the 2012 program has proved to be valuable in prioritizing new targets for evaluation and possible drill testing. The Company is currently conducting detailed geophysical analysis of its extensive regional magnetic database. Based on positive results, additional airborne surveys are warranted. Plans will be undertaken to conduct field work as financing and weather permit.
The HOAM Project covers a very large, underexplored region of the Northwest Territories. Stream sediment and till sampling have identified areas with extremely positive diamond inclusion field kimberlite indicator minerals ("KIMS"). To date, Olivut has discovered 29 kimberlites within this area. Although some of the kimberlites are microdiamond bearing, none contain diamond inclusion field minerals and the sources for these diamond associated KIMS remain to be discovered. Based on the indicator mineral chemistry, geophysics and drill results, management believes that there is a high probability for discovery of economic kimberlite pipes.
Planning is underway for the next phase of work on the ITAPOTY Diamond Project in Paraguay. It is anticipated that a stream sediment/colluvium sampling program will be undertaken to provide focus for further detailed geophysical surveys to identify possible sources of diamonds and kimberlite indicator minerals recovered from river gravels. To date, 37 macro diamonds between one and two millimetres in size have been found. Diamond distribution and surface features suggest multiple local sources. Regional geology is permissive for the emplacement of kimberlite diatremes and dykes.
Olivut has the option to earn 50% of the ITAPOTY Diamond Project in accordance with an agreement with Latin American Minerals Inc. ("LAT") (TSX VENTURE:LAT) and certain of its Paraguayan subsidiaries. Olivut is the operator of the project.
Olivut is a diamond exploration company with a 100% mineral interest in over 142,000 acres in the HOAM Project in Canada's Northwest Territories and the right to acquire a 50% interest in the Paraguay project under its option with Latin American Minerals. Please visit www.olivut.com for detailed corporate and project information.
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. 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.
Paul Pitman, P.Geo., and Martin Jackson, MAusIMM, Qualified Persons as defined by National Instrument 43-101, have reviewed the contents of this press release for the HOAM Project and the ITAPOTY Project respectively.
Leni Keough, P.Geo.
President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.