Olivut Resources Releases Diamond Project Update

- January 16th, 2020

Diamond explorer Olivut Resources, has released an exploration update for the Seahorse project located in Canada’s Northwest Territories.

Diamond explorer Olivut Resources (TSXV:OLV), has released an exploration update for the Seahorse project located in Canada’s Northwest Territories.

As quoted from the press release:

As previously reported, the field portion of the 2019 drill program on the Seahorse Project located in Canada’s Northwest Territories (the “Seahorse Project”) ended in late September.  Encouraging results from this program warrant additional work.

Six holes were drilled to test certain regional geophysical targets that had been confirmed and further delineated by a detailed helimag program that was conducted during April and May 2019.  The six holes were drilled to a maximum depth of 316’ using a reverse circulation, heli portable drill.

Each of the holes intersected varying depths of extremely fine-grained clays that do not appear to be derived from the dolomite country rock that is exposed proximal to the targets.  Down hole drilling conditions were exceptionally challenging in the holes, as was the recovery of drill sample material, due primarily to the nature of the intersected clays.  Samples were collected from each of the holes and sent for analysis to Saskatchewan Research Council.

Preliminary visual inspection of the down hole material, as well as further microscopic examination of many of samples collected, could not specifically identify with certainty the host rock from which the clay material is derived.  However, whole rock and multi-element geoanalytical results have returned complex chemistry that warrants further work.

Initial results reflect anomalous, elevated levels of numerous heavy and light rare earth elements relative to levels of the same elements found in till samples obtained in the general region.  These levels are generally higher than, or consistent with, levels of rare earths detected in clays found to occur over certain kimberlites identified in some locations of the world.  Sulphides, including pyrite and sphalerite, as well as other mafic minerals were easily identified in many downhole samples.  None of these findings can be explained by the exposed country dolomitic rocks.

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