TORONTO, Oct. 27 /CNW/ - Olivut Resources Ltd. ("Olivut" or the "Company"--TSX-V:OLV) is pleased to provide an update for the recently completed 2009 HOAM field exploration program.
Highlights of the 2009 drilling program include the following:
- 5 new kimberlite discoveries
- 18 holes drilled
- 10 holes intersected kimberlite
- 240.1 kg kimberlite submitted for caustic fusion
- program completed on schedule
- well financed to conduct ongoing exploration
The Company was very pleased with the amount of work accomplished and results obtained during an abbreviated season in which 10 holes were planned and 18 holes were actually drilled.
The 2009 exploration program was designed specifically to drill untested targets that were identified in previous seasons by airborne magnetic and helimag geophysical surveys. In addition, several holes were completed as a pilot test into anomalies defined by a structural analysis study. Two holes were drilled into a previously identified, relatively large (~2-3 ha) kimberlite to assess the potential of multiple phases. Both diatreme and/or hypabyssal kimberlites have been identified in the new discoveries and representative samples have been submitted for caustic fusion analysis.
Many targets remain to be tested. Interpretation of regional airborne and helimag surveys, previous heavy mineral sampling programs, and drilling results is being carried out in an effort to assess different types of anomalies that may reflect diamond bearing targets. Results of these studies will be utilized in the Company's 2010 field program.
Concurrently, Olivut is ramping up for exploration in Uruguay during Canada's winter. As reported on May 26, 2009, the Company signed an Option Agreement with Uruguay Mineral Exploration Inc. ("Uruguay Minerals" or "UME" - TSX-V: UME and LSE: UGY) whereby Olivut may earn up to 80% interest in diamond prospecting and exploration licenses (the "Properties") located in northern Uruguay, South America. These Properties are held by Cinco Rios S.A., a wholly owned subsidiary of UME. Olivut must incur a minimum expenditure of $CDN250,000 by June 1, 2010 and a total of $CDN750,000 by December 31, 2011 in order to acquire a 51% interest in the Properties. Olivut will act as operator for the exploration program.
The stable craton of Uruguay is consistent with that of southern Africa. A combination of excellent geochemistry and geophysical targets will provide the focus of initial exploration efforts that are planned to include sampling, geophysics and drilling.
Olivut is a diamond exploration company with a 100% mineral interest in over 2,000,000 acres in the HOAM Project in Canada's Northwest Territories and its UME option. 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.
Dale Mah (P.Geol.), a Qualified Person as defined by National Instrument 43-101, has reviewed the contents of this press release.
Leni Keough, P.Geol.
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.
SOURCE OLIVUT RESOURCES LTD.
For further information: For further information: Leni Keough, President and Chief Executive Officer, Olivut Resources Ltd., (780) 866-2226