Olivut Resources Ltd. is an exploration and development company that commenced trading on the TSX Venture Exchange (TSX-V:OLV) Toronto, Canada in 2007.
There are 35,487,935 common shares issued and outstanding.
HOAM Project, NWT
- 29 kimberlite discoveries to date
- numerous additional priority drill targets identified
Itapoty Diamond Project, Paraguay
- 59 diamonds have been recovered from the property by LAT
- Diamond distribution suggests local and multiple sources
- Diamonds found in coarse fraction (1-2 mm)
- Surface features of diamonds indicate proximal sources
- Sample results have yielded numerous Kimberlite Indicator Minerals
- Regional and local geology supports emplacement of diatremes and dykes
The Company’s principal asset is a 100% interest in the HOAM Project in the Interior Plains region of Canada's Northwest Territories. The community of Fort Simpson is located approximately 15 kms from the HOAM property in the south and the village of Deline is located about 20 kms from the project area in the north.
This region is considered to be favourable for the emplacement of diamond bearing kimberlites. Olivut has made 28 kimberlite discoveries to date and has additional numerous targets defined for drilling.
Prior to Olivut's involvement in the area, this region was subjected to little modern exploration techniques. High resolution, regional magnetic geophysical surveys, detailed heli-mag geophysical surveys and geochem sampling programs all conducted by Olivut have identified several favourable areas for kimberlite occurrence.
- A National Instrument 43-101 Technical Report (see Nov. 30, 2012) written by Paul Pitman, P.Geo. details the merits of the HOAM Project.
In July, 2011 the Company announced that it had signed an Option Agreement (“the Option”) with Latin American Minerals Inc. ("LAT") (TSXV:LAT) and certain of its Paraguayan subsidiaries to explore the Itapoty Diamond Project located in central Paraguay, South America.
Pursuant to the terms of the Option, Olivut may earn 50% of the project by incurring CDN$250,000 in expenses related to the property in the first 12 months and an additional CDN$750,000 in the following 18 months. Olivut is the operator of the project.
The Company is please to have the opportunity to complete early stage evaluation for diamond potential in relatively unexplored regions. Olivut views exploration joint venture opportunities of this kind to be very worthwhile for its shareholders as a way to provide possible additional upside potential through new exploration of promising terrain. The intent is to focus limited, initial expenditures on the ground to evaluate the potential for economic diamond deposits of meaningful size. The aim of the Company's management and the Company's technical team is to acquire, in their view, enough new scientific information from this early stage analysis to conclude relatively quickly if the project warrants further corporate commitments.