Olivut Resources Ltd. Exploration Update

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TORONTO, July 17, 2023 (GLOBE NEWSWIRE) — Olivut Resources Ltd. is pleased. (“Olivut” or “the Company”) (TSXV: OLV) to provide an update on exploration. Results of recent additional sample analyzes from the Seahorse Project, a 50/50 joint venture between the company and Talmora Diamond Inc. , available.

The Saskatchewan Research Council (“SRC”) reported the recovery of one large diamond from a caustic fusion analysis of a 1.8 kg heavy metal concentrated sample of beach sand taken near a prime seahorse target. The Diamond Diamond measures approximately 1.9 mm x 1.4 mm and weighs 5.2628 mg. Diamond is described as off-white, translucent, misshapen, octahedral, and has slight resorption with inclusions and pitting on the surface.

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In addition, Dr. Malcolm McCallum and his colleague at the laboratory facilities located in Loveland, Colorado identified micro-diamonds (<0.5 mm) from the same 1.8 kg sample. As mentioned earlier, Dr. McCallum's initial assessment of this beach sand indicates that heavy minerals such as opaque oxides (rutile, pseudorutile, ilmenite, titanium magnetite, chromite), garnets of various compositions, rare earth element ("REE") minerals (alanite) , monazite), zircon, barite and hypersthene concentrated in a fraction less than 1 mm. In addition to high REE values, these beach sands also contain elevated titanium oxide ("TiO2"), zirconium, and barium in heavy metal concentrates.

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Also, two G-9 pyrope chalcedony and a picroilmenite were previously confirmed in this sample. The identification of feline and small diamonds, in addition to previously reported geochemical findings, from this relatively small sample is very encouraging in the context of the sample’s proximity to geophysical targets.

In light of these recent findings, as soon as possible, a field program of sampling near the primary seahorse target will be accelerated. Logistics planning is underway. The program will involve collecting a small sample of heavy minerals from the beach sand to recover kimberlite index minerals including diamonds and other heavy minerals. Additional caustic fusion analysis is expected to be required.

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In addition, a staking program will be implemented during the current year to cover certain targets within the limits of the larger exploration permit as required by current legislation.

The Company considers the Seahorse Project to have the potential to host large-scale diamond kimberlite bodies and possibly other mineral deposits, based on a combination of: recent caustic melting results; REE and TiO2 results; 2019 drilling program results; Favorable Diamond Stability Index minerals have been found regionally and locally, including 18 large diamonds found beneath the ice in regional samples to the west and northwest; specific geophysical targets; regional and local faults that would aid kimberlite concentration; The presence of diamond kimberlite in the north and southeast, as well as other geochemical data in the area.

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No detailed historical exploration work is known in the area. Due to its remoteness, the project area must be provided with a small plane and helicopter.

Several targets are ready for exploration in the HOAM project and a detailed helimag program is proposed for more regional geophysical anomalies in order to finalize the drilling priority list. Completion of the HOAM work program is contingent on raising additional funds.

The company will report more details as soon as they become available.

COVID-19 and its effects have prevented any field program work from being conducted since 2020 on Project HOAM and Project Seahorse. Work programs may continue to be affected by potential supply chain disruptions and related additional costs arising from the COVID-19 pandemic, particularly in planning and working in the Northwest Territories.

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Please visit www.olivut.com For detailed information about the company and projects.

This press release contains forward-looking statements with respect to the Company, matters related to raising additional capital, and the business, operations, strategy, and financial performance of the Company. Actual results could differ materially from those indicated in such statements. These statements can generally, but not always, be identified by the use of forward-looking words such as “may,” “will,” “expect,” “estimate,” “anticipate,” “intend,” “believe,” or “continue” or its negative or similar variants. All statements, other than statements of historical fact, included herein, including, without limitation, 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. These forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that estimates and expectations regarding the Company’s properties have been achieved. Forward-looking statements are based on a number of assumptions that may be incorrect. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company undertakes no obligation to update these statements except as required by law.

Martin St. Pierre, PJEuves, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this press release.

Lenny Q, BG.
President and Executive General Manager

For more information, please contact:
Lenny Q
President and Executive General Manager
Olivut Resources Ltd.
(780) 866-2226
Neither TSX Venture Exchange nor the Regulatory Services Provider (as defined in the TSX Venture Exchange Policies) accepts responsibility for the adequacy or accuracy of this release.

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