April 7, 2008 Olivut Resources Ltd. Announces 2008 Drilling and Exploration Program For The HOAM Project, NWT
Olivut Resources Ltd. ANNOUNCES 2008 DRILLING AND EXPLORATION PROGRAM FOR THE HOAM Project, NWT
Toronto, April 7, 2008 – Olivut Resources Ltd. (“Olivut” or the “Company”– TSX-V: OLV) is pleased to announce start-up of the $4.9 Million 2008 Exploration Program (the “Program”) on the HOAM project.
The Company is anticipating an exciting 2008 exploration year, given the following combination of very encouraging results from 2007:
- discovery of seven new kimberlite bodies within a new kimberlite province in Canada during Olivut’s first exploration season
- recovery of microdiamonds indicating that the mantle in this area is diamondiferous
- many additional untested drill targets
- relatively large size of geophysical targets
- very encouraging indicator mineral chemistry in the HOAM project area
The $4.9M 2008 Program will include extensive drilling as well as airborne magnetic, helimag and gravity geophysical surveys. The intent of the drill program is to complete 20–25 holes. These holes will be drilled into a combination of previously untested targets as well as additional drilling of the newly discovered kimberlites intersected in 2007. These previously drilled targets include both diatreme and dyke bodies that appear to have volume potential. One diatreme model target is in excess of 3 ha (>7 acres) and another occurrence exceeds 10 ha (>25 acres). Given the inferred size of the targets from their respective geophysical signatures, each of the kimberlite bodies that was intersected in 2007 is considered to have the potential to host multiple phases. As the seven new discoveries were penetrated only by single drill holes, they must have additional holes drilled into them to ensure that the targets are properly evaluated. The majority of the holes planned for 2008 will be drilled into untested targets. Saskatchewan Research Counsel (“SRC”) caustic fusion results from the 2007 drill program, returned three microdiamonds from two of the seven holes sampled. This is significant in that it proves that the mantle source being tapped is diamondiferous and supports the work program outlined above. The largest stone was recovered from the 0.15 mm sieve. The two smaller diamonds were colorless, clear fragments and the largest is a colorless, clear octahedron.
The 2008 Program will commence in April with a gravity survey over several priority targets to provide additional information on the size and nature of the intrusive bodies. In-fill regional airborne magnetics as well as detailed helimag for target delineation will follow as the season progresses. Drilling is expected to commence in June and continue through September.
The Company at January 31, 2008 has working capital of $8.2M and is well financed to carry out the 2008 Exploration Program.
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. 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.
Mr. Dale Mah, P. Geol., is Olivut’s qualified person as defined in National Instrument 43-101 for its exploration programs and has supervised the preparation of the technical information included in this press release. Mr. Mah is an employee of Olivut and is not considered independent of the Company.
President and Chief Executive Officer
For further information, please contact:
President and Chief Executive Officer,
Olivut Resources Ltd.
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