Business
Olivut Resources Ltd. provides update on exploration programs
Olivut Resources Ltd. provides update on exploration programs
About this update from Olivut Resources Ltd.
[{"type":"text","content":"\n\n\n\n Aug. 11, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nTORONTO, Aug. 11 /CNW/ - Olivut Resources Ltd. ("Olivut" or the "Company"--TSX-V:OLV) is pleased to provide an update for its exploration programs.\nHighlights include the following:\n\n\n >\n\n\nThe Company had a successful initial exploration program on the Rivera Project in Uruguay. Expenditures in excess of $CDN 250,000 have been made to meet the August 1, 2010 earn-in commitment deadline. Olivut plans to continue exploration during 2010 based on the positive results received to date.\nPhase 1 exploration work included stream and pit sampling at both regional and local scales. Positive kimberlite indicator minerals ("KIMs") including diamond were recovered. Surface features of most of the recovered pyrope garnets indicate a probable proximal source. An early stage drill program was undertaken to test several geomorphological targets. Shallow reverse circulation ("RC") holes ((less than)110 metres) were drilled into four targets. Intensely serpentinized, ultramafic material was intersected within sandstone in one of the targets. A geophysical interpretation of airborne and ground magnetic data has now been completed and numerous additional targets have been established for further investigation.\nThe Company is extremely encouraged by the coincidence of anomalous stream sediment samples, geophysical targets, favourable structures and the presence of ultramafic material, all of which support the presence of kimberlite in the project area. Management is pleased with the amount of positive information obtained from this early stage investigation and that the initial results justify continued work. Planning is underway for further exploration which can be carried out on a year round basis in Uruguay. The stable Rio de la Plata craton of Uruguay is consistent with cratonic regions in southern Africa which provides a high degree of e...