13 September 2018
As announced in July, Olivut Resources Ltd., signed an Option Agreement with Talmora Diamond Inc. to earn 50% on part of Talmora’s Horton Project, namely the Seahorse Project, located in Canada’s Northwest Territories. The Company also announced in July that it raised a total of $1,708,000 through private placements to fund option earn-in commitments and for general exploration and administrative purposes.
During August, crews and equipment were mobilized to initiate the detailed airborne geophysical survey program on the Seahorse Project. To date, unseasonable, extremely poor weather conditions continue to severely hamper field progress with the helimag survey since flying is not possible. Reconnaissance work to assist with the planned drill program has been carried out. If these adverse weather conditions persist, the work that cannot be completed this season will be rescheduled to be conducted during the spring when crews can benefit from lengthening daylight hours and hopefully, more stable air masses. The project must be supplied by small aircraft and helicopter.