11:31 AM EST, 01/17/2025 (MT Newswires) -- Olivut Resources ( OLVRF ) on Friday provided an exploration update for the 2024 field program at the Seahorse diamond Project in the Northwest Territories.

The company said a mini bulk sample collected to follow-up previously reported results of one macro diamond of greater than 1mm and 19 microdiamonds.. A drill program is being planned to test the large main Seahorse geophysical target and related targets.

The 2024 mini bulk sample program was carried out simultaneously with the required staking program maximizing logistical benefits, but no macro diamonds were recovered from the 51 samples that were analyzed. The company said analysis of the remaining 132 samples will not be conducted at this time as drill testing of the main Seahorse target is considered the priority.

Olivut Resources ( OLVRF ) said ongoing preliminary examination of the 51 sample residues indicate that these coarse samples contain very few heavy minerals relative to the diamond bearing samples collected in previous field programs that were taken proximally to the main Seahorse target.

The company said it considers the Seahorse Project to have the potential to host kimberlite bodies of significant size.

The Seahorse Project is a 50/50 joint venture between Talmora Diamond and the company, and future work programs will require additional financing from by both partners.

Shares of the company were last seen down $0.015 at $0.06 on the TSX Venture Exchange.

Price: 0.06, Change: -0.02, Percent Change: -20.00