Olivut Resources Ltd. (TSXV:OLV) gave new updates on its exploration projects, 2012 HOAM and ITAPOTY Diamond Project.
As quoted in the press release:
The 2012 HOAM exploration program, reduced in scope and expenditure as a result of world financial markets, resulted in the discovery of one new kimberlite from 11 holes drilled to test nine geophysical targets. Saskatchewan Research Council reported no diamonds from 245 kilograms of kimberlite core submitted for caustic fusion analysis.
Planning is underway for the next phase of work on the ITAPOTY Diamond Project in Paraguay. It is anticipated that a stream sediment/colluvium sampling program will be undertaken to provide focus for further detailed geophysical surveys to identify possible sources of diamonds and kimberlite indicator minerals recovered from river gravels. To date, 37 macro diamonds between one and two millimetres in size have been found.