Ms. Leni Keough reports

OLIVUT PROVIDES EXPLORATION UPDATE

Olivut Resources Ltd. has provided an exploration update for the 2024 field program conducted on the Seahorse project.

A mini-bulk sample was collected to follow up previously reported extremely positive results of one macrodiamond of greater than one millimetre and 19 microdiamonds found in heavy mineral beach sand concentrates taken from the same area. Several of these previously reported microdiamonds have features that indicate they are fragments of larger diamonds. A drill program is in the process of being planned to test the large main Seahorse geophysical target, as well as related targets.

The 2024 mini-bulk sample program was carried out simultaneously with the required staking program maximizing logistical benefits. Thus, 183 samples were collected of beach material of positive 0.5 mm to negative 1.0 mm and positive 1.0 mm to negative 3.5 mm. Of these, the budgeted 51 samples (averaging approximately seven kilograms per sample) of the coarser size fraction were analyzed using caustic fusion by Saskatchewan Research Council. No macrodiamonds were recovered. Dilution resulting from wave action is a probable explanation.

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 given the previously recovered 19 microdiamonds and the macrodiamond, as well as the presence of relatively large pyrope grains recovered from 2024 caustic fusion.

Continuing preliminary examination of the 51 sample residues by Dr. Malcolm McCallum and associate in laboratory facilities located in Loveland, Colo., indicates 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. These 51 samples have been reduced by caustic fusion to generally less than only two grams per sample indicating that the original sample was composed primarily of diluting lighter, silicate minerals. In contrast, the previous diamond-bearing samples were obtained by careful collection of only very fine grained (greater than 95 per cent less than 0.5 mm), heavy-mineral-rich beach sands.

One unscreened 2024 sample (apparently mostly less than 0.5 mm) collected under shallow water and nearshore was analyzed by SRC using inductively coupled plasma. Relative to previous program samples of similar grain size, this sample had relatively elevated levels of potassium, aluminum and sodium, which could be expected due to the presence of observed clay minerals. This also supports the probable dilution explanation. Otherwise, the material had similar chemistry to that of previously reported samples containing microdiamonds.

The company considers the Seahorse project to have the potential to host diamondiferous kimberlite bodies of significant size based on a combination of: caustic fusion results including 19 microdiamonds and one macrodiamond; 2019 drill program results; favourable diamond stability field indicator minerals found regionally and locally, including 18 macrodiamonds found down-ice in regional samples to the west and northwest; specific geophysical targets; regional and local faults that would favour kimberlite emplacement; occurrence of diamondiferous kimberlites to the north and southeast, as well as other geochemical data in the area.

The Seahorse project is a 50/50 joint venture between the company and Talmora Diamond Inc. Future work programs, including the drill program planned for the main Seahorse target referred to above, will require additional financing to be obtained by the JV partners.

Olivut is a diamond exploration company with a 100-per-cent mineral interest in the HOAM project and a 50-per-cent interest in the Seahorse project. Both projects are located in Canada's Northwest Territories.

The HOAM project has numerous drill-ready targets.

Todd McKinlay, PGO, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this press release.

We seek Safe Harbor.