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by Will Purcell
The diamond and specialty minerals stocks box score for Tuesday was an upbeat 119-71-120 as the TSX Venture Exchange rose eight points to 626. Leni Keough's Olivut Resources Ltd. (OLV) closed unchanged at five cents on 40,000 shares.
Olivut has sold six million new shares at five cents, raising $300,000 that it says is for exploration and general corporate purposes. As Olivut had few bills owing at the end of October -- other, that is, than a $1.2-million promissory note held by Ms. Keough, president and chief executive officer, which will not come due until a year after she requests payment -- and so far, she has not requested payment.
And so, exploration may be the main destination for the cash -- at least one hopes so, given Olivut's anemic efforts in that regard over the past three years. The company's 100-per-cent-owned HOAM diamond project, near Fort Simpson in the southwestern Northwest Territories, has long been Olivut's focus, thanks in part to regular drill programs that turned up a few dozen kimberlites and a smattering of microdiamonds to sustain its interest. While Ms. Keough regularly promised drill programs to test enticing new HOAM targets, a decade has passed since the company's last drill program.
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Lithium is in fact like diamonds in the sense, when 1992 Diamond discovery was made, there was not 1 Canadian geologist other than Chuck involved in diamond exploration and the education curve was a process. Lithium is no different. With diamonds exploration it was tie on. Look for bullseye geophysics targets. on the ground look for kimberlite. till sample for indicators and micro diamonds. sample for macro diamonds. Lithium is the same but need THE RIGHT TYPE of pegmatites, tie on, find Lithium in pegmatites, find economic grades of Lithium in pegmatites. The difference between the two commodities is the fact, high grade lithium will be mined first, similar to gold progression in the 20th century, where high grade mined first down to lower grades, as Lithium becomes more widely used in EV manufacturing if the transition is real?