Olivut Resources Ltd. has inked an agreement to carry out $1,200,000 worth of work exploring a large magnetic anomaly in the Horton Project, close to 100 kilometres south of Paulatuk, in exchange for a 50-per-cent interest.
Olivut will also pay $200,000 to Talmora Diamond Inc., the previous operator and owner. According to Talmora, its deep seismic velocity modelling shows the Horton Project is on the northern extension of the Slave Craton, split off and displaced along a fault line. Sampling in the area has found kimberlites with some diamonds and much diamond-associated chemistry, the company states. Talmora continues to hold 100 per cent interest in two adjoining claims.
