Olivut Resources Ltd. (TSX: V.OLV
) said the analysis of regional airborne data for the HOAM project, located in the Northwest Territories, has defined numerous new target areas for follow-up with detailed, low level airborne magnetic surveys. Analysis is ongoing.
Weather conditions permitting, airborne surveys will be undertaken over certain highest priority areas during the summer season.
According to the Olivut Resources press release
, the company has financing in place to conduct the planned survey work.
In Paraguay, heavy rains have hampered plans for a sampling program to be conducted during the South American winter season that typically is the driest time of the year.
The company is monitoring conditions before committing to fieldwork on the properties.
Also, pursuant to the terms of the Securities Purchase Agreement dated March 12, 2013 the Canadian Special Opportunity Fund, L.P. (CSOF), has advanced to the company $52,000 for the next tranche financing for which it is anticipated shares will be issued on August 12, 2013.
Olivut is a diamond exploration company with projects in Canada and South America.
On Friday, Olivut rose 1.9% and was trading at $0.275 a share. The company had a market cap of $9.8 million, based on 35.7 million shares outstanding.