Mount - Variation of Mountain: Mass of land prominently elevated above the surrounding terrain, bounded by steep slopes and rising to a summit and/or peaks. ["Mount" preceding the name usually indicates that the feature is named after a person.]
Mount Olive adopted in the 18th Report of the Geographic Board of Canada, 31 March 1924, as labelled on BC-Alberta boundary sheet #16, 1915.
Source: BC place name cards, or correspondence to/from BC's Chief Geographer or BC Geographical Names Office
"Named in 1897 by Professor Harold Dixon because of the colour of its' rock." (Canadian Alpine Journal Vol XVI, 1926, p.251)
Source: included with note
"Named in 1899 by H.B. Dixon of the English Alpine Club, for his wife." (Alberta Place Names, 1928). [Note: the form "Mount Olive" adopted by the Geographic Board tends to confirm this version; as a rule, if a mountain is named after a person, the generic "Mount" would preceed the specific; if the feature is named because of its colour or an inanimate object, the form "Olive Mountain" would have been adopted.]