Petrolympic Begins Its First Drilling Program at the Belcourt Property in Abitibi, Quebec, Canada

Mar 23rd, 2022 7:30 EST

TORONTO, March 23, 2022 (GLOBE NEWSWIRE) — Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the “Company”) is pleased to announce that the Company will begin a drilling campaign, with an initial minimum of approximately 1,000 meters, to test coinciding structural features with IP-Resistivity Axes and extensions of previously drilled auriferous mineralizations on its 100% controlled Belcourt Property in Abitibi, Quebec.

The property consists of 125 map-designated claims in four blocks (Belcourt North, South, Central and West blocks), all proximal to one another and covering a total of 5,479 hectares (54.79 square km, 13,539 acres) in the Barraute, Carpentier, Courville and Fiedmont townships in the Abitibi region. The Property is accessible year-round by Route 386 and a network of secondary roads and trails.

The Belcourt Property is located within the volcanic belt of the Landrienne Formation and is underlain by the important NW-SE Uniacke Deformation Corridor which hosts several mineralized zones such as Héva-Cadillac, Glasnost, Jolin, Thibodeau Zone (Pershing-Manitou) and Eastville showings.

Figure 1: Belcourt Geology

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Initial drilling will validate and test the extensions of previously drilled gold mineralization recognized by Placer Dome. The mineralization was recognized to be hosted within quartz-carbonate-pyrite veins at the contact of porphyritic basalt and gabbro revealing an intersection of 6.96 g/t Au over 2.17 meters (including 38.5 g/t Au over 0.43 m). The technical team will also focus on making a better understanding of the controls of the mineralization and host structures with respect to the main geophysical axes coinciding with associated structures and vein corridors. 

Furthermore, the Property is located within a very favourable metallogenic environment hosting several gold-mineralized structures, mineralized occurrences and mines within a few kilometres of the Property limits and includes the following:

  • McKenzie Break deposit with a NI 43-101 compliant Indicated Resources of 146,000 ounces grading 2.48 g/t Au and Inferred Resources of 250,550 ounces grading 2.34 g/t Au (2021);
  • Jolin (Main Zone): Inferred Resources of 907,944 tonnes at 2.06 g/t Au (non-compliant NI 43-101);
  • Thibodeau Zone (Pershing-Manitou Deposit) : Measured Resources of 4,200 tonnes at 4.29 g/t Au, Indicated Resources of 19,100 tonnes grading 3.96 g/t Au and Inferred Resources of 3,000 tonnes grading 2.95 g/t Au (2021);
  • Eastville showing: 25.7 g/t Au over 1.6 meters (drillhole A-9);
  • Heva-Cadillac showing (which channel samples grades up to 10.95 g/t Au over 5.5 m);
  • Glasnost showing: 59.52 g/t Au over 1.15 meters in drillhole GPS-09-01.
  • Bartec (Ontex) deposit with reserves of 113,400 tonnes grading 7.9 g/t Au (MERNQ SIGEOM, 1987);
  • Vendome No. 1 (Mogador) deposit with reserves of 559,506 tonnes grading 1.18 g/t Au, 62.18 g/t Ag, 0.52 per cent Cu and 8.11 per cent Zn, and 116,048 tonnes grading 4.55 per cent Zn, 0.49 per cent Cu, 0.73 g/t Au, 40.78 g/t Ag classified as inferred resources (2013);
  • Tri-Cor showing (103.6 g/t Au over 1.83 m in a drillhole).

Qualified Persons

Alain-Jean Beauregard, P. Geo., independent qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the geological information reported in this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Beauregard is independent of the company.

For further information please contact: Mendel Ekstein President Tel. 845-656-0184 Fax 845-231-6665 82 Richmond St East Toronto, ON M5C 1P1

This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this press release, including any information regarding the proposed acquisition, constitutes “forward-looking statements.” All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: economic and global market impacts of the COVID-19 pandemic, fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.

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