major news pcq.v
etrolympic talks Vauquelin-Rayon d'Or exploration
2023-03-01 13:02 ET - News Release
Mr. Mendel Ekstein reports
PETROLYMPIC PROVIDES RECENT EXPLORATION RESULTS ON RAYON D'OR AND VAUQUELIN GOLD AND BASE METALS PROPERTY IN VAL-D'OR, QUEBEC
Petrolympic Ltd. has provided an update on its exploration campaign on the Vauquelin-Rayon d'Or property. The property consists of 37 mining claims totalling 2,129 hectares located 30 kilometres east of the city of Val d'Or, Que., on the eastern extension of the world-famous Cadillac break within the Val d'Or mining camp.
The Rayon d'Or gold zone was previously discovered by drilling on the southwest side of Gueguen Lake. It is composed of several gold-bearing structures oriented northwest-southeast and the most significant values obtained at shallow depth were: 12.74 grams per tonne gold over 3.96 metres (DDH 1), 3.83 g/t Au over 3.08 m (DDH 6W-C-5) and 3.37 g/t Au over 3.44 m (DDH V-89-75). Based on previous significant drill intersections at Rayon d'Or, the auriferous mineralization is found associated to both disseminations, veins and veinlets of sulphides (mostly pyrite and pyrrhotite) within altered fractures and quartz veins and veinlets which well correspond to the induced polarization resistivity geophysical method.
One of the gold-bearing zones of the Rayon d'Or deformation corridor was already localized by diamond drill hole No. 82-6, which returned a gold intersection of 2.06 g/t Au over 1.83 m, including 3.08 g/t Au over 0.61 m.
Anomalous gold, copper and zinc values were obtained during a prospecting and biogeochemical sampling program carried out on the central and eastern parts of the property. These anomalies coincide with mineralized structures located in the southeastern extension of the Rayon d'Or deformation corridor and confirm the gold-bearing structures on the Vauquelin property.
In the fall 2022, magnetic and induced polarization resistivity (mag-IP) surveys were carried out on grid lines established in order to locate the extensions of the mineralized structures hosting the Rayon d'Or deposit. The data collected during this survey indicate the presence of numerous northwest-southeast structures intersected locally by northeast-oriented faults. Anomalies detected in the northern sector (IP-6 to IP-9) are trending east-northeast and are associated along a mafic dike. At the centre of the survey, the anomalies (IP-1 to IP-5, IP-12) are oriented northwest-southeast with lateral extensions reaching 500 m and are associated with the southeast extension of the deformation corridor interpreted from Rayon d'Or. Similar northwest-trending mineralized structures are evidenced by two anomalies (IP-10 and IP-11) detected in the northern sector of the property. All these northwest-southeast anomalies associated with mineralized structures are subparallel to the North No. 1 and Central Gold zones previously defined by extensive drilling and located less than one km south of the property.
An IP survey is currently in progress in order to link the structures associated with those containing the Rayon d'Or gold zones.
The drilling program in preparation will be oriented on chosen priority targets provided by geochemical, mag and IP-resistivity surveys as well as on the lateral and depth extensions of the known Rayon d'Or gold mineralized zones.
The 2022 geophysical and sampling program has allowed to define a structural context on the Vauquelin property comprising several deformation corridors which are favourable to the presence of mineralization, as evidenced by the mineralization previously defined by drilling on the Rayon d'Or zones. This structural context is similar to that of the Chimo mine owned by Cartier Resources and located less than five km south of the property. Like on the Vauquelin-Rayon d'Or property, mineralization at Chimo includes numerous gold zones associated with structures present in three deformation corridors.
About Petrolympic Ltd.
Petrolympic is a gold exploration company with projects located in Quebec. The province of Quebec has consistently ranked as one of the world's best mining jurisdictions.
Qualified person
Alain-Jean Beauregard, BSc, PGeo (OGQ No. 227), is the qualified person under National Instrument 43-101 and has reviewed and approved the geological information reported in this news release. Mr. Beauregard is independent from the company.
We seek Safe Harbor.
© 2023 Canjex Publishing Ltd. All rights reserved.