Petrolympic Ltd. has provided an update on its exploration projects and the potential of the Rayon d'Or and Vauquelin gold properties.
Petrolympic is currently developing an exploration program to delineate the extensions of auriferous zones included in the Rayon d'Or and Vauquelin deformation corridor. In particular, the Company is undertaking an airborne magnetic survey followed by a ground Induced Polarization (IP) survey that will help to locate mineralized zones. Detailed mapping of the targeted areas and stripping as needed will follow these surveys, along with a subsequent drilling campaign.
On the Rayon d'Or Property specifically, a reinterpretation of the existing data with construction of a 3D model is also planned, to improve the understanding of the mineralized zones of this deformation corridor and develop an effective drilling program, to test the lateral and vertical extensions of known gold-bearing zones.
With the recent acquisitions of the Rayon d'Or Property and the adjacent Vauquelin gold property, Petrolympic now owns the rights to an important NW-SE trending structural corridor hosting the Rayon d'Or mineralized zone and its lateral extensions. This zone is part of the regional deformation corridor of the Cadillac Fault, which already includes many active and old mines as well as numerous mineralized zones at different stages of exploration and development.
The combined Rayon d'Or and Vauquelin gold properties consist in a total of 37 contiguous map-designated claims (cells) to a grand total of 5,263 Acres of gold potential geology in the center of Vauquelin township (NTS 32C03), approximately 40 km east of the town of Val d'Or, a major gold mining centre in Northwestern Quebec.
Previous work in the heart of the Rayon d'Or Property has already identified several mineralized structures, in an approximately 300 m wide NW-SE deformation corridor comprising several gold bearing sheared zones intersecting units of rhyolite, andesite and felsic dyke. These structures are injected with quartz-carbonate veins and are mineralized with varying amounts of pyrite, pyrrhotite, chalcopyrite and gold.
Most of the previous drilling holes in this property have intersected mineralized zones that have returned gold intersections over variable widths up to 5.0m. The best gold intersections were 12.34 g/t Au over 4.0 m, 3.37 g/t Au over 3.44 m and 16.46 g/t Au over 0.43 m, which were obtained from 3 subparallel mineralized zones and demonstrate the potential for enrichment along deformation corridor (for further details, see the press release dated March 15, 2021, filed on www.sedar.com).
The adjacent Vauquelin Property, in comparison, has been the focus of limited work despite a promising potential. Indeed, Vauquelin is a structural continuity of Rayon d'Or and one of the gold-bearing zones of the Rayon d'Or deformation corridor is located within the Vauquelin Property, as revealed by diamond drill hole # 82-6 which returned a gold intersection of 2.06 g/t Au over 1.83m. A series of electromagnetic anomalies scattered throughout the central part of the Property also indicate the possible presence of prospective mineralized zones. Furthermore, approximately 5 km to the south-east of Vauquelin Property, the Forsan-Exxeter gold deposit is also associated with a NW-SE trending mineralized zone which is located in the lateral extension of the same deformation corridor. This gold deposit contains resources in the amount of 393,869 t at 4.91 g/t Au (Louis Perron, 1988, GM-47652).
Mendel Ekstein, President and CEO of Petrolympic, stated: "We are excited to be undertaking this exploration program on such promising properties in the world-class Val d'Or mining district, one of the best places for gold exploration and production. Our program is expected to produce several drill-ready prospects and advance a number of other prospects closer to drill-ready stages."
Qualified Person
The technical information contained in this news release has been prepared and provided by Alain-Jean Beauregard, P.Geo., a member in good standing of l'Ordre des geologues du Quebec (OGQ, member 227) and a Qualified Person within the context of Canadian Securities Administrators' National Instrument ("NI") 43-101; Standards of Disclosure for Mineral Projects.
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