Petrolympic releases Vauguelin IP survey results
2023-04-27 12:26 ET - News Release
Mr. Mendel Ekstein reports
PETROLYMPIC ANNOUNCES RESULTS FROM IP SURVEY IN THE VAUQUELIN GOLD AND BASE METALS PROPERTY IN VAL-D'OR, QUEBEC
Petrolympic Ltd. has provided an update on its geophysical program in the Rayon d'Or and Vauquelin property. The property consists of 37 mining claims totalling of 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.
In February and March, 2023, magnetic and induced polarization (IP) geophysical surveys carried out on grid lines established on Gueguen Lake allowed to link the mineralized structures hosting the Rayon d'Or deposit with numerous anomalies detected during the IP survey carried out in 2022 east of Gueguen Lake. These IP geophysical surveys allowed the interpretation of 33 polarization anomalies with axes oriented east-west to northwest-southeast and extending over one km. IP anomalies correspond to mineralized structures containing quartz-carbonate veins and disseminated sulphides. Mineralized structures are locally cut and slightly displaced by north-northeast faults that were interpreted on the western and eastern edges of Gueguen Lake.
One of the best anomalies (IPG-25) was detected on the Rayon d'Or showing where previous drilling returned at shallow depth intersections of 12.74 g/t Au over 3.96m, 3.83 g/t Au over 3.08m and 3.37 g/t Au over 3.44m. A similar subparallel anomaly (IPG-26) was detected 150m farther south and those two parallel axes extend southeast over a distance of approximately 1 km, toward the SE extension of the deformation corridor that includs the Rayon d'Or gold bearing structure. At the southeastern end of the IPG-25 anomaly, a previous hole drilling (82-6) confirmed gold occurrence associated with those structures as it intersected, at a vertical depth of approximately 100m, a mineralized zone that returned anomalous gold values over 10m including an intersection of 2.06 g/t Au on 1.83m. Two similar anomalies (IPG-4 and IPG-3) detected east of Gueguen Lake during the first survey (Grid 1) coincide with the same mineralized structure extended approximately another 1 km up to the eastern boundary of the survey.
Gold-bearing structures initially discovered on the Rayon d'Or showing have been traced using IP surveys over a distance of more than 2 km. Farther east, copper, zinc and gold geochemical anomalies located by the 2022 biogeochemical survey are suggesting that those auriferous mineralized structures may extend farther into the eastern half of the Vauquelin property.
North of Rayon d'Or, two east-west trending anomalies (IPG-22 and IPG-24) were detected that extend over distances of 600m and 400m respectively. These anomalies coincide with mineralized structures wedged between two NE faults and deserve further investigation. Three parallel anomalies (IPG-30, IPG-31 and IPG-32) detected at the southern end of Gueguen Lake may correspond to gold mineralized structures similar to the North #1 and the Central Gold zones located a few hundred meters to the south of the Property (Figure 2).
This geophysical program has allowed to define on the Vauquelin property a structural context comprising several deformation corridors which are favourable to the presence of gold mineralization, as evidenced by the gold mineralization previously defined by drilling on the Rayon d'Or gold zone. This structural context is similar to that of the Chimo mine owned by Cartier Resources and located less than 5 km south of Vauquelin (Figure 1). Like on the Vauquelin Property, mineralization at the Chimo mine includes numerous gold zones associated with structures present in three deformation corridors (Cartier Resources web site).
As the IP surveys have given very interesting results by locating numerous continuous anomalies over large distances, a drilling program will be prepared to investigate the best targets defined in the most promising deformation corridor.
Qualified Person
Alain-Jean Beauregard, B. Sc., P. Geo. (OGQ # 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.
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.
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