TORONTO, March 01, 2023 (GLOBE NEWSWIRE) -- Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the “Company”) is pleased to provide an update on its exploration campaign in the Vauquelin-Rayon d’Or Property (the “Property”). The Property consists of 37 mining claims totaling 2,129 hectares located 30 km east of the city of Val-d’Or, Québec, on the eastern extension of the world-famous Cadillac Break within the Val-d’Or Mining Camp.
Figure 1: General location of the Rayon d’Or and Vauquelin Property within the Val-d’Or Mining Camp.
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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 NW-SE and the most significant values obtained at shallow depth were: 12.74 g/t Au / 3.96m (DDH 1), 3.83 g/t Au / 3.08 m (DDH 6W-C-5) and 3.37 g/t Au / 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 IP Resistivity geophysical method.
Figure 2: Location of previous drilling in the Rayon d’Or gold mineralization area.
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One of the gold-bearing zones of the Rayon d'Or deformation corridor was already localized by diamond drill hole # 82-6 which returned a gold intersection of 2.06 g/t Au / 1.83 m, including 3.08 g/t Au / 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.
Figure 3: Geology map of the Rayon d’Or and Vauquelin Property with Induced Polarization (IP) conductors axes and biogeochemical sampling results.
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In the Fall 2022, Magnetic and Induced Polarization Resistivity (Mag-IP) surveys were carried out on grid lines (Grid 1 on the map) 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 NW-SE structures intersected locally by NE oriented faults. Anomalies detected in the northern sector (IP-6 to IP-9) are trending ENE and are associated along a mafic dyke. At the center of the survey, the anomalies (IP-1 to IP-5, IP-12) are oriented NW-SE with lateral extensions reaching 500m and are associated with the SE extension of the deformation corridor interpreted from Rayon d'Or. Similar NW trending mineralized structures are evidenced by two anomalies (IP-10 and IP-11) detected in the northern sector of the Property. All these NW-SE anomalies associated with mineralized structures are subparallel to the North #1 and Central Gold zones previously defined by extensive drilling and located less than 1km south of the Property.
An IP survey is currently in progress (Grid 2) 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 (Grid 1 and Grid 2) 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 favorable 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 5 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 (3) deformation corridors (Cartier Resources web site).
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, 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.
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.
