TORONTO, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Petrolympic Ltd. (the " Company ", TSXV: PCQ - OTC:PCQRF) is pleased to provide 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.

Figure 1: Rayon d’Or and Vauquelin Properties is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/90534d3d-f7c3-4348-a229-e3130dc03f57

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).

Figure 2: Rayon d’Or Drill Map is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4a9ad074-e5e9-4572-b326-5e2b5745e7c1

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).

Figure 3: Regional Exploration Map is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/da93fb79-5261-4702-a7a7-1e95a5310e29

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 géologues du Québec (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.

For further information please contact:

Mendel Ekstein - President
82 Richmond St East
Toronto, ON M5C 1P1
Tel. 845-656-0184 Fax 845-231-6665

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 guaranteeing 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.