Petrolympic Announces Recent Assay Results from Drilling Campaign at the Belcourt Property in Abitibi, Quebec, Canada

TORONTO, July 21, 2022 (GLOBE NEWSWIRE) -- Petrolympic Ltd. (TSX.V: PCQ) (OTC: PCQRF) (the "Company") is pleased to announce recent assay results following the drilling of seven (7) diamonds drill holes totaling 1,092 meters on the southern block of the Belcourt Property in Abitibi, Quebec (the "Property").The Property is located in a favourable geological context for gold and base-metal mineralization within felsic to intermediate volcanic rocks underlain by an important structural corridor, and is surrounded by numerous precious and base metal deposits.

The objective of this drilling campaign was to validate some auriferous intersections previously obtained by Placer Dome Inc. in the Belcourt South block of the Property, including the possible extension of a showing presenting 30 g/t Au over 0.4 m. All the drill holes have intersected mineralized structures some with very significant gold intersections. Five (5) drill holes were completed to verify the lateral and depth extension of two (2) auriferous mineralized zones. The other two (2) drill holes aimed at verifying IP (Induced Polarity) Resistivity anomalies potentially corresponding to mineralized shear zones. Cross-sections of the drill hole results are presented in Appendix. Most of these diamond drill holes intersected gold-bearing structures coinciding with IP anomalies and returned auriferous intersections over widths up to 5.4 m. Results obtained during this first drilling program confirmed the potential of finding new mineralized structures on this large property.

The most significant intersections were:

• BE-22-01: 1.49 g/t Au over 5.4 m (including 7.02 g/t Au over 0.9 m) in Zone 2;
• BE-22-02: 0.71 g/t Au over 3 m (including 1.43 g/t Au over 1 m) in Zone 2;
• BE-22-04: 2.2 g/t Au over 1.3 m and 3.13 g/t Au over 3 m (including 7.29 g/t Au over 1 m) in Zone 1;
• BE-22-05: 0.97 g/t Au over 1 m and 0.22 g/t Au over 1 m in Zone 2;
• BE-22-06: 6.5 g/t Au over 0.5 m and 1.3 g/t Au over 2.5 m in Zone 1 and 1.3 g/t Au over 2.0 m in Zone 2.
  

The Property is located within the Uniacke Deformation Corridor and the Manneville Fault metallotect. It is surrounded by several gold mineralizations including (see map below): Heva-Cadillac owned by Golden Valley Mines and Eldorado Gold; Jolin, Thibodeau and Esteville owned by Pershimex Resources; McKenzie Break owned by Monarch Mining Corp. In the latter, a resource estimate was completed by Geologica and GoldMinds in February 2021 (available on SEDAR) with Indicated Resources of 1.8 Mtonnes at 2.48 g/t Au (146,000 ounces of gold) and Inferred Resources of 3.3 Mtonnes at 2.34 g/t Au (250,500 ounces of gold).

Figure 1: Location of the gold occurrences in the Belcourt Property and its immediate vicinity:
https://www.globenewswire.com/NewsRoom/AttachmentNg/923ad0d4-31db-4a64-9352-a4714f07b8dd

Future work

The gold occurrences reported in the present press release, the favourable geological context and the gold and base-metals mineralizations discovered in the vicinity (see above) support further exploration efforts in the Belcourt Property. The program that is currently being developed will include a high-definition heliborne magnetometric survey followed by biogeochemical, prospection, mapping and sampling surveys on selected priority areas. Then diamond drilling will test the most promising targets and the depth and lateral extension of the known mineralized auriferous zones as well as significant geological, geophysical and geochemical anomalies.

Figure 2: Local Surface Plan with 2022 drill holes.
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Figure 3: Cross-section locating the results of five drill holes verifying the lateral and depth extensions of two auriferous mineralized zones.
https://www.globenewswire.com/NewsRoom/AttachmentNg/b9483b35-06dd-423c-80cd-547e88b8afd5

Figure 4: Cross-section locating the results of two drill holes verifying IP Resistivity anomalies.
https://www.globenewswire.com/NewsRoom/AttachmentNg/1a1b5257-6368-445b-bdee-57859a879b2e

QA/AC and Core Sampling Protocols

All drill core samples were collected under the supervision of Geologica's employees. Drill cores were transported from the drill platform to the logging facility where they were logged, photographed and split by diamond saw prior to being sampled. Samples were then bagged with duplicates, blanks and certified reference materials were inserted at regular intervals. Groups of samples were placed in large bags, sealed with numbered tags in order to maintain a chain-of-custody, and transported to Bourlamaque Assay Laboratory, Val-d'Or, Quebec.

Procedures for routine fire assaying are to initially crush the entire sample to ? 10 mesh, then a 300 g sub-sample is split and pulverized to 95 % ? 150 mesh, and a 30 g sub-sample is fire assayed using standard industry procedures, with the gold content determined by Atomic Absorption (AA) spectrometry. Each sample is then assayed by Fire Assay and AA Finish, where values reporting ? 10 ppm Au are repeated by Fire Assay with a Gravimetric Finish upper reporting limit of 100 g/t Au.

Qualified Person

Mr. Alain-Jean Beauregard, B. Sc., P. Geo. (OGQ #227) is the "Qualified Person" under National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.

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.