Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the “Company”) is pleased
to announce it has acquired 52 mining claims covering about 6,981
acres (2,825 hectares), adjacent to the eastern edge of the Moblan
Deposit owned by Sayona Mining Limited. These claims are located in
the James Bay-Eeyou Istchee area of Quebec, approximately 125 km
North of the town of Chibougamau, Quebec, Canada and are accessible
year-round by the Route du Nord. This new project is located in a
proven lithium mining province which hosts established, world-class
lithium resources including the Whabouchi mine to the North and the
North American Lithium project to the South.
The first group of claims is called the Li-1
Property. It is part of the Troilus Belt and consists of two blocks
totalling 24 claims. Contiguous to the Li-1 Property are the
Troilus Lithium Project (wholly owned by Q One Mining, under option
by Liatam Mining from Australia), the Troilus Gold property
recently sold to Sayona Mining for $40 million (press release
November 16, 2022) and the Moblan Lithium Property owned by Sayona
Mining, the latter having a resource estimate of 12.03 Mt @ 1.4%
Li2O (not 51-101 compliant).
The second group of claims is called the Li-2
Property and consists of 28 claims. It is adjacent to a project
currently developed by Brunswick Exploration. It is located South
of the Whabouchi lithium project, which is expected to be one of
the richest lithium spodumene deposits in the world, both in terms
of volume and grade. The project is being developed by Nemaska
Lithium as an open-pit and underground operation.
Regional efforts are currently underway to
develop the area as a lithium hub in Northern Quebec, with the
strong support of Quebec’s governmental Plan for the Development of
Critical and Strategic Minerals. Furthermore, it benefits from
strong infrastructures and its development is well advanced
compared to other areas evaluated for lithium.
Both Properties are located in the western
Superior Province and lie within the eastern part of the Opatica
Sub-province, in the Archaean Frotet-Evans greenstone belt. The
initial phase of our exploration program, which we plan to start as
soon as access conditions will allow us, will focus on mapping the
presence of lithium-bearing pegmatites in the Properties. Pegmatite
dykes have already been historically mapped within the Li-2
Property area and are described associated with granites and
paragneiss.
The Company is determined to build an extensive
portfolio of mining properties focused on strategic minerals,
particularly lithium. With the addition of these two properties
Petrolympic now holds 200 claims prospective for lithium in Quebec,
covering approximately 28,063 acres (11,357 hectares) divided into
2 separate projects (Abitibi and Troilus). Other projects may be
added to this portfolio in the future.
Key Advantages of the Province of Quebec
and the Abitibi and Eeyou Istchee James Bay-Chibougamau Region
(Troilus)
The Province of Quebec is recognized as one of
the best mining jurisdictions in the world. The key advantages of
the James Bay region are the quality of its infrastructure (major
road access, hydro-electric power grid, airports), the supportive
relationship with the Cree First Nation, the excellent
geoscientific database, a favourable Archean geological setting
with already known lithium deposits, and an early exploration
stage.
Petrolympic's Lithium Potential
Assessment Using Technical and Scientific Data
Already known lithium deposits and major
occurrences are widely distributed across the region. Petrolympic
has characterized the footprint of most of these sites using all
available technical and scientific information from the Quebec
Government web site (SIGEOM). This regional analysis extracted many
prospective targets with even stronger footprints, most of which
Petrolympic has acquired but will need to validate through
fieldwork. Based on this assessment, the James Bay-Chibougamau
region truly appears to be an emerging mineral province for
lithium. The region shares several features in common with large
spodumene-bearing pegmatite districts worldwide, especially Western
Australia, with comparable tectono-metamorphic frameworks, ages and
host lithologies.
Petrolympic is among public companies
aggressively and systematically conducting grassroots exploration
for lithium in Canada using state-of-the-art exploration technology
to identify high-potential targets. Our team has staked major
under-explored pegmatite fields across Quebec. We maintain an
aggressive prospecting/geochemistry program across our
portfolio.
Lithium is a critical mineral to produce
electric vehicle batteries and a host of other applications that
are propelling the global shift towards decarbonization and
renewable sources of energy.
Qualified Person
The technical and scientific information in this
press release has been reviewed and approved by Bertrand Brassard,
M.Sc., P.Geo., who is a Qualified Person as defined by NI
43-101.
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.
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