Petrolympic Provides Recent Exploration Results on Rayon d’Or and Vauquelin gold and base metals Property in Val-d’Or, Québec
March 01 2023 - 7:15AM
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.https://www.globenewswire.com/NewsRoom/AttachmentNg/d97554c6-9fa0-4ec5-9ed1-8aa2eb305266
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 / 3.96 m (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.https://www.globenewswire.com/NewsRoom/AttachmentNg/b4fe8ced-8965-4ab8-ac93-1ea5655ad712
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.https://www.globenewswire.com/NewsRoom/AttachmentNg/9566ee7c-d003-4003-807e-d87c5f3c1fa1
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.
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