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TORONTO, March 23, 2022 (GLOBE NEWSWIRE) — Petrolympic Ltd. (TSX.V: PCQ) (OTC: PCQRF) (the “Company”) is pleased to announce that the Company will commence a drilling campaign, with an initial minimum of approximately 1,000 meters, to test structural features coinciding with the IP resistivity axes and gold mineralization extensions previously drilled on its 100% controlled Belcourt property in Abitibi, Quebec.

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The property consists of 125 map-designated claims divided into four blocks (Belcourt North, South, Center and West Blocks), all close to each other and covering a total of 5,479 hectares (54.79 sq km, 13,539 acres). ) in the regions of Barraute, Carpentier, Townships of Courville and Fiedmont in Abitibi. The property is accessible year-round by route 386 and a network of secondary roads and trails.

The Belcourt property is located in the volcanic belt of the Landrienne Formation and lies on the important NW-SE deformation corridor of Uniacke which contains several mineralized zones such as Héva-Cadillac, Glasnost, Jolin, the Thibodeau zone (Pershing- Manitou) and the Eastville showings. .

Figure 1: Geology of Belcourt

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Initial drilling will validate and test extensions of previously drilled gold mineralization recognized by Placer Dome. Mineralization was recognized as being hosted in quartz-carbonate-pyrite veins at the contact of porphyry basalt and gabbro revealing an intersection of 6.96 g/t Au over 2.17 meters (including 38.5 g/t Au over 0.43 m). The technical team will also work to better understand the controls of mineralization and host structures in relation to the main geophysical axes coinciding with associated structures and vein corridors.

In addition, the property is located in a very favorable metallogenic environment hosting several gold-bearing mineralized structures, mineralized occurrences and mines within a few kilometers of the property limits and includes the following elements:

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Qualified persons

Alain-Jean Beauregard, P. Geo., an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the geological information presented in this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr. Beauregard is independent of the Company.

For more information, please contact:
Mendel Ekstein
President
Phone. 845-656-0184
Fax 845-231-6665
82 Richmond Street East
Toronto, Ontario M5C 1P1

This press release contains information about adjacent properties over which the Company has no exploration or mining rights. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties.

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NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED NOR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTION 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, should be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions which, although considered reasonable by the Company, are inherently subject to significant commercial, economic, geological and competitive uncertainties and contingencies. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these 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. These factors include, but are not limited to: economic and global impacts of the COVID-19 pandemic, market price fluctuations, exploration and development successes, continued availability of capital and financing, changes in national and local laws, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, business or trade conditions. Many of these uncertainties and contingencies may 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 our behalf. Readers are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, readers are urged to rely on their own assessment of such uncertainties. All forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We assume no obligation to update forward-looking statements.