TORONTO, March 15, 2021 (GLOBE NEWSWIRE) — Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the “Company”) is pleased to announce that the Company has entered into an agreement to acquire a gold property located in the east of the Val d´Or mining camp, Province of Quebec (the “Property”). The Property consists of two contiguous map-designated claims (cells) (no. 45248 & 45251) covering 285.9Acres which are part of a group of six claims (853total Acres) recently purchased, complementing a unifying a total of 37 contiguous map-designated claims (cells) to a grand total of 5263 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.

On execution of the purchase agreement with the vendor, 1039244 BC. Ltd, the Company will pay the vendor an aggregate cash payment of $75,000 as part of the purchase price. The remainder of the purchase price will be satisfied through the issuance of an aggregate of 900,000 common shares of the Company and work commitments over 4 years. Upon the completion of the transaction the Company will have acquired 100% interest in the mineral rights of the Property. The vendor will also receive a 1.5% NSR royalty from all eventual commercial mineral production on the project of which 0.5% can be bought back for $500,000 at start of production.

The issuance of the common shares under the transaction shall be subject to applicable securities laws, any securities regulatory authority having jurisdiction, and the policies of the TSX Venture Exchange, and the common shares shall be subject to a four-month hold period in accordance with applicable securities laws and the policies of the TSX Venture Exchange. Completion of the acquisition remains subject to approval by the TSX Venture Exchange.

The Property is underlain by volcano-sedimentary units of intermediate to mafic composition of the Val-d’Or Formation with associated synvolcanic intrusions. The Vauquelin-Pershing batholithic intrusive complex occupies the eastern part of the property.

Previous work has identified several sheared, altered, schistozed and mineralized NNW-SSE structure steeply dipping to SW. These structures are hosted within rhyolites, locally porphyritic andesites and several porphyritic felsic dykes. The mineralized structures are injected with quartz-carbonate veins and veinlets which are associated with sulfides. The sulfide mineralization mainly consist of pyrite, pyrrhotite, chalcopyrite and gold. Previous drilling has delineated two auriferous zones with most significant intersections of 3.37 g/t Au over 3.44 m and 12.34 g/t Au over 4.0 m.

Geoscientific compilation of available data (geophysical, geological and geochemical) demonstrates the most likely orientation of the mineralized structures as well as their possible lateral and depth extensions.

The presence of gold (Au), silver (Ag), copper (Cu) and zinc (Zn) geochemistry soil ‘B’ Horizon, several Induced Polarization (IP-Resistivity) anomalous zones and axes, as well as two gold mineralized zones intersected by drilling confirm the favourable potential of the Rayon d’Or Property.