LeCanadian

Top Menu

  • Login
  • Archives
  • Les Actualités
  • Advertising
  • Sexy Pages
  • Contact Us

Main Menu

  • Home
  • Business
  • Entertainment
  • Foodie
  • Headline
  • Health
  • Editorials
  • Lifestyle
  • Sports
  • UFO · Exopolitics
  • City
  • Sexuality
  • Dating
  • Login
  • Archives
  • Les Actualités
  • Advertising
  • Sexy Pages
  • Contact Us

logo

Header Banner

LeCanadian

  • Home
  • Business
  • Entertainment
  • Foodie
  • Headline
  • Health
  • Editorials
  • Lifestyle
  • Sports
  • UFO · Exopolitics
  • City
  • Sexuality
  • Dating
  • Comment gérer un retard de vol ?

  • 5 ways sudoku boosts brain health

  • 10 tips to successfully market your law firm

  • 7 Amazing Gifts for Kids Who Like to Cook

  • Make Mortgage Overpayments Work for You

Business
Home›Business›Petrolympic Enters Agreement to Acquire 100% Interest in the Rayon d’Or Gold Property, Near Val d’Or, Quebec

Petrolympic Enters Agreement to Acquire 100% Interest in the Rayon d’Or Gold Property, Near Val d’Or, Quebec

By admin
March 19, 2021
333
0
Share:

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.

Several gold deposits were found in the area in the past, such as:

  • Forsan-Exxeter with 393,869 t @ 4.91 g/t Au (L. Perron, 1988, GM 47652, MERNQ).
  • Bevcon-Buffadisson, a past producing gold mine from 1945 to 1967 with 438,000 ounces of gold @ 4.30 g/t Au average grade (Sigeom, MERNQ).
  • Croinor Gold Deposit with proven and probable reserves totaling 602,994 t @ 6.66 g/t Au (Monarch Gold Corporation website).
  • Cadillac East Group – Nordeau West Deposit with inferred resources of 1,1 Mt @ 4.09 g/t Au (O3 Mining Inc. website).
  • Chimo Gold Mine located approximately seven kilometers south with Indicated Resources of 4,017,600 tonnes @ 4.53 g/t Au and Inferred Resources of 4,877,900 tonnes @ 3.82 g/t Au (Cartier Resources Inc. press release dated May 5, 2020).
  • Sleepy Lake Gold Deposit of Probe Metals with 1,85 Mt Au @ 4.7 g/t Au for 279,760 ounces of gold. (2014 NI 43-101 Technical Report).

The Rayon d’Or Property is located within a very favourable metallogenic environment hosting several gold mineralized structures, deposits and past producers. Exploration programs will consist of geological, geophysical and geochemical surveys and follow-up drilling on generated priority exploration targets and definition drilling on the extensions of known gold zones permitting the Rayon d’Or Property to improve to an advance project.

Petrolympic continues to pursue and believe in Quebec’s oil and gas potential and intends to proceed with de development of its conventional assets as soon as the regulatory delays are resolved.

An oil reservoir has been documented in the Massé structure (Lower St. Lawrence), with a potential of 53.6 BCF of gas and 52.2 million barrels of oil over a probable average area of 5.2 km2 (an oil equivalent total of 61.1 million barrels of oil equivalent), as estimated by Sproule (see the press release dated May 17, 2016, filed on www.sedar.com). Petrolympic has a 30% working interest in this structure and in the surrounding acreage which also bears a significant potential. Petrolympic has also owns 100% of the adjacent Mitis and Massé properties. In the Mitis Property, several conventional drilling targets have been identified with a potential for dry gas in sandstones (see the press release dated August 31, 2015, filed on www.sedar.com). In the Matapedia Property, a soil gas survey has independently confirmed the occurrence of several prospects identified by seismic data, with a potential for dry gas and condensates in naturally fractured carbonates.

Qualified Person

The technical information contained in this news release has been prepared and provided by Alain-Jean Beauregard, géo., a member in good standing of l’Ordre des Géologues du Québec (OGQ, member 227) and a Qualified Person within the context of Canadian Securities Administrators’ National Instrument (“NI”) 43-101; Standards of Disclosure for Mineral Projects.

Post Views: 371
Previous Article

Quebec Ink: Péladeau fumes as Quebecor, BCE ...

Next Article

ServiceNow’s Quebec release of Now Platform includes ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • Business

    Digg-like Website Now Paying Users $500.00 « The Canadian Headlines Newspaper

    October 20, 2015
    By admin
  • Business

    TransCanada Keystone pipeline leaks 795,000 litres of crude oil in South Dakota

    November 17, 2017
    By admin
  • Business

    Flirthookup.com Reviews: 10 Things That Ruin Casual Dating

    October 20, 2015
    By admin
  • Business

    Le trading : il est simple de commencer à gagner plus

    January 28, 2019
    By admin
  • Business

    No Credit History, no Problem: Lenders Look at Phone Data

    November 28, 2016
    By admin
  • Business

    Investor Summer School: Five Lessons that will Help Protect Your Portfolio

    August 22, 2016
    By admin


AWeber Smart Designer




Popupar Articles

  • Week
  • Month

Week

Sorry. No data so far.

Month

Sorry. No data so far.

Popular on The Le Canadian

  1. Salon du Livre d'Ottawa
  2. Ottawa Book Expo
  3. AgoraCosmopolitan
  4. Agora Publishing Consortium
  5. Le Journal Canadien
  6. Dominion: Food News
  7. LeCanadian.com
  8. The Ottawa Star
  9. Capitalistocracy.com
  10. Agora Books Author House
  11. First Nations Press
  12. Toronto Digital Flog Newspaper
  13. The Etiquette Show
  14. Ontario People's Front

Recent Posts

  • Comment gérer un retard de vol ?
  • 5 ways sudoku boosts brain health
  • 10 tips to successfully market your law firm
  • 7 Amazing Gifts for Kids Who Like to Cook
  • Make Mortgage Overpayments Work for You
  • Son shares warning for immunocompromised after fully-vaccinated Tampa Bay dad dies from COVID-19
  • Catching Covid-19 after being vaccinated isn’t a myth. It happened to me
  • My COVID Story: “I got COVID after being fully vaccinated”
  • Albertans fully vaccinated for COVID-19 urged to stay cautious during pandemic’s 4th wave
  • I got the vaccine – and then I got Covid: Readers share their stories

Most Viewed Posts

No Posts found

Visitors

  • Home
  • Business
  • Entertainment
  • Foodie
  • Headline
  • Health
  • Editorials
  • Lifestyle
  • Sports
  • UFO · Exopolitics
  • City
  • Sexuality
  • Dating