Petrolympic Starts the First Drilling Campaign at Belcourt Property

Petrolympic Ltd. will start a drilling campaign on its 100%-owned Belcourt Property in Abitibi, Quebec, with an initial minimum of 1,000 meters to check coinciding structural characteristics with IP-Resistivity Axes and additions of previously drilled auriferous mineralization.

The property is made up of 125 map-designated rights in four blocks (Belcourt North, South, Central and West blocks), all of which are close to one another and comprise a sum of 5,479 hectares (54.79 square km, 13,539 acres) in the Abitibi townships of Barraute, Carpentier, Courville, and Fiedmont. Route 386 and a network of subsidiary roads and trails provide year-round access to the property.

The Belcourt Property is situated inside the Landrienne Formation’s volcanic belt and is overlain by the NW-SE Uniacke Deformation Corridor, which features many mineralized zones, including the Héva-Cadillac, Glasnost, Jolin, Thibodeau Zone (Pershing-Manitou) and Eastville showings.

Placer Dome’s initial drilling will confirm and evaluate the expansions of previously drilled gold mineralization. The mineralization was discovered inside quartz-carbonate-pyrite veins at the porphyritic basalt-gabbro contact, exhibiting a 6.96 g/t Au intersection over 2.17 meters (with 38.5 g/t Au over 0.43 m).

The technical group will also concentrate on gaining a better understanding of the mineralization and host structures with respect to geophysical axes that coincide with related structures and vein corridors.

In addition, the Property is situated in a very attractive metallogenic environment, with multiple gold-mineralized structures, mineralized deposits and mines located in a few kilometers of the Property’s boundaries, including the following:

• McKenzie Break is an NI 43-101 compliance deposit containing 146,000 ounces grading 2.48 g/t Au in indicated resources and 250,550 ounces grading 2.34 g/t Au in inferred resources (2021);
• Jolin (Main Zone): 907,944 tons of inferred resources at 2.06 g/t Au (non-compliant NI 43-101);
• Measured Resources of 4,200 tons grading 4.29 g/t Au, Indicated Resources of 19,100 tons grading 3.96 g/t Au, and Inferred Resources of 3,000 tons grading 2.95 g/t Au are all found in the Thibodeau Zone (Pershing-Manitou Deposit) (2021);
• 25.7 g/t Au over 1.6 meters at Eastville (drillhole A-9);
• Heva-Cadillac (which channel samples grade up to 10.95 g/t Au across 5.5 m) is on display;
• In drillhole GPS-09-01, Glasnost showed 59.52 g/t Au over 1.15 meters;
• The Bartec (Ontex) deposit has 113,400 tons of reserves grading 7.9 g/t Au (MERNQ SIGEOM, 1987).
• The Vendome No. 1 (Mogador) deposit has reserves of 559,506 tons grading 1.18 g/t Au, 62.18 g/t Ag, 0.52 percent Cu, and 8.11 percent Zn, and inferred resources of 116,048 tons grading 4.55 percent Zn, 0.49 percent Cu, 0.73 g/t Au, 40.78 g/t Ag (2013);
• Tri-Cur exhibiting (103.6 g/t Au in a drillhole over 1.83 m).