Petrolympic Enters Agreement to Acquire 100% Interest in the Vauquelin Gold Property, Near Val d’Or, Quebec
TORONTO, Sept. 29, 2020 (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 31 contiguous map-designated claims (cells) covering 1,784 Ha 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 between the vendors, Mr. Mike Lavoie and Ass., well known and experienced gold prospectors in the mineral exploration scene throughout the region, the Company paid the vendors an aggregate cash payment of $30,000.00 as part of the purchase price. The remainder of the purchase price will be satisfied through the issuance of an aggregate of 500,000 common shares of the Company. Upon the completion of the transaction the Company will have acquired 100% interest in the mineral rights of the Property. The vendors will also receive a 3.0% NSR royalty from all eventual commercial mineral production on the project.
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.
Management continues to pursue and believe in Quebec’s oil and gas potential and intends to proceed with its drilling program for conventional natural gas reservoirs as soon as the regulatory delays are resolved. In the meantime, the Company is moving to capitalize on its long experience in the Province of Quebec to diversify its resource asset base with an emphasis on high-potential gold projects.
The Property is underlain mainly by intermediate to mafic volcanic rocks with associated synvolcanic intrusions of the Val d’Or Formation and by the Pershing-Manitou granitic pluton in the northeastern extremity of the claim block.
A series of electromagnetic anomalies (Input) are scattered throughout the central part of the Property indicating the possible presence of prospective mineralized zones in those areas.