Petrolympic Enters Agreement to Acquire 100% Interest in the Vauquelin Gold Property, Near Val d’Or, Quebec - Seite 2

A northwest-trending fault associated with a gold occurrence is crossing the western boundary and any extension on the Property needs further investigation. A similar northwest-striking gold structure extends immediately to the south of the claim block and may extend on the western part of the Property. Approximately 7 km to the west along the same structure, the Forsan-Exxeter gold zone is also oriented towards the northwest and may extend up to the Property. This gold zone has historical resources totalling 393,869 Mt grading 4.91 g/t Au (Source: L. Perron, 1988, GM-47652 at MERN).  

Looking further towards the west of the Property along the same east-west deformed geological units, several base metal and gold showings are present along with the old Bevcon mine which produced between 1945 and 1967 a total of 438,000 ounces of gold grading 4.3 g / t Au (Source: SIGEOM/MERN).

Approximately 4.5 km south of the Property, an east-west trending mineralized structure hosts the old Chimo mine with indicated resources of 4,017,600 tonnes at an average grade of 4.53 g / t Au and inferred resources of 4,877,900 tonnes at an average grade of 3.82 g / t Au (Source: Cartier Resources Inc. press release dated May 5, 2020).

An east-west trending structure to the north of the Property includes the Croinor gold deposit containing proven and probable reserves totaling 602,994 tonnes at a grade of 6.66 g / t Au (Source: Monarch Gold Corporation website).

The Property is located within a very favorable geological and structural environment already hosting several gold-bearing zones and gold mines. An exploration program including geological and geophysical surveys is necessary to generate targets for a drilling program that could lead to the discovery of gold mineralized zones on the Property.

Qualified Person

The technical information contained in this news release has been prepared and provided by Denis Tremblay, P. Eng., a member in good standing of l’Ordre des Ingénieurs du Québec and a Qualified Person within the context of Canadian Securities Administrators' National Instrument ("NI") 43-101; Standards of Disclosure for Mineral Projects.

Cautionary notes related to news release

This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.