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Petrolympic released gold assay results from its Belcourt Property in Abitibi, Quebec.

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Petrolympic (TSXV:PCQ) (OTCPink:PCQRF) released gold assay results from its Belcourt Property in Abitibi, Quebec. The company completed seven diamond drill holes totaling 1,092 meters on the southern block, with an objective to validate some auriferous intersections previously obtained by Placer Dome Inc., including the possible extension of a showing of 30 grams per tonne gold over 0.4 metres.

Additional Information:

Company: Petrolympics Ltd.
Website: https://www.petrolympic.com/
Stock Symbol: TSXV:PCQ
Date Published: Jul 21, 2022
Transcript: Available

Video Transcript:

Petrolympic Ltd. (TSXV:PCQ) (OTCPink:PCQRF) released gold assay results from its Belcourt Property in Abitibi, Quebec.

The Belcourt Property consists of 4 separate claim blocks, totalling 5,479 hectares, located about 40 kilometres north of Val d’Or.

The property lies within a very favourable metallogenic environment hosting several gold-mineralised structures, mineralised occurrences and mines, such as Heva-Cadillac owned by Golden Valley Mines and Eldorado Gold, Jolin, Thibodeau and Esteville owned by Pershimex Resources and McKenzie Break owned by Monarch Mining, within a few kilometres of the property limits.

In February 2021, Monarch Mining published a Resource Estimate for their McKenzie Break property with Indicated Resources of 1.8 million tonnes at 2.48 grams per tonne gold (146,000 ounces of gold) and Inferred Resources of 3.3 million tonnes at 2.34 grams per tonne gold (250,500 ounces of gold).

The company completed seven diamond drill holes totaling 1,092 meters on the southern block, with an objective to validate some auriferous intersections previously obtained by Placer Dome Inc., including the possible extension of a showing of 30 grams per tonne gold over 0.4 metres.

All the drill holes intersected mineralized structures some with very significant gold intersections.

Five drill holes were completed to verify the lateral and depth extension of two auriferous mineralized zones with the other two aimed at verifying IP Resistivity anomalies potentially corresponding to mineralized shear zones.

Most of these diamond drill holes intersected gold-bearing structures coinciding with IP anomalies and returned auriferous intersections over widths up to 5.4 metres.

The most significant intersections are

Hole BE-22-01, with 1.49 g/t Au over 5.4 m, including 7.02 g/t Au over 0.9 m, in Zone 2
Hole BE-22-02, with 0.71 g/t Au over 3 m, including 1.43 g/t Au over 1 m, in Zone 2

And
Hole BE-22-04, with 2.2 g/t Au over 1.3 m and 3.13 g/t Au over 3 m, including 7.29 g/t Au over 1 m, in Zone 1
Hole BE-22-05, with 0.97 g/t Au over 1 m and 0.22 g/t Au over 1 m, in Zone 2
Hole BE-22-06, with 6.5 g/t Au over 0.5 m and 1.3 g/t Au over 2.5 m in Zone 1, and 1.3 g/t Au over 2.0 m, in Zone 2.

Results obtained during this first drilling program confirmed the potential of finding new mineralized structures on this large property.

The program that is currently being developed will include a high-definition heliborne magnetometric survey followed by biogeochemical, prospection, mapping and sampling surveys on selected priority areas.

Future diamond drilling will test the most promising targets and the depth and lateral extension of the known mineralized auriferous zones as well as significant geological, geophysical and geochemical anomalies.

The shares are trading at $0.075.

For more information about the company’s other gold projects, along with oil and gas properties, please visit the company’s website at www.petrolympic.com, contact Mendel Ekstein, President, at 845-656-0184 or email info@petrolympic.com.