Petrolympic holds a gold property in the Sudbury mining camp, in Ontario

TORONTO, May 06, 2024 (GLOBE NEWSWIRE) -- Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the "Company) holds a gold property located in the south of the Sudbury mining camp, Province of Ontario (the "Property"). The Evangeline property consists of 24 map designated mining claims (cells) covering 600 Ha property in Southwest of Espanola, Ontario, District of Sudbury (NTS 41/04F) approximately 70 km Southwest of the town of Sudbury, a major gold mining center in Central Ontario.

The property lies within a belt of Huronian metasediments which strikes east-west for a distance of 53 kilometers. Numerous gold occurrences are found within this belt adjacent to the Charlton Lake Fault in association with diabase dykes. Several old gold and silver producing mines exist within this metasedimentary belt. These mines were active during the late 1930's and early 1940' and include the McMillan Gold Mine, Majestic Mine, Bousquet Mine, Hawry Creek Mine, Upsala Mine.

The Evangeline Lake property is similar to the before-mentioned gold properties in the mineralogical and structural nature of the gold mineralization. The gold bearing quartz-carbonate veins in the area are apparently associated within and at the contacts of folded quartzite and pelite units in close proximity to diabase sills and dikes. Gold occurs in its native state and intimately associated with arsenopyrite, pyrite, pyrrhotite and chalcopyrite. The gold bearing vein systems are associated with fault/shear zone environments and at pelite/quartzite contacts. With the increased value of gold there is renewed interest for exploration in the area.

In 1934, Bob Tough Gold Mines Ltd completed a diamond drill program in order to verify the potential of 2 gold showings on the property. On the 'A' showing, the westernmost, a diamond drill hole (#4) returned an intersection of 5.83 g/t Au over 2.58 m, associated with a gold-bearing structure oriented N45E with a dip towards the SE. On showing 'B', approximately 1km further east, in a north-dipping east-west structure was intersected in a diamond drill hole (#6) with low core recovery but where the drilling mud returned a value of 25.37 g/t Au.

In 1934, a 3 compartment vertical shaft was sunk to 46m on showing ‘B’, with 36m of crosscutting on the 40m level. A quartz vein with visible gold (North Vein) cut at approximately 15m along the shaft returned 14.74 g/t Au over 0.91 m, and at the north end of the crosscut on the 40m level this quartz vein returned 3.77 g/t Au over 1.52 m. A second vein (South Vein) 7.6m to the south, returned from 5 grab samples collected at 30m in the shaft an average of 4.87 g/t Au and in the crosscut on the 38m level this vein returned an intersection of 3.77 g/t Au over 2.73 m (Figure 1).