TORONTO, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the “Company”) is pleased to present the results of a high-resolution magnetic survey undertaken on its Vauquelin Rayon-d’Or Property (the “Property”).
Figure 1: Property Map is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7430070c-6659-4c5f-93b2-a60555e67ad5
The Property was flown with traverse lines at 50-meters spacing. The survey lines were oriented north-south with magnetic sensor at 17 meters above ground allowing for a very high resolution. The results of the survey highlight some promising prospective structures and allow for the planning of the upcoming exploration efforts.
Most of the surveyed area is affected by linear magnetic features characteristic of alternating sequences of mafic volcanic rocks with sedimentary or intermediate to felsic volcanic rocks, with locally some intrusive stocks, sills or dykes.
Magnetic lineaments are very variable in strike in the area. A number of strong magnetic low lineaments trending WSW-ENE are observed. A dominant family of low amplitude lineaments is striking from WNW-ESE to NW-SE and could relate to the dominant stratigraphy within volcano-sedimentary rock assemblages. There are also a few lineaments mostly oriented from N-S to NNE-SSW, related to fault systems. A few of the curved lineaments are depicting deformed pseudo-elliptic features. In general, magnetic lineaments are related to rock formations that are enriched in magnetite and/or pyrrhotite.
Structural features offsetting observed magnetic lineaments and causing abrupt interruption or changes in the magnetic response are recognized in some areas. These features are typically caused by faults, fractures and shear zones which could be favourable host structures for mineralization.
Figure 2: High-Res Magnetic Survey Results is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bd660a89-d414-47b6-a4cc-70874ea6ab54
Follow up and detailed exploration work will be completed in the prioritized areas. A field program consisting of biogeochemical sampling of black spruce twigs, B-horizon soil sampling, geological mapping, prospecting and rock sampling, as well as detailed Induced Polarization (IP) resistivity geophysical survey will be necessary prior to follow up diamond drilling on the most promising targets. Definition drilling of the lateral and depth extensions of the Rayon-d’Or mineralized structure will then permit to move the properties to stage of resource calculation.
Figure 3: Regional Geography is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b5a6324-3e55-46a0-a539-7be65b10cfbc
Qualified Person
The technical information contained in this news release has been prepared and provided by Alain-Jean Beauregard, géo., a member in good standing of l’Ordre des Géologues du Québec (OGQ, member 227) and a Qualified Person within the context of Canadian Securities Administrators' National Instrument ("NI") 43-101; Standards of Disclosure for Mineral Projects.
For further information please contact:
Mendel Ekstein
President
Tel. 845-656-0184
Fax 845-231-6665
82 Richmond St East
Toronto, ON M5C 1P1
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any information regarding the proposed acquisition, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: economic and global market impacts of the COVID-19 pandemic, fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.
