Business

Petrolympic has launched its first drilling program at Belcourt Property in Abitibi, Quebec, Canada. CanadianBusinessJournal

Toronto, March 23, 2022 (GLOBE NEWSWIRE) — Petrolympic Ltd. (TSX.V: PCQ) (OTC: PCQRF) (“Company”) has announced that the company will launch a drilling campaign. Approximately 1,000 meters to test structural features consistent with the IP resistant axis and the expansion of previously excavated gold mineralization at a 100% controlled Belcourt property in Abitibi, Quebec.

The property consists of 125 map-designated claims in four blocks (Belcourt North, South, Central and West blocks), all in close proximity to each other, in the towns of Courville and Fidomont in the Barraute, Carpentier and Abitibi regions. The property is accessible year-round by Route 386 and a network of secondary roads and trails.

The Belcourt property is located within the volcanic belt of the Landrienne Formation and is an important NW-SE Uniacke Deformation Corridor hosting several mineralization zones such as the Héva-Cadillac, Glasnost, Jolin, Thibodeau Zone (Pershing-Manitou) and Eastville shows. Supported by. ..

Figure 1: Belcourt geology

https://www.globenewswire.com/NewsRoom/AttachmentNg/3e58df27-f399-4646-8c40-3ec002c1f532

The first drilling will validate and test the previously drilled gold mining enhancements recognized by PlacerDome. Mineralization was recognized to be hosted within the quartz-carbonate-pyrite vein at the contact point between porphyrite basalt and gabbro, 6.96 g / t Au over 2.17 m (38.5 g over 0.43 m). Crossings (including / t Au) have been revealed. The technical team will also focus on a better understanding of mineralization and control of host structures with respect to the relevant structures and key geophysical axes consistent with the vein corridor.

In addition, the property is in a highly favorable depositation environment, with several gold mining structures, mineralizations and mines within a few kilometers of the property’s limits, including:

  • The Mackenzie Break deposit is NI43-101 compliant with 146,000 ounces of display resources of 2.48 g / t Au and estimated resources of 250,550 ounces of 2.34 g / t Au (2021).
  • Jolin (main zone): Estimated resource of 907,944 tons at 2.06 g / t Au (non-compliant NI 43-101);
  • Thibodeau zone (Pershing-Manitou deposit): 4,200 tonnes of measured resource at 4.29 g / t Au, 19,100 tonnes of display resource at 3.96 g / t Au, estimated resource of 3,000 tonnes at 2.95 g / t Au (2021);
  • East Building display: 25.7 g / t Au (drill hole A-9) over 1.6 meters;
  • Heva-Cadillac display (channel samples with Au grades above 5.5 m up to 10.95 g / t).
  • Glasnost display: 59.52 g / tAu over 1.15 meters with drill hole GPS-09-01.
  • Bartec (Ontex) deposit (MERNQ SIGEOM, 1987) with reserves of 113,400 tonnes at a magnitude of 7.9 g / t Au.
  • The Vendome No. 1 (Mogador) deposit has 116,048 tonnes of reserves of Au 1.18 g / t, Ag 62.18 g / t, Cu 0.52% and Zn 8.11%, and Zn 4.55%, Cu 0.49%. 0.73 g / t Au, 40.78 g / t Ag (2013) classified as an estimated resource;
  • Tri-Cor display (103.6g / t Au over 1.83m in drill hole).

Qualified person

Alain-Jean Beauregard, P. Geo, an independent qualified person as defined by the Canadian National Instrument 43-101. Has reviewed and approved the geological information reported in this news release. Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release. Mr. Borigard is independent of the company.

For more information, please contact:
Mendel Ekstein
President
phone. 845-656-0184
Fax 845-231-6665
82 Richmond Street East
Toronto, Ontario M5C1P1

This news release contains information about adjacent properties that we do not have the right to investigate or mine. Please note that the deposits of adjacent properties do not represent the deposits of our property.

Neither the TSX Venture Exchange nor its regulatory service provider has confirmed or endorsed any liability for the validity or accuracy of this release.

Precautions regarding information regarding future prospects

The specific information contained in or incorporated by reference in this press release, including information about the proposed acquisition, constitutes a “forward-looking statement.” All statements except historical facts are considered forward-looking statements. Forward-looking statements are based on a number of assumptions and assumptions that we consider reasonable, but are affected by inherently significant business, economic, geological and competitive uncertainties and contingencies. I am. We believe that the expectations expressed in such forward-looking statements are based on reasonable assumptions, but such statements do not guarantee future performance. Due to known and unknown factors, actual results may differ materially from those predicted in the forward-looking statements. Such factors include the economic and global market impact of the COVID-19 outbreak, fluctuations in market prices, successful exploration and exploitation, continued availability of capital and funds, national and local governments. Changes in government law, taxation, regulation, regulation, property acquisition or nationalization, and general political, economic, market or business conditions. Many of these uncertainties and contingencies may affect our actual results, and the actual results are expressed or expressed in statements regarding future prospects made by or on our behalf. It can be very different from what is implied. Readers should note that forward-looking statements do not guarantee future performance. Therefore, readers are advised to rely on their own assessment of such uncertainties. All forward-looking statements contained in this press release or incorporated by reference are qualified by these notices. We undertake no obligation to update any forward-looking statement.


CBJ News Maker

Petrolympic has launched its first drilling program at Belcourt Property in Abitibi, Quebec, Canada. CanadianBusinessJournal

Source link Petrolympic has launched its first drilling program at Belcourt Property in Abitibi, Quebec, Canada. CanadianBusinessJournal

Related Articles

Back to top button