PCQ Petrolympic Ltd

Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the “Company”) is pleased to provide an update on its geophysical program in the Rayon d’Or and Vauquelin Property (the “Property”). The Property consists of 37 mining claims totaling of 2,129 hectares located 30 km east of the city of Val-d’Or, Québec, on the eastern extension of the world-famous Cadillac Break within the Val-d’Or Mining Camp.

Figure 1: General location of the Rayon d’Or and Vauquelin Property within the Val-d’Or Mining Camp.https://www.globenewswire.com/NewsRoom/AttachmentNg/7580b6a4-c44c-44ff-b50d-128826ebc084 

In February and March 2023, Magnetic and Induced Polarization (IP) geophysical surveys carried out on grid lines established on Gueguen Lake (Grid 2, Figure 2) allowed to link the mineralized structures hosting the Rayon d’Or deposit with numerous anomalies detected during the IP survey carried out in 2022 east of Gueguen Lake (Grid 1, Figure 2). These IP geophysical surveys allowed the interpretation of 33 polarization anomalies with axes oriented E-W to NW-SE and extending over 1 km. IP anomalies correspond to mineralized structures containing quartz-carbonate veins and disseminated sulphides. Mineralized structures are locally cut and slightly displaced by NNE faults that were interpreted on the western and eastern edges of Gueguen Lake.

Figure 2: Location of IP grid surveys and biogeochemical samples in the Rayon d’Or and Vauquelin Property.https://www.globenewswire.com/NewsRoom/AttachmentNg/aef8d881-a4b5-4308-8b6b-00c006702f10 

One of the best anomalies (IPG-25) was detected on the Rayon d'Or showing where previous drilling returned at shallow depth intersections of 12.74 g/t Au over 3.96m, 3.83 g/t Au over 3.08m and 3.37 g/t Au over 3.44m. A similar subparallel anomaly (IPG-26) was detected 150m farther south and those two parallel axes extend southeast over a distance of approximately 1 km, toward the SE extension of the deformation corridor that includs the Rayon d’Or gold bearing structure. At the southeastern end of the IPG-25 anomaly, a previous hole drilling (82-6) confirmed gold occurrence associated with those structures as it intersected, at a vertical depth of approximately 100m, a mineralized zone that returned anomalous gold values ​​over 10m including an intersection of 2.06 g/t Au on 1.83m. Two similar anomalies (IPG-4 and IPG-3) detected east of Gueguen Lake during the first survey (Grid 1) coincide with the same mineralized structure extended approximately another 1 km up to the eastern boundary of the survey.

Gold bearing structures initially discovered on the Rayon d'Or showing have been traced using IP surveys over a distance of more than 2 km. Farther east, Copper, Zinc and Gold geochemical anomalies located by the 2022 biogeochemical survey are suggesting that those auriferous mineralized structures may extend farther into the eastern half of the Vauquelin Property.

North of Rayon d'Or, two east-west trending anomalies (IPG-22 and IPG-24) were detected that extend over distances of 600m and 400m respectively. These anomalies coincide with mineralized structures wedged between two NE faults and deserve further investigation. Three parallel anomalies (IPG-30, IPG-31 and IPG-32) detected at the southern end of Gueguen Lake may correspond to gold mineralized structures similar to the North #1 and the Central Gold zones located a few hundred meters to the south of the Property (Figure 2).

This geophysical program has allowed to define on the Vauquelin Property a structural context comprising several deformation corridors which are favorable to the presence of gold mineralization, as evidenced by the gold mineralization previously defined by drilling on the Rayon d'Or gold zone. This structural context is similar to that of the Chimo mine owned by Cartier Resources and located less than 5 km south of Vauquelin (Figure 1). Like on the Vauquelin Property, mineralization at the Chimo mine includes numerous gold zones associated with structures present in three deformation corridors (Cartier Resources web site).

As the IP surveys have given very interesting results by locating numerous continuous anomalies over large distances, a drilling program will be prepared to investigate the best targets defined in the most promising deformation corridor.

Qualified Person

Alain-Jean Beauregard, B. Sc., P. Geo. (OGQ # 227), is the “Qualified Person” under National Instrument 43-101 and has reviewed and approved the geological information reported in this news release. Mr. Beauregard is independent from the Company.

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.