Petrolympic Ltd. provided an update on its geophysical program in the Rayon d'Or and Vauquelin Property. The Property consists of 37 mining claims totaling of 2,129 hectares located 30 km east of the city of Val-d'Or, Qubec, on the eastern extension of the world-famous Cadillac Break within the Val-d'Or Mining Camp. In February and March 2023, Magnetic and Induced Polarization (IP) geophysical surveys carried out on grid lines established on Gueguen Lake 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.

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; 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 includes 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. 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.