TORONTO, Nov. 24, 2021 (GLOBE NEWSWIRE) – Petrolympic Ltd. (TSX.V: PCQ) (OTC: PCQRF) (the “Company”) is pleased to announce that the Company has reached an agreement to acquire three (3) additional mineral claims covering 75 Ha and located in the heart of the previously purchased Evangeline Lake gold property, which consists of 24 map-designated mining claims (cells) covering 600 Ha southwest of Espanola, Ontario, Sudbury District (NTS 41 / 04F), approximately 70 km south west of the city of Sudbury, a major gold mining center in central Ontario.
Upon signing of the purchase agreement between the sellers and the company, the purchase price will be settled by issuing a total of 200,000 common shares of the company. Upon completion of the transaction, the Company will have acquired a 100% interest in the mineral rights to the property. Sellers will also receive a 2.0% NSR royalty on all potential commercial mineral production from the Project.
The issuance of the Common Shares in connection with the Transaction will be subject to applicable securities laws, any relevant securities regulatory authority and the policies of the TSX Venture Exchange, and the Common Shares will be subject to a hold period. four months in accordance with applicable securities laws and TSX Venture Exchange policies. Completion of the acquisition remains subject to the approval of the TSX Venture Exchange.
The gold potential of the property, as described in a previous press release dated November 11, 2020 (filed on www.sedar.com), includes the following key elements:
The Evangeline Lake property is located in a belt of Huronian metasediments that stretches east to west for a distance of 53 kilometers. Numerous gold occurrences are found in this belt adjacent to the Charlton Lake fault in association with diabase dykes and several old gold and silver producing mines were active in the late 1930s and early 1980s. 1940 in this metasedimentary belt. These mines include the McMillan gold mine, the Majestic mine, the Bousquet mine, the Hawry Creek mine and the Upsala mine.
The mineralogical and structural nature of the gold mineralization on the Evangeline Lake property is similar to the aforementioned gold properties. Gold-bearing quartz-carbonate veins in the region are apparently associated with the interior and contacts of folded quartzite and pelite units in close proximity to diabase sills and dykes. Gold is present in its native state and intimately associated with arsenopyrite, pyrite, pyrrhotite and chalcopyrite. Gold vein systems are associated with fault / shear zone environments and pelite / quartzite contacts.
Bob Tough Gold Mines Limited has conducted surface exploration and diamond drilling on the property. Based on these results, a three-compartment well was dug to the 150-foot level, where 118-foot intersection was made. Gold values of up to 6.6 g / t Au over 1.36 m were recorded for holes drilled by the company in the late 1930s.
In 1988, a geophysical survey was carried out on the property. Bypassed magnetometric / VLF-KM surveys revealed numerous east-west trending conductors and magnetic anomalies.
Based on this promising evidence, an extensive exploration program including geological and geophysical surveys will be prepared to generate targets for more detailed exploration work.
The technical content of this press release has been approved by George Yordanov, Professional Geologist, an independent Qualified Person as defined by National Instrument 43-101.
For more information, please contact:
82 Richmond Street East
Toronto, ON M5C 1P1
Phone. 845-656-0184 Fax 845-231-6665
This press release contains information on adjacent properties on which the Company does not have the right to explore or operate. Readers are cautioned that mineral deposits on adjacent properties are not representative of mineral deposits on Company properties.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS SETTLEMENT SERVICES PROVIDER HAS REVIEWED OR ACCEPTED RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any information relating to the proposed acquisition, constitutes “forward-looking statements”. All statements, other than statements of historical fact, should be considered as forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions which, although considered reasonable by the Company, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in forward-looking statements. These factors include, but are not limited to: 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 forward-looking statements made by or on our behalf. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are cautioned by their own assessment of these uncertainties. All forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We assume no obligation to update any forward-looking statements.