Petrolympic Announces Favourable Geological Context for Lithium-Rich Spodumene Crystals in the Decelles Reservoir Area, Abitibi, Québec
29 September 2022 - 9:00PM
Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the “Company”) is pleased
to announce the presence of several white pegmatite dykes on the
Basserode Property in the Decelles Reservoir Area. The Property is
located approximately 30 kilometers southeast of the town of
Rouyn-Noranda and south of national highway 117. The two claim
blocks consist of 109 and 14 mining claims each, covering
respectively 15,533.6 acres (6,286.24 hectares) and 1,993.1 acres
(806.59 hectares), easily accessible via local logging roads.
The Decelles Reservoir Area of Abitibi is
located south of the Larder-Lake-Cadillac Deformation Zone. The
general area is underlain by Pontiac sediments which are intruded
by a variety of differentiated intrusive suites. It is prolific for
its hard rock lithium endowment, hosting numerous fertile pegmatite
dykes and was the focus of a recent staking frenzy (Sayona, Vision
Lithium, Winsome Resources, Brunswick Exploration, Lithech
Resources and others). Lithium was one of the best performing
metals in 2021-2022 and demand and price are expected to remain
strong.
The strategic location and the size of the
Property offer tremendous upside potential for discoveries. The
claims cover known pegmatite intrusions which are the host rock to
spodumene, the most common and commercially valuable hard rock ore
of lithium. While very little exploration work was completed in the
past, our recent field visits confirmed that the potential for
lithium-rich spodumene pegmatites is excellent. Several clusters of
large, white pegmatite dyke intrusions were observed on the
Property, which are highly favourable for the presence of
Lithium-Cesium-Tantalum (LCT).
Grab samples were previously collected nearby on
Vision Lithium property, revealing high values of 2.67% and 7.34%
Li20 and significant drillhole intersections of 1.74% Li20 over
1.90 m in hole CAD-22-07 and 1.00% Li20 over 6,40 m in hole
CAD-22-13. Channel samples intersected 2.17% Li20 over 5,50 m. (see
Vision Lithium press releases dated February 14, 2022 and April 13,
2022 and the company’s website).
The crews are at work presently, collecting
follow up site photos and samples which are sent to ALS-Global
Val-d’Or Laboratory. Assays are pending and results will be
announced as soon as available. The Company also plans to complete
detailed Heliborne High-Resolution Magnetic and Lidar Hyperspectral
remote sensing surveys followed by fieldworks (prospecting, mapping
and sampling, outcrop stripping, whole rock geochemistry, diamond
drilling and bulk sampling if required).
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
82 Richmond St EastToronto, ON M5C 1P1Tel. 845-656-0184 Fax
845-231-6665
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 guaranteeing 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.
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