Petrolympic Ltd. provided an update on its exploration program in the Vauquelin-Rayon d'Or Property. The Property consists of 37 mining claims totaling 2,129 hectares located 30 km east of the city of Val-d'Or, Quebec, on the eastern extension of the world-famous Cadillac Break within the Val-d'Or Mining Camp. The 2023 drilling program was designed to test priority targets provided by IP-Resistivity surveys as well as on the lateral extension of the known Rayon d'Or gold mineralized zones.

A total of 3,117 meters distributed in 19 diamond drill holes were completed during the months of August and September 2023. All samples were sent to ALS Global Laboratory in Vald'Or. This drilling campaign confirmed that the southeastern extensions of the Rayon d'Or mineralized structures are generally gold-bearing and prospective.

Their extension farther towards the southeast is also demonstrated by the presence of an IP anomaly extending over 500 m. The northwestward extension of Rayon d'Or has not been drilled, but it ties in with an IP anomaly extending over a distance of 800 m. Some other IP anomalies investigated by drilling have demonstrated their potential for gold and in some cases for base metals (Cu). The auriferous mineralization is associated to both disseminations, veins and veinlets of sulphides (mostly pyrite and pyrrhotite) within altered and fractured zones. One of the gold-bearing zones of the Rayon d' Or deformation corridor was already located approximately 900 m toward the southeast and close the east side of Gueguen Lake by diamond drill hole 82-6, which returned a gold intersection of 2.06 g/t Au /1.83 m, including 3.08 g/t Au /0.61 m. The 2023 drilling program extended the mineralized zones of Rayon d'Or over a distance of 100 m towards the southeast.

Two strongly altered, sheared and fractured zones reaching thicknesses of more than 20 m and generally spaced 25-50 m apart are injected with numerous quartz- carbonate-tourmaline veins and mineralized with up to 10% disseminated pyrite and locally traces of chalcopyrite. All the mineralized zones in that area returned up to 0.65 g/t Au over interesting widths up to 12 m. Additional sections of several of these drill holes are being analyzed to complete coverage of the mineralized intersections and results are pending. The best gold intersection was obtained on the southeasternmost section with drill hole VAU-23-10 returning 0.63 g/t Au over 7.5 m (Zone 1) and 15 m farther along the hole 2.16 g/t Au over 9.0 m, including 6.25 g/t Au over 3.0 m (Zone 2).

The extension of this large gold zone is highlighted by IP anomaly IPG-24 aligning with this structure and extending over a distance of more than 400 m towards the southeast. Those results confirm the potential of economic gold content of the Rayon d'or gold-bearing structure laterally or at depth. Diamond drill hole VAU-23, -18 and -19 investigated two IP anomalies detected approximately 400 m south of the eastern tip of Rayon d'Or and extending over a distance of approximately 500 m toward southeast.

Mineralized structures similar to those present at Rayon d'Or include wide, sheared, fractured zones injected of quartz-carbonate-tourmaline-pyrite veins and veinlets containing up to 10% pyrite with locally thin semi-massive pyrite zones. A mineralized structure returned an intersection of 0.52 g/t Au over 6 m in hole VAU-23-18 and indicates that those structures are also gold-bearing. Diamond drill holes VAU-23-16 tested a series of IP anomalies detected approximately 400 m toward southeast.