Petrolympic announces a favorable geological context for

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TORONTO, Sept. 29, 2022 (GLOBE NEWSWIRE) — 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 city of Rouyn-Noranda and south of National Highway 117. The two claim blocks each comprise 109 and 14 mining claims, respectively covering 15,533.6 acres (6 286.24 hectares) and 1,993.1 acres (806.59 hectares), easily accessible by local logging roads.

The Decelles reservoir sector in Abitibi is located south of the Larder-Lake-Cadillac deformation zone. The general area is underlain by Pontiac sediments that are cut by a variety of differentiated intrusive suites. It is prolific for its hard rock lithium endowment, hosting numerous fertile pegmatite dykes and has been the subject of a recent staking spree (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 high.

The strategic location and the size of the Property offer enormous potential for discovery. The claims cover known pegmatite intrusions which are the host rock for spodumene, the most common and commercially valuable lithium hard rock mineral. Although very little exploration work has been done in the past, our recent field trips have confirmed that the potential for lithium-rich spodumene pegmatites is excellent. Several groups of large intrusions of white pegmatite dykes have been observed on the property, which are very favorable for the presence of lithium-cesium-tantalum (LCT).

Grab samples have already been taken nearby on the Vision Lithium property, showing high values ​​of 2.67% and 7.34% Li20 and significant drill 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 in 5.50m. (see Vision Lithium’s press releases of February 14, 2022 and April 13, 2022 and the company’s website).

The teams are currently at work, collecting follow-up photos of the site and samples which are sent to the ALS-Global Val-d’Or laboratory. Testing is pending and results will be announced as they become available. The Company also plans to carry out detailed surveys by helicopter-borne high-resolution magnetic remote sensing and hyperspectral Lidar followed by field work (prospecting, mapping and sampling, outcrop stripping, whole rock geochemistry, diamond drilling and bulk sampling if necessary).

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 of the Company.

For more information, please contact:

Mendel Ekstein – President

82 Richmond Street East
Toronto, Ontario M5C 1P1
Such. 845-656-0184 Fax 845-231-6665

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED NOR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTION 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, should be considered 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 commercial, 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 the forward-looking statements. These factors include, but are not limited to: economic and global impacts of the COVID-19 pandemic, market price fluctuations, exploration and development successes, continued availability of capital and financing, changes in national and local laws, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, commercial or business conditions. Many of these uncertainties and contingencies may affect our actual results and could cause actual results to differ materially from those expressed or implied by any forward-looking statements made by or on our behalf. Readers are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, readers are urged to rely on 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 forward-looking statements.

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