Petrolympic Announces Acquisition of New Lithium Properties in James Bay Area, Québec

TORONTO, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the "Company”) is pleased to announce it has acquired 52 mining claims covering about 6,981 acres (2,825 hectares), adjacent to the eastern edge of the Moblan Deposit owned by Sayona Mining Limited. These claims are located in the James Bay-Eeyou Istchee area of Quebec, approximately 125 km North of the town of Chibougamau, Quebec, Canada and are accessible year-round by the Route du Nord. This new project is located in a proven lithium mining province which hosts established, world-class lithium resources including the Whabouchi mine to the North and the North American Lithium project to the South.

The first group of claims is called the Li-1 Property. It is part of the Troilus Belt and consists of two blocks totalling 24 claims. Contiguous to the Li-1 Property are the Troilus Lithium Project (wholly owned by Q One Mining, under option by Liatam Mining from Australia), the Troilus Gold property recently sold to Sayona Mining for $40 million (press release November 16, 2022) and the Moblan Lithium Property owned by Sayona Mining, the latter having a resource estimate of 12.03 Mt @ 1.4% Li₂O (not 51-101 compliant).

The second group of claims is called the Li-2 Property and consists of 28 claims. It is adjacent to a project currently developed by Brunswick Exploration. It is located South of the Whabouchi lithium project, which is expected to be one of the richest lithium spodumene deposits in the world, both in terms of volume and grade. The project is being developed by Nemaska Lithium as an open-pit and underground operation.

Regional efforts are currently underway to develop the area as a lithium hub in Northern Quebec, with the strong support of Quebec’s governmental Plan for the Development of Critical and Strategic Minerals. Furthermore, it benefits from strong infrastructures and its development is well advanced compared to other areas evaluated for lithium.

Both Properties are located in the western Superior Province and lie within the eastern part of the Opatica Sub-province, in the Archaean Frotet-Evans greenstone belt. The initial phase of our exploration program, which we plan to start as soon as access conditions will allow us, will focus on mapping the presence of lithium-bearing pegmatites in the Properties. Pegmatite dykes have already been historically mapped within the Li-2 Property area and are described associated with granites and paragneiss.

The Company is determined to build an extensive portfolio of mining properties focused on strategic minerals, particularly lithium. With the addition of these two properties Petrolympic now holds 200 claims prospective for lithium in Quebec, covering approximately 28,063 acres (11,357 hectares) divided into 2 separate projects (Abitibi and Troilus). Other projects may be added to this portfolio in the future.

Key Advantages of the Province of Quebec and the Abitibi and Eeyou Istchee James Bay-Chibougamau Region (Troilus)

The Province of Quebec is recognized as one of the best mining jurisdictions in the world. The key advantages of the James Bay region are the quality of its infrastructure (major road access, hydro-electric power grid, airports), the supportive relationship with the Cree First Nation, the excellent geoscientific database, a favourable Archean geological setting with already known lithium deposits, and an early exploration stage.

Petrolympic's Lithium Potential Assessment Using Technical and Scientific Data

Already known lithium deposits and major occurrences are widely distributed across the region. Petrolympic has characterized the footprint of most of these sites using all available technical and scientific information from the Quebec Government web site (SIGEOM). This regional analysis extracted many prospective targets with even stronger footprints, most of which Petrolympic has acquired but will need to validate through fieldwork. Based on this assessment, the James Bay-Chibougamau region truly appears to be an emerging mineral province for lithium. The region shares several features in common with large spodumene-bearing pegmatite districts worldwide, especially Western Australia, with comparable tectono-metamorphic frameworks, ages and host lithologies.

Petrolympic is among public companies aggressively and systematically conducting grassroots exploration for lithium in Canada using state-of-the-art exploration technology to identify high-potential targets. Our team has staked major under-explored pegmatite fields across Quebec. We maintain an aggressive prospecting/geochemistry program across our portfolio.

Lithium is a critical mineral to produce electric vehicle batteries and a host of other applications that are propelling the global shift towards decarbonization and renewable sources of energy.

Qualified Person

The technical and scientific information in this press release has been reviewed and approved by Bertrand Brassard, M.Sc., P.Geo., who is a Qualified Person as defined by NI 43-101.

For further information please contact:
Mendel Ekstein
President
Tel. 845-656-0184
Fax 845-231-6665
82 Richmond St East
Toronto, ON M5C 1P1

This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.

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 guarantees 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.