2022

29 September 2022

Petrolympic Announces Favourable Geological Context for Lithium-Rich Spodumene Crystals in the Decelles Reservoir Area, Abitibi, Québec

TORONTO, Sept. 29, 2022 -- 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 East Toronto, ON M5C 1P1

Tel. 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 forwardlooking 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 forwardlooking 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.

21 September 2022

Petrolympic Completes Basserode and Fournière Lithium Property Acquisition

TORONTO, Sept. 21, 2022 -- Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the “Company” or “Purchaser”) is pleased to announce that the TSX Venture Exchange (“TSX-V”) has accepted for filling the documentation pertaining to a purchase agreement previously announced July 26th, 2002. Pursuant to the TSX-V approval the Company and the vendors have amended the terms of the purchase agreement (“Amended Agreement”) to acquire the Basserode Lithium and Fournière Lithium properties in the emerging Cadillac-Pontiac lithium camp in the Abitibi-Témiscamingue region, southwest of Val d’Or, Quebec.

Both Properties are covered by a network of trails and logging roads allowing for good access and effective exploration with reduced exploration costs.

The Basserode and Fournière Properties lie within the rapidly emerging Cadillac-Pontiac lithium belt, where large properties have recently been assembled by companies such as Sayona Quebec Inc., Medaro Mining Corp., Brunswick Exploration Inc., High Tide Resources Corp., Narrow River Resources Pty Ltd., NeoTerrex Corp., Renforth Resources Inc., Vision Lithium Inc., and Winsome Resources Inc.

The Properties are nested in a highly favourable geological context for lithium exploration in the geological Pontiac Subprovince, which is located south of the Abitibi Greenstone Belt and is bounded by the Larder Lake-Cadillac Deformation Zone to the north and by the Grenville Front to the south.

As part of the original agreement the Vendor was to receive 500,000 common share purchase warrants (“Warrants”) conditional on the completion of a future flow-through financing and subject to the terms of such financing. The Amended Agreement states that the 500,000 Warrants to be issued shall be exercisable to purchase one common share of the Purchaser at a price not less than $0.07 per common share.

For further information please contact:

Mendel Ekstein - President

82 Richmond St East Toronto, ON M5C 1P1

Tel. 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 forwardlooking 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 forwardlooking 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.

08 September 2022

Petrolympic Announces Closing of Private Placement

TORONTO, Sept. 08, 2022 -- Petrolympic Ltd. (the "Company") (TSX-V:PCQ – OTCQB:PCQRF) is pleased to announce the closing of a non-brokered private placement (the "Offering"), consisting of 3,100,000 units ("Units") at a price of $0.06 per Unit to raise aggregate gross proceeds of $186,000.

Each Unit consists of one common share ("Common Share") of the Company and one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to purchase a Common Share at $0.10 per share for a period of 36 months from closing, subject to acceleration in the event that the Common Shares trade at or above $0.20 for 30 consecutive trading days.

All securities issued in connection with this Offering are subject to a statutory hold period expiring on January 9, 2023, in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR OTC MARKETS GROUP INC, NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For further information, please contact:

Mendel Ekstein, President and CEO Petrolympic Ltd.

T: 845 656-0184 E:

exis@petrolympic.com

26 July 2022

Petrolympic enters agreement to acquire 100% interest in the Basserode and Fournière lithium properties near Val d’Or, Quebec

TORONTO, JULY 26, 2022 (GLOBE NEWSWIRE) – Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the “Company”) is pleased to announce that it has entered into an option purchase agreement with Mr. Glenn Griesbach to acquire a 100% interest in the Basserode Lithium and Fournière Lithium properties (the “Properties”) located in the emerging Cadillac-Pontiac lithium camp in the Abitibi-Témiscamingue region, southwest of Val d’Or, Quebec.

The Basserode Property consists of 123 claims covering 7,092.8 hectares (70.1 km2). It is located 70 km southwest of the city of Val-d’Or and 30 km south of the city of Rouyn-Noranda, and spans over parts of the Basserode, Bellecombe, and Caire townships. The Fournière Property is composed of 25 claims covering 1,440.9 hectares (14.4 km2). It is located 25 km southwest of the city of Val-d’Or and belongs to the Desroberts and Fournière townships. Both Properties are covered by a network of trails and logging roads allowing for good access and effective exploration with reduced exploration costs.

The Basserode and Fournière Properties lie within the rapidly emerging Cadillac-Pontiac lithium belt, where large properties have recently been assembled by companies such as Sayona Quebec Inc., Medaro Mining Corp., Brunswick Exploration Inc., High Tide Resources Corp., Narrow River Resources Pty Ltd., NeoTerrex Corp., Renforth Resources Inc., Vision Lithium Inc., and Winsome Resources Inc. The Properties are nested in a highly favourable geological context for lithium exploration in the geological Pontiac Sub-province, which is located south of the Abitibi Greenstone Belt and is bounded by the Larder Lake-Cadillac Deformation Zone to the north and by the Grenville Front to the south. Traditionally there has been very little exploration work done in the rocks of the Pontiac, as attention has historically been drawn to the gold and volcanogenic-type base metal deposits found in the adjoining Abitibi Greenstone Belt. The Pontiac consists of roughly equal amounts of metasediments and various batholiths and plutons. Lithium mineralization have been identified at several sites in the Pontiac, within spodumene-bearing pegmatites dykes that cut both the metasediments and intrusive rocks. Contrary to other sources of lithium such as brines and clays, spodumene-bearing pegmatites contain higher-grades lithium deposits with lower levels of impurities and more simple metallurgical processes.

Preliminary discussions are underway for a Phase 1 exploration program to identify prospective pegmatite dykes, including a proposed high-definition magnetic and radiometric survey in conjunction with an interpretive survey utilizing high-definition LIDAR data, to be followed by prospecting, mapping and rock sampling surveys. Pursuant to the Agreement, the Company may acquire a 100% interest in the claims that comprise the Basserode and Fournière properties by (i) making aggregate cash payments of $35,000 over one year; (ii) issuing an aggregate of 1,000,000 common shares of the Company over one year; and (iii) issuing 500,000 common share purchase warrants (the “Warrants”) of the Purchaser to the Optionor at the next flow-through financing (if such financing occurs) at the same strike price and conditions as for the investors in such flow-through financing. Upon exercise of the Option by the Company, the Optionor will retain a 2.0% net smelter returns royalty on the two properties, 1.0% of which may be purchased by the Company for $1,000,000.

Mendel Ekstein, CEO of Petrolympic, stated “Petrolympic is pleased to add the Basserode and Fournière lithium Properties to our expanding portfolio of potentially highly rewarding exploration projects in Quebec.”

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.

We seek Safe Harbor.

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 assumeany obligation to update any forward-looking statements.

21 July 2022

Petrolympic Announces Recent Assay Results from Drilling Campaign at the Belcourt Property in Abitibi, Quebec, Canada

Petrolympic Announces Recent Assay Results from Drilling Campaign at the Belcourt Property in Abitibi, Quebec, Canada

TORONTO, July 21, 2022 – Petrolympic Ltd. (TSX.V: PCQ) (OTC: PCQRF) (the “Company”) is pleased to announce recent assay results following the drilling of seven (7) diamonds drill holes totaling 1,092 meters on the southern block of the Belcourt Property in Abitibi, Quebec (the “Property”).The Property is located in a favourable geological context for gold and base-metal mineralization within felsic to intermediate volcanic rocks underlain by an important structural corridor, and is surrounded by numerous precious and base metal deposits.

The objective of this drilling campaign was to validate some auriferous intersections previously obtained by Placer Dome Inc. in the Belcourt South block of the Property, including the possible extension of a showing presenting 30 g/t Au over 0.4 m. All the drill holes have intersected mineralized structures some with very significant gold intersections. Five (5) drill holes were completed to verify the lateral and depth extension of two (2) auriferous mineralized zones. The other two (2) drill holes aimed at verifying IP (Induced Polarity) Resistivity anomalies potentially corresponding to mineralized shear zones. Cross-sections of the drill hole results are presented in

Appendix. Most of these diamond drill holes intersected gold-bearing structures coinciding with IP anomalies and returned auriferous intersections over widths up to 5.4 m. Results obtained during this first drilling program confirmed the potential of finding new mineralized structures on this large property.

The most significant intersections were:

- BE-22-01: 1.49 g/t Au over 5.4 m (including 7.02 g/t Au over 0.9 m) in Zone 2;

- BE-22-02: 0.71 g/t Au over 3 m (including 1.43 g/t Au over 1 m) in Zone 2;

- BE-22-04: 2.2 g/t Au over 1.3 m and 3.13 g/t Au over 3 m (including 7.29 g/t Au over 1 m)

in Zone 1;

- BE-22-05: 0.97 g/t Au over 1 m and 0.22 g/t Au over 1 m in Zone 2;

- BE-22-06: 6.5 g/t Au over 0.5 m and 1.3 g/t Au over 2.5 m in Zone 1 and 1.3 g/t Au over

2.0 m in Zone 2.

The Property is located within the Uniacke Deformation Corridor and the Manneville Fault metallotect. It is surrounded by several gold mineralizations including (see map below): Heva-Cadillac owned by Golden Valley Mines and Eldorado Gold; Jolin, Thibodeau and Esteville owned by Pershimex Resources; McKenzie Break owned by Monarch Mining Corp. In the latter, a resource estimate was completed by Geologica and GoldMinds in February 2021 (available on SEDAR) with Indicated Resources of 1.8 Mtonnes at 2.48 g/t Au (146,000 ounces of gold) and Inferred Resources of 3.3 Mtonnes at 2.34 g/t Au (250,500 ounces of gold).

Future work

The gold occurrences reported in the present press release, the favourable geological context and the gold and base-metals mineralizations discovered in the vicinity (see above) support further exploration efforts in the Belcourt Property. The program that is currently being developed will include a high-definition heliborne magnetometric survey followed by biogeochemical, prospection, mapping and sampling surveys on selected priority areas. Then diamond drilling will test the most promising targets and the depth and lateral extension of the known mineralized auriferous zones as well as significant geological, geophysical and geochemical anomalies.

QA/AC and Core Sampling Protocols

All drill core samples were collected under the supervision of Geologica’s employees. Drill cores were transported from the drill platform to the logging facility where they were logged, photographed and split by diamond saw prior to being sampled. Samples were then bagged with duplicates, blanks and certified reference materials were inserted at regular intervals. Groups of samples were placed in large bags, sealed with numbered tags in order to maintain a chain-of-custody, and transported to Bourlamaque Assay Laboratory, Val-d'Or, Quebec.

Procedures for routine fire assaying are to initially crush the entire sample to – 10 mesh, then a 300 g sub-sample is split and pulverized to 95 % – 150 mesh, and a 30 g sub-sample is fire assayed using standard industry procedures, with the gold content determined by Atomic Absorption (AA) spectrometry. Each sample is then assayed by Fire Assay and AA Finish, where values reporting ≥ 10 ppm Au are repeated by Fire Assay with a Gravimetric Finish upper reporting limit of 100 g/t Au.

Qualified Person

Mr. Alain-Jean Beauregard, B. Sc., P. Geo. (OGQ #227) is the “Qualified Person” under

National Instrument 43-101 and has reviewed and approved the scientific and technical

information in this press release.

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.

23 March 2022

Petrolympic Begins Its First Drilling Program at the Belcourt Property in Abitibi, Quebec, Canada

TORONTO, March 23, 2022 – Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the  “Company”) is pleased to announce that the Company will begin a drilling  campaign, with an initial minimum of approximately 1,000 meters, to test  coinciding structural features with IP-Resistivity Axes and extensions of  previously drilled auriferous mineralizations on its 100% controlled Belcourt  Property in Abitibi, Quebec.  

The property consists of 125 map-designated claims in four blocks (Belcourt  North, South, Central and West blocks), all proximal to one another and covering  a total of 5,479 hectares (54.79 square km, 13,539 acres) in the Barraute,  Carpentier, Courville and Fiedmont townships in the Abitibi region. The Property  is accessible year-round by Route 386 and a network of secondary roads and  trails. 

The Belcourt Property is located within the volcanic belt of the Landrienne Formation and is underlain by the important NW-SE Uniacke Deformation  Corridor which hosts several mineralized zones such as Héva-Cadillac, Glasnost,  Jolin, Thibodeau Zone (Pershing-Manitou) and Eastville showings. 

Figure 1: Belcourt Geology

Initial drilling will validate and test the extensions of previously drilled gold  mineralization recognized by Placer Dome. The mineralization was recognized to  be hosted within quartz-carbonate-pyrite veins at the contact of porphyritic basalt and gabbro revealing an intersection of 6.96 g/t Au over 2.17 meters (including  38.5 g/t Au over 0.43 m). The technical team will also focus on making a better  understanding of the controls of the mineralization and host structures with  respect to the main geophysical axes coinciding with associated structures and  vein corridors. 

Furthermore, the Property is located within a very favourable metallogenic  environment hosting several gold-mineralized structures, mineralized  occurrences and mines within a few kilometres of the Property limits and includes  the following: 

• McKenzie Break deposit with a NI 43-101 compliant Indicated Resources  of 146,000 ounces grading 2.48 g/t Au and Inferred Resources of 250,550 ounces grading 2.34 g/t Au (2021); 

• Jolin (Main Zone): Inferred Resources of 907,944 tonnes at 2.06 g/t Au  (non-compliant NI 43-101); 

• Thibodeau Zone (Pershing-Manitou Deposit) : Measured Resources of  4,200 tonnes at 4.29 g/t Au, Indicated Resources of 19,100 tonnes grading  3.96 g/t Au and Inferred Resources of 3,000 tonnes grading 2.95 g/t Au  (2021); 

• Eastville showing: 25.7 g/t Au over 1.6 meters (drillhole A-9); • Heva-Cadillac showing (which channel samples grades up to 10.95 g/t Au  over 5.5 m); 

• Glasnost showing: 59.52 g/t Au over 1.15 meters in drillhole GPS-09-01. • Bartec (Ontex) deposit with reserves of 113,400 tonnes grading 7.9 g/t Au  (MERNQ SIGEOM, 1987); 

• Vendome No. 1 (Mogador) deposit with reserves of 559,506 tonnes  grading 1.18 g/t Au, 62.18 g/t Ag, 0.52 per cent Cu and 8.11 per cent Zn,  and 116,048 tonnes grading 4.55 per cent Zn, 0.49 per cent Cu, 0.73 g/t  Au, 40.78 g/t Ag classified as inferred resources (2013); 

• Tri-Cor showing (103.6 g/t Au over 1.83 m in a drillhole). 

Qualified Persons 

Alain-Jean Beauregard, P. Geo., independent qualified person as defined by  Canadian National Instrument 43-101, has reviewed and approved the geological  information reported in this news release. Neither TSX Venture Exchange nor its  Regulation Services Provider (as that term is defined in the policies of the TSX  Venture Exchange) accepts responsibility for the adequacy or accuracy of this  release. Mr. Beauregard is independent of the company.

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.

15 February 2022

Petrolympic completes a High-Resolution Heliborne Magnetic Survey on the Vauquelin

Rayon-d’Or gold and base metals Property in Val-d’Or, Québec

TORONTO, February 15, 2022 – Petrolympic Ltd. (TSX.V:PCQ) (OTC:PCQRF) (the “Company”) is pleased to present the results of an high-resolution magnetic survey undertaken on its Vauquelin Rayon-d’Or Property (the “Property”).

Figure 1: Property Map

The Property was flown with traverse lines at 50-meters spacing. The survey lines were oriented north-south with magnetic sensor at 17 meters above ground allowing for a very high resolution. The results of the survey highlight some promising prospective structures and allow for the planning of the upcoming exploration efforts.

Most of the surveyed area is affected by linear magnetic features characteristic of alternating sequences of mafic volcanic rocks with sedimentary or intermediate to felsic volcanic rocks, with locally some intrusive stocks, sills or dykes.

Magnetic lineaments are very variable in strike in the area. A number of strong magnetic low lineaments trending WSW-ENE are observed. A dominant family of low amplitude lineaments is striking from WNW-ESE to NW-SE and could relate to the dominant stratigraphy within volcano-sedimentary rock assemblages. There are also a few lineaments mostly oriented from N-S to NNE-SSW, related to fault systems. A few of the curved lineaments are depicting deformed pseudo-elliptic features. In general, magnetic lineaments are related to rock formations that are enriched in magnetite and/or pyrrhotite.

Structural features offsetting observed magnetic lineaments and causing abrupt interruption or changes in the magnetic response are recognized in some areas. These features are typically caused by faults, fractures and shear zones which could be favourable host structures for mineralization.

Figure 2: High-Res Magnetic Survey Results

Follow up and detailed exploration work will be completed in the prioritized areas. A field program consisting of biogeochemical sampling of black spruce twigs, B-horizon soil sampling, geological mapping, prospecting and rock sampling, as well as detailed Induced Polarization (IP) resistivity geophysical survey will be necessary prior to follow up diamond drilling on the most promising targets. Definition drilling of the lateral and depth extensions of the Rayon-d’Or mineralized structure will then permit to move the properties to stage of resource calculation. 

Figure 3: Regional Geography

Qualified Person

The technical information contained in this news release has been prepared and provided by Alain-Jean Beauregard, géo., a member in good standing of l’Ordre des Géologues du Québec (OGQ, member 227) and a Qualified Person within the context of Canadian Securities Administrators' National Instrument ("NI") 43-101; Standards of Disclosure for Mineral Projects.

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.