Mr. Mendel Ekstein reports

PETROLYMPIC ANNOUNCES RESULTS FROM IP SURVEY IN THE VAUQUELIN GOLD AND BASE METALS PROPERTY IN VAL-D'OR, QUEBEC

Petrolympic Ltd. has provided an update on its geophysical program in the Rayon d'Or and Vauquelin property. The property consists of 37 mining claims totalling of 2,129 hectares, located 30 kilometres east of Val d'Or, Que., on the eastern extension of the world-famous Cadillac Break within the Val d'Or mining camp.

In February and March, 2023, magnetic and induced polarization (IP) geophysical surveys carried out on grid lines established on Gueguen Lake allowed the company to link the mineralized structures hosting the Rayon d'Or deposit with numerous anomalies detected during the IP survey carried out in 2022, east of Gueguen Lake. These IP geophysical surveys allowed the interpretation of 33 polarization anomalies with axes oriented east-west to northwest-southeast and extending over one km. IP anomalies correspond to mineralized structures containing quartz-carbonate veins and disseminated sulphides. Mineralized structures are locally cut and slightly displaced by north-northeast faults that were interpreted on the western and eastern edges of Gueguen Lake.

One of the best anomalies (IPG-25) was detected on the Rayon d'Or showing, where previous drilling returned at shallow depth intersections of 12.74 grams per tonne (g/t) gold (Au) over 3.96 m, 3.83 g/t Au over 3.08 m and 3.37 g/t Au over 3.44 m. A similar subparallel anomaly (IPG-26) was detected 150 m farther south and those two parallel axes extend southeast over a distance of approximately one km, toward the southeast extension of the deformation corridor that includes the Rayon d'Or gold-bearing structure. At the southeastern end of the IPG-25 anomaly, a previous drill hole (82-6) confirmed gold occurrence associated with those structures as it intersected, at a vertical depth of approximately 100 m, a mineralized zone that returned anomalous gold values over 10 m, including an intersection of 2.06 g/t Au on 1.83 m. Two similar anomalies (IPG-4 and IPG-3) detected east of Gueguen Lake during the first survey coincide with the same mineralized structure extended approximately another one km up to the eastern boundary of the survey.

Gold-bearing structures initially discovered on the Rayon d'Or showing have been traced using IP surveys over a distance of more than two km. Farther east, copper, zinc and gold geochemical anomalies located by the 2022 biogeochemical survey are suggesting that those auriferous mineralized structures may extend farther into the eastern half of the Vauquelin property.

North of Rayon d'Or, two east-west-trending anomalies (IPG-22 and IPG-24) were detected that extend over distances of 600 m and 400 m, respectively. These anomalies coincide with mineralized structures wedged between two northeast faults and deserve further investigation. Three parallel anomalies (IPG-30, IPG-31 and IPG-32) detected at the southern end of Gueguen Lake may correspond to gold mineralized structures similar to the North No. 1 and the Central Gold zones, located a few hundred metres to the south of the property.

This geophysical program has allowed the company to define on the Vauquelin property a structural context comprising several deformation corridors which are favourable to the presence of gold mineralization, as evidenced by the gold mineralization previously defined by drilling on the Rayon d'Or gold zone. This structural context is similar to that of the Chimo mine owned by Cartier Resources and located less than five km south of Vauquelin. Like on the Vauquelin property, mineralization at the Chimo mine includes numerous gold zones associated with structures present in three deformation corridors.

As the IP surveys have given very interesting results by locating numerous continuous anomalies over large distances, a drilling program will be prepared to investigate the best targets defined in the most promising deformation corridor.

Qualified person

Alain-Jean Beauregard, BSc, PGeo (OGQ No. 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.

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.

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