Mr. Mendel Ekstein reports

PETROLYMPIC ANNOUNCES EXPLORATION RESULTS ON RAYON D'OR AND VAUQUELIN GOLD AND BASE METALS PROPERTY IN VAL- D'OR, QUEBEC

Petrolympic Ltd. has provided an update on its exploration program in the Vauquelin-Rayon d'Or property, with emphasis on the preliminary results of its summer 2023 drilling campaign that confirm and expand the potential for gold already previously indicated by historical drill holes. The property consists of 37 mining claims totalling 2,129 hectares located 30 kilometres east of the city of Val d'Or, Que., on the eastern extension of the world-famous Cadillac break within the Val d'Or mining camp.

The Rayon d'Or gold zone was previously discovered by drilling on the northwestern side of Gueguen Lake. It is composed of several gold-bearing structures oriented northwest-southeast and the most significant historical values obtained at shallow depths were: 12.74 grams per tonne Au/3.96 metres (DDH 1), 3.83 g/t Au/3.08 m (DDH 6W-C-5) and 3.37 g/t Au/3.44 m (DDH V-89-75). The auriferous mineralization is associated with both disseminations, veins and veinlets of sulphides (mostly pyrite and pyrrhotite) within altered fractures, and quartz veins and veinlets which correspond well with the induced polarization resistivity geophysical anomalies.

One of the gold-bearing zones of the Rayon d'Or deformation corridor was already localized approximately 900 m toward the southeast and close to the eastern side of Gueguen Lake by diamond drill hole No. 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 southeastern extensions of the gold-bearing structures of the Rayon d'Or deformation corridor were evidenced during a prospecting and biogeochemical sampling program previously carried out by Petrolympic on the central and eastern parts of the property. Anomalous gold, copper and zinc values coincide with mineralized structures located in the southeastern extension of the Rayon d'Or deformation corridor. These mineralized structures were also localized using magnetic and induced polarization resistivity (Mag-IP) surveys carried out on the Gueguen Lake and to the southeast of it.

Petrolympic's 2023 drilling program was designed to test priority targets provided by IP resistivity surveys as well as on the lateral and depth extensions of the known Rayon d'Or gold mineralized zones. A total of 3,117 metres distributed in 19 diamond drill holes were drilled during the months of August and September, 2023. All samples were sent to ALS Global Laboratory in Val d'Or and the results are pending.

The drilling program extended the mineralized zones of Rayon d'Or over a distance of more than 100 m toward the southeast. Two strongly altered, sheared and fractured zones reaching thicknesses of more than 20 m and generally spaced 25 to 50 m apart are injected with numerous quartz-carbonate-tourmaline veins and veinlets mineralized with 1 to 10 per cent disseminated pyrite and locally traces of chalcopyrite.

Two IP anomalies detected approximately 200 m south of the eastern extremity of Rayon d'Or and extending over a distance of approximately 500 m toward the southeast are interpreted as the southeastern extension of the Rayon d'Or gold zone displaced southward by a northeast-trending fault. 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 per cent pyrite with locally thin semi-massive pyrite zones.

Several mineralized structures containing quartz-carbonate veins with disseminated pyrite (1 to 3 per cent) and small amount of chalcopyrite were intersected in a hole testing IP anomalies detected at the southern extremity of Gueguen Lake. This deformation corridor is oriented northwest-southeast and may correspond to the northwestern extension of the Central Gold and North No. 1 gold zones displaced northward by a northeast fault. Previous drilling intensively tested Central Gold and North No. 1 gold-bearing zones.

The main mineralized structures intersected in these 19 diamond drill holes are summarized herein.

The drilling campaign therefore locates large, highly deformed and mineralized zones crossing the Vauquelin property and increases the possibility of discovering interesting gold zones similar to those already defined on neighbouring properties. This structural context is similar to that of the Chimo mine owned by Cartier Resources and located less than five kilometres south of the property. Like on the Vauquelin-Rayon d'Or property, the mineralization at Chimo includes numerous gold zones associated with structures present in three deformation corridors.

About Petrolympic Ltd.

Petrolympic is a gold and lithium exploration company with a strong land position in Abitibi and in the James Bay area, Quebec. The province of Quebec has consistently ranked as one of the world's best mining jurisdictions.

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.

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