Petrolympic Ltd. announced recent assay results following the drilling of 7 diamonds drill holes totaling 1,092 meters on the southern block of the Belcourt Property in Abitibi, Quebec. 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, a n d i s 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.

5 drill holes were completed to verify the lateral and depth extension of 2 auriferous mineralized zones. The other 2 drill holes aimed at verifying IP (Induced Polarity) Resistivity anomalies potentially corresponding to mineralized shear zones. 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 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.