(TheNewswire)
London, Ontario – TheNewswire – October 11, 2022 - Peloton Minerals Corporation(“PMC” or the “Company”) (CSE:PMC ) ; ( OTC:PMCCF) ispleased to report that an Audiomagnetotellurics (“AMT”) andInduced Polarization (“IP”) geophysical surveys are commencing onthe Company’s Golden Trail Property in Elko County, Nevada(“Golden Trail”), and that the surface work has been completed fora DEEPEM geophysical survey conducted at the Boulder Copper PorphyryProperty near Butte, Montana (the “Boulder Property”).
The AMT and IP geophysical surveys commencing at Golden Trail are tofollow up on 2021 drilling of a series of Carlin style hydrothermalalteration anomalies first identified by an airborne hyperspectralsurvey. Drilling confirmed the hydrothermal alteration extended to atleast a vertical depth of 195 feet, with high temperature hydrothermalalteration minerals intersected in all twelve of the drill holes aswell as anomalous gold, silver (average 0.98 g/t; range 0.08 to 8.52g/t; 420 analyses) and pathfinder elements. The hydrothermalalteration appears to be within the hanging wall of north-weststriking and north-east dipping faults mapped at surface. Thegeophysical surveys are intended to try to image the source of themineralizing fluids and to plan a deeper drilling program in thisarea.
The DEEPEM geophysical survey conducted on the Boulder Property,Montana covered 10 square kilometers of the property and is intendedto aid in prioritizing numerous drill targets within a large IPanomaly that, in plan, is several thousand meters in diameter and isassociated with a known mineralized Cu-Mo porphyry system based onlimited drilling by Anaconda and Molycorp in the late 1960’s and ajunior company in the early 2000’s. Processing and analysis of theDEEPEM data obtained from the surface work is now underway.
The Boulder Property is held by Peloton subsidiary, Celerity MineralCorporation (“Celerity”), which Peloton plans to spin out as itsown publicly traded entity. Completion of the geophysical work on theBoulder Property will enable a 43-101 technical report to be finalizedand the Celerity “Going Public” process to move forward. It isanticipated that Peloton shareholders will receive a dividend ofCelerity shares with Peloton retaining a significant interest inCelerity. No record date for the dividend has been set.
Peloton holds a 100% interest in three Carlin style gold explorationprojects located in Elko County, Nevada, all of which are permittedfor drilling. Peloton also owns 50% of Celerity, prior to Celerityfinancing, which holds 100% of the Boulder Property, locatedapproximately 16 miles (26 km) north-northeast of Butte, Montana,home of the historic Butte mining district. An application fordrilling on the Boulder Property has been filed and is in process
Project descriptions and technical information is available at http://www.pelotonminerals.com or at http://www.celeritymineral.com .
For further information please contact:
Edward (Ted) Ellwood, MBA
President & CEO 1-519-964-2836
Richard C. Capps, PhD, is the qualified personresponsible for approving the technical information contained withinthis release.
Peloton is a reporting issuer in good standing in the Provinces ofOntario and British Columbia whose common shares are listed on the CSE(Symbol: PMC) and trade in the U.S. on the OTC QB (Symbol: PMCCF).There are 118,947,459 common shares issued and outstanding in thecapital of the Company.
CSE has notreviewed and does not accept responsibility for the adequacy oraccuracy of this release.
This news releasecontains "forward-looking information" (within the meaningof applicable Canadian securities laws) and "forward-lookingstatements" (within the meaning of the U.S. Private SecuritiesLitigation Reform Act of 1995). Such statements or information areidentified with words such as "anticipate","believe", "expect", "plan","intend", "potential", "estimate","propose", "project", "outlook","foresee", “looking” or similar words suggesting futureoutcomes or statements regarding an outlook.
Such statementsinclude, among others, those concerning the Company’s plansfor exploration activity and to conduct future explorationprograms, its plans tohave Celerity spun-out in a “Going Public” process. They alsoinclude the Company’s anticipation that Peloton shareholders willreceive a dividend of Celerity shares with Peloton retaining asignificant interest in Celerity. Such forward-looking information orstatements are based on a number of risks, uncertainties, andassumptions which may cause actual results or other expectations todiffer materially from those anticipated and which may prove to beincorrect. Assumptions have been made regarding, among other things,management's expectations regarding its ability to initiate andcomplete future exploration work as expected or to attract jointventure partners. Actual results could differ materially due to anumber of factors, including, without limitation, uncertaintiesresulting from the current status in Ukraine, operational risks in thecompletion of the Company’s future exploration work; technical,safety or regulatory issues; availability of capital; the worldwide economic and socialimpact of COVID-19; the duration and extent of COVID-19; changes ingeneral economic conditions and financial markets; the imposition ofgovernment restrictions on business related to COVID-19, any positivecases of COVID-19 at a project site or in the area which may cause areduction or suspension in operations and activities which mayultimately affect and delay the exploration timeline; and changes inprices for gold and other metals . The Company’s plans for Celerity aresubject to regulatory requirements and approvals and Celerity maynever become a reporting issuer or be listed on a CanadianExchange.
Although the Companybelieves that the expectations reflected in the forward-lookinginformation or statements are reasonable and does not believe that theworldwide COVID-19 situation will have any immediate or long termeffect on its projects, prospective investors in the Company’ssecurities should not place undue reliance on forward-lookingstatements because the Company can provide no assurance that suchexpectations will prove to be correct. Forward-looking information andstatements contained in this news release are as of the date of thisnews release and the Company assumes no obligation to update or revisethis forward-looking information and statements except as required bylaw.
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