(TheNewswire)
London, Ontario – Peloton MineralsCorporation (“PMC” or the “Company”) (CSE:PMC ) ; ( OTC:PMCCF) and its subsidiary Celerity Mineral Corporation(“Celerity”) are pleased to report that a surface PulseElectromagnetic (“DEEPEM”) geophysical survey is underway by CroneGeophysics and Exploration Ltd. (“Crone”) of Mississauga, Ontario on the Boulder Copper Porphyry Property (the “Boulder Property”)located about 16 miles (26 km) N-NE Of Butte, Montana.
Following an extensive review of historical geophysicaldata by Big Sky Geophysics of Bozeman, Montana, the Celerityexploration team selected the Crone DEEPEM system as a means ofprioritizing numerous drill targets within a large IP anomaly that inplan, is several thousand meters in diameter and is associated with aknown mineralized Cu-Mo porphyry system based on limited drilling byAnaconda and Molycorp in the late 1960’s and a junior company inthe early 2000’s. Historical geophysical data includes an AnacondasIP survey in the late 1960’s, and a Fugro DIGHEM and magneticairborne geophysical survey, a Quantec Titan 24 IP survey and twodetailed Matrix IP surveys in the 2000’s.
Butte was the largest copper porphyry deposit and mine complex everdiscovered in North America. Butte and the Boulder Property share aregional geologic setting including coeval and cogenetic magmas,similar structural settings, and similar mineral genesis. Almost 95%of the metal produced from Butte was derived from what were termed“Main Stage Veins”, which typically were vertically oriented veinsof massive sulfide within a much broader halo of lower grade copperporphyry alteration and mineralization. The most significant MainStage Vein at Butte was the Anaconda Vein which contained 40 milliontons of ore grading an average of 4.5% Copper, 5 oz/ton Silver andother minor credits including Zinc, Manganese, Lead and Gold. It isthe presence of Main Stage Veins at the Boulder Property that theCelerity exploration team are focused on determining and one of thereasons for selecting the Crone DEEPEM system.
Upon completion of the DEEPEM survey and receipt of the report,Celerity plans to finalize a 43-101 technical report including the newgeophysical data, file that report on SEDAR and proceed withadditional “going public” filings and documents. Peloton plans tospin Celerity out later this year or early in 2023 as its ownself-funding public company, while retaining an equity interest.Pelton shareholders will receive a dividend of Celerity shares as partof the process, however, a record date has not yet been set.
Peloton President, Edward (Ted) Ellwood comments: “We first tried toacquire this property in 2010, as did many others, without success. Noexploration has occurred on the property since, and finally after allthese years the potential of this property can be fully explored.”
The Celerity website and presentation deck is available at http://www.celeritymineral.com .
The Boulder Property is located approximately 16 miles (26 km)north-northeast of Butte, Montana, home of the historic Butte miningdistrict. The Boulder Property is also approximately20 miles (32 km)south-southwest of the Montana Tunnels mine, another large-scaleformer base and precious metal producer. The BoulderProperty is known to contain a large copper-molybdenum porphyry systemwithin the Boulder Batholith and coeval Elkhorn Mountains Volcanics. Butte, the Boulder Property and Montana Tunnels are all situatedwithin a major magnetic low that occurs in the Boulder Batholith andalong the axis of the Great Falls Tectonic Zone. Each property islocated immediately northwest of strong magnetic lows. Refer to theUSGS magnetics map below.
Peloton will continue to update on the Boulder Property and Celerityas they proceed.
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 113,334,421 common shares issued and outstanding in thecapital of the Company.
Celerity owns 100% of the Boulder Property and Peloton owns 50% ofCelerity prior to any Celerity financing. Peloton also owns 100% ofthree Carlin style gold exploration projects in Elko County, Nevada,and one epithermal past producing gold project in Montana under optionto a JV partner.
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 self-fund its operations and seek to become its ownpublicly traded company in a series of financings and transactions.They also include the Company’s plans to file a Celerity prospectus;and seek a Celerity listing on a Canadian Exchange, its expectationsregarding the timing of such plans and the resulting shareholdings inCelerity of Peloton . 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 are subject toregulatory requirements and approvals and the Company may never becomea reporting issuer or be listed on a Canadian Exchange.
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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