(TheNewswire)
London, Ontario - TheNewswire - August 14, 2023 - Peloton Minerals Corporation (“PMC” or the “Company”) (CSE:PMC ) ( OTC:PMCCF) and Celerity Mineral Corporation(“Celerity”) have reached an agreement with the originalvendors of the Boulder Copper Porphyry Property, Montana (the“Boulder Porphyry”) to cancel the requirement for cash payments tobe made over three years totalling US$600,000, which was part of theoriginal acquisition terms. The Boulder Porphyry is held 100% byCelerity and as part of this agreement, Peloton’s interest inCelerity will be about 18% with no further cash payments or otherobligations to be made.
Over the past year, Celerity has made substantial progress in buildingits exploration team, completing an extensive GIS compilation ofhistorical data, compiling geophysical data, and drafting a 43-101technical report. As a significant Celerity shareholder, Peloton looksforward to Celerity’s exploration of the Boulder Porphyry and thetremendous potential that it offers.
The Company plans to focus on the lithium exploration at its TexasCanyon and Golden Trail properties in Nevada, where potential lithiumbearing hectorite and illite clays have been identified in outcropover an extensive area at Texas Canyon as well as at Golden Trailproperty located about 6 kilometres (3.7 miles) to the east.
The Company is planning an immediate ground truthing program on theNevada properties using a hand-held spectrometer, detailed mapping andsampling of the hectorite and illite clays. Follow-on groundgeochemistry, geophysics, and drilling are also being planned.
For further information please contact:
Edward (Ted) Ellwood, MBA
President & CEO 1-519-697-2313
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 123,099,458 common shares issued and outstanding in thecapital of the Company.
Peloton’s exploration portfolio includes threeexploration projects in Elko County, Nevada (lithium, uranium,molybdenum, gold), as well as a past producing gold project in Montanaunder option to a JV partner, and a non-controlling interest in acopper porphyry project near Butte, Montana.
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", "estimate”, "expect",“foresee”, "intend", “looking”, “plan”"potential", "propose", "project",”suggests”, "outlook" 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. Such forward-looking information or statements are based on a numberof risks, uncertainties, and assumptions which may cause actualresults or other expectations to differ materially from thoseanticipated and which may prove to be incorrect. Assumptions have beenmade regarding, among other things, management's expectationsregarding its ability to initiate and complete future exploration workas expected. Actual results could differ materially due to a number offactors, including, without limitation, operational risks in thecompletion of the Company’s future exploration work; technical,safety or regulatory issues; availability of capital; changes in general economicconditions and financial markets; the imposition of governmentrestrictions on business which may ultimately affect and delay theexploration timeline; and changes in prices for metals that theCompany is exploring for .
Although the Companybelieves that the expectations reflected in the forward-lookinginformation or statements are reasonable, prospective investors in theCompany’s securities should not place undue reliance onforward-looking statements because the Company can provide noassurance that such expectations will prove to be correct.Forward-looking information and statements contained in this newsrelease are as of the date of this news release and the Companyassumes no obligation to update or revise this forward-lookinginformation and statements except as required by law.
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