Geophysical Survey Underway At The Boulder Copper Porphyry Property

ONTARIO - Peloton Minerals Corporation (PMC) and its subsidiary Celerity Mineral Corporation reported that a surface Pulse Electromagnetic (DEEPEM) geophysical survey is underway on the Boulder Copper Porphyry Property located about 16 miles (26 km) N-NE Of Butte, Montana. Following an extensive review of historical geophysical data by Big Sky Geophysics of Bozeman, Montana, the Celerity exploration team selected the Crone DEEPEM system as a means of prioritizing numerous drill targets within a large IP anomaly that in plan, is several thousand meters in diameter and is associated with a known mineralized Cu-Mo porphyry system based on limited drilling by Anaconda and Molycorp in the late 1960’s and a  junior company in the early 2000’s. Historical geophysical data includes an Anacondas IP survey in the late 1960’s, and a Fugro DIGHEM and magnetic airborne geophysical survey, a Quantec Titan 24 IP survey and two detailed Matrix IP surveys in the 2000’s.

Butte was the largest copper porphyry deposit and mine complex ever discovered in North America. Butte and the Boulder Property share a regional 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 veins of massive sulfide within a much broader halo of lower grade copper porphyry alteration and mineralization. The most significant Main Stage Vein at Butte was the Anaconda Vein which contained 40 million tons of ore grading an average of 4.5% Copper, 5 oz/ton Silver and other minor credits including Zinc, Manganese, Lead and Gold. It is the presence of Main Stage Veins at the Boulder Property that the Celerity exploration team are focused on determining and one of the reasons 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 new geophysical data, file that report on SEDAR and proceed with additional “going public” filings and documents. Peloton plans to spin Celerity out later this year or early in 2023 as its own self-funding public company, while retaining an equity interest. Pelton shareholders will receive a dividend of Celerity shares as part of the process, however, a record date has not yet been set.