Geophysical Surveys Commencing At Golden Trail Property

ONTARIO - Peloton Minerals Corporation (PMC) reported that an Audiomagnetotellurics (AMT) and Induced Polarization (IP) geophysical surveys are commencing on the Golden Trail Property in Elko County, Nevada, and that the surface work has been completed for a DEEPEM geophysical survey conducted at the Boulder Copper Porphyry Property near Butte, Montana.

The AMT and IP geophysical surveys commencing at Golden Trail are to follow up on 2021 drilling of a series of Carlin style hydrothermal alteration anomalies first identified by an airborne hyperspectral survey. Drilling confirmed the hydrothermal alteration extended to at least a vertical depth of 195 feet, with high temperature hydrothermal alteration minerals intersected in all twelve of the drill holes as well as anomalous gold, silver (average 0.98 g/t; range 0.08 to 8.52 g/t; 420 analyses) and pathfinder elements. The hydrothermal alteration appears to be within the hanging wall of north-west striking and north-east dipping faults mapped at surface. The geophysical surveys are intended to try to image the source of the mineralizing fluids and to plan a deeper drilling program in this area.

The DEEPEM geophysical survey conducted on the Boulder Property, Montana covered 10 square kilometers of the property and is intended to aid in 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. Processing and analysis of the DEEPEM data obtained from the surface work is now underway.

The Boulder Property is held by Peloton subsidiary, Celerity Mineral Corporation, which Peloton plans to spin out as its own publicly traded entity. Completion of the geophysical work on the Boulder Property will enable a 43-101 technical report to be finalized and the Celerity “Going Public” process to move forward. It is anticipated that Peloton shareholders will receive a dividend of Celerity shares with Peloton retaining a significant interest in Celerity. No record date for the dividend has been set.