Acquisition Of Copper-Molybdenum Porphyry Project Near Butte, Montana

ONTARIO - Peloton Minerals Corporation (PMC) has reached an agreement to acquire 100% of the issued and outstanding shares of privately held Westmount Resources LLC through its wholly owned subsidiary, Celerity Mineral Corporation. Westmount holds a 100% interest in 331 unpatented mineral claims called the Boulder Porphyry Property located near Butte, Montana. The shareholders of Westmount (the “Westmount Shareholders”) will be issued 50% of the issued and outstanding shares of Celerity in exchange for their Westmount Shares in this arms length transaction.

The Boulder Porphyry Property is located approximately 16 miles (26 km) north-northeast of Butte, Montana, home of the historic Butte mining district. The Boulder Property is also approximately 20 miles (32 km) south-southwest of the Montana Tunnels, another large-scale former base and precious metal producer.  

The Butte, Boulder Property, and Montana Tunnels are all situated along the northeast-trending Great Falls Tectonic Zone (GFTZ) which is a continental scale, deep-seated, structural zone of crustal weakness that appears to have been intermittently active since the late Proterozoic (1.4 billion years ago) and at times has tapped deep mantle melts.  Most of the epithermal and porphyry metal occurrences in Montana are localized along the GFTZ.  

The Butte, Boulder Property, and Montana Tunnels are along or adjacent to a similarly trending major magnetic low along the axis of the GFTZ.

The Boulder Property is the least explored of these three magnetic low areas.

The Boulder Property is known to contain a large copper-molybdenum porphyry system within the Boulder Batholith and coeval Elkhorn Mountains Volcanics which is overlain by 300 to 2,100 feet of post-mineral Lowland Creek Volcanics. As a result, the porphyry system on the Boulder Property is not well exposed.

President and CEO Edward Ellwood, said, “We have had our eye on this project for over ten years and are thrilled that it is coming to us.  It is an exciting exploration target with tremendous upside potential and fits extremely well with the potential of our Nevada Carlin style gold projects which we also continue to advance and remain excited about. As for the financing and structural strategy, we feel this is the best approach toward financing the project adequately while minimizing Peloton dilution. Any percentage of another Butte would be significant.”