Amendment To Drilling Permit At Golden Trail Project

LONDON, ON - Peloton Minerals Corporation (PMC) has completed an amendment to an existing drilling permit enabling it to drill a series of coincident anomalies identified at the Company's Golden Trail Project in Elko County, Nevada. Twenty-four hundred (2,400) feet of reverse circulation drilling is planned for December, 2020 or about 12 drill holes.

Golden Trail is a gold exploration prospect that has a Carlin-style alteration mineral assemblage associated with anomalous gold. The prospect is 100% owned by Peloton, comprises 990 acres, and is located on the NE margin of the Long Canyon Gold Trend about 80 km northeast of Wells, Nevada and about 80 km north of the Long Canyon Newmont-Barrick joint venture. The anomalies being drilled in this program are coincident, in that geology, mineralogy, geochemistry and geophysics intersect to suggest these targets.

A major gravity anomaly underlies Golden Trail as shown on the accompanying map. This is derived from a regional USGS survey and the gravity anomaly is interpreted by the USGS to be a shallow pluton or magmatic intrusion. A more recent detailed Peloton gravity survey shows a change in gradient along the western boundary of the NW striking gravity anomaly and a series of coincident surface hydrothermal alteration anomalies have been identified through hyperspectral airborne and surface technology and geochemical sampling. These anomalies occur in the hanging wall of NW striking and NE dipping high-angle normal faults, are high in ammonia illite and alumina illite which are often associated with Carlin-style deposits, and geochemistry shows elevated pathfinder elements and gold mineralization.

Drilling will be in December, 2020 with the exact timing to be determined by the drill contractor. The Company has also initiated the permitting process for its two other projects in Elko County, Nevada and hopes to have all three projects permitted for drilling by the spring of 2021. Further announcements will be made as the Company moves forward.