Drilling Permit Received On The Independence Valley Project

LONDON, ON - Peloton Minerals Corporation (PMC) has received a drilling permit for the Independence Valley Project, Nevada from the US Bureau of Land Management and has posted the required reclamation bond. Peloton is presently conducting a 2,400 foot reverse circulation drilling program at its Golden Trail Project, Nevada, and is also preparing an application for a drilling permit on its Texas Canyon Project, Nevada. All three projects are 100% owned, Carlin-style mineral suite gold prospects located in Elko County, Nevada.

Independence Valley is located on the southern extension of the Carlin Gold Trend, and also within the historical Spruce Mountain mining district which hosted many base and precious metals mines since the 1840's. The Spruce Mountain deposits are typically associated with rhyolitic and granitic intrusive rocks which intrude structural feeders. Independence Valley hosts the largest untested rhyolite dome in the Spruce Mountain Mining District.

Work on the Independence Valley project to date includes detailed geologic mapping, geophysical surveys including Gravity, Magnetics and CSAMT, and one 1,140 foot hole drilled away from the rhyolite structure testing a potential down-dropped east limb of a NNW trending anti-form. That drilling encountered detectable gold mineralization over a continuous core length of 345 feet, in a fine grained hypabyssal intrusive, and in the contact zone with adjacent Paleozoic carbonate sedimentary rocks. In addition, this hole intersected hydrothermal alteration over a continuous core length of 500 feet.  Geophysical modeling of Magnetic and CSAMT data has identified three structures within the rhyolite dome complex that are recommended for drill testing.

Two of the three Company’s projects in Nevada are now permitted for drilling and the Company is working toward permitting the third project (Texas Canyon) by the spring of 2021. Drill results from the Golden Trail program underway are expected in the first quarter of 2021.