Peloton Acquires Independence Valley Project, Elko County, Nevada
London, Ontario / TheNewswire / August 16, 2016 - Peloton Minerals Corp. ("Peloton" or the "Company") (CSE Symbol: PMC) has acquired a 38 mineral claim package comprising 785 acres and located in Elko County, Nevada, about 77 miles south of the Company's Golden Trail Project and about 29 miles south of Newmont's Long Canyon Project.
The mineral claim package was acquired by staking and has been named the Independence Valley Project. Peloton previously held claims in this area during the mid-2000's and completed considerable surface exploration work before running into financial difficulty under former management. Given recent exploration successes by various companies in north eastern Nevada, the Company recently reviewed data held on the area and decided to stake this project. The Company believes it holds sufficient data to commission a NI 43-101 report and this report has been initiated.
The Independence Valley Project is within the Spruce Mountain mining district which contains many historic base and precious metals mines and has been mined since the 1840's. Rhyolite and granitic intrusive rocks are found in almost all of these mines and intrude the mineralized structures at the same time as mineralization or just afterward. The rhyolites could be considered the smoking gun for mineralization within the Spruce Mountain mining district and the Independence Valley Project is centered on the largest untested rhyolite dome complex in the district.
The rhyolite dome on the Independence Valley Project was determined by geologic mapping by Peloton under predecessor management, with the USGS maps having previously shown the area as limestone. In addition to the NI 43-101 report commissioned, the Company plans a detailed geologic mapping program at Independence Valley this fall. Ionic leach soil geochemistry and surface geophysics are also planned and will be announced as initiated. The purpose of these programs is to identify drill targets, with a focus along the same structure (fault) which contains the rhyolite feeder (intrusive).
Richard C. Capps, PhD, is the qualified person responsible for approving the technical information contained within this release.
For further information please contact:
Edward (Ted) Ellwood, MBA President & CEO 1-519-964-2836
Peloton Minerals Corp. is a reporting issuer in good standing in the Province of Ontario whose common shares are listed on the CSE (Symbol: PMC). There are 56,951,585 common shares issued and outstanding in the capital of the Company. Peloton owns a 100% working interest in four exploration projects located in the US states of Nevada and Montana and in the Province of Ontario, Canada.
CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook.
Such statements include, among others, those concerning the Company's plans for exploration activity and to conduct future exploration programs. Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding its ability to initiate and complete future exploration work as expected. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's future exploration work, technical, safety or regulatory issues.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
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