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All Four Peloton Projects Active this Fall with Three Drilling Programs and Surface Field Work in Elko County, NV and the Virginia City Mining District, MT Receives CDN$523,302.50 Financing Tranche
London, Ontario - TheNewswire - September 17, 2019 - Peloton Minerals Corporation ("Peloton" or the "Company") (CNSX:PMC.CN) (OTC:PMCFF) is pleased to announce
About this update from Peloton Minerals Corp.
[{"type":"text","content":"London, Ontario - TheNewswire - September 17, 2019 - Peloton Minerals Corporation (\"Peloton\" or the \"Company\") (CNSX:PMC.CN) (OTC:PMCFF) is pleased to announce that all four of Peloton's gold exploration projects will be active this fall with drilling programs being conducted on three projects and surface field work on a fourth project in preparation for an NI 43-101 technical report on that project to be issued later this year. In addition, the Company has received subscriptions of CDN$523,302.50 toward a second tranche of private placement financing as below. Three of the projects are located in Elko County, Nevada and one project is in the Virginia City Mining District, Montana with the programs and timing summarized in alphabetical order of the project as below. Golden Trail Project, Nevada - This drill program is being funded by Peloton and the project is 100% owned. An existing exploration permit is now being amended to cover a Carlin style alteration anomaly identified by an airborne Hyperspectral UV survey and drilling is expected to commence in mid-October, 2019. Gold mineralization at Golden Trail is generally centered on approximately 10 square kilometres of thermal metamorphism and hydrothermal/metasomatic alteration. Gold mineralization occurs locally in north-west striking dilational zones containing numerous, high-angle gold-bearing veins and adjacent replacement zones, and centered within calcsilicate skarn. The largest identified surface vein extends over 1,200 meters in length with an associated alteration zone averaging 30 metres wide. Gold values above 20 ppb are common with several samples assaying above 9 g/t Au and one above 28 g/t Au. Continuous 5-foot trench samples returned 13.7 grams gold with 36.2 grams silver in one 5-foot trench, and 3.49 grams gold with 105 grams silver in a second 5 foot trench. In weathered and oxidized outcrop samples, elevated Ag, As, Sb and TI values accompany Au in iron-rich zones commonly associated with a carbonate+montmorillonite+white mica assemblage. Independence Valley Project, Nevada - This drill program is being funded by Kinross Gold USA Inc. who may earn a 75% interest in the project by spending US$4,000,000 over 6 years. Drilling is expected to begin in mid-September, 2019. The 2019 drill plan at the Independence Valley Project will test a structural corridor i...