Business
Frederick Private Equity Corporation Signs Agreement with African Metals Corporation to Fund & Accelerate Exploration on Peloton's Silver Bell - St. Lawrence Gold Project, Montana
May 1, 2019 / TheNewswire / London, Ontario - Peloton Minerals Corporation ("Peloton" or the "Company") (CSE Symbol: PMC) (OTCQB Symbol: PMCFF) reports that Fre
About this update from Peloton Minerals Corp.
[{"type":"text","content":"May 1, 2019 / TheNewswire / London, Ontario - Peloton Minerals Corporation (\"Peloton\" or the \"Company\") (CSE Symbol: PMC) (OTCQB Symbol: PMCFF) reports that Frederick Private Equity Corporation (\"Frederick PEC\") has signed an agreement (the \"Assignment Agreement\") with African Metals Corporation (\"AMC\") to fund and accelerate exploration on Peloton's Silver Bell - St. Lawrence Gold Project in Montana (\"SBSL\" or the \"Project\"). (See AMC's press release filed on SEDAR at www.sedar.com on April 26, 2019). Under the original Exploration Agreement with Joint Venture Option (the \"Exploration Agreement\") between Frederick PEC and Peloton, Frederick PEC can earn up to a 75% interest by spending US$2,000,000 in exploration on the Project over 6 years, with a minimum of US$200,000 expenditure in the first two years, and by making certain annual option payments as outlined in the Peloton news release dated March 28, 2019 (available on SEDAR at www.sedar.com or on www.pelotonminerals.com). AMC has agreed to spend the first US$200,000 in exploration during the first year and has advised Peloton that a drilling program is being planned for the summer of 2019. SBSL comprises a 390 acre claim package located about 4 miles southwest of Virginia City in Madison County, Montana, and about 50 miles southeast of Butte, Montana. SBSL hosts two past producing gold-silver mines, the Silver Bell Mine on the west and the St. Lawrence Mine on the east. Both mines operated in the early 1900s and the St. Lawrence was reactivated and operated in the early 1980s. Historical production records are incomplete but available information suggests that historical production at the St. Lawrence was approximately 0.22 ounces per ton (\"opt\") gold and 3.8 opt silver. Smelter receipts for small shipments from the St. Lawrence indicate that some ore with much higher grades was shipped. For example, a smelter receipt from October 30, 1964 states that 8.027 tons were received grading 0.76 opt gold and 20.0 opt silver. Historical production at the Silver Bell averaged approximately 0.2 opt gold and 15.1 opt silver. The shafts for each of the former mines are located 3,600 feet apart and the exploration hypothesis is that the two mines shared mineralized systems that may in part be contiguous. Surface mapping and geophysical surveying by the Company support...