InvestmentPitch Media Video Discusses Peloton Minerals Acquisition of Copper Molybdenum Porphyry Project near Butte, MT in Subsidiary and Plans to Distribute Subsidiary to Shareholders
Vancouver, British Columbia – (Newsfile Corp. – September 1, 2021) – Peloton Minerals (CSE: PMC) (OTCQB: PMCCF) has, through its wholly owned subsidiary, Celerity Mineral Corporation, acquired 100% of the private company Westmount Resources LLC. Westmount owns a 100% interest in 331 unpatented mining claims called the Boulder Porphyry property located approximately 16 miles northeast of Butte, Montana, home of the historic Butte mining district.
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According to Wikipedia: “From 1880 to 2005, the mines of the Butte district produced more than 9.6 million tons of copper, 2.1 million tons of zinc, 1.6 million tons of manganese, 381,000 tons of lead, 87 000 tons of molybdenum, 715 million troy ounces or 22,200 metric tons of silver and 2.9 million ounces or 90 metric tons of gold. “
The Boulder property is also located approximately 20 miles southwest of the Montana Tunnels, another large-scale former precious and base metal producer. The Butte, Boulder Property, and Montana Tunnels are all located along the northeast-trending Great Falls Tectonic Zone, which is a continental-scale deep structural zone of crustal weakness that appears to have been active intermittently since. the late Proterozoic (1.4 billion years ago) and sometimes exploited the deep melts of the mantle.
Most Montana epithermal and porphyry metal occurrences are located along this tectonic zone. The Butte, the Boulder Property, and the Montana Tunnels are along or adjacent to a major magnetic low of similar trend along the axis of the Great Falls tectonic zone. The Boulder property is known to contain an extensive copper-molybdenum porphyry system in the Boulder Batholith and contemporary Elkhorn Mountains volcanoes, which is covered with 300 to 2,100 feet of post-mineral Lowland Creek volcanism. Therefore, the porphyry system on the Boulder property is not well exposed and is the least explored of these three zones of magnetic depression.
Between 1965 and 1977, Anaconda Company and Union Oil drilled 8 deep core holes on the property in the Boulder Batholith based on USGS regional magnetism and an Anaconda IP survey. These holes intersected a large porphyry system with low grade copper mineralization. Continuous mineralized drill intersections between 1,255 and 1,614 feet grading a weighted average between 600 and 1,000 ppm copper were intersected.
About 1 mile southwest of this hole, OT Mining completed three deep core holes in 2004 and 2005, which intersected similar porphyry alteration and continuous copper mineralization with drill intersections between 1,242 and 2,630 feet. grading a weighted average between 313 and 785 ppm copper.
To complete the acquisition, Westmount Resources shareholders will receive 50% of Celerity as well as a promissory note in the amount of US $ 600,000 payable in one year, and 1% NSR. Celerity will self-fund its operations with the intention of listing on a Canadian stock exchange. Peloton shareholders will receive Celerity shares as a dividend.
Edward (Ted) Ellwood, President and CEO, said: “We have had an eye on this project for over ten years and are delighted to have it come to us. This is an exciting exploration target with tremendous upside potential and fits perfectly with the potential of our Nevada Carlin style gold projects that we also continue to advance and remain enthusiastic about. As for the financial and structural strategy, we believe that this is the best approach to finance the project adequately while minimizing the dilution of the Peloton. Any percentage from another Butte would be significant. “
The shares are trading at $ 0.11. For more information on the company’s project portfolio, please visit the company’s website www.PelotonMinerals.com, or contact Ted Ellwood, MBA, President and CEO at 519-964-2836.
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