PELOTON MINERALS CORP
Peloton Minerals (CSE:PMC; OTCQB:PMCCF), at CAD $10M, is a true nano cap junior. Despite no resource so far, its quality properties and outsized potential make up for the higher risk profile.
In 2011 Newmont acquired Fronteer Gold through a $2.3 billion takeover for its Long Canyon project. Also on the Long Canyon Trend is Peloton’s Golden Trail Project, located just 50 km north of Newmont’s Long Canyon mine. Golden Trail is 100% owned by Peloton with no royalties and comprises an 880 acre claim package.
The initial drill program in 2019 delivered 82% of footage mineralized above the detection rate for gold and silver, with a range of 0.005ppm to 0.095ppm Au and 0.5 to 72.0 Ag, and all holes bottomed in mineralization. Golden Trail should see 2,000-3,000 feet of further drilling this fall, going deeper than last year’s efforts, and testing 3,000 feet to the south for Carlin-Style hydrothermal anomalies.
7 kilometers due west is the Texas Canyon project. Armed with good historical data from the previous operator, management is advancing is drilling permits to be able to drill this project by next spring. An NI 43-101 technical report is being compiled to publish data and set out recommendations for further steps. A project summary-abstract was published in the 2020 Geologic Society of Nevada’s virtual symposium. That could help attract a JV partner to participate and advance Texas Canyon.
Source: September 2020 company presentation
Independence Valley is Peloton’s third Nevada project, this one located on the southern extension of the world-renowned Carlin Gold Trend. It’s the largest concentration of gold deposits in North America, with over 40 deposits discovered along the 64 km-long trend.
Located in Elko County, Independence Valley is comprised of 1,160 acres and within the historical Spruce Mountain mining district which hosted many historic base and precious metals mines since the 1840’s. This project hosts the largest untested Rhyolite Dome int the Spruce Mountain district.
The 2020 drill program will comprise 2,000-3,000 feet, and geophysical modelling of magnetic and CSAMT data have identified three structures within the dome complex that are recommended for testing.
The company’s fourth project is Silver Bell & St. Lawrence (SBSL). It’s a 390-acre claim package with two historic gold mines (Silver Bell & St. Lawrence). Located in Montana, SBSL is under option by Frederick Private Equity to earn a 75% interest through annual option payments and spending $2M within six years of March 2018. Last year’s initial drill program intersected up to 34.4 g/tonne gold. Historical smelter records show gold grades from 0.15 to 0.52 ounces per ton and silver grades from 2.7 to 15.6 ounces per ton.
Catalysts this year and early next will be follow up exploration results on Golden Trail and Independence Valley, plus the technical report on Texas Canyon. As well, potential activity on SBSL could all generate plenty of news flow over the next 6-12 months with exciting potential.