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Canadian Junior Explorer Has Three Nevada Gold Projects Permitted & Ready to Drill

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Peloton Minerals’(CSE: PMC; US-OTC: PMCCF) Boulder copper porphyry project in Montana may be one of the most interesting copper projects in the United States, but the junior explorer also has three promising Carlin style gold exploration projects on the Carlin and Long Canyon gold trends in Elko, Nevada: Independence Valley, Golden Trail, and Texas Canyon, and all three are permitted for drilling.

Independence Valley, which hosts the largest untested rhyolite dome in the historic Spruce Mountain mining district, is about 79 km southwest of the Long Canyon joint-venture project, owned by Newmont (NYSE: NEM) and Barrick (TSX: ABX; NYSE: GOLD). Golden Trail is 80 km north of Long Canyon and Texas Canyon is about 55 km to the north.

It took Peloton years to sift through dozens of potential prospects in Nevada before it settled on these three, says Ted Ellwood, Peloton’s president and CEO.

“Our criteria was geology, obviously, but also whether the prospect had the geological structure that could interest a major mining company,” he explains. “These three managed to survive the vetting process and they are now at the point where extensive surface work has been done on all of them. They are all great projects. They all have drill targets and are permitted to drill.”

At the 785-acre Independence Valley project, geophysical modelling of magnetic and CSAMT data in 2020 identified three structures within the rhyolite dome complex that are recommended for drilling.  

At the 909-acre claim package at Golden Trail, extensive surface exploration has identified Carlin style alteration, and Peloton believes the project shares geologic similarities with Newmont and Barrick’s Long Canyon.

The largest identified gold vein at surface, the Golden Trail vein, is over 1,200 metres long and has an associated alteration zone averaging 30 metres in width. Over 900 grab samples have been taken along the vein that have assayed up to 28 grams gold per ton. Continuous five foot trench samples yielded 13.7 grams gold per ton, with 36.2 grams silver per ton in one five-foot trench, and 3.49 grams gold per ton and 105 grams silver per ton in a second five-foot trench.

Peloton notes that according to a regional USGS survey, Golden Trail is underlain by a major gravity anomaly that the US agency interprets to be a shallow pluton or magmatic intrusion. A more recent Peloton gravity survey showed a change in gradient along the western boundary of the northwest striking gravity anomaly and a series of coincident surface hydrothermal alteration anomalies have been identified through hyperspectral airborne and surface technology and geochemical sampling.

A year ago, Peloton confirmed that these hydrothermal alteration anomalies extend to a vertical depth of at least 195 feet, with high temperature hydrothermal alteration minerals as well as anomalous gold and silver as well as pathfinder elements.

The next steps, the company says, will be to undertake two deep-penetrating geophysical programs to try to image the source of the mineralizing fluids and to plan a deeper drill program.

Work at the third project, the 909-acre Texas Canyon, has included detailed geologic mapping, surface sampling and geochemistry, as well as a surface magnetics survey, a surface radiometrics survey, an airborne hyperspectral survey and follow-up surface hyperspectral analysis of hydrothermal alteration anomalies.

Texas Canyon is centered on a broad zone of structurally controlled hydrothermal alteration, including decalcification and silica replacement of the limestone, localized along northeast-striking high-angle veins and in bodies of clast-supported polyphase hydrothermal breccial and adjacent hydrothermal replacement zones.

A primary target is a roughly circular radiometric geophysical anomaly coincident with polyphase breccia centered on the historic Prince uranium mine and anomalous in gold, molybdenum and uranium mineralization.

Peloton believes all three projects have great potential.

“They are all unique projects and all have good targets and there could be an ore body on all three of them to be honest,” says Ellwood, “but this is exploration and we’ve got to drill first.”

For now Peloton’s focus will be to find partners with which to joint-venture.

“They need some significant drill work done and I think rather than try to finance all three of them at once, we think now is the time to see if we can find some partners to take these projects to the next step and we’ve already got non-disclosure agreements on all of them.”

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