-Peloton’s core projects are three Carlin style gold projects situated on the Carlin and Long Canyon Gold Trends in Elko County, Nevada, and one Past Producer gold project in the historic Virginia City Mining District, Montana. Frederick Private Equity Corporation is a JV Partner on the Montana project spending up to US $2 million to earn a 75% interest.
All projects were advanced in 2019 with 3 drilling programs and 1 surface reconnaissance and mapping program. Programs on all four projects and planned or in process for 2020.
Peloton builds shareholder value by acquiring exceptional exploration prospects and enhancing those prospects through managerial experience and technical expertise.
-INDEPENDENCE VALLEY, ELKO COUNTY, NEVADA:
Independence Valley is comprised of 1,425 acres located in Elko County, Nevada on the southern extension of the Carlin Gold Trend and about 79 kilometers south-west of Newmont’s Long Canyon Project.
Independence Valley is also within the historical Spruce Mountain mining district which hosted many historic base and precious metals mines since the 1840’s. The Spruce Mountain deposits have typically been associated with rhyolitic and granitic intrusive rocks which Peloton believes are the “Smoking Gun” – indicating the location of the structural feeders for both the granitic magmas and gold-silver bearing mineralized fluids.
Independence Valley hosts the largest untested Rhyolite Dome in the Spruce Mountain Mining District.
-2018 Exploration Programs:
The 2018 exploration activity involved conducting a number of geological and geophysical programs over the Project. These programs included:
Geologic mapping on a scale of 1:5,000 to enhance previous Peloton geologic mapping done on a 1:24,000 scale, and integration into GIS (Geographic Information System) applications.
A total of 231 gravity stations were completed over the Project at 200m x 200m intervals with spacing tightened to 200m x 100m over certain structures. (A Gravity survey is an indirect (surface) means of calculating the density property of subsurface materials. The higher the gravity values, the denser the rock beneath.)
A total of 219 soil samples were collected for geochemical analysis over the Project and including all exposures of Tertiary volcanic rocks at 200m x 100m intervals.
A CSAMT (Controlled Source Audio-frequency Magnetotelluric) Geophysical Survey was completed covering a total of 18 line-kilometers (6 lines x 3km) over the Project.
-2019 Drill Program:
The first drill hole into this property in late 2019 consisted of one reverse circulation drill hole drilled to a depth of 1,140 feet to test a potential down-dropped east limb of a NNW trending antiform. This drilling encountered detectable gold mineralization over a continuous core length of 345 feet, in a fine grained hypabyssal intrusive and in the contact zone with adjacent Paleozoic carbonate sedimentary rocks. In addition, this hole intersected hydrothermal alteration over a continuous core length of 500 feet. Both of these results Peloton views as encouraging for the first hole drilled into the property.
-2020 Drill Program:
Peloton geophysical modelling of magnetic and CSAMT data has identified three structures within the rhyolite dome complex that are recommended for drill testing during 2020.
-GOLDEN TRAIL, ELKO COUNTY, NEVADA:
Golden Trail was a featured project at the 2015 Geologic Society of Nevada (GSN) Symposium
Golden Trail is situated on the northeastern margin of the Long Canyon Gold Trend in north eastern Nevada, about 50 kilometers north of the Newmont Long Canyon Project acquired in 2011 by Newmont through a $2.3 Billion take-over of Fronteer Gold Inc.
Golden Trail is 100% owned, with no royalties outstanding, and is comprised of an 880 acre claim package. Extensive surface exploration has identified Carlin style alteration and many geologic similarities to Long Canyon. The largest identified gold vein at surface, the Golden Trail Vein (“GTV”), is over 1,200 meters long and has an associated alteration zone that averages 30 meters wide. Over 900 grab samples have been taken along the GTV assaying from anomalous to 28 grams gold, and continuous 5 foot trench samples returned 13.7 grams gold per ton “g/t” with 36.2 g/t silver in one 5 foot trench, and 3.49 g/t gold with 105 g/t silver in a second 5 foot trench.
An initial drill program in late 2019 consisting of 11 holes to a vertical depth of 65 feet and over a strike length of 300 feet encountered detectable gold and silver values, or higher, in 82% of the tested footage. Assays ranged from 0.005 g/t Au to 0.095 g/t Au and from 0.5 g/t Ag to 74.8 g/t Ag. All holes were drilled at 45 degrees for about 110 feet core length, and all holes bottomed in mineralization. This mineralized zone remains open in all directions along strike in both directions, width and at depth.
A major gravity anomaly underlies Golden Trail, interpreted as a magmatic intrusion.
Permitting: Golden Trail has a drilling permit in place, issued by the Bureau of Land Management. This permit is valid until January 31, 2020 and an application to extend has been filed.
-TEXAS CANYON, ELKO COUNTY, NEVADA:
Texas Canyon is located in Elko County, Nevada on the northeastern margin of the Long Canyon Gold Trend, about 7 kilometers west of the Company’s Golden Trail Project, and about 55 kilometers north of Newmont’s Long Canyon Project.
Texas Canyon is comprised of an 880 acre claim package, recently acquired by staking after the Company conducted an airborne hyperspectral survey in northeastern Nevada. Texas Canyon was part of a package previously held by the Company (from 2004-2009 under prior management) and the Company possesses considerable data on the prospect.
Texas Canyon is centered on a major boundary fault between mineralized Paleozoic limestone and postmineral Tertiary geologic units which include the Jarbidge Rhyolite and tuffs and conglomerates of the Humboldt Formation. This fault and related structures are thought to be the conduit for mineralizing fluids that altered and replaced the limestone and limestone breccias. This is based on detailed geologic mapping, surface geochemistry with gold values up to 1280 ppb and molybdenum values up to 1660 ppm, a surface magnetic survey and a surface radiometric survey. The recent Peloton airborne hyperspectral survey corroborated prior data, showing broad hi AL-illite and NH3-illite anomalies at Texas Canyon.
Texas Canyon is within a broad zone of hydrothermal alteration, including decalcification and silica replacement of the limestone. Alteration and mineralization is structurally controlled and localized along numerous northeast-striking, high-angle veins, especially in bodies of clast supported polyphase hydrothermal breccia and adjacent hydrothermal replacement zones. The highest mineral values are within strongly altered limestone and clast-supported hydrothermal breccias.
Surface sampling of the Hyperspectral anomalies was conducted in late 2019 with nine (9) of the twenty-five (25) exploration grab samples anomalous in gold and also anomalous in several additional elements including Ag, As, Ba, Cd, Cu, Mn, Mo, Ni, P, Pb, S, Sb, V, W, and Zn.
An NI 43-101 technical report is being prepared to compile and publish the data the Company has on Texas Canyon, and to set out recommendations going forward. This report will be published upon completion.
Project Summary – Abstract published in the 2020 Geologic Society of Nevada’s virtual symposium. Titled Gold Mineralization at the Texas Canyon Project, Northeastern Elko County, Nevada, Richard C. Capps, Paula J. Noble, and Clark Jorgensen.
-SILVER BELL & ST. LAWRENCE, MONTANA:
The Silver Bell & St. Lawrence Project (“SBSL”) comprises one (1) patented mining claim and twenty four (24) un-patented mining claims covering approximately 390 acres. SBSL is located about four miles southwest of the town of Virginia City, Montana, in Madison County, and about 50 miles southeast of Butte, Montana. Year round access is available by a public road running off of paved Montana Highway 287. Electrical power extends to within approximately 2 miles of the property.
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 1900’s and the St. Lawrence was reactivated in the early 1980’s but is presently idle. The shafts for each of the former mines are located 3,600 feet apart and the original exploration hypothesis was that the two mines shared mineralized systems that may in part be contiguous. Limited surface mapping and geophysical surveying by the Company so far has been inadequate to confirm this initial hypothesis either way but has confirmed an extension of the vein system farther east along strike from the St. Lawrence mine.
Historical production records are incomplete but available information suggests that historical production at the St. Lawrence was approximately 0.22 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 Au and 20.0 opt Ag. Historical production at the Silver Bell averaged approximately 0.2 opt Au and 15.1 opt Ag.
The SBSL is under option to Frederick Private Equity Corporation and African Metals Corporation (“Frederick/African”) who may earn a 75% interest in the project by making certain option payments and spending US$2,000,000 in exploration on the project by March, 2025. Approximately US$250,000 was spent by Frederick/African during the 2019 Exploration Program as outlined below.
2020 Exploration Program:
Frederick/African are reviewing the results of the 2019 exploration program below and will advise on 2020 plans.
2019 Exploration Program:
This was the first drilling program conducted on SBSL by the Company or by Frederick/African Metals, with a total of 2,111.5 feet of core drilling being completed in 12 holes sited east and west along strike from the headframe of the former St. Lawrence mine. The holes were designed to test the depth, extent, thickness, and grade of the vein system that was worked previously on at least two levels from an inclined shaft at the headframe. Geologic mapping and surface sampling of veins, wall rocks and dumps was also conducted.
Nine vein intercepts containing significant Gold (“Au”) and silver (“Ag”) values were cut by drill holes as shown in the Table below. Intercepts included a high value of 34.4 grams per metric tonne (“g/T”) Au and 130.5 g/T Ag over 0.61 meters. Highlights of the program, conclusions and recommendations are:
Highlights of the Program, Conclusions and Recommendations:
Nine (9) vein intercepts were encountered ranging from 0.21 meters in core width to 2.8 meters and an average thickness of 1.17 meters.
Average weighted values for the 9 intercepts was 4.94 g/T Au and 65.35 g/T Ag.
The 34.4 g/T Au intercept was encountered 40 meters down the dip of the veins from the 150 Level of the old workings demonstrating both the potential for grade and the potential at depth.
The 34.4 g/T Au intercept (average of initial assay of 33.3 and second assay of 35 g/T) was encountered at the western limit of the 2019 drill pattern and should be tested for the potential of a high-grade ore shoot based on that drill result and recent geologic mapping.
An untested mineralized fault zone east of the mine was identified through geologic mapping and is coincident with the strongest VLF geophysical response on the property. This is a high priority drill target.
Drilling in 2019 tested only 150 meters of the approximately 1,100 meters of known strike length along the SBSL vein system. Additional geologic mapping, surface sampling and drilling is recommended along the undrilled sections of the veins.
Several of the holes intercepted additional veins that do not appear to correlate with the two veins in the historical workings, opening the possibility of a multiple-vein system.
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