Drilling Permit Received On The Texas Canyon Project

LONDON, ON –  Peloton Minerals Corporation (PMC) has received a drilling permit for the Texas Canyon Project, Nevada from the US Bureau of Land Management and has posted the required reclamation bond. Texas Canyon is comprised of a 909-acre claim package located in Elko County, Nevada on the northeastern margin of the Long Canyon Gold Trend, about seven kilometers west of the Company’s Golden Trail Project.

Texas Canyon is centered on a broad zone of structurally controlled hydrothermal alteration, including decalcification and silica replacement of the limestone, localized along numerous northeast-striking high-angle veins and in bodies of clast-supported polyphase hydrothermal breccia and adjacent hydrothermal replacement zones. Silicification is common to all areas of anomalous gold mineralization and occurs within strongly altered limestone and breccia that is younger than the high angle structures that it cuts.

The primary drill target is a roughly circular radiometric geophysical anomaly coincident with polyphase breccia centered on the historic Prince uranium mine and anomalous in gold, molybdenum (detection level up to 1660 ppm), and uranium mineralization (up to 7 percent in historic data and from detection up to 1% in recent surface sampling). Mineralization is related to subvertical bodies of hydrothermal breccia and alteration and likely along synvolcanic graben/caldera related structures. Coincident late gold-molybdenum-uranium mineralization is associated with the polyphase breccia.

The Company is now permitted for drilling on all three of its Elko County, Nevada projects. With these permits in hand, the Company plans to seek a joint venture partner on two of the projects, Texas Canyon and Independence Valley, which are both permitted and drill ready. The Company plans to conduct geophysical surveys at the Golden Trail Project this summer and is also actively pursuing the acquisition of an exploration stage copper porphyry project located in the United States that the Company believes has considerable potential. Further announcements will be made as the Company proceeds on the various projects.