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 privately held Westmount Resources LLC. Westmount holds a 100% interest in 331 unpatented mineral claims called the Boulder Porphyry Property located approximately 16 miles north-northeast of Butte, Montana, home of the historic Butte mining district.
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According to Wikipedia: “From 1880 through 2005, the mines of the Butte district have produced more than 9.6 million metric tons of copper, 2.1 million metric tons of zinc, 1.6 million metric tons of manganese, 381,000 metric tons of lead, 87,000 metric 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 approximately 20 miles south-southwest of the Montana Tunnels, another large-scale former base and precious metal producer. The Butte, Boulder Property, and Montana Tunnels are all situated along the northeast-trending Great Falls Tectonic Zone, which is a continental scale, deep-seated, structural zone of crustal weakness that appears to have been intermittently active since the late Proterozoic (1.4 billion years ago) and at times has tapped deep mantle melts.
Most of the epithermal and porphyry metal occurrences in Montana are localized along this Tectonic Zone. The Butte, Boulder Property, and Montana Tunnels are along or adjacent to a similarly trending major magnetic low along the axis of the Great Falls Tectonic Zone. The Boulder Property is known to contain a large copper-molybdenum porphyry system within the Boulder Batholith and coeval Elkhorn Mountains Volcanics which is overlain by 300 to 2,100 feet of post-mineral Lowland Creek Volcanics. As a result, the porphyry system on the Boulder Property is not well exposed and is the least explored of these three magnetic low areas.
Between 1965 and 1977, the Anaconda Company and Union Oil drilled 8 deep core holes on the property into the Boulder Batholith based on the USGS regional magnetics and an Anaconda IP survey. These holes intersected a large porphyry system with low-grade copper mineralization. Continuous mineralized drill intercepts of between 1,255 and 1,614 feet grading a weighted average of between 600 and 1,000 ppm copper were intersected.
Approximately 1 mile southwest of this drilling, O.T. Mining completed three deep core holes in 2004 and 2005, which intersected similar porphyry alteration and continuous copper mineralization with drill intersects between 1,242 and 2,630 feet grading a weighted average of between 313 and 785 ppm copper.
To close the acquisition, the shareholders of Westmount Resources will receive 50% of Celerity along with a promissory note in the amount of US$600,000 payable in one year, and a 1% NSR. Celerity will self-fund its operations with plans to list on a Canadian Exchange. Peloton shareholders will receive Celerity shares as a dividend.
Edward (Ted) Ellwood, President and CEO, stated: “We have had our eye on this project for over ten years and are thrilled that it is coming to us. It is an exciting exploration target with tremendous upside potential and fits extremely well with the potential of our Nevada Carlin style gold projects which we also continue to advance and remain excited about. As for the financing and structural strategy, we feel this is the best approach toward financing the project adequately while minimizing Peloton dilution. Any percentage of another Butte would be significant.”
The shares are trading at $0.11. For more information on the company’s portfolio of projects, please visit the company’s website www.PelotonMinerals.com, or contact Ted Ellwood, MBA, President & CEO at 519-964-2836.
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