OTCQB Symbol: PMCCF AMT & IP Geophysical Surveys Commencing at the Golden Trail Property, Elko Nevada with Montana Geophysical Surface Work Complete London, Ontario – Peloton Minerals Corporation (“PMC” or the “Company”) (CSE
PELOTON MINERALS CORPORATION
NEWS RELEASE
October 11, 2022 CSE SYMBOL: PMC
OTCQB Symbol: PMCCF
AMT & IP Geophysical Surveys Commencing
at the Golden Trail Property, Elko Nevada
with Montana Geophysical Surface Work Complete
London, Ontario – Peloton Minerals Corporation (“PMC” or the “Company”) (CSE
Symbol: PMC; OTCQB Symbol: PMCCF) is pleased to report that an Audiomagnetotellurics
(“AMT”) and Induced Polarization (“IP”) geophysical surveys are commencing on the Company’s
Golden Trail Property in Elko County, Nevada (“Golden Trail”), and that the surface work has
been completed for a DEEPEM geophysical survey conducted at the Boulder Copper Porphyry
Property near Butte, Montana (the “Boulder Property”).
The AMT and IP geophysical sur veys commencing at G olden Trail are to follow up on 2021
drilling of a series of Carlin style hydrothermal alteration anomalies first identified by an airborne
hyperspectral survey. Drilling confirmed the hydrothermal alteration extended to at least a vertical
depth of 195 feet, with high temperature hydrothermal alteration minerals intersected in all twelve
of the drill holes as well as anomalous gold, silver (average 0.98 g/t; range 0.08 to 8.52 g/t; 420
analyses) and pathfinder elements. The hydrothermal alteration appears to be within the hanging
wall of north -west striking and north -east dipping faults mapped at surface. The geophysical
surveys are intended to try to image the source of the mineralizing fluids and to plan a deeper
drilling program in this area.
The DEEPEM geophysical survey conducted on the Boulder Property, Montana covered 10 square
kilometers of the property and is intended to aid in prioritizing numerous drill targets within a large
IP anomaly that, in plan, is several thousand meters in diameter and is associated with a known
mineralized Cu-Mo porphyry system based on limited drilling by Anaconda and Molycorp in the
late 1960’s and a junior company in the early 2000’s. Processing and a nalysis of the D EEPEM
data obtained from the surface work is now underway.
The Boulder Property is held by Peloton subsidiary, Celerity Mineral Corporation (“Celerity”),
which Peloton plans to sp in out as its own publicly traded entity. Completion of the geophysical
work on the Boulder Property will enable a 43-101 technical report to be finalized and the Celerity
“Going Public” process to move forward. It is anticipated that Peloton shareholders will receive a
dividend of Celerity shares with Peloton retaining a significant interest in Celerity. No record date
for the dividend has been set.
Peloton holds a 100% interest in three Carlin style gold exploration projects located in Elko
County, Nevada, all of which are permitted for drilling. Peloton also owns 50% of Celerity, prior
to Celerity financing, which holds 100% of the Boulder Property, located approximately 16 miles
(26 km) north -northeast of Butte, Montana, home of the historic Butte mining district. An
application for drilling on the Boulder Property has been filed and is in process
Project descriptions and technical information is available at http://www.pelotonminerals.com or
at http://www.celeritymineral.com.
For further information please contact:
Edward (Ted) Ellwood, MBA
President & CEO 1-519-964-2836
Richard C. Capps, PhD, is the qualified person responsible for approving the technical information
contained within this release.
Peloton is a reporting issuer in good standing in the Province s of Ontario and British Columbia
whose common shares are listed on the CSE (Symbol: PMC) and trade in the U.S. on the OTC QB
(Symbol: PMCCF). There are 118,947,459 common shares issued and outstanding in the capital
of the Company.
CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this
release.
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward -
looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information
are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook",
"foresee", “looking” or similar words suggesting future outcomes or statements regarding an outlook.
Such statements include, among others, those concerning the Company’s plans for exploration activity and to conduct future
exploration programs, its plans to have Celerity spun-out in a “Going Public” process. They also include the Company’s anticipation
that Peloton shareholders will receive a dividend of Celerity shares with Peloton retaining a significant interest in Celerit y. Such
forward-looking information or statements are based on a number of risks, unce rtainties, and assumptions which may cause actual
results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been
made regarding, among other things, management's expectations regarding its ability to initiate and complete future exploration work
as expected or to attract joint venture partners. Actual results could differ materially due to a number of factors, including, without
limitation, uncertainties resulting from the current status in Ukraine, operational risks in the completion of the Company’s future
exploration work; technical, safety or regulatory issues; availability of capital; the worldwide economic and social impact of COVID-19;
the duration and extent of COVID -19; changes in general economic conditions and financial markets; the imposition of government
restrictions on business related to COVID -19, any positive cases of COVID -19 at a project site or in the area which may cause a
reduction or suspension in operations and activ ities which may ultimately affect and delay the exploration timeline; and changes in
prices for gold and other metals. The Company’s plans for Celerity are subject to regulatory requirements and approvals and Celerity
may never become a reporting issuer or be listed on a Canadian Exchange.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable and
does not believe that the worldwide COVID -19 situation will have any immediate o r long term effect on its projects, prospective
investors in the Company’s securities should not place undue reliance on forward -looking statements because the Company can
provide no assurance that such expectations will prove to be correct. Forward -looking information and statements contained in this
news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking
information and statements except as required by law.