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Exploring the Potential of Nevada’s Prolific Elko County

Jocelyn Aspa Jocelyn Aspa, The Market Herald
1 Comment| July 20, 2021

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Nevada is one of the hottest regions for gold production, accounting for 5 per cent of global production alone and over 78 per cent of US production, with 173.6 tonnes produced on an annual basis.

Similarly, Elko County — located in the northern region of Nevada — produces most of the gold in the state, and is home to companies like Peloton Minerals Corporation (CSE: PMC, OTC: PMCCF, Forum), which is an exploration company focused on the acquisition and exploration of gold projects.

Peloton Minerals currently has three core Carlin-style deposit properties in Elko County — the Independence Valley Project, the Golden Trail and Texas Canyon.

In a previous interview with Stockhouse Editorial, Peloton Minerals’ CEO Edward Ellwood explained that Carlin-type deposits often referred to as “invisible gold deposits” because the gold isn’t visible and can only be detected through assay or geochemistry.

Within Nevada, Carlin-style deposits are mostly located in sedimentary rock while the gold is typically evenly distributed. In other words, this means production costs are low and reliable.

In terms of recent activities on its properties, just last month the company reported a 2,100 foot reverse circulation 12 hole drilling program had been conducted earlier in the year at the Golden Trail project, confirming that a series of hydrothermal alteration anomalies had been identified at surface by airborne hyperspectral analyses extend to at least a vertical depth of 195 feet, with high temperature hydrothermal alteration minerals intersected in all of the drill holes as well anomalous gold, silver and pathfinder elements.

In line with this, the company recently announced it had received a drilling permit for its Texas Canyon project from the US Bureau of Land Management.

PMC receives drilling permit for Texas Canyon Project

Situated in Elko County, Texas Canyon comprises 909 acre claim package, situated on the northeastern margin of the Long Canyon Gold Trend

Texas Canyon sits roughly seven kilometres west of the company’s Golden Trail Project and 55 kilometres north of the Newmont-Barrick Long Canyon joint venture.

The primary drill target for the project is a circular radiometric geophysical anomaly coincident with polyphase breccia that is centered on the historic Prince uranium mine. It is also anomalous in gold, molybdenum and uranium mineralization.

This drilling permit now means the company is permitted to drill on all three of its Elko County projects and is now seeking joint venture agreements on two of the projects: Texas Canyon and Independence Valley.

What’s ahead

In addition to receiving its latest drilling permit, Peloton Minerals also recently announced the closing of a private placement worth C$122,500, proceeds of which will be used to advance the company’s exploration in Nevada and working capital.

While Peloton Minerals gears up for drilling at Texas County, the company said it is also planning to do geophysical surveys at the Golden Trail Project over the course of the summer in addition to pursuing the acquisition of an exploration-stage copper-porphyry project in the US that PMC believes has massive potential.

As advancement continues at these projects, the company will provide detailed updates along the way.

The investment opportunity

It’s no secret that Nevada is the place to be when it comes to gold and, particularly, the northeastern region of the state where Peloton Minerals is.

This part of the state has a series of Major Gold Trends, which are trends that have hosted mine after mine all along each trend. One of the company’s projects sits on that Carlin Gold Trend, while the other two sit along the newly identified Long Canyon Trend — a region which the company said is an exciting opportunity.

Additionally, as the gold price continues to stabilize around the US$1,800 per ounce mark, investors will want to keep their eyes out for gold companies like Peloton Minerals that are active in prolific regions like Nevada — a safe and stable jurisdiction that consistently delivers results.


FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.


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