Peloton Minerals Corporation (CSE:PMC, OTC:PMCCF) CEO Edward Ellwood joined Metals News to discuss the company’s decision to focus solely on the exploration stage of a mine’s life cycle.
Peloton Minerals Corporation (CSE:PMC,OTC:PMCCF) CEO Edward (Ted) Ellwood joined Metals News to discuss the company’s decision to focus solely on the exploration stage of a mine’s life cycle. The company intends to focus on its four gold projects in the US. Peloton is a junior exploration company with four projects in the US, three of which are located in the mining-friendly jurisdiction of Nevada and one in Montana. According to Ellwood, the company has “made the conscious decision to focus purely on the exploration part of the mine life cycle,” as it can take 15 years or longer to bring a mine into production.
Peloton is looking for “properties that have the potential to interest a major mining company, either early on as a joint venture partner or ultimately to take us over,” said Ellwood. The company pursues this business model because it can decrease risk and expose potential investors to a variety of opportunities in the junior resource sector. According to Ellwood, the company looks at approximately 20 different projects a year but is very selective with which project gets the go-ahead nod. Peloton’s Silver Bell-St. Lawrence project in Montana, for example, has been optioned to the Frederick Private Equity Corporation, who can earn a 75 percent interest in the property. The property also hosts two past-producing mines that Peloton believes to be contiguous to each other.
As for the projects in Nevada, they are all Carlin-style prospects. The Independence Valley project, in particular, has been optioned to Kinross Gold Corp. (TSE:K;NYSE:KGC;FWB:KIN2), who can earn a 75 percent interest in the property. Ellwood stated that the company was “going to be active on all four projects” and has planned three drill programs and a field mapping program.
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