SILVER BELL & ST. LAWRENCE, Montana
The Silver Bell & St. Lawrence Project (“SBSL”) comprises one (1) patented mining claim and twenty four (24) unpatented mining claims covering approximately 390 acres. SBSL is located approximately about four miles southwest of the town of Virginia City, Montana, in Madison County, and about 50 miles southeast of Butte, Montana. Year round access is available by a public road running off of paved Montana Highway 287. Electrical power extends to within approximately 2 miles of the property.
In March, 2019, Peloton and Frederick Private Equity Corporation (“Frederick PEC”) reached an Exploration Agreement with Joint Venture Option for Frederick to earn up to 75% by making annual option payments and spending a total of US$2,000,000 in exploration expenditures over 6 years. Refer to the Press Release dated March 18,2019.
SBSL hosts two past producing gold-silver mines, the Silver Bell Mine on the west and the St. Lawrence Mine on the east. Both mines operated in the early 1900s and the St. Lawrence was reactivated in the early 1980s. Historical production records are incomplete but available information suggests that historical production at the St. Lawrence was approximately 0.22 opt gold and 3.8 opt silver. Smelter receipts for small shipments from the St. Lawrence indicate that some ore with much higher grades was shipped. For example, a smelter receipt from October 30, 1964 states that 8.027 tons were received grading 0.76 opt gold and 20.0 opt silver. Historical production at the Silver Bell averaged approximately 0.2 opt gold and 15.1 opt silver.
The shafts for each of the former mines are located 3,600 feet apart and the exploration hypothesis is that the two mines shared mineralized systems that may in part be contiguous. Surface mapping and geophysical surveying by the Company supports this initial hypothesis and may indicate extension of the vein system farther east along strike from the St. Lawrence mine.
From a mining viewpoint, the mineralized systems could be accessed through an adit or shaft collared between the two historic workings at the two mines. Next phase diamond drilling is recommended to further test the continuity of mineralization between the two historic mines and to assist in determining the best potential approach to extraction.
The potential at depth for SBSL is noted in the NI 43-101 report completed by John F. Childs, PhD, R.Geo. in which the following was stated in the interpretation/conclusions section:
“Based on comparisons with other vein systems in the VCMD (“Virginia City Mining District”), there appears to be adequate similarities to suggest potential for an exploitable gold and silver deposit(s) in the Silver Bell-St. Lawrence claim area. The veins in the area share simlar characteristics with many of the more prolific deposits in the VCMD, including ore mineralogy, gangue type and alteration assemblages. Multiple vein systems are an important component in many of the larger mines in the area (e.g. the U.S. Grant, Kearsarge and Marietta), with the depth of production often reaching 300 to 650 feet. The historical mining activity at the Silver Bell and St. Lawrence mines never reached deeper than 200 feet. The Van der Poel (2011) VLF-R geophysical survey indicated several targets in the immediate area of the St. Lawrence and Silver Bell mines.”
John F. Childs, PhD., Reg. Geo. is the qualified person responsible for providing the technical details contained on this property description page.