Peloton Minerals Corporation (CSE: PMC) (OTCQB: PMCCF) reports that following the closing of a $1 million dollar financing in early June 2024, the Company immediately commenced a multi-faceted program for the exploration of lithium at the Company’s 100% owned North Elko Lithium Project in northeastern Nevada.

NELP is located immediately adjacent to the significant lithium in clay discovery made by Surge Battery Metals.

Highlights or status of the Peloton exploration programs underway include:

• Collection of 923 soil geochemistry samples at 200 metre spacings across the entire 35 square kilometer property has already been completed. Collection of these samples involved the traverse of more than 200 kilometers, and it was accomplished in two weeks. Samples are now being shipped for preparation and assay.
• Additional staking has been completed and upon filing and recording of the new claims the Company will issue a press release with greater information.
• The initial phase of a detailed geologic mapping program took place last week and will continue through July. This program will be supported with field notations taken during the geochemistry sampling, XRD minerology analysis, and Spectrometer prospecting.
• An airborne geophysical survey covering 535 line-kilometers will commence shortly. This survey will include Magnetics, Radiometrics and Matrix Digital VLF-EM.

Assay or other results are generally expected about six weeks after completion of the respective field work. A shallow packsack drilling program will begin after initial results are received, with a deeper core drilling program being planned as a second phase in late 2024 and 2025. New or renewed drill permit applications are being prepared and filed for the second phase.

Peloton President and CEO Edward (Ted) Ellwood commented, “The contractors and suppliers selected for this program are all top-drawer and they certainly aren’t wasting any time. It is exciting to get off to a good start and I expect many important milestones to be completed and achieved over this summer and fall.”

Richard C. Capps, PhD, is the qualified person responsible for approving the technical information contained within this release.

About Peloton:

Peloton’s exploration portfolio includes the North Elko Lithium Project, as well as a gold exploration project on the Carlin Trend, Nevada, a past producing gold project in Montana under option to a JV partner, and a non-controlling interest in a copper porphyry project near Butte, Montana.

There are 136,598,705 common shares issued and outstanding in the capital of the Company.