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Peloton Closes the Final Tranche of an Over-subscribed Financing for Lithium Exploration in Northern Nevada

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Peloton Closes the Final Tranche of an Over-subscribed Financing for Lithium Exploration in Northern Nevada

 

 

 

 

 

Peloton Minerals Corporation (CSE: PMC) (OTCQB: PMCCF) is pleased to announce that it has closed the second, and final tranche, of an over-subscribed financing with total proceeds of $1,022,518. The Financing was over-subscribed by 70% from the original $600,000 sought. The Company intends to use the proceeds to fund its summer exploration program and for working capital.

The exploration program funded by this financing is designed to discover lateral areas of elevated lithium in clays within Peloton’s 35 square kilometer North Elko Lithium Project in northeastern Nevada. The program includes geochemical sampling across the entire property, detailed geologic mapping, spectrometer prospecting, XRD minerology analysis, and an airborne geophysical survey including Magnetics, Radiometrics, and Matrix Digital VLF-EM.

 

That initial work will be followed this summer with additional staking as warranted, ground geophysics, packsack drilling, and notice level permitting for a deeper drilling program. The program is being mobilized and will continue through to October 2024. More information about the program is available in Peloton’s corporate presentation, which can be found at

Pelotonminerals.com.

 

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

 

About Peloton Minerals

 

Peloton Minerals Corporation is a reporting issuer in good standing in the Provinces of British Columbia and Ontario whose common shares are listed on the CSE and trade in the U.S. on the OTC QB. There were 125,237,398 common shares issued and outstanding in the capital of the Company before the closing of the placements described above.

 

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.

Posted June 5, 2024

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