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Peloton Commences Summer Lithium Exploration Program in Northern Nevada & Oversubscribes Financing

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Peloton Commences Summer Lithium Exploration Program in Northern Nevada & Oversubscribes Financing

 

 

 

 

 

Peloton Minerals Corporation (CSE: PMC) (OTCQB: PMCCF) is pleased to announce that it:

  • Has commenced its summer exploration work at the North Elko Lithium Project in northeastern Nevada, USA;
  • Has oversubscribed its financing by 70% ($1,022,518); and,

 

Peloton is excited to be in the field as it works through its summer exploration program for the discovery of lithium in clays identified by the Company across its North Elko Lithium Project (NEL Project). The exploration is funded by a very successful fundraising effort that raised $1,022,518 split into two tranches. Tranche one, which is closed, raised $797,518. Tranche two consists of one order for $225,000 and is expected to close imminently.

Peloton President and CEO Edward (Ted) Ellwood commented, “The funds raised allow us to conduct a focused and productive exploration program for the discovery of lithium. We believe northern Nevada will become the breadbasket for lithium production in the United States and we are delighted to be part of the exploration and development efforts in the area. We have taken a collaborative approach with our neighbours and its already paying off through the sharing of information in the design of our exploration work. We thank them for their support. We also thank our shareholders, existing and new, and our advisors for their overwhelming support, guidance and trust.”

Mr. Ellwood continues, “We are also excited to be participating at the Mining Investment Event of the North in Quebec City this week. It is Peloton’s first visit to the invitation only exploration and mining investment show and we look forward to meeting with investors and industry professionals alike.”

The exploration program for Peloton’s 35 square kilometre NEL Project is designed to discover lateral areas of elevated lithium in clays. The budget for the program is CAN $600,000. The Company plans to follow this program with a deeper core drilling program in late 2024 and 2025. The NEL Project is immediately adjacent to Surge Battery Metals significant lithium in clay discovery.

Peloton’s summer exploration 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 on its website at Pelotonminerals.com.

The non-brokered financing previously announced on May 24, 2024 has been upsized. The Company issued 8,861,307 units in tranche one and will issue an additional 2,500,000 units in tranche two once funds have been received. Each unit was issued at a price of nine cents. Each unit consists of a common share and a warrant exercisable into a common share of the Company at a price of  twelve cents for three years from the closing date. The Company paid fees equal to eight percent of the funds raised and issued ten percent of the units issued in the form of broker warrants exercisable into a unit of the offering at the offering price for sixty months.

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

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 3, 2024

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