(TheNewswire)
London, O N - TheNewswire - June 6, 2023 - Peloton Minerals Corporation (“PMC” or the “Company”) (CSE:PMC ) ( OTC:PMCCF) reportsthat a significant new lithium discovery has occurred on mineralclaims immediately adjacent and tied on to the west boundary ofPeloton’s Texas Canyon Project (“Texas Canyon”) by Surge BatteryMetals (“Surge”). In addition, CAT Strategic Metals (“CAT”),who are tied onto the eastern boundary of Texas Canyon, have alsorecently reported lithium potential. Both companies surround TexasCanyon with mineral claims, and both are reporting plans for drillingprograms this summer.
Texas Canyon hosts several breccia bodies along the margin of agraben/caldera structure. High grade uranium was mined in the 1950’sfrom one of these breccia bodies, with historic grades reported at 1%uranium and samples running up to 7% uranium. Peloton’s own samplingof the waste dump has returned samples up to 1% uranium as well as upto 1660 ppm molybdenum and up to 1280 ppb gold.
Peloton suggests that the adjacent lithium mineralization, and theProperty’s uranium mineralization are likely cogenetic within themargin of the caldera, and the caldera may have played a significantrole as the source of the lithium or other mineralization within thenearby area.
Surge has reported multiple drill intersections of between 1,000 ppmand 5,000 ppm lithium, with thicknesses of between 10 and 120 feet,and a strike length of 5,315 feet. The lithium on the Surge propertyis stated to be contained in silty, weakly calcareous, claystone andwithin seams of blue-grey clay, which occurs at Texas Canyon, but hasnever been assayed for lithium.
Surge has also reported that they have received positive metallurgicalresults, have initiated hydrological studies, are undertakinggeophysical surveys, and have received permission from the BLM for astep-out and infill drilling program this summer. CAT has reportedlithium values within historic sampling and targets for drilling.
Peloton conducted an airborne hyperspectral survey over Texas Canyonand its nearby Golden Trail Project in 2016 which covered 100 squarekilometers and included the adjacent ground positions now held bySurge and CAT. The Company is screening this regional hyperspectraldata base for clays that may bear lithium.
OTHER ACTIVITY: Peloton’sprimary focus has been, and continues to be, on advancing the BoulderCopper Porphyry Property (“Boulder Property”) located 16 milesfrom Butte, Montana. The Boulder Property is held by Pelotonsubsidiary, Celerity Mineral Corporation (“Celerity”), whichPeloton plans to spin out as its own publicly traded entity. A 43-101technical report necessary for the Celerity “Going Public” processto move forward is nearing completion. It is anticipated that Pelotonshareholders will receive a dividend of Celerity shares with Pelotonretaining a significant interest in Celerity. No record date for thedividend has been set.
A drill permit for the Boulder Property in Montana isnearing completion, and all three of the Company’s Nevada projectsare already permitted for drilling, including Texas Canyon.
For further information please contact:
Edward (Ted) Ellwood, MBA
President & CEO 1-519-964-2836
Richard C. Capps, PhD, is the qualified personresponsible for approving the technical information contained withinthis release.
Peloton is a reporting issuer in good standing in the Provinces ofOntario and British Columbia whose common shares are listed on the CSE(Symbol: PMC) and trade in the U.S. on the OTC QB (Symbol: PMCCF).There are 120,746,348 common shares issued and outstanding in thecapital of the Company.
CSE has notreviewed and does not accept responsibility for the adequacy oraccuracy of this release.
This news releasecontains "forward-looking information" (within the meaningof applicable Canadian securities laws) and "forward-lookingstatements" (within the meaning of the U.S. Private SecuritiesLitigation Reform Act of 1995). Such statements or information areidentified with words such as "anticipate","believe", "expect", "plan","intend", "potential", "estimate","propose", "project", "outlook","foresee", “looking” or similar words suggesting futureoutcomes or statements regarding an outlook.
Such statementsinclude, among others, those concerning the Company’s plansfor exploration activity and to conduct future explorationprograms, its plans tohave Celerity spun-out in a “Going Public” process. They alsoinclude the Company’s anticipation that Peloton shareholders willreceive a dividend of Celerity shares with Peloton retaining asignificant interest in Celerity. Such forward-looking information orstatements are based on a number of risks, uncertainties, andassumptions which may cause actual results or other expectations todiffer materially from those anticipated and which may prove to beincorrect. Assumptions have been made regarding, among other things,management's expectations regarding its ability to initiate andcomplete future exploration work as expected or to attract jointventure partners. Actual results could differ materially due to anumber of factors, including, without limitation, uncertaintiesresulting from the current status in Ukraine, operational risks in thecompletion of the Company’s future exploration work; technical,safety or regulatory issues; availability of capital; the worldwide economic and socialimpact of COVID-19; the duration and extent of COVID-19; changes ingeneral economic conditions and financial markets; the imposition ofgovernment restrictions on business related to COVID-19, any positivecases of COVID-19 at a project site or in the area which may cause areduction or suspension in operations and activities which mayultimately affect and delay the exploration timeline; and changes inprices for gold and other metals . The Company’s plans for Celerity aresubject to regulatory requirements and approvals and Celerity maynever become a reporting issuer or be listed on a CanadianExchange.
Although the Companybelieves that the expectations reflected in the forward-lookinginformation or statements are reasonable and does not believe that theworldwide COVID-19 situation will have any immediate or long termeffect on its projects, prospective investors in the Company’ssecurities should not place undue reliance on forward-lookingstatements because the Company can provide no assurance that suchexpectations will prove to be correct. Forward-looking information andstatements contained in this news release are as of the date of thisnews release and the Company assumes no obligation to update or revisethis forward-looking information and statements except as required bylaw.
Copyright (c) 2023 TheNewswire - All rights reserved.