(TheNewswire)
June 3, 2024 – TheNewswire - London, Ontario – Peloton MineralsCorporation (“Peloton” or the “Company”) (CSE Symbol: PMC; OTCQB Symbol:PMCCF) is pleased to announce that it:
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Has commenced summer exploration work at the North Elko LithiumProject in northeastern Nevada, USA;
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Has oversubscribed its financing by 70% ($1,022,518); and,
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Is participating at the Mining Investment Event of the North in QuebecCity, Quebec, Canada this week, June 3-5, 2024.
Peloton is excited to be in the field as it works through its summerexploration program for the discovery of lithium in clays identifiedby the Company across its North Elko Lithium Project (NEL Project).The exploration is funded by a very successful fundraising effort thatraised $1,022,518 split into two tranches. Tranche one, which isclosed, 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 conducta focused and productive exploration program for the discovery oflithium. We believe northern Nevada will become the breadbasket forlithium production in the United States and we are delighted to bepart of the exploration and development efforts in the area. We havetaken a collaborative approach with our neighbours and its alreadypaying off through the sharing of information in the design of ourexploration work. We thank them for their support. We also thank ourshareholders, existing and new, and our advisors for theiroverwhelming support, guidance and trust.”
Mr. Ellwood continues, “We arealso excited to be participating at the Mining Investment Event of theNorth in Quebec City this week. It is Peloton’s first visit to theinvitation only exploration and mining investment show and we lookforward to meeting with investors and industry professionalsalike.”
The exploration program for Peloton’s 35 square kilometre NELProject is designed to discover lateral areas of elevated lithium inclays. The budget for the program is CAN $600,000. The Company plansto follow this program with a deeper core drilling program in late2024 and 2025. The NEL Project is immediately adjacent to SurgeBattery Metals significant lithium in clay discovery.
Peloton’s summer exploration program includes geochemical samplingacross the entire property, detailed geologic mapping, spectrometerprospecting, XRD minerology analysis, and an airborne geophysicalsurvey including Magnetics, Radiometrics, and Matrix Digital VLF-EM. That initial work will be followed this summer with additionalstaking as warranted, ground geophysics, packsack drilling, and noticelevel permitting for a deeper drilling program. The program is beingmobilized and will continue through to October 2024. More informationabout 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 hasbeen upsized. The Company issued 8,861,307 units in tranche one andwill issue an additional 2,500,000 units in tranche two once fundshave been received. Each unit was issued at a price of nine cents.Each unit consists of a common share and a warrant exercisable into acommon share of the Company at a price of twelve cents for three yearsfrom the closing date. The Company paid fees equal to eight percent ofthe funds raised and issued ten percent of the units issued in theform of broker warrants exercisable into a unit of the offering at theoffering price for sixty months.
For further information please contact:
Edward (Ted) Ellwood, MBA
President & CEO 1-519-697-2313
Richard C. Capps, PhD, is the qualified personresponsible for approving the technical information contained withinthis release.
Peloton Minerals Corporation is a reporting issuer in good standing inthe Provinces of British Columbia and Ontario whose common shares arelisted on the CSE (Symbol: PMC) and trade in the U.S. on the OTC QB (Symbol: PMCCF) . There were 125,237,398 commonshares issued and outstanding in the capital of the Company before theclosing of the placements described above.
Peloton’s exploration portfolio includes the NorthElko Lithium Project, as well as a gold exploration project on theCarlin Trend, Nevada, a past producing gold project in Montana underoption to a JV partner, and a non-controlling interest in a copperporphyry project near Butte, Montana.
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", "estimate”, "expect",“foresee”, "intend", “looking”, “plan”,"potential", "propose", "project",”suggests”, "outlook" 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. Such forward-looking information or statements are based on a numberof risks, uncertainties, and assumptions which may cause actualresults or other expectations to differ materially from thoseanticipated and which may prove to be incorrect. Assumptions have beenmade regarding, among other things, management's expectationsregarding its ability to initiate and complete future exploration workas expected. Actual results could differ materially due to a number offactors, including, without limitation, operational risks in thecompletion of the Company’s future exploration work; technical,safety or regulatory issues; availability of capital; changes in general economicconditions and financial markets; the imposition of governmentrestrictions on business which may ultimately affect and delay theexploration timeline; and changes in prices for metals that theCompany is exploring for .
Although the Companybelieves that the expectations reflected in the forward-lookinginformation or statements are reasonable, prospective investors in theCompany’s securities should not place undue reliance onforward-looking statements because the Company can provide noassurance that such expectations will prove to be correct.Forward-looking information and statements contained in this newsrelease are as of the date of this news release and the Companyassumes no obligation to update or revise this forward-lookinginformation and statements except as required by law.
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