(TheNewswire)
June 25, 2024 – TheNewswire - London, Ontario – Peloton MineralsCorporation (“Peloton” or the “Company”) (CSE: PMC ) ; ( OTCQB: PMCCF) reports that followingthe closing of a $1 million dollar financing in early June 2024, theCompany immediately commenced a multi-faceted program for theexploration of lithium at the Company’s 100% owned North ElkoLithium Project (NELP) in northeastern Nevada.
NELP is located immediately adjacent to the significant lithium inclay discovery made by Surge Battery Metals.
Highlights or status of the Peloton exploration programs underwayinclude:
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Collection of 923 soil geochemistry samples at 200 metre spacingsacross the entire 35 square kilometer property has already beencompleted. Collection of these samples involved the traverse of morethan 200 kilometers, and it was accomplished in two weeks. Samples arenow being shipped for preparation and assay.
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Additional staking has been completed and upon filing and recording ofthe new claims the Company will issue a press release with greaterinformation.
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The initial phase of a detailed geologic mapping program took placelast week and will continue through July. This program will besupported with field notations taken during the geochemistry sampling,XRD minerology analysis, and Spectrometer prospecting.
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An airborne geophysical survey covering 535 line-kilometers willcommence shortly. This survey will include Magnetics, Radiometrics andMatrix Digital VLF-EM.
Assay or other results are generally expected about six weeks aftercompletion of the respective field work. A shallow packsack drillingprogram will begin after initial results are received, with a deepercore drilling program being planned as a second phase in late 2024 and2025. New or renewed drill permit applications are being prepared andfiled for the second phase.
Peloton President and CEO Edward (Ted) Ellwood commented , “The contractors and suppliersselected for this program are all top-drawer and they certainlyaren’t wasting any time. It is exciting to get off to a good startand I expect many important milestones to be completed and achievedover this summer and fall.”
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 are 136,598,705 commonshares issued and outstanding in the capital of the Company.
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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