(TheNewswire)
London, Ontario - TheNewswire - August 9, 2023 - Peloton Minerals Corporation (“PMC” or the “Company”) (CSE Symbol: PMC; OTCQB Symbol:PMCCF) reports that it has identified potential lithium bearinghectorite and illite clays in outcrop over an extensive area at itsTexas Canyon property in Elko County, Nevada, as well as at theCompany’s Golden Trail property located about 6 kilometres to theeast, using hyperspectral minerology mapping technology.
Hectorite and illite clays are the predominant lithium bearingminerals at Thacker Pass within the McDermitt Caldera in westernNevada which is the largest known measured and indicated lithiumresource in the United States. The Texas Canyon property similarlysits on part of the margin of an ancient caldera of similar age to theMcDermitt Caldera.
Identification of these minerals on the Texas Canyon property isimportant as Surge Battery Metals Inc. (“Surge”) has recentlyreported a significant lithium discovery on claims immediatelyadjacent to and tied onto the west side of the Texas Canyon claimblock. Surge has reported multiple drill intersections of between1,000 ppm and 5,000 ppm lithium, with thicknesses of between 10 and120 feet, and a strike length of 5,315 feet. Surge has stated that thelithium encountered is contained within clays, but to the Company’sknowledge, Surge has not yet provided specific minerology. Surge ispresently drilling according to reports.
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 TexasCanyon’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.
The hectorite and illite clays were identified by re-processinghyperspectral data the Company held from an airborne regionalhyperspectral survey it conducted in 2016, covering 100 squarekilometres including the Texas Canyon and Golden Trail properties. Thehyperspectral data was re-processed by SpecTIR, Reno, NV, to searchfor hectorite SWIR (short wave infrared) absorption features usingseveral different hectorite SWIR standards.
The Company is planning an immediate ground truthing program using ahand-held spectrometer, detailed mapping and sampling of the hectoriteand illite clays. Follow-on ground geochemistry, geophysics, anddrilling are also being planned. Further announcements will be made asthese programs are conducted.
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 within this 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 123,099,458 common shares issued and outstanding in thecapital of the Company.
Peloton’s exploration portfolio includes threeexploration projects in Elko County, Nevada (lithium, uranium,molybdenum, gold), as well as a past producing gold project in Montanaunder option to a JV partner, and a non-controlling interest in acopper porphyry 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", "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. 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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