(TheNewswire)
January 24, 2023 – TheNewswire - London, Ontario – PelotonMinerals Corporation (“Peloton” or the “Company”) (CSE:PMC ) ( OTC:PMCCF) hasstaked, filed, and recorded (fully paid for) a total of 419 mineralclaims covering 35 square kilometres (3,503 hectares or 8,656 acres)at its North Elko Lithium Project in Nevada. In addition, Pelotoncontinues the surface ground truthing of hyperspectral data over theproject area. An earlier Peloton release stated that 408 mineralclaims had been staked but were not yet recorded.
Peloton’s 35 square kilometre ground position in northeastern Nevadais tied onto and immediately adjacent to ground controlled by SurgeBattery Metals Inc. (“Surge”). In late 2022, Surge made theinitial discovery of what now is believed to be a significantly large,high grade claystone lithium deposit for which Surge reports that itexpects to release a maiden mineral resource this quarter (Q1 2024)just 16 months after the discovery was made. The Surge discovery wason claims next to Peloton claims that Peloton has held for many years. The 419 claims now held by Peloton is comprised of 331 new claimsand 88 previously held claims, and is collectively now called theNorth Elko Lithium Project (“NELP”)
Airborne hyperspectral data that the Company holds over the entireNELP project area was re-examined in 2023 for potential lithiumbearing clays (smectite, hectorite, illite, others), and showed clayoutcrops of interest across the NELP project area. Initial groundtruthing of the airborne hyperspectral data occurred in late 2023 withsurface hyperspectral sampling corroborating the airborne survey data. Twenty-two areas were selected from the airborne hyperspectral datafor field examination and sampling by a handheld spectrometer. Twentyof the areas examined returned a spectral response indicating thepresence of smectite and will now undergo detailed geochemical andmineralogical analysis.
A map accompanies this release showing the outline of claims held byPeloton and Surge, along with hyperspectral data over Peloton’sclaim block showing clay outcrops across the project area.
Smectite and illite clays are the predominant lithium bearing mineralsat Thacker Pass within the McDermitt Caldera in western Nevada whichis the largest known measured and indicated lithium resource in theUnited States. Thacker Pass is about 200 kilometres west of the NELP.
The Company plans to conduct additional ground exploration work in thefirst and second quarters of 2024 including geophysical surveys,continued geochemistry work and shallow packsack core drilling. TheCompany continues to work with IBK Capital Corp. of Toronto to sourcelithium exploration capital.
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 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 125,023,958 common shares issued and outstanding in thecapital of the Company.
Peloton’s exploration portfolio includes the NorthElko Lithium Project, a gold exploration project on the Carlin Trend,Nevada, a past producing gold project in Montana under option to a JVpartner, and, a non-controlling interest in a copper porphyry projectnear 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 orinforma tion are identified 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.
Copyright (c) 2024 TheNewswire - All rights reserved.