(TheNewswire)
London, Ontario - TheNewswire - August 15, 2023 - Peloton Minerals Corporation (“PMC” or the “Company”) (CSE:PMC ) ( OTC:PMCCF) hasretained IBK Capital Corporation of Toronto (“IBK Capital”) tosource capital on a best-efforts basis, for the purposes of exploringthe Company’s 100% owned Texas Canyon and Golden Trail properties innorth-eastern Nevada for lithium.
IBK Capital is an independent and privately owned Canadian investmentbanking firm. Since inception in 1989, IBK Capital has established anenviable track record having played a role in global transactions witha combined value of $5.6 billion.
Surge Battery Metals Inc. (“Surge”) has recently reported asignificant lithium discovery on claims immediately adjacent to andtied onto the west side of the Texas Canyon claim block. Surge hasreported multiple drill intersections of between 1,000 ppm and 5,000ppm lithium, with thicknesses of between 10 and 120 feet, and a strikelength of 5,315 feet. Several companies have reported considerableclaim staking activity in the area, and it now appears that both ofthe Company’s Texas Canyon property, and its Golden Trail propertyabout 6 kilometers (3.7 miles) east have been encroached with claimsby other parties.
Peloton has identified potential lithium bearing hectorite and illiteclays in outcrop over an extensive area at the Texas Canyon propertyas well as at the Golden Trail property using hyperspectral minerologymapping 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.
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.
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.
Texas Canyon hosts several breccia bodies along the margin of acaldera structure. High grade uranium was mined in the 1950’s fromone 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.
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 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", "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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