Peloton Minerals Corporation (PMC) has announced the commencement of a multi-faceted exploration program at its 100% owned North Elko Lithium Project (NELP) in northeastern Nevada. This follows the closing of a $1 million dollar financing in early June 2024.

Exploration Programs at North Elko Lithium Project

The NELP is adjacent to a significant lithium in clay discovery by Surge Battery Metals.

Collection of Soil Geochemistry Samples

The company has completed the collection of 923 soil geochemistry samples at 200 meter spacings, covering the entire 35 square kilometer property. This involved traversing over 200 kilometers and was accomplished in two weeks. The samples are now being shipped for preparation and assay.

Additional Staking and Claim Filing

Additional staking has been completed. Upon filing and recording the new claims, Peloton will issue a press release with more information.

Geologic Mapping Program

The initial phase of a detailed geologic mapping program took place last week and will continue through July. This program is supported by field notations from geochemistry sampling, XRD mineralogy analysis, and spectrometer prospecting.

Airborne Geophysical Survey

An airborne geophysical survey covering 535 line kilometers will commence shortly. This survey includes Magnetics, Radiometrics, and Matrix Digital VLF-EM.

Future Plans

Assay or other results are expected approximately six weeks after the completion of the respective field work. A shallow packsack drilling program will start after initial results are received. A deeper core drilling program is planned for late 2024 and 2025. New or renewed drill permit applications are being prepared and filed for the second phase.

Peloton President and CEO Edward (Ted) Ellwood commented, “The contractors and suppliers selected for this program are top-notch, and they are making quick progress. It’s exciting to start on a positive note, and I expect many important milestones will be achieved this summer and fall.”

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