Peloton Commences Summer Lithium Exploration Program in Northern Nevada & Oversubscribes Financing

(TheNewswire)

Peloton Minerals Corporation

June 3, 2024 TheNewswire - London, Ontario Peloton Minerals Corporation ("Peloton" or the "Company") (CSE Symbol: PMC; OTCQB Symbol: PMCCF) is pleased to announce that it:

  • Has commenced summer exploration work at the North Elko Lithium Project in northeastern Nevada, USA;

  • Has oversubscribed its financing by 70% ($1,022,518); and,

  • Is participating at the Mining Investment Event of the North in Quebec City, Quebec, Canada this week, June 3-5, 2024.

Peloton is excited to be in the field as it works through its summer exploration program for the discovery of lithium in clays identified by the Company across its North Elko Lithium Project (NEL Project). The exploration is funded by a very successful fundraising effort that raised $1,022,518 split into two tranches. Tranche one, which is closed, raised $797,518. Tranche two consists of one order for $225,000 and is expected to close imminently.

Peloton President and CEO Edward (Ted) Ellwood commented , "The funds raised allow us to conduct a focused and productive exploration program for the discovery of lithium. We believe northern Nevada will become the breadbasket for lithium production in the United States and we are delighted to be part of the exploration and development efforts in the area. We have taken a collaborative approach with our neighbours and its already paying off through the sharing of information in the design of our exploration work. We thank them for their support. We also thank our shareholders, existing and new, and our advisors for their overwhelming support, guidance and trust."

Mr. Ellwood continues, "We are also excited to be participating at the Mining Investment Event of the North in Quebec City this week. It is Peloton's first visit to the invitation only exploration and mining investment show and we look forward to meeting with investors and industry professionals alike."

The exploration program for Peloton's 35 square kilometre NEL Project is designed to discover lateral areas of elevated lithium in clays. The budget for the program is CAN $600,000. The Company plans to follow this program with a deeper core drilling program in late 2024 and 2025. The NEL Project is immediately adjacent to Surge Battery Metals significant lithium in clay discovery.

Peloton's summer exploration program includes geochemical sampling across the entire property, detailed geologic mapping, spectrometer prospecting, XRD minerology analysis, and an airborne geophysical survey including Magnetics, Radiometrics, and Matrix Digital VLF-EM.  That initial work will be followed this summer with additional staking as warranted, ground geophysics, packsack drilling, and notice level permitting for a deeper drilling program. The program is being mobilized and will continue through to October 2024. More information about the program is available in Peloton's corporate presentation, which can be found on its website at Pelotonminerals.com .

The non-brokered financing previously announced on May 24, 2024 has been upsized. The Company issued 8,861,307 units in tranche one and will issue an additional 2,500,000 units in tranche two once funds have been received. Each unit was issued at a price of nine cents. Each unit consists of a common share and a warrant exercisable into a common share of the Company at a price of twelve cents for three years from the closing date. The Company paid fees equal to eight percent of the funds raised and issued ten percent of the units issued in the form of broker warrants exercisable into a unit of the offering at the offering price for sixty months.

For further information please contact:

Edward (Ted) Ellwood, MBA

President & CEO 1-519-697-2313

Richard C. Capps, PhD, is the qualified person responsible for approving the technical information contained within this release.

Peloton Minerals Corporation is a reporting issuer in good standing in the Provinces of British Columbia and Ontario whose common shares are listed on the CSE (Symbol: PMC) and trade in the U.S. on the OTC QB (Symbol: PMCCF) . There were 125,237,398 common shares issued and outstanding in the capital of the Company before the closing of the placements described above.

Peloton's exploration portfolio includes the North Elko Lithium Project, as well as a gold exploration project on the Carlin Trend, Nevada, a past producing gold project in Montana under option to a JV partner, and a non-controlling interest in a copper porphyry project near Butte, Montana.

CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "estimate", "expect", "foresee", "intend", "looking", "plan", "potential", "propose", "project"," suggests", "outlook" or similar words suggesting future outcomes or statements regarding an outlook.

Such statements include, among others, those concerning the Company's plans for exploration activity and to conduct future exploration programs. Such forward-looking information or statements are based on a number of risks, uncertainties, and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding its ability to initiate and complete future exploration work as expected. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's future exploration work; technical, safety or regulatory issues; availability of capital; changes in general economic conditions and financial markets; the imposition of government restrictions on business which may ultimately affect and delay the exploration timeline; and changes in prices for metals that the Company is exploring for .

Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Copyright (c) 2024 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia

PMC:CNX
The Conversation (0)

Private Placement

(TheNewswire)

Peloton Minerals Corporation

May 24, 2024 TheNewswire London, Ontario Peloton Minerals Corporation ("PMC" or the "Company") (CSE Symbol: PMC; OTCQB Symbol: PMCCF) intends to close a private placement of units priced at CDN$0.09 per unit for minimum total proceeds of $600,000. Each unit consists of one common share and one common share purchase warrant exercisable for three years at $0.12. The proceeds of the Private Placement will be used for lithium exploration in northern Nevada and working capital.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less

Extension of Warrant Expiry Date

(TheNewswire)

Peloton Minerals Corporation

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
CSE:PMC

Peloton Advances All Four Gold Exploration Projects in 2019 and Announces Recommendations for Follow-up Exploration in 2020

Peloton Minerals Corporation (“Peloton” or the “Company”) (CSE:PMC, OTC:PMCFF) advanced all four of the Company’s gold exploration projects during 2019 and all four projects are recommended for follow-up exploration programs in 2020.

Three of the projects are located in Elko County, Nevada and one project is in the Virginia City Mining District, Montana with the 2019 exploration results and 2020 plans provided in alphabetical order of the project as below.

Keep reading...Show less
CSE:PMC

Peloton CEO: We’re Solely Focused on Exploration at All Four Gold Properties

Peloton Minerals Corporation (CSE:PMC,OTC:PMCCF) CEO Edward (Ted) Ellwood joined Metals News to discuss the company’s decision to focus solely on the exploration stage of a mine’s life cycle. The company intends to focus on its four gold projects in the US. Peloton is a junior exploration company with four projects in the US, three of which are located in the mining-friendly jurisdiction of Nevada and one in Montana. According to Ellwood, the company has “made the conscious decision to focus purely on the exploration part of the mine life cycle,” as it can take 15 years or longer to bring a mine into production.

Keep reading...Show less
CSE:PMC

Peloton Warrant Extension

Peloton Minerals Corporation (“PMC” or the “Company”) (CSE:PMC, OTC:PMCCF) has modified the expiry time of certain outstanding warrants of the Company held by previous private placement investors as follows:

    1. a.3,636,364 warrants exercisable at a price of CDN$0.10 until 5:00 pm on December 21, 2019 are now exercisable until 5:00 pm on December 21, 2021;
    2. b.886,667 warrants exercisable at a price of CDN$0.125 until 5:00 pm on December 29, 2019 are now exercisable until 5:00 pm on December 29, 2021.

For further information please contact:

Keep reading...Show less
Warriedar Resources

Diamond Drilling Program Expanded and High-Grade M1 Intercept Returned

Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to provide an update on drilling progress and assay results from its Golden Range Project, located in the Murchison region of Western Australia (Figure 1).

Keep reading...Show less
Flynn Gold

New High-Grade Gold Discovery at Golden Ridge, NE Tasmania. ​Grades up to 99.4g/t Au Recorded

Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to announce the discovery of an extensive system of gold bearing quartz veins within historical workings located approximately 250m north of the historic Trafalgar Mine at its 100% owned Golden Ridge Project in Northeast Tasmania (see Figure 1).

Keep reading...Show less
Adrian Day, gold bars.

Adrian Day: "Extremely Rare" Gold Stock Opportunity Won't Last

Speaking to the Investing News Network, Adrian Day, president of Adrian Day Asset Management, explained what factors are behind gold's price rise and why gold stocks haven't performed as well as might be expected.

He also shared his thoughts on when gold equities will finally move higher.

"I think when companies start to report their second quarter earnings later this month, we're going to start to see some very attractive cashflow numbers — better than the first quarter, and better than the year-ago comparisons," Day said.

Keep reading...Show less
Three gold bars on price chart showing new gold all-time high with magnifying glass.

What Was the Highest Price for Gold? (Updated 2024)

Gold has long been considered a store of wealth, and the gold price often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.

The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has pushed the precious metal to record highs as market participants seek its perceived security. And each time the gold price rises, there are calls for even higher record-breaking levels.

Gold market gurus from Lynette Zang to Chris Blasi to Jordan Roy-Byrne have shared eye-popping predictions on the gold price that would intrigue any investor — gold bug or not.

Keep reading...Show less
Falcon Gold (TSXV:FG)

Falcon Closes Third Tranche of Private Placement

FALCON GOLD CORP. (FG: TSX-V), (3FA: GR), (FGLDF: OTCQB); (the "Company") announces that it has closed the third tranche of its previously announced non-brokered private placement (the "Private Placement") through the issuance of 600,000 flow-through shares of the Company (the "FT Shares") at $0.05 per FT Share for gross proceeds of $30,000 (the "Third Tranche"). The gross proceeds from the Third Tranche will be used for the exploration and development of the Company's British Columbia, Ontario, Newfoundland, and Quebec projects to incur Canadian Exploration Expenses (CEE) and will qualify as "flow-through mining expenditures" under the Income Tax Act (Canada).

All securities issued pursuant to the Third Tranche will be subject to a statutory hold period in accordance with applicable Canadian securities laws. The Private Placement is subject to final acceptance of the TSX Venture Exchange.

Keep reading...Show less
Siren Gold (ASX:SNG)

AU$1.50 Valuation for Siren Gold ‘Achievable,’ says Analyst Report

Description:

Australian analyst firm Martin Place Securities has released an investment review of Siren Gold (ASX:SNG), an ASX-listed gold exploration company with a portfolio of assets in the historic Reefton goldfields in West Coast New Zealand, citing the potential for the company to achieve between AU$1.00 and AU$1.50 share price in two years.

Keep reading...Show less

Latest Press Releases

Related News

×