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A New Lithium Discovery Has Occurred Immediately Adjacent to Peloton's Texas Canyon Project, Nevada
London, ON - TheNewswire - June 6, 2023 - Peloton Minerals Corporation (“PMC” or the “Company”) (CSE:PMC) (OTC:PMCCF) reports that a significant new lithium dis
About this update from Peloton Minerals Corp.
[{"type":"text","content":"London, ON - TheNewswire - June 6, 2023 - Peloton Minerals Corporation (“PMC” or the “Company”) (CSE:PMC) (OTC:PMCCF) reports that a significant new lithium discovery has occurred on mineral claims immediately adjacent and tied on to the west boundary of Peloton’s Texas Canyon Project (“Texas Canyon”) by Surge Battery Metals (“Surge”). In addition, CAT Strategic Metals (“CAT”), who are tied onto the eastern boundary of Texas Canyon, have also recently reported lithium potential. Both companies surround Texas Canyon with mineral claims, and both are reporting plans for drilling programs this summer. Texas Canyon hosts several breccia bodies along the margin of a graben/caldera structure. High grade uranium was mined in the 1950’s from one of these breccia bodies, with historic grades reported at 1% uranium and samples running up to 7% uranium. Peloton’s own sampling of the waste dump has returned samples up to 1% uranium as well as up to 1660 ppm molybdenum and up to 1280 ppb gold. Peloton suggests that the adjacent lithium mineralization, and the Property’s uranium mineralization are likely cogenetic within the margin of the caldera, and the caldera may have played a significant role as the source of the lithium or other mineralization within the nearby area. Surge has reported multiple drill intersections of between 1,000 ppm and 5,000 ppm lithium, with thicknesses of between 10 and 120 feet, and a strike length of 5,315 feet. The lithium on the Surge property is stated to be contained in silty, weakly calcareous, claystone and within seams of blue-grey clay, which occurs at Texas Canyon, but has never been assayed for lithium. Surge has also reported that they have received positive metallurgical results, have initiated hydrological studies, are undertaking geophysical surveys, and have received permission from the BLM for a step-out and infill drilling program this summer. CAT has reported lithium values within historic sampling and targets for drilling. Peloton conducted an airborne hyperspectral survey over Texas Canyon and its nearby Golden Trail Project in 2016 which covered 100 square kilometers and included the adjacent ground positions now held by Surge and CAT. The Company is screening this regional hyperspectral data base for clays that may bear lithium. OTHER ACTIVITY: Peloton’s primary focus has been, and continues...