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Peloton Minerals' Drilling Permits Approved for the North Elko Lithium Project, Nevada
May 6, 2025 – TheNewswire - London, Ontario – Peloton Minerals Corporation (“Peloton” or the “Company”) (CSE Symbol: PMC; OTCQB Symbol: PMCCF) has received appr
About this update from Peloton Minerals Corp.
[{"type":"text","content":"May 6, 2025 – TheNewswire - London, Ontario – Peloton Minerals Corporation (“Peloton” or the “Company”) (CSE Symbol: PMC; OTCQB Symbol: PMCCF) has received approval from the US Bureau of Land Management (BLM) for two drilling permits within the boundaries of the 442-mineral claim, 37 square kilometer or 14.25 square mile, North Elko Lithium Project (NELP) located in northeastern Nevada. A total of 24 drill pads are approved under the permits, and additional drill pads could be added, subject to approval by BLM. One drilling permit covers the eastern part of NELP and the second permit is over the central and western portions of NELP. Each drilling permit is limited to a maximum disturbance area of 5 acres (10 acres total), as calculated under BLM formulas, with 5.12 acres of total disturbance area taken up by the present drilling plan and pads between the two permits. In early 2023, Surge Battery Metals (Surge) announced a significant lithium in clay discovery adjacent to NELP mineral claims held by Peloton since 2018. Since the discovery, Surge has reported an inferred resource of 11.24 million tonnes of Lithium Carbonate Equivalent at 3,010 ppm Li, thought to be the highest-grade lithium clay resource in North America. NELP is now at the drilling stage following Peloton surface exploration work which included airborne hyperspectral imaging, a property wide soil geochemistry survey, geologic mapping, prospecting and sampling, X-Ray Diffraction analysis of over 500 surface samples, and a tTEM surface geophysical survey. A summary of results from each phase follows: Hyperspectral imaging data shows a lithium bearing clay layer outcropping frequently at surface across almost the entire property. Soil geochemistry analysis shows an elevated lithium anomaly (up to 18 times background) covering over 25 square kilometers or 9.65 square miles. Geologic mapping suggests NELP is within an alkaline paleolake (ancient lake) environment, within a structural graben bounded by northerly-striking normal faults. X-Ray Diffraction analysis shows NELP is within bedded alkaline lake sediments and volcaniclastic rocks. The mineralogy of the bedded volcanic rocks is consistent with magmas that are likely sources of lithium. tTEM surface geophysics shows an underlying layer, interpreted as clay rich, across almost the ent...