Exploration Update On North Elko Lithium Project

ONTARIO – Peloton Minerals Corporation reported that a multi-faceted exploration program underway at the North Elko Lithium Project (NELP) in northeastern Nevada. It has identified an area approximately 25 kilometers square that contains anomalous lithium in an alkaline paleolake basin environment of deposition (the “Target Area”). This environment is the same as that of the adjacent property of Surge Battery Metals Inc. (Surge) where a significant lithium deposit has been found within clay layers in an alkaline paleolake basin environment.

Geologic mapping suggests the Target Area sampled at surface is likely higher in the stratigraphy than the lithium clay layers identified on Surge’s property beside NELP, and that drilling is warranted to test the potential of clay layers below surface. A cross section published by Surge in its July 23, 2024 press release shows the clay layers dipping toward NELP, and projects those layers to within 1.0 to 1.5 kilometers of NELP.

In addition to geologic mapping and soil geochemistry across the property, over 300 samples were analyzed using X-Ray Diffraction (XRD). This technique identified over 100 mineral species, many of which are formed by alteration of tephra in the paleolake-basin environment (a historic lake or caldera) and include several lithium-bearing minerals such as hectorite and fluorohectorite. Surprisingly, the presence of detrital lithium-bearing magmatic type minerals such as tavorite, amblygonite, and others was also identified although further study will be necessary to determine potential implications.

The next phase of exploration will be to employ a surface geophysical technique (tTEM and ERT) to map the depth and widths of potential underlying clay layers, a technique that has been successfully used by Surge. This work would be followed by shallow packsack drilling for near surface targets or with a larger drilling rig for targets below 20 feet.

Edward (Ted) Ellwood, President and CEO, said, “We are pleased with the positive results achieved to date. This great start shows we are hunting in the right environment, and we are excited about commencing the next phase of our exploration program.”