Peloton Retains IBK Capital Corporation to source Lithium Exploration Capital
PELOTON MINERALS CORPORATION
NEWS RELEASE
August 15, 2023 CSE SYMBOL: PMC
OTCQB Symbol: PMCCF
Peloton Retains
IBK Capital Corporation
to source
Lithium Exploration Capital
London, Ontario – Peloton Minerals Corporation (“PMC” or the “Company”) (CSE
Symbol: PMC; OTCQB Symbol: PMCCF) has retained IBK Capital Corp oration of Toronto
(“IBK Capital”) to source capital on a best -efforts basis, for the purposes of exploring the
Company’s 100% owned Texas Canyon and Golden Trail properties in north-eastern Nevada for
lithium.
IBK Capital is an independent and privately owned Canadian investment banking firm. Since
inception in 1989, IBK Capital has established an enviable track record having played a role in
global transactions with a combined value of $5.6 billion.
Surge Battery Metals Inc. (“Surge”) has recently reported a significant lithium discovery on claims
immediately adjacent to and tied onto the west side of the Texas Canyon claim block. 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. Several companies have reported
considerable claim staking activity in the area, and it now appears that both of the Company’s
Texas Canyon property, and its Golden Trail property about 6 kilometers (3.7 miles) east have
been encroached with claims by other parties.
Peloton has identified potential lithium bearing hectorite and illite clays in outcrop over an
extensive area at the Texas Canyon property as w ell as at the Golden Trail property using
hyperspectral minerology mapping technology.
Hectorite and illite clays are the predominant lithium bearing minerals at Thacker Pass within the
McDermitt Caldera in western Nevada which is the largest known measured and indicated lithium
resource in the United States. The Texas Canyon property similarly sits on part of the margin of
an ancient caldera of similar age to the McDermitt Caldera.
The Company is planning an immediate ground truthing program using a hand-held spectrometer,
detailed mapping and sampling of the hectorite and illite clays. Follow -on ground geochemistry,
geophysics, and drilling are also being planned.
Peloton suggests that the adjacent lithium mineralization, and Texas Canyon’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.
Texas Canyon hosts several breccia bodies along the margin of a 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.
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 is a reporting issuer in good standing in the Province s of Ontario and British Columbia
whose common shares are listed on the CSE (Symbol: PMC) and trade in the U.S. on the OTC QB
(Symbol: PMCCF). There are 123,099,458 common shares issued and outstanding in the capital
of the Company.
Peloton’s exploration portfolio includes three exploration projects in Elko County, Nevada
(lithium, uranium, molybdenum, gold), as well as 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 o f
capital; changes in general economic conditions and financial markets; the imposition of government restrictions on business whic h
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.