Peloton Minerals completes maiden drilling program at North Elko Lithium Project, Nevada
Peloton Minerals Corp. [CSE: PMC; OTCQB: PMCCF] has successfully completed the maiden drilling program on the 100%-owned North Elko Lithium Project (NELP), located in northeastern Nevada.
The four-hole program, totalling 1,825 feet, successfully achieved all of its objectives: confirming the near-surface presence of clay or clay-bearing material to a vertical depth of at least 500 feet; confirming the presence of clay layers across a widespread area with drill spacing measuring seven by 3.5 km in this program; providing data on the orientation and stratigraphy of the clay layers; and obtaining samples to analyze for the presence of lithium or other critical minerals.
Three of the holes were stopped at a vertical depth of 500 feet while still in clay-bearing material. One of the holes was stopped at 325 feet after intersecting underlying basement rocks. The four holes were spaced about seven km (4.3 miles) apart on the northeast-southwest axis and about 3.5 km (two miles) apart on the northwest-southeast axis.
The samples from the drill holes will be submitted for multielement assay analysis to determine the presence of lithium, as well as other elements. A split from each sample will also be subject to X-ray diffraction (XRD) analysis to better understand the minerology, as well as to determine whether zeolite minerals are present, which were noted in XRD analysis of surface samples. Assay results are expected toward the end of January, 2026, with XRD analysis to be conducted over the winter.
NELP is located immediately adjacent to a high-grade lithium deposit discovered in 2023 by Surge Battery Metals in northeastern Nevada. NELP is about 37 km2 (14.25 square miles) in size and is 100%-owned with no royalties outstanding. Peloton exploration work to date comprises an airborne hyperspectral survey, airborne magnetics, radiometric and VLF-EM (very-low-frequency electromagnetic) surveys, geologic mapping, soil geochemistry over a 32 km2 grid, prospecting, XRD analysis on over 1,000 surface samples, surface tTEM geophysics, and four initial drill holes.
Peloton holds two drilling permits over NELP and presently has 24 drill pad locations permitted for follow-on programs. All drill pads are located beside existing roads to minimize environmental disturbance and more drill pads could be added as programs proceed.
Edward (Ted) Ellwood, Peloton president and CEO, commented: “The drill program ran about as efficiently as could be to the credit of our field team. It is exciting to reach the drilling stage and to complete this milestone.”
Peloton Minerals has 150,228,177 common shares issued and outstanding.
Peloton’s exploration portfolio includes the North Elko lithium project in northeastern Nevada, which is prospective for lithium, uranium, critical and rare earth minerals, as well the Golden Trail and Independence Valley Carlin-style gold projects in northeastern Nevada, and a non-controlling interest in a copper porphyry project near Butte, Montana.