Peloton Minerals - field crews conduct surface geophysics & soil geochemistry surveys, plus private placement continues
Lithium mine developer Peloton Minerals (CSE:PMC, OTCQB:PMCCF) has announced that field crews have been active on its flagship North Elko Lithium Project in north-eastern Nevada, conducting surface geophysics and soil geochemistry surveys as a precursor to drilling being planned this autumn. In addition, the company also intends to close additional tranches of a private placement on the same terms as previously announced in May this year.
Geochemistry surveys
The geophysical surveys include a 22.79-line kilometre survey on four north-south oriented lines using TEM2Go (transient electromagnetic backpack system) and 5 sounding locations using sTEM (stationary transient electromagnetic). This work follows 38.7-line kilometres of tTEM (towed TEM) surveys previously conducted on the property and was designed to enhance Peloton’s understanding of the orientation of an underlying clay layer both laterally and to depth.
The soil geochemistry survey covered the southern half of the property and involved taking 615 conventional surface samples on a 200-metre by 200-metre grid. Peloton had previously conducted soil geochemistry on the northern half of North Elko with similar grid spacing, prior to acquisition of the southern portion of the property. The company expects assays from the soil geochemistry program to be returned this summer along with a final geophysical report, at which time drilling plans for the autumn will be finalised.
Private placement continues
Peloton plans to close one or more tranches of private placement financing on the same terms as its notice announced on 19th May 2026, with units priced at CDN$0.09. Each unit consists of one common share and one common share purchase warrant exercisable for three years at $0.12. The total proceeds will be up to $4.5 million less a total of $1,442,249.91 that has previously closed and announced.
The proceeds will be used for lithium and critical mineral exploration in northern Nevada and working capital. The securities issued are subject to a hold period expiring four months and one day from the issuance of the securities.
For more information on the placement contact Optimo Capital HERE and visit the company’s dedicated Optimo Research page HERE
Sign up to receive our full investment research notes on Peloton Minerals, and other small cap growth companies, as soon as they are published.
Disclosures
Peloton Minerals is a corporate client of Optimo Research Ltd and Optimo Capital Limited.
Disclaimers
This article, and all articles on the Optimo Research blog, are for information purposes only. Our blog articles do not constitute an investment recommendation or personal advice. Nothing in our blog articles should be construed as an offer or the solicitation of an offer to buy or sell securities by us and, as we have no knowledge of your individual situation and circumstances, you should not make any investment decision without consulting a fully qualified financial adviser. Your capital is at risk by investing in the financial instruments issued by the companies discussed. For full disclosures, disclaimers and risk warnings click here.