Peloton Minerals Corporation has started its summer exploration work at the North Elko Lithium Project in northeastern Nevada, USA. The company has also successfully oversubscribed its financing by 70%, raising a total of $1,022,518.
The exploration program aims to discover lithium in clays across the 35 square kilometre North Elko Lithium Project. The program is funded by the recent fundraising efforts, which included two tranches: the first closed at $797,518, and the second, consisting of one order for $225,000, is expected to close soon.
Peloton’s President and CEO, Edward Ellwood, expressed gratitude for the support from shareholders and advisors, emphasizing the collaborative approach with neighboring companies in the region. The company believes northern Nevada will play a crucial role in lithium production in the United States.
In addition to the exploration activities, Peloton is participating in the Mining Investment Event of the North in Quebec City, Quebec, from June 3-5, 2024.
The exploration budget for the North Elko Lithium Project is CAN $600,000. The program includes geochemical sampling, detailed geological mapping, spectrometer prospecting, XRD mineralogy analysis, and an airborne geophysical survey. This initial phase will be followed by additional staking, ground geophysics, packsack drilling, and permitting for a deeper drilling program later in 2024 and 2025.
The non-brokered financing announced on May 24, 2024, has been upsized. The company issued 8,861,307 units in the first tranche and will issue an additional 2,500,000 units in the second tranche. Each unit, priced at nine cents, consists of a common share and a warrant exercisable at twelve cents for three years. The company paid fees equal to eight percent of the funds raised and issued ten percent of the units in broker warrants exercisable for sixty months. 
