Peloton Minerals Corporation announced that it has staked, filed, and recorded (fully paid for) a total of 419 mineral claims covering 35 square kilometres (3,503 hectares or 8,656 acres) at its North Elko Lithium Project in Nevada. An earlier Peloton release stated that 408 mineral claims had been staked but were not yet recorded. Peloton's 35 square kilometre ground position in northeastern Nevada is tied onto and immediately adjacent to ground controlled by Surge Battery Metals Inc. ("Surge").

In late 2022, Surge made the initial discovery of what now is believed to be a significantly large, high grade claystone lithium deposit for which Surge reports that it expects to release a maiden mineral resource this quarter (Q1 2024) just 16 months after the discovery was made. The Surge discovery was on claims next to Peloton claims that Peloton has held for many years. The 419 claims now held by Peloton is comprised of 331 new claims and 88 previously held claims, and is collectively now called the North Elko Lithium Project ("NELP") Airborne hyperspectral data that the Company holds over the entire NELP project area was re-examined in 2023 for potential lithium bearing clays (smectite, hectorite, illite, others), and showed clay outcrops of interest across the NELP project area.

Initial ground truthing of the airborne hyperspectral data occurred in late 2023 with surface hyperspectral sampling corroborating the airborne survey data. Twenty-two areas were selected from the airborne hyperspectral data for field examination and sampling by a handheld spectrometer. Twenty of the areas examined returned a spectral response indicating the presence of smectite and will now undergo detailed geochemical and mineralogical analysis.

Smectite 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. Thacker Pass is about 200 kilometres west of the NELP.