As the Company continues work on its Northern Elko Lithium Project (“NELP”) we wanted to highlight a couple of recent developments and insights:
- Sept 24, 2024 – Surge Battery Metals (TSXV:NILI) (“Surge”) announced a massive, high-grade lithium resource in northern Nevada. According to Surge, it is now the largest and highest grade lithium deposit in the United States with an insitu value of $116 billion, surpassing Lithium America’s (TSX:LAC) Thacker Pass, and it is a lakebed clay-hosted deposit. <Link to press release>
- September 17, 2024 – Peloton announced the interim findings of its Summer Exploration Program at NELP – Geologic mapping suggests the Target Area sampled at surface is likely higher in the stratigraphy than the lithium clay layers identified on Surge’s property beside NELP, and that drilling is warranted to test the potential of clay layers below surface. <Link to press release>
- Additionally, a cross-section published by Surge in its July 23, 2024 press release shows the clay layers dipping toward NELP, and projects those layers to within 1.0 to 1.5 kilometers of NELP
- Peloton is a direct neighbour of Surge and has defined a similar geological environment with anomolous lithium values over large areas of known lakebed. Peloton’s contrinuing exploration programs are designed to outline potential deposits in this material
Recent analyst price targets for Surge of $1.50 per share to $3.90 per share equate to a potential marketcap of $248.5 million to $643.5 million (Research Reports from SCP Resource Finance and Roth Capital Partners are linked below) & Lithium Americas has a marketcap of $795 million. Peloton has a current marketcap of $13.7 million.
