Bonnie Claire Property
The Bonnie Claire Property is located within Sarcobatus Valley that is approximately 30 km (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs, that contain anomalous amounts of lithium, occur within and adjacent to the valley. Geochemical analysis of the local salt flats has yielded lithium values up to 340 ppm. The gravity low within the valley is 20 km (12 miles) long, and the current estimates of depth to basement rocks range from 600 to 1,200 meters (2,000 to 4,000 feet). Four drill holes have identified an open ended, 43-101 compliant resource of 28.58 billion kilograms of lithium carbonate equivalent.
Smith Valley Creek Property
Iconic controls 808 placer claims totaling 25.25 square miles (65.4 km2) over a major gravity low. The enclosed Smith Creek Valley Basin covers 582 square miles (1,507 km2), which is slightly larger than Clayton Valley Basin where lithium brines are produced. Smith Creek Valley is over +40 miles (+64 km) long in a north-northeast direction and averages 9 miles (14.5 km) in width. The vast majority of rock weathering into the basin is felsic ash flow tuff, which is an excellent source of lithium. The Smith Creek basin itself is composed of alluvium surrounding a mud flat, a remnant of a paleo-lake.
Third Nevada Lithium Property
Iconic’s third lithium property, currently referred to as “Property B”, is a lithium brine target, and is located within a valley that is over 34 miles (55 km) long and averages 7 miles (11 km) wide into which streams from a 595 mi2 (1,541 km2) drainage basin empty. The source rocks are also quartz-rich volcanics that contain anomalous amounts of lithium. Sampling of salt deposits in the basin found lithium values ranging from 60 to 510 ppm. The highest lithium value of samples taken, being 510 ppm, was taken down-slope from active thermal hot springs. A gravity low within the valley is over 10 miles (16 km) long. The current claim block covers the gravity low.