(November 1, 2018) – Iconic Minerals Ltd. (“Company” or “Iconic”) (TSX‑V: ICM) (OTC: BVTEF) (FSE: YQGB) is pleased to announce it has completed a NI 43-101 technical resource study of the Bonnie Claire Project (“Project” or “Bonnie Claire”). The report defined an Inferred resource of 5.370 billion kilograms (kg) or 11.839 billion pounds of (LCE). The lithium carbonate equivalent consists of lithium carbonate and lithium chloride. The average grade of the current resource is 963 ppm lithium.
Highlights:
- The resource is outlined by 3 deep and 1 shallow drill holes. The resource is open in all directions
- The deposit is essentially flat lying, continuous, and begins near-surface in the central part of the deposit.
- Early initial metallurgy showed leach recoveries of 83% to 98% Li, leaching with dilute acid and 11% to 56% leaching with distilled water.
- An additional 10 drill holes are needed to move the resource to Indicated or higher category.
Details:
The National Instrument 43-101 Mineral Resource Estimate will be filed on SEDAR within 45 days and carries an Effective Date of October 30, 2018. The report resource was estimated by Terre Lane, MMSA Qualified Professional and SME Registered Member, of Global Resource Engineering Ltd. (GRE) of Denver, Colorado. GRE has extensive experience in the resource estimation, mining, and extraction of sedimentary-hosted deposits.
The mineral resource estimate incorporates geologic and assay results from drilling of four drill holes done by Iconic in 2016 to 2018.The four drill holes, total 1,737.4 meters (5,700 feet), with an average depth of 434.4 meters (1,425 feet) per hole. Assaying was performed using 6.096-meter-long (20-foot-long) sample intervals by ALS Chemex of Reno, Nevada. GRE created 100-meter composites at consistent elevations between the four drill holes. GRE modeled the composite grades into the 2000-meter diameter maximum area surrounding each drill hole, assuming a constant distribution of grade throughout each 100-meter interval. Using estimated mining and processing costs GRE estimated a cutoff grade of 400 ppm lithium. The results are as follows:
Table ‑1: Summary of Bonnie Claire Lithium Project Inferred Mineral Resource Estimate (1,000,000s)
| Cutoff Grade | Tonnes Above Cutoff | Lithium Above Cutoff (kg) | Grade Li (ppm) |
| 400 | 5,574 | 5,370 | 963 |
Additional cutoffs and grades can be found in the NI43-101 Technical Report filed on SEDAR
At a cutoff of 400 ppm lithium there are 5,574,000,000 tonnes above cutoff containing 5,370,000,000 kilograms (kg) (11,839,000,000 billion pounds) of lithium carbonate equivalent (LCE).
Readers are advised that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability under NI 43-101.
Bulk sample metallurgy is currently being conducted by St-Georges Eco-Mining Corp of Montreal and results are expected shortly. Additional drilling to expand and further define the resource is currently in the planning stage.
The Bonnie Claire Lithium Property Characteristics:
The 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). The current claim block covers an area of 35 km2 (13.5 mi2) with potential to be underlain by lithium-rich sediments.
Richard Kern, Certified Professional Geologist (#11494) and CEO of Iconic is the Qualified Person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.
On behalf of the Board of Directors
SIGNED: “Richard Kern”
Richard Kern, President and CEO
Contact: Keturah Nathe, VP Corporate Development (604) 336-8614
For further information on ICM, please visit our website at www.iconicmineralsltd.com. The Company’s public documents may be accessed at www.sedar.com
Forward Statement: This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Iconic expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.