(November 5, 2018) – Iconic Minerals Ltd. (“Company” or “Iconic”) (TSX V: ICM) (OTC: BVTEF) (FSE: YQGB) would like to revise the November 1, 2018 news release, where there was an understatement relating to the inferred resource at its Bonnie Claire Project in Nevada. For clarification, the previously announced resource of 5.370 billion kilograms (kg) or 11.839 billion pounds of lithium carbonate equivalent (LCE), is in fact 11.839 billion pounds of elemental lithium. The 5.370 billion kg resource is equivalent to 28.584 billion kilograms (28.584 million tonnes) of LCE. The significance of this differentiation is that converting elemental lithium to LCE produces a much larger resource. Lithium is typically produced and sold as lithium carbonate. Therefore, resources are usually given as LCE.
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
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.