Vancouver, British Columbia–(Newsfile Corp. – June 13, 2018) – Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) has completed its third deep drill hole at the Bonnie Claire Project, located in southern Nevada. Located 1.6 kilometers (1.0 mile) from BC1601 and 1.5 kilometers (0.9 miles) from BC1602 hole BC1801 (the “BC1801”) was drilled to a depth of 567 meters (1860 feet) and intersected large thicknesses of green, clay-rich sediments, that contained high lithium content, similarly found in the first two deep holes drilled.
Harris Exploration Drilling of San Diego, California, completed BC1801, using mud-rotary drilling methods. Difficult drilling conditions associated with massive clay horizons deep in the hole led management to a decision to end the drilling short of the 610 meter (2,000 feet) drill target depth. Assay and bulk metallurgical samples of the sediments were collected in 20 foot (6.1 m) intervals. Despite the samples being exposed to contamination from the drilling mud and injected water, samples of water/brine were also collected through the extent of the drill hole. These water/brine samples will be filtered and assayed for lithium and boron to help identify zones which will be targeted for detailed brine sampling. Once all sediment sample results are received the Company will begin work on an NI 43-101 resource using the three deep hole drilled to date.
Samples for assay are being securely transported to the geochem labs for further analysis. The drill hole is currently being cleaned of drill mud and cased with perforated PVC casing. After allowing the drill hole to stabilize, downhole geophysics and brine sampling will be performed. The bulk samples will then be shipped to St-Georges Eco-Mining Corp of Montreal for further metallurgical testing, utilizing their propriety technology.
The drill hole intersected gravel to 24 meters (80 feet), sand and clay zones to 43 meters (140 feet) and then clay dominates. Deeper permeable sand/silt/tuff horizons were identified at 145-171 meters (475-560 feet), 189-194 meters (620-635 feet) and 312-319 meters (1,025-1,045 feet). Green clay was most abundant with lesser brown and black clay. Detailed lithologic logging is still in progress.
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, the associated drainage basin covers an area of 57 square km (22 sq mi). Quartz-rich volcanic rocks, that contain anomalous amounts of lithium, occur within and adjacent to the drainage basin. 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, the current estimates of the depth to bedrock range from 600 to 900 meters (2,000 to 3,000 feet). The current claim block covers the brine bearing potion of the gravity low as defined by geophysics.
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.
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