Vancouver, British Columbia – July 21, 2022 – Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) (the “Company” or “Iconic”) is pleased to provide an update on its 2022 mineral exploration and development plans for the Bonnie Claire Lithium Project (the ‘Project’ or ‘Property’), located in Nye County, Nevada. The work plan is the culmination of discussions between the Company and its 50% partner in Bonnie Claire, Nevada Lithium Resources Inc. (CSE: NVLH) (FSE: 87K) (OTCQB: NVLHF) (“Nevada Lithium“). The estimated $5M USD work program has been fully funded as part of the Option Agreement, whereby Nevada Lithium obtained its 50% interest.
Iconic Minerals Ltd CEO, Richard Kern, comments: “Completion of our first core hole is a major milestone in the quest to move Bonnie Claire forward to a feasibility study and beyond. Core allows us to determine detailed geology as well as gather the geo-technical parameters to be used in designing borehole testing. I believe this program will further prove the enormous potential of the project.”
Drill Hole BC2201C
The Company is pleased to disclose that it has completed the first drill hole of the 2022 exploration program, hole BC2201C, with a final depth of 2001 feet (610 meters). Vibrating wire piezometers have been set in the hole during abandonment to gain a better understanding of the groundwater flow in the basin. The core rig is currently mobilizing to the next core hole location, which is roughly 0.5 miles (0.8 kilometers) from the site of BC2201C.
The first batch of 216 geochem samples, extracted from core hole BC2201C, has been sent to ALS in Reno, Nevada for analysis. The sample material consists of PQ and HQ quarter core with 10% of all samples containing a standard, duplicate, or blank. All core has been stored and cut at a secure core storage facility near Beatty, Nevada.
Core Sampling Program
Barr Engineering Company (Barr) has completed its core sampling program at the BC2201C drill site and has begun assessment of the material. Over 200 segments of core were taken for analysis to better understand the geo-technical characteristics of the resource at Bonnie Claire. While some measurements were taken in the field, where Barr personnel were on site for both day and night shifts, the majority of the testing will be conducted by Advanced Terra Testing (“ATT“) in Lakewood, Colorado. ATT has already received the samples. The information gained from this technical analysis will enhance Barr’s understanding of the geology and allow for optimizing the design of future borehole mining tests at Bonnie Claire.
Mud/Rotary Drill Hole
In the next week the Company will commence a mud/rotary hole, which will be drilled to a depth of 2000 feet (610 meters) and is located 20 feet (6 meters) from BC2201C. This hole will be geochem sampled and compared with assays from the nearby core hole. Based on previous drilling, the Company anticipates that the core lithium values may be 10-15% higher than the mud/rotary hole. Once drilling is complete, perforated PVC will be placed in the hole and downhole geophysics conducted to determine high permeability zones along with other data. Water samples will be taken and analyzed and Barr will perform pumping tests on the permeable zones identified. This well will also be used as a water source for future drilling.
Richard Kern, Certified Professional Geologist, a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Mr. Kern is not independent of the Company as he is the Chief Executive Officer of Iconic.
Bonnie Claire Property
The Bonnie Claire Property is located within Sarcobatus Valley, which is approximately 30 km (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs containing anomalous amounts of lithium occur within and adjacent to the valley. Drill results from the salt flat have included lithium values as high as 2550 ppm Li and a 1560 foot (roughly 475 meter) vertical intercept that averaged 1153 ppm Li. The current 43-101 resource from the PEA report for borehole mineable portion of the resource is 3,407 million tonnes grading 1,013 ppm Li or 18,372 million kilograms of lithium carbonate equivalent. 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 74 km2 (28.6 mi2) with potential for brine systems and further sediment resources.
On behalf of the Board of Directors
SIGNED: “Richard Kern”
Richard Kern, President and CEO
Contact: Keturah Nathe, VP Corporate Development (604) 336-8614
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.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to the Option, the Joint Venture, the amount of the Offering, the expected use of proceeds from the Offering and the future business plans and exploration activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “will”, “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that investor interest will be sufficient to close the Offering, that market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals required for the Option Agreement and the future development of the Company’s projects in a timely manner.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Smith Creek Property, requirements for additional capital, future prices of lithium and gold, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the business, financial condition and exploration and development activities of the Company, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including of the TSX Venture Exchange in respect of the Option Agreement and the Offering, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company’s latest interim Management’s Discussion and Analysis and filed with the Canadian Securities Authorities. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.