(February 21, 2018) – Iconic Minerals Ltd. (TSX‑V: ICM) (OTC: BVTEF) (FSE: YQGB) has filed an amended Notice of Intent (the “NOI”) with the Bureau of Land Management (BLM) at the Bonnie Claire Project, located in southern Nevada. The NOI permits the drilling of one deep drill target (the “BC1801”) to test the grade and thickness of lithium bearing sediments, including six shallow drill targets (the “Shallow Drill Targets”) to test near-surface lithium brine targets defined by broad-spaced surface geochemical sampling and geophysics.
The drilling location of BC1603 is 1,600 meters (5,250 feet) from BC1601 and 1,520 meters (4,990 feet) from BC1602. Data collected from each of these deep drill holes, will allow Iconic to produce an NI 43-101 compliant resource report (the “NI 43-101”) on the lithium-rich sediments of the basin. In conjunction with collecting geochemical samples for the NI 43-101, continuous collection of large samples will be completed to provide additional bulk sample material, for further tests utilizing St-Georges Eco-Mining’s (“SX”) new proprietary extraction and purification technology.
The planned Shallow Drill Targets, located 2,530 meters (8,300 feet) south of BC1603, will be drilled within a 4,300-meter-long surface lithium anomaly, that extends further south. This large lithium anomaly contains linear lithium highs, which are thought to be associated with shallow structures that may host lithium brine. The Shallow Drill Targets will be drilled, on, or near the interpreted structures.
Drilling of BC1801 at Bonnie Claire will commence as soon as all federal and state permits are received. Shallow drilling of the brine targets will begin once BC1801 has been drilled.
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
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.