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Iconic Provides Update on Bonnie Claire Lithium Property 2022 Drilling Program

Newsfile Corp.
·4 min read

Vancouver, British Columbia--(Newsfile Corp. - September 16, 2022) -  Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) (the "Company" or "Iconic") is pleased to provide an update on the 2022 drill program at the Bonnie Claire Lithium Project (the 'Project' or 'Property'), located in Nye County, Nevada. After the completion of the first core hole (BC2201C), the Company upgraded access allowing three drill rigs on the Property.

Iconic Minerals Ltd CEO, Richard Kern, comments: "Over the last year the Company faced permitting delays, and shortages of drill rigs; however, despite these delays, we have successfully retained three drill rigs, which has expedited our exploration program which will be completed before the end of the year as part a Prefeasibility Study".

Drill Hole BC2201C

Core hole BC2201C reached a final vertical depth of 2001 feet (610 meters), which had a piezometer inserted for groundwater study; all samples not collected for engineering use were submitted to ALS in Reno for geochemical analysis. Logging has been completed and two thick zones of dark green claystone usually indicative of lithium-rich sediments, have been identified. Initial assay results are expected within a couple weeks.

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Drill Hole BC2202C

Core hole BC2202C is located 1,759 feet (536 meters) west of BC2201C. The hole is further out on the playa than BC2201C to test whether higher grade lithium (+1000 ppm Li) is closer to the surface than holes near the margins of the alluvial cover. As of September 14th, the rig had drilled to 1,443 feet (440 meters) and will drill to a total depth of approximately 2,000 feet (610 meters). Although not logged yet, dark green claystone was encountered within 25 feet (7.6 meters) of the surface.

Drill Hole BC2203C

Close to the completion of BC2201C, a second core rig arrived on site and is set up 1,840 feet (561 meters) south of BC2201C. This drill hole is also located further out on the playa than BC2201C and will also test whether higher grade lithium (+1000 ppm Li) is close to the surface. The hole has been completed to a total depth of 1,998 feet (609 meters). The drill hole is currently being prepared for geophysical logging. The core shows dark green claystone commencing at 17 feet (5 meters) below the surface.

Drill Hole BC2201

This mud/rotary drill rig is on site and has drilled to 80 feet (24 meters) and set casing. Soft ground caused by rare monsoonal thunderstorms delayed deployment of the very large mud/rotary drill rig. Construction of upgraded drill roads over several days finally allowed access to the drill site. This vertical hole will be drilled to a depth of approximately 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 adjacent core hole (BC2201C). Based on previous drilling, the Company anticipates that the core lithium values may be 10-15% higher than the mud/rotary hole (see Company's Technical Report on the Bonnie Claire Project dated xxx). Once drilling is complete, downhole geophysics will be conducted to determine high permeability zones along with other data. Water samples will be collected and analyzed and Barr Engineering will perform pumping tests on the permeable zones identified. This well will also be used as a water source for future drilling.

Qualified Person

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. (though this is a resource, not a reserve, and has not yet proven economic viability). 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

For further information on Iconic, please visit our website at www.iconicminerals.com. The Company's public documents may be accessed at www.sedar.com.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137445