Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) (the "Company" or "Iconic") and its 50% partner in Bonnie Claire, Nevada Lithium Resources Inc. (CSE: NVLH) (FSE: 87K) ("Nevada Lithium") are pleased to provide an update on the 2022 mineral exploration and development work that has commenced on the Bonnie Claire Lithium Project (the 'Project' or 'Property'), located in Nye County, Nevada.
Drill contracts for mud rotary and core drilling at the Property have been signed with initial drilling expected to begin shortly. Site preparations have begun, with initial work being conducted under the Notice of Intent ("NOI") environmental permit currently in place. Further drilling will commence after the approval of the Plan of Operations. The drill program will include core and mud rotary drilling. The core drilling contractor is American Drilling Corporation based in Spokane Valley, Washington. All mud/rotary holes will be drilled by Harris Exploration Drilling based in Fallon, Nevada.
The core program will test to depths of 2,000 feet (610 meters) and gather material for metallurgical testing, and geochemical sampling to support a targeted increase in mineral resource confidence from the inferred category to the indicated and measured categories. As part of the program, geological core logging, geotechnical analysis, and water sampling will be completed. Geophysical surveying of the core hole will also be completed and aid in targeting permeable zones ahead of pumping tests.
The next phase of metallurgy has begun using previously drilled material and is being conducted by Hazen Research Inc. under the guidance of Global Resource Engineering Ltd. The source material for this phase of metallurgy is core from last year's drilling and will be supplemented with material from the pending 2022 drill program upon its completion. The metallurgical program being advanced at Hazen will build upon the work completed as part of the recently completed Preliminary Economic Assessment, and include the essential components required to support a Prefeasibility Study on the Bonnie Claire Project. This includes further derisking and demonstration of the flowsheet through to the production of marketable battery grade lithium carbonate.
The Company has also contracted Barr Engineering Company of Minneapolis to design and execute a demonstration test program for borehole mining at Bonnie Claire. Geotechnical information collected from core holes and down-hole well testing will be used to design and carry-out the borehole test. A borehole mining approach offers the opportunity to significantly reduce surface disturbance compared to a conventional open pit operation.
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
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.
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