Iconic Minerals Completes First Drill Gap of 2022 on the Bonnie Claire Lithium Challenge

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Vancouver, British Columbia–(Newsfile Corp. – July 21, 2022) – Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) (the “Firm” or “Iconic”) is happy to supply an replace on its 2022 mineral exploration and improvement plans for the Bonnie Claire Lithium Challenge (the ‘Challenge’ or ‘Property’), situated in Nye County, Nevada. The work plan is the fruits of discussions between the Firm and its 50% companion in Bonnie Claire, Nevada Lithium Sources Inc. (CSE: NVLH) (FSE: 87K) (OTCQB: NVLHF) (“Nevada Lithium“). The estimated $5M USD work program has been absolutely funded as a part of the Choice Settlement, whereby Nevada Lithium obtained its 50% curiosity.

Iconic Minerals Ltd CEO, Richard Kern, feedback: “Completion of our first core gap is a serious milestone within the quest to maneuver Bonnie Claire ahead to a feasibility examine and past. Core permits us to find out detailed geology in addition to collect the geo-technical parameters for use in designing borehole testing. I consider this program will additional show the large potential of the challenge.”

Drill Gap BC2201C

The Firm is happy to reveal that it has accomplished the primary drill gap of the 2022 exploration program, gap BC2201C, with a last depth of 2001 toes (610 meters). Vibrating wire piezometers have been set within the gap throughout abandonment to achieve a greater understanding of the groundwater move within the basin. The core rig is at the moment mobilizing to the following core gap location, which is roughly 0.5 miles (0.8 kilometers) from the location of BC2201C.

The primary batch of 216 geochem samples, extracted from core gap BC2201C, has been despatched to ALS in Reno, Nevada for evaluation. The pattern materials consists of PQ and HQ quarter core with 10% of all samples containing a normal, duplicate, or clean. All core has been saved and minimize at a safe core storage facility close to Beatty, Nevada.

Core Sampling Program

Barr Engineering Firm (Barr) has accomplished its core sampling program on the BC2201C drill web site and has begun evaluation of the fabric. Over 200 segments of core have been taken for evaluation to raised perceive the geo-technical traits of the useful resource at Bonnie Claire. Whereas some measurements have been taken within the discipline, the place Barr personnel have been on web site for each day and evening shifts, nearly all of the testing shall be performed by Superior Terra Testing (“ATT“) in Lakewood, Colorado. ATT has already obtained the samples. The knowledge gained from this technical evaluation will improve Barr’s understanding of the geology and permit for optimizing the design of future borehole mining exams at Bonnie Claire.

Mud/Rotary Drill Gap

Within the subsequent week the Firm will start a mud/rotary gap, which shall be drilled to a depth of 2000 toes (610 meters) and is situated 20 toes (6 meters) from BC2201C. This gap shall be geochem sampled and in contrast with assays from the close by core gap. Primarily based on earlier drilling, the Firm anticipates that the core lithium values could also be 10-15% increased than the mud/rotary gap. As soon as drilling is full, perforated PVC shall be positioned within the gap and downhole geophysics performed to find out excessive permeability zones together with different information. Water samples shall be taken and analyzed and Barr will carry out pumping exams on the permeable zones recognized. This effectively will even be used as a water supply for future drilling.

Certified Particular person

Richard Kern, Licensed Skilled Geologist, a professional particular person as outlined by Canadian Nationwide Instrument 43-101, has reviewed and authorized the technical info contained on this information launch. Mr. Kern just isn’t unbiased of the Firm as he’s the Chief Govt Officer of Iconic.

Bonnie Claire Property

The Bonnie Claire Property is situated inside Sarcobatus Valley, which is roughly 30 km (19 miles) lengthy and 20 km (12 miles) extensive. Quartz-rich volcanic tuffs containing anomalous quantities of lithium happen inside and adjoining to the valley. Drill outcomes from the salt flat have included lithium values as excessive as 2550 ppm Li and a 1560 foot (roughly 475 meter) vertical intercept that averaged 1153 ppm Li. The present 43-101 useful resource from the PEA report for borehole mineable portion of the useful resource is 3,407 million tonnes grading 1,013 ppm Li or 18,372 million kilograms of lithium carbonate equal. The gravity low throughout the valley is 20 km (12 miles) lengthy, and the present estimates of depth to basement rocks vary from 600 to 1,200 meters (2,000 to 4,000 toes). The present declare block covers an space of 74 km2 (28.6 mi2) with potential for brine methods and additional sediment assets.

On behalf of the Board of Administrators

SIGNED: “Richard Kern”

Richard Kern, President and CEO
Contact: Keturah Nathe, VP Company Growth (604) 336-8614

For additional info on Iconic, please go to our web site at www.iconicminerals.com. The Firm’s public paperwork could also be accessed at www.sedar.com.

Neither the TSX Enterprise Change nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts duty for the adequacy or accuracy of this launch.

Cautionary Notice Concerning Ahead-Trying Statements

This information launch comprises forward-looking statements and forward-looking info (collectively, “forward-looking statements”) throughout the which means of relevant Canadian and U.S. securities laws, together with the USA Personal Securities Litigation Reform Act of 1995. All statements, apart from statements of historic reality, included herein together with, with out limitation, statements with respect to the Choice, the Joint Enterprise, the quantity of the Providing, the anticipated use of proceeds from the Providing and the longer term enterprise plans and exploration actions of the Firm, are forward-looking statements. Though the Firm believes that such statements are affordable, it can provide no assurance that such expectations will show to be appropriate. Ahead-looking statements are sometimes recognized by phrases resembling: “will”, “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “might”, “ought to”, “potential”, “scheduled” or variations of such phrases and phrases and related expressions, which, by their nature, check with future occasions or outcomes that will, might, would, may or will happen or be taken or achieved. In making the forward-looking statements on this information launch, the Firm has utilized a number of materials assumptions, together with with out limitation, that investor curiosity shall be adequate to shut the Providing, that market fundamentals will end in sustained valuable metals demand and costs, the receipt of any mandatory permits, licenses and regulatory approvals required for the Choice Settlement and the longer term improvement of the Firm’s initiatives in a well timed method.

Ahead-looking statements contain recognized and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements of the Firm to vary materially from any future outcomes, efficiency or achievements expressed or implied by the forward-looking info. Such dangers and different elements embrace, amongst others, working and technical difficulties in reference to mineral exploration and improvement actions, precise outcomes of exploration actions, together with on the Smith Creek Property, necessities for added capital, future costs of lithium and gold, modifications on the whole financial situations, modifications within the monetary markets and within the demand and market worth for commodities, lack of investor curiosity in future financings, accidents, labour disputes and different dangers of the mining business, delays in acquiring governmental approvals, permits or financing or within the completion of improvement or development actions, dangers referring to epidemics or pandemics resembling COVID-19, together with the influence of COVID-19 on the enterprise, monetary situation and exploration and improvement actions of the Firm, modifications in legal guidelines, rules and insurance policies affecting mining operations, title disputes, the lack of the Firm to acquire any mandatory permits, consents, approvals or authorizations, together with of the TSX Enterprise Change in respect of the Choice Settlement and the Providing, the timing and doable end result of any pending litigation, environmental points and liabilities, and dangers associated to three way partnership operations, and different dangers and uncertainties disclosed within the Firm’s newest interim Administration’s Dialogue and Evaluation and filed with the Canadian Securities Authorities. The entire Firm’s Canadian public disclosure filings could also be accessed through www.sedar.com and readers are urged to evaluate these supplies, together with the technical experiences filed with respect to the Firm’s mineral properties.

Readers are cautioned to not place undue reliance on forward-looking statements. The Firm undertakes no obligation to replace any of the forward-looking statements on this information launch or integrated by reference herein, besides as in any other case required by regulation.


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