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

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Vancouver, British Columbia-(July 21, 2022) – Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) (the “Firm” or “Iconic”) is happy to offer an replace on its 2022 mineral exploration and growth plans for the Bonnie Claire Lithium Mission (the ‘Mission’ or ‘Property’), positioned in Nye County, Nevada. The work plan is the fruits of discussions between the Firm and its 50% accomplice 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 Possibility 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 undertaking.”

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 ultimate depth of 2001 ft (610 meters). Vibrating wire piezometers have been set within the gap throughout abandonment to realize a greater understanding of the groundwater stream 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 positioning 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 website and has begun evaluation of the fabric. Over 200 segments of core had been taken for evaluation to higher perceive the geo-technical traits of the useful resource at Bonnie Claire. Whereas some measurements had been taken within the subject, the place Barr personnel had been on website for each day and evening shifts, the vast majority of the testing will probably be carried out by Superior Terra Testing (“ATT“) in Lakewood, Colorado. ATT has already acquired the samples. The data gained from this technical evaluation will improve Barr’s understanding of the geology and permit for optimizing the design of future borehole mining assessments at Bonnie Claire.

Mud/Rotary Drill Gap

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

Certified Individual

Richard Kern, Licensed Skilled Geologist, a certified particular person as outlined by Canadian Nationwide Instrument 43-101, has reviewed and accredited the technical data 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 positioned inside Sarcobatus Valley, which is roughly 30 km (19 miles) lengthy and 20 km (12 miles) large. 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 inside 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 ft). The present declare block covers an space of 74 km2 (28.6 mi2) with potential for brine programs 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 data 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 Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts accountability for the adequacy or accuracy of this launch.

Cautionary Be aware Relating to Ahead-Trying Statements

This information launch incorporates forward-looking statements and forward-looking data (collectively, “forward-looking statements”) inside the that means of relevant Canadian and U.S. securities laws, together with the US Non-public Securities Litigation Reform Act of 1995. All statements, aside from statements of historic reality, included herein together with, with out limitation, statements with respect to the Possibility, the Joint Enterprise, the quantity of the Providing, the anticipated use of proceeds from the Providing and the long run enterprise plans and exploration actions of the Firm, are forward-looking statements. Though the Firm believes that such statements are affordable, it may give no assurance that such expectations will show to be appropriate. Ahead-looking statements are sometimes recognized by phrases corresponding to: “will”, “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “might”, “ought to”, “potential”, “scheduled” or variations of such phrases and phrases and comparable expressions, which, by their nature, check with future occasions or outcomes which will, may, 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 will probably be enough to shut the Providing, that market fundamentals will lead to sustained valuable metals demand and costs, the receipt of any crucial permits, licenses and regulatory approvals required for the Possibility Settlement and the long run growth of the Firm’s initiatives in a well timed method.

Ahead-looking statements contain identified and unknown dangers, uncertainties and different components 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 data. Such dangers and different components embody, amongst others, working and technical difficulties in reference to mineral exploration and growth actions, precise outcomes of exploration actions, together with on the Smith Creek Property, necessities for added capital, future costs of lithium and gold, modifications typically financial circumstances, 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 growth or building actions, dangers referring to epidemics or pandemics corresponding to COVID-19, together with the affect of COVID-19 on the enterprise, monetary situation and exploration and growth actions of the Firm, modifications in legal guidelines, rules and insurance policies affecting mining operations, title disputes, the shortcoming of the Firm to acquire any crucial permits, consents, approvals or authorizations, together with of the TSX Enterprise Alternate in respect of the Possibility Settlement and the Providing, the timing and potential 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. All the Firm’s Canadian public disclosure filings could also be accessed through www.sedar.com and readers are urged to evaluation these supplies, together with the technical studies 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 legislation.


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