Home / Mining Company News Releases (Unreviewed) / Iconic Initiates 2018 Exploration Program at Bonnie Claire Project, Nevada and Grants Stock Options

Iconic Initiates 2018 Exploration Program at Bonnie Claire Project, Nevada and Grants Stock Options

Vancouver, British Columbia–(Newsfile Corp. – January 9, 2018) – Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) has initiated its 2018 exploration program at the Bonnie Claire Project located in southern Nevada. The primary goals of the program are to produce an NI43-101 compliant initial resource report on the lithium-rich sediments of the basin and provide additional bulk samples for further tests utilizing St-Georges Eco-Mining’s (“SX”) new proprietary extraction and purification technology.

Drilling permits for the project are being amended to allow some adjustment in the location of Iconic’s third deep hole to increase the resource area. This hole has a proposed depth of 450 meters (1,500 feet) using mud-rotary drilling. All drill cuttings will be collected using 3 meter (10 foot) sample intervals and multi-element analysis done on each sample. The bulk samples will be securely stored and shipped to SX’s labs as needed to advance to defining the resource at Bonnie Claire.

Additional Shallow Lithium Brine Targets

Surface sampling in the southern portion of the project area at Bonnie Claire continues to define linear lithium high anomalies thought to be associated with shallow structures that may host lithium brine. After additional work, including geophysics, several shallow drill holes will be permitted to test the interpreted faults.

If significant lithium brines are discovered they will be incorporated into St-George’s ongoing lithium recovery testing program.

Grant of Stock Options

The Company further announces the grant, pursuant to its 10% Rolling Stock Option Plan that was ratified and approved by shareholders on February 16, 2017 and accepted for filing by the TSX Venture Exchange (the “TSX-V”) on February 22, 2017, of options to certain eligible directors, officers and consultants to purchase a total of 3,000,000 common shares, exercisable in whole or in part on or before January 8, 2020 at an exercise price of $0.25 per share.

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.

 

Disclaimer: This is an unedited and minimally reviewed public mining company press release originally published at http://www.newsfilecorp.com/release/31815/Iconic-Initiates-2018-Exploration-Program-at-Bonnie-Claire-Project-Nevada-and-Grants-Stock-Options. We have linked to our knowledge base articles from within the content of this release in order to help explain some of the terminology used and provide continuity from previous and related news coverage. You can access more in-depth mining company project reviews on our site, as well a knowledge base of articles on mineral exploration, mining and geology-related topics.

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