Iconic Announces Termination of Option Agreement for New Pass Gold Property
Iconic Announces Termination of Option Agreement for
New Pass Gold Property
Vancouver, British Columbia – February 24, 2025 – Iconic Minerals Ltd. ("Company" or "Iconic")
(TSX-V: ICM) (OTC QB: ICMFF) (FSE: YQG) announces that it has terminated the property option
agreement which was formed on May 3, 2024 (the "Option Agreement") (See News Release May 6, 2024)
with Gold Basin Resources Corporation (TSXV: GXX; OTCQB: GXXFF) ("Gold Basin"), whereby Gold
Basin had the option to acquire from Iconic and Iconic's wholly owned subsidiary (together with Iconic,
the "Vendors") a 50% interest in and to the New Pass gold property (" New Pass" or the " Property")
consisting of 107 unpatented mineral claims (2,140 hectares) located three hours east of Reno, just off
Highway US-50E in Churchill County, Nevada.
Transaction Details
Pursuant to the Option Agreement, the Vendors granted to Gold Basin the exclusive option (the "Option")
to acquire an undivided 50% right, title and interest in and to the unpatented mineral claims comprising the
Property, in consideration of the payment of an aggregate of CAD $750,000 in cash and the delivery of an
aggregate of CAD $750,000 in common shares in the capital of Gold Basin (the "Consideration Shares"),
to be paid and delivered as follows (collectively, the "Option Exercise Conditions"):
The Option Agreement has been terminated as Gold Basin fail ed to deliver upon the Option Exercise
Conditions as was required, and as such, Gold Basin holds no interest in the Property.
About New Pass Gold Property
New Pass Project, located in Central Nevada, approximately 27 miles west of Austin with an NI 43 -101
Technical Report dated December 2, 2020 (the “ Report”) contains an In ferred Mineral Resource of
15,515,488 short tons (14,075,414 metric tons) at 0.022 ounce per ton (0.75 grams/metric ton) gold
equivalent or 341,750 ounces of gold equivalent comprised of 282,986 ounces of gold at an average grade
of 0.018 ounces per ton (0.62 grams/metric ton) and 3,139,054 short tons (2,847,702 metric tons) of silver
at an average grade of 0.202 ounces per ton (6.92 grams/metric ton).
These resources were determined at a cut-off grade of 0.01 oz/ton gold equivalent and a gold to silver
ratio of 60/1. For this ratio metallurgical recoveries and net smelter returns are assumed to be 100%. The
Inferred Resource was done using 137 drill holes over a strike length of 3,800 feet. Vulcan software was
utilized to create a ‘Block Model’ of the resource volumes and weighted average grade. A breakdown of
the gold and silver credits is shown below.
Inferred Resource Summary
Total
Short Tons
Avg Grade
Au EQ
(oz/ton)
Contained
Ounces
(Au EQ)
Avg Grade,
Ag Only
(oz/ton)
Contained
Ounces,
Ag Only
Avg
Grade, Au
Only
(oz/ton)
Contained
Ounces,
Au Only
15,515,488 0.022 341,750 0.202 3,139,054 0.018 282,986
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The potential exploration target of the Property consists of the area between the two main inferred resource
outlines plus down dip extensions to the most westerly drill holes and up dip extensions to the surface,
which is open ended and the potential exploration target in the Report was not extended beyond the limits
of drilling along strike.
Qualified Persons
The updated NI 43 -101 Report dated December 2, 2020 was updated under the guidance of geologist
Robert. A. Lunceford and the results of the NI 43 -101 Report dated September 3, 2010 were originally
prepared under the guidance of geologist Paul D. Noland (B.Sc., P. Geo), who is designated as the Qualified
Person with the ability and authority to verify the authenticity and validity of this data.
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.
On behalf of the Board of Directors
"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
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 news
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. All statements, other
than statements of historical fact, included herein including, without limitation, statements with respect to the exercise
of the Option in full and the future business plans and exploration activities of the Company, are forward -looking
statements. Although the Company believes th at 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 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 Property 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 o r 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,
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actual results of exploration activities, including on the 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 acceptance of the TSX Venture
Exchange, 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 th e Canadian Securities Authorities. All of the Company 's
Canadian public disclosure filings may be accessed via www.sedarplus.ca 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.